3 Cryptocurrencies on the Rise: XinFin, Joe, and Hex

• Three digital assets (XinFin, Joe and Hex) have seen significant price movements in the last 24 hours.
• XinFin is up 21%, JOE is up almost 20%, and HEX is up over 16%.
• These platforms all incorporate unique features such as cross-border trade finance, limited-edition NFTs linked to real-world collectibles, and blockchain certificates of deposit.

Coin Movers Today

The cryptocurrency market has seen some interesting movements today, with three digital assets standing out from the rest regarding price performance. This article explores the top coin movers and the unique features each platform offers.

XinFin

XinFin (XDC) has experienced a 24-hour price increase of 21.37%. The platform facilitates cross-border trade finance, supply chain finance, and other business processes through its hybrid blockchain model. Its current market capitalization stands at $598 million — with a 24-hour trading volume of $12 million — while its all-time high (ATH) of $0.19451 was achieved on May 8, 2021.

Joe

JOE (JOE) is another digital asset that saw significant price movements in the last 24 hours — increasing by 19.94% over that period — with a 7-day increase of 75.82% and a 30-day increase of 45.25%. It is a decentralized platform for creating and trading limited-edition NFTs that are linked to real-world collectibles; its market capitalization currently stands at $136 million — with a 24-hour trading volume of $86 million — while its ATH was achieved on March 11, 2021 at a value of $5.05117 USDT per token.

Hex

Finally, HEX (HEX) saw an increase in value by 16.93% since yesterday — surging 14.65% in the past seven days with a 30-day increase of 48.31%. This blockchain certificate of deposit allows users to stake their HEX tokens and earn interest on their holdings; it also offers „gamification“ elements to enhance user experience even further; its current market capitalization stands at an estimated value over $1 billion USDT–with reported daily trading volumes around $250 million USDT–while its ATH was set back on January 4th 2021 at a peak value near 12$ USDT per token .

Conclusion

In conclusion, XinFin, Joe and Hex have been some of the top coin movers today – offering features such as cross border trade finance, limited edition NFT’s linked to real world collectibles or certificates of deposit – allowing users to stake tokens for rewards or enhanced experience through gamification elements respectively

Veröffentlicht unter Test

Global Distress: Gold Prices Up, Oil Prices Down

• Gold reflects financial uncertainty, while oil predicts economic downturn
• Bitcoin touched the low of $19,500 due to the fallout of SVB, further contagion spread into Europe.
• Credit Suisse has got major headlines, but we can suppose contagion may spread further as rate hikes at this moment in time are planning to go ahead.

Gold and Global Financial Distress

Gold is pricing in global financial distress due to the recent news of SVB’s fallout and the potential for further contagion spreading into Europe. This has been reflected in Friday’s session where Bitcoin touched the low of $19,500 and gold was up 5%.

Oil Prices and Economic Downturn

Oil prices have plummeted by 15% in the past month which could indicate an upcoming recession. Oil is seen as an indicator of both inflation and recession which means it can be used to predict future economic trends.

Credit Suisse Contagion

Credit Suisse has made major headlines recently but there is a possibility that contagion may spread further if rate hikes are still planned for this moment in time.

Bitcoin Price Action

Despite the turmoil, Bitcoin is up 25% from its lows and could be making markets aware of global financial distress. It remains unclear what other consequences this could lead to but it is certainly something worth watching out for.

Conclusion

Overall, gold is pricing in global financial distress while oil prices point to an impending economic downturn. Credit Suisse has also been affected by all these changes but it remains to be seen how far reaching their impact will be. Finally, despite all this volatility Bitcoin has managed to remain relatively stable with only a 25% drop from its highs.

Veröffentlicht unter Test

Silvergate Bank to Liquidate: Deposits to Be Repaid in Full

• Silvergate Bank will halt operations and undergo liquidation
• The company made this decision due to “recent industry and regulatory developments”
• Silvergate previously announced it would halt its Silvergate Exchange Network (SEN) while other services continue to operate.

