$920B is the number to watch now that crypto’s trillion dollar total market cap is gone

[ad_1] Big round numbers always pique the interest of investors and the $1 trillion total crypto market capitalization is no exception. It’s a level that held for 48 days before collapsing on March 9. After a 16-hour negative 8.6% price movement, the indicator fell to $914 billion, its lowest level since Jan.13.Total crypto market cap in USD, 1-day. Source: TradingViewConcerns about the stability of the U.S. banking industry, specifically the

Sam Bankman-Fried’s bail conditions still too lenient, says judge

[ad_1] On Mar 10, Reuters reported that the U.S. District Judge Lewis Kaplan has expressed concerns over the proposed bail conditions for former FTX cryptocurrency exchange founder Sam Bankman-Fried. Judge still thinks proposed Bankman-Fried bail conditions too lenient— Reuters (@Reuters) March 10, 2023 As previously reported by Cointelegraph on March 4, U.S. district judge Lewis Kaplan serving on the United States District Court for the Southern District of New

SEC disapproves VanEck spot BTC trust product, commissioners see double standard

[ad_1] The United States Securities and Exchange Commission (SEC) ordered against a rule change to allow investment manager VanEck to create a spot Bitcoin Trust on March 10. Commissioner Mark Uyeda joined his colleague Hester Peirce in releasing a statement that criticized the commission’s decision not to approve the listing and trading of the financial product. The commissioners noted that the SEC has disapproved every application for a spot Bitcoin (BTC)

Crypto funding shifts from CeFi to DeFi after major collapses: Finance Redefined

[ad_1] Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week.DeFi has become a prominent choice for investors after multiple centralized finance (CeFi) collapses throughout 2022. Some key interest areas for investors include “NFTfi,” on-chain derivative platforms, decentralized stablecoins and Ethereum layer 2’s.February saw seven DeFi exploits resulting in a net loss of about

Circle’s exposure to U.S. banks could top $9B

[ad_1] USD Coin (USDC) issuer Circle exposure to the United States banking system sits near to $9 billion, according to its latest audit report from January. Circle's reserves are held in a number of regulated financial institutions in the country, including Silvergate, Silicon Valley Bank, and Bank of New York (BNY) Mellon. According to the report, the amount held in cash by U.S. regulated financial institutions was at $8.6 billion as

Ethereum Shanghai upgrade could benefit liquid staking providers and cement ETH’s layer-1 dominance

[ad_1] Ethereum’s upcoming Shanghai upgrade will allow users to withdraw staked Ether (ETH), increasing the network’s liquidity and competitiveness while also boosting its staking ratio closer to its competitors.The Shanghai upgrade is a hard fork of Ethereum tentatively scheduled to occur in March. It implements five Ethereum Improvement Proposals, the headliner being EIP-4895, which allows users to withdraw their locked-up tokens representing staked Ether from the Beacon Chain.The ability to

Silvergate shutting down, Alameda suing Grayscale

[ad_1] With the Bitcoin (BTC) halving more than a year away, don’t expect crypto industry narratives to change anytime soon. Nay, crypto winter is still in full force, and the nasty headlines show no signs of abating. This week, Silvergate Bank’s parent company announced it would shut down and liquidate the crypto bank “in light of recent industry and regulatory developments.” This hardly comes as a surprise after most of Silvergate’s

AAVE DAO votes for ‘rescue plan’ to save lost tokens

[ad_1] Some AAVE users who accidentally sent tokens to the wrong address may soon be able to recover them, according to the text of a proposal passed by the AAVE decentralized autonomous organization (DAO) on March 10. The proposal, called “Rescue Mission Phase 1 Long Executor,” authorized AAVE developers to upgrade smart contracts that have been mistakenly sent tokens in the past, causing the contracts to automatically send the lost tokens

South Dakota gov vetoes bill excluding crypto from definition of ‘money’

[ad_1] Kristi Noem, the governor of South Dakota, has used her authority to veto legislation aimed at changing the definition of money to exclude cryptocurrencies.In a March 9 notice to South Dakota house speaker Hugh Bartels, Noem said she had vetoed House Bill 1193, which proposed amending the state’s Uniform Commercial Code, or UCC, to specifically exclude cryptocurrencies and other digital assets — with the possible exception of central bank

What does the Silvergate collapse mean for crypto?

[ad_1] The collapse of crypto-friendly bank Silvergate will likley have a significant impact on the crypto ecosystem and its ties with the banking sector in the U.S. Earlier this week, the parent company of Silvergate Bank announced plans to wind down operations and liquidate the bank. The announcement came after the crypto-friendly bank had suffered 1$ billion worth of losses in the last quarter of 2022 as a direct consequence of