Silvergate Bank Shutting Down

Silvergate Bank announced today that it will wind down operations and undergo liquidation, according to a March 8 press release from its holdings company, Silvergate Capital. The company said that bank operations will be halted in accordance with regulations, and that this course of action will involve a full repayment of all deposits.

Cause For Closure

The company did not specify the cause for the closure but stated that it was due to “recent industry and regulatory developments” without naming any specific events. It is unclear whether other regulators and government bodies will become involved in the matter.

Other Services Affected

Silvergate previously announced that it would halt its Silvergate Exchange Network (SEN) while ensuring that other services continue to operate. It reiterated today that its other deposit-related services will remain active during the wind-down process.

SEC Filing

On March 3, Silvergate submitted an SEC filing stating that it would file a late 10-K report. In addition, the company also said that it faced inquiries from regulators such as the U.S. Department of Justice (DOJ). That investigation may concern Silvergate’s relationship with FTX, as reported in February, though the filing does not state this outright.

Stock Performance

Several major crypto companies stopped using Silvergate’s services shortly after the filing (and shortly before the company announced that it would halt its SEN service). Many of those companies began to use the competing Signature Bank. The value of Silvergate (SI) is down 5.76% today and down 63% since March 1

Veröffentlicht unter Test

Circle Cuts Ties with Silvergate: Share Prices Crash

• Circle responds to Silvergate concerns and is in the process of unwinding services.
• Silvergate Capital stock drops 45%, experiencing a year-to-date loss of 57%.
• Signature Bank and Coinbase stocks also drop following news.

Circle Addresses Concerns About Silvergate

Circle, issuers of the stablecoin USDC, responded to the ongoing FUD around its relationship with the distressed crypto bank Silvergate in a tweet on March 2. They said they are „sensitive to the concerns around Silvergate“ and they are currently in the process of discontinuing specific services while notifying customers.

Silvergate Stock Drops

On March 2, the stock of Silvergate Capital, the parent company of Silvergate bank, dropped after the bank postponed submitting its yearly 10-K report while assessing recent events that occurred after 2022. The firm experienced a decline of 45% at the end of the day and has since fallen by as much as 48.8%. Subsequently, its year-to-date loss extended to 57%. This was due to multiple obstacles that have been encountered since late last year such as inquiries from Department of Justice into transactions with FTX and Alameda Research.

Other Stocks Impacted

Signature Bank which also provides banking services to cryptocurrency startups was negatively impacted by this drop in Silvergate’s shares; reaching a 52-week low during the day and has since fallen further by approximately 6%. Following this news Coinbase stock also experienced a drop of approximately 7%.

Unwinding Services

In response, Circle stated that they are „in process of unwinding certain services with them and notifying customers.“ They acknowledged these concerns but did not give any additional information about what services would be discontinued or when customers will be notified.

Conclusion

Overall it seems that Circle is taking steps towards addressing these issues related to their relationship with Silvergate but it remains unclear what those steps are or how long it may take for them to be implemented. It is likely that other banks providing banking services for cryptocurrency companies may experience similar volatility until more details become available about this situation.

Veröffentlicht unter Test

Massachusetts Man Charged for Illegally Mining Crypto in School Crawlspace

• A Massachusetts man, Nadeam Nahas, faces charges after illegally mining cryptocurrency in a school crawl space.
• He leveraged the school’s electricity to increase his profits while avoiding the expensive cost of electricity needed for Bitcoin mining.
• Illegal crypto-mining operations are fairly common, as perpetrators have been caught stealing equipment and tapping into power sources in various locations.

Massachusetts Man Charged with Crypto-Mining

A Massachusetts man is facing charges after engaging in an illegal mining operation on school property. Nadeam Nahas was set to be arraigned today but failed to appear and a default warrant was issued by the judge.

Discovery of Mining Operation

The town’s facilities director discovered computers and related equipment in a school crawl space in December 2021 and reported it to police. The IT director later determined that the configuration was used for cryptocurrency mining connected to the school’s electrical system, leading investigators to suspect Nahas as the perpetrator.

Illegal Crypto Mining Commonplace

Illegal crypto-mining operations are fairly common due to the potential for profit despite high costs associated with using legitimate electricity sources. Perpetrators have been found mining cryptocurrency on university campuses, mental hospitals, government buildings, airports and other locations by either stealing equipment or tapping into existing power sources.

Costs Involved with Bitcoin Mining

According to Visual Capitalist, it cost $35,404 USD to mine a single Bitcoin last year — more than double its current value at the time of writing this article. This makes illegal methods highly appealing as they allow miners to bypass these inflated costs while still profiting from their activities when done effectively.

Cryptocurrency Mined Unknown

It is not currently known which cryptocurrency was being mined by Nahas in this incident; however, Bitcoin is usually involved when it comes to both legal or illicit operations of this nature.

Veröffentlicht unter Test

Binance Loses $2.3B in Reserves Following BUSD Debacle

• The SEC issued a notice to Binance USD issuer Paxos on Feb. 13 to stop further BUSD minting.
• As a result, investors withdrew around $2.3 billion worth of BUSD from Binance within four days.
• Binance reserves decreased by 16%, falling to around 12.1 billion tokens in the same period.

SEC Intervenes in BUSD Production

The Securities and Exchange Commission (SEC) requested Paxos, the issuer of Binance USD (BUSD), to stop further minting of the stablecoin on Feb. 13, 2021. This news caused investors to withdraw around $2.3 billion worth of tokens from Binance within four days, causing a 16% decrease in the exchange’s holdings of BUSD, which fell to roughly 12.1 billion tokens during that time period.

CZ Responds To SEC Notice

In response to the SEC’s intervention, Changpeng Zhao (CZ), CEO of Binance said that „Paxos will continue to service the product and manage redemptions.“ On the same day as CZ’s statement, Paxos announced that it would cease all new production of BUSD starting from Feb 21, 2023 onwards. Following this announcement, the price of the native token for trading on Binance (BNB) dropped by 9%.

CryptoSlate Coverage Of Event

CryptoSlate covered this event with an article titled „Binance reserves lost $2.3B following BUSD debacle,“ authored by Zeynep Geylan and published on Feb 17th 2023 at 5:50pm UTC+0:00 . The article provided an analysis of how investors reacted to the news and discussed changes in market prices following this incident as well as CZ’s response and updates regarding further developments with regards to SEC-Paxos interactions surrounding this matter.

Implications For Market

This event highlights some potential implications for cryptocurrency markets going forward into future regulatory interventions such as increased volatility in prices for related assets due to investor reactions and uncertainty about how events like these could impact crypto adoption more broadly over time if similar incidents were repeated or expanded upon by authorities internationally or domestically in different jurisdictions around the world where cryptocurrencies are traded or used for payments or other activities online or offline .

Conclusion

Overall, this incident serves as a reminder that regulators are paying close attention to cryptocurrency projects and exchanges operating within their jurisdiction; thus companies operating within these spaces should be aware of their obligations under relevant laws & regulations when launching products and services related cryptographically secured digital assets like Bitcoin & Ethereum etc.. Additionally , this case can inform investors looking into entering crypto markets regarding potential risks they may face when investing in digital asset projects that are not compliant with international regulations or local laws depending upon where they are located geographically speaking .

Veröffentlicht unter Test

Ordinal Punks NFTs Called Out as ‚Sketchy‘

• Ordinal Punks NFTs are being called out as ’sketchy‘ due to inadequate infrastructure and a lack of transparency.
• Despite this, demand for Bitcoin NFTs is still on the rise, with clone collections such as ‘Bitcoin Punks’ becoming increasingly popular.
• However, it is advised to stay away from FOMO due to the lack of smart contracts and the ‘square peg, round hole’ approach used by these collections.

Ordinal Punks NFTs Called Out As ‚Sketchy‘

An anonymous Twitter account expressed its concerns about Ordinal Punks NFTs questioning whether it was „the biggest NFT scam of all time?“ On Feb 9th, CryptoSlate reported on the rising popularity of Ordinal Punks and the sale of three NFTs including #94 which reportedly sold for 9.5 Bitcoins ($215,800).

What Are The Concerns With Ordinal Punks?

Given that the Bitcoin chain was not originally designed to accommodate NFT functionality there is no infrastructure to verify information or even facilitate sales in a click-and-buy process. Furthermore details about Ordinal Punks are restricted to people’s accounts rather than openly accessible data derived from on-chain information. Citing the Director of Research at PROOF Collective who got this information from a „Google doc,“ TheNorweigan said Ordinal Punks have a current price floor of 55.4 ETH ($85,500) but questioned whether they were worthy of being classed as blue chip given everything was happening OTC, scams were prevalent and there was extreme information asymmetry.

Demand For Bitcoin NFTs On The Rise

Despite this @seanbonner tweeted that Bitcoin Punks (a clone of Ethereum’s CryptoPunks) is taking off right now and suffering from similar drawbacks due to using an inappropriate undeveloped NFT infrastructure on Bitcoin however people are still trying to snap one up in Discord due to FOMO (Fear Of Missing Out).

Advice To Steer Clear Of FOMO

@seanbonner advise against falling for FOMO due to there being no market so you have to rely on OTC sales or wait until someone wants to sell which could take months and ultimately leave you without any profit. He also warned that there is no liquidity meaning if you buy one it can be hard to find someone else willing or able to buy it off you at anywhere near the same price leaving you locked into your investment with no way out other than waiting for someone else crazy enought o pay what you paid for it – or more – if you’re lucky!

Conclusion

In conclusion whilst demand for Bitcoin NFTS remains high caution should be exercised when considering buying into collections such as Ordinal Punk & Bitcoin Punk given their questionable legitimacy and lack of infrastructure/transparency making them vulnerable targets for scams & manipulation leaving investors exposed & unable to easily exit their positions without losses if they need/want too.

Veröffentlicht unter Test

Craig Wright to Face Off with Bitcoin Developers in Court

• Craig Wright is suing 15 Bitcoin developers to obtain 111,000 BTC worth $2.5 billion.
• The U.K.’s Court of Appeal ruled that developers may owe duties to owners of a blockchain and granted the lawsuit permission to move forward.
• If Wright wins, the developers could be required to write software patches that would help his company recover the full amount.

Craig Wright’s Lawsuit Against Bitcoin Developers

Craig Wright is suing 15 Bitcoin developers in an attempt to obtain 111,000 BTC worth $2.5 billion. This lawsuit is being pursued in the U.K., and the U.K.’s Court of Appeal recently ruled that developers may owe duties to owners of a blockchain, granting the lawsuit permission to move forward.

Potential Outcome

If Wright wins this case, the developers could be required to write software patches that would help his company recover the full amount of crypto he claims was stolen from him years ago due to a hack. This outcome could also have a broad impact on blockchain development as a whole.

Wright’s Relationship with Cryptocurrency Community

Wright has had a tumultuous relationship with the cryptocurrency community due to his claims that he is Satoshi Nakamoto —the pseudonymous inventor of Bitcoin— and has leveraged this role in various legal cases over time with varying success levels.

Developers‘ Reactions

The lawyer representing several of these developers appealed against this case stated they are „incredibly nervous“ about its potential outcome as they could potentially end up having to pay money themselves if it turns out in favor of Wright’s case against them.

Conclusion

The trial for Craig Wright’s lawsuit against multiple Bitcoin developers is set to go ahead, which will determine whether or not these developers are made liable for any damages or losses suffered by Wright as result from a hack he experienced years ago and could have widespread implications for blockchain development as well as those involved in it directly such as these defendants in this case going forward into trial soon..

Veröffentlicht unter Test

Canto’s Note: 100% Collateralized Algorithmic Stablecoin Secures Assets

• Recent speculation suggests that the rise in Canto price is due to a spike in the volume of Note, a quasi-stablecoin associated with Canto and pegged to USDT/USDC.
• Members in the Canto discord community were quick to suggest that Note is safe due to being 100% collateralized.
• Canto provides users with a Free Public Infrastructure, a zero-fee DEX for liquidity providers, a Canto lending market, and Note, completing the decentralized trifecta of offerings by Canto.

Recent speculation has suggested that the rise in Canto price could be attributed to a spike in the volume of Note, the quasi-stablecoin issued by Canto and pegged to USDT/USDC. This has caused some investors to raise concerns about the health of the asset and whether it may be susceptible to the same issues as the TerraUSD/UST algorithmic stablecoin, which collapsed in 2022 after its peg fell short resulting in a run on nearly $45 billion worth of assets.

However, members in the Canto discord community have been quick to downplay these fears and suggest that Note is safe due to being 100% collateralized. This is a stark contrast to TerraUSD/UST, which was not backed by any form of collateral.

Canto is a permissionless Layer-1 (L1) blockchain running on the Ethereum Virtual Machine, which provides Tendermint consensus secured by validator nodes with EVM executions via Cosmos SDK. Its business model is centered on what is known as Free Public Infrastructure, which it likens to free parking on a city street, with the Canto DEX being a zero-fee DEX for liquidity providers. This is supplemented by the Canto lending market (CLM), which provides users funds pooled through its lending compound v2 fork.

Finally, Note completes the decentralized trifecta of offerings by Canto, described as a „full collateralized, algorithmic stablecoin.“ This allows users to take out loans and collateralize their assets with the stablecoin, providing them with a degree of safety and assurance that their assets are secure.

In conclusion, despite some investors raising concerns about the health of Note, members in the Canto discord community have been quick to suggest that it is safe due to being 100% collateralized, and Canto’s trifecta of offerings provides users with a variety of services that are secure and reliable.

Veröffentlicht unter Test

Revolutionizing Business: Unlocking the Potential of the Machine Economy

• The machine economy is an industrial IoT digital transformation frontier that could contribute up to $15 trillion to the global economy by 2030 according to a PwC report.
• A joint article by IoTeX and Siemens explores why IoT and distributed ledger technology (DLT) will enable machine economy growth and unlock new opportunities for IoT manufacturers and end-users.
• The study defines the machine economy as a network of smart, connected, and economically independent devices and machines acting as autonomous market participants, executing economic transactions and other activities with little to no human intervention.

The machine economy is an emerging industrial IoT digital transformation frontier that could bring tremendous economic benefits to the global economy. According to a PwC report, the machine economy could contribute up to $15 trillion to the global economy by 2030. To better understand how the machine economy will unlock new opportunities for IoT manufacturers and end-users, a joint article by IoTeX and Siemens was published to explore the role of IoT and distributed ledger technology (DLT) in enabling machine economy growth.

The article defines the machine economy as a network of smart, connected, and economically independent devices and machines acting as autonomous market participants, executing economic transactions and other activities with little to no human intervention. This definition illustrates the disruptive business models the machine economy brings to the table, such as new ways to optimize existing processes, generate new revenue streams, and create new business opportunities. The study also highlights some implementation examples and the potential of the machine economy to revolutionize the way businesses operate.

In terms of the practical application of the machine economy, the article explains that IoT and DLT can enable the secure and seamless exchange of data, assets, and value at scale. IoT devices, such as sensors and cameras, can collect data that is then stored in a distributed ledger and used to facilitate machine-to-machine transactions. This data can be used to optimize existing processes and identify new opportunities, allowing businesses to make better decisions, increase efficiency, and reduce costs.

Furthermore, the article explains that leveraging blockchain technology, the machine economy can enable secure and trustless payments, smart contracts, and the creation of new digital assets and tokens. This would enable the development of new business models, such as decentralized applications and marketplaces where users can exchange goods and services.

In conclusion, the machine economy is an industrial IoT digital transformation frontier that could have an immense economic impact on the global economy. By leveraging the power of IoT and DLT, the machine economy can open up new opportunities for business, such as the optimization of existing processes, the generation of new revenue streams, and the development of new business models. Through the secure and trustless exchange of data, assets, and value, the machine economy has the potential to revolutionize the way businesses operate and bring tremendous economic benefits to the global economy.

Veröffentlicht unter Test