DeFi News Official Today TheBitTimes.com

Bitcoin price action targets $28,500 with "all classes" buying BTC, but the odds of the Fed pausing rate hikes are decreasing by the hour. Bitcoin (BTC) headed to new nine -month highs after the March 21 Wall Street open as a crucial Federal Reserve interest rate decision loomed. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin price climbs despite conservative Fed view Data from Cointelegraph Markets Pro and TradingView showed BTC/USD approaching $28,500 on Bitstamp. The latest in a succession of multi-month highs, the latest BTC price action precedes what promises to be a volatile day for markets. The Fed will announce how far — if at all — it will hike its baseline interest rate on March 22, with a pause in the hiking cycle seen as a boon-in-waiting for risk assets. “Heavily interested to see the outcome of tomorrow,” Cointelegraph contributor Michaël van de Poppe, founder and CEO of trading firm Eight, wrote in part of a Twitter update. “Potential sw...

The flash loan exploiter claims they have "no intention of keeping what is not ours" and wants to "come to an agreement" with Euler Finance. Ethereum-based lending protocol Euler Finance could be a step closer to recovering funds stolen in a $196 million flash loan attack last week, with private discussions now initiated with the exploit er. In an on-chain message to Euler on March 20, days after sending funds to a red-flagged North Korean address, the exploiter claimed they now want to “come to an agreement” with Euler. “We want to make this easy on all those affected. No intention of keeping what is not ours. Setting up secure communication. Let us come to an agreement,” said the exploiter. The hacker’s most recent public on-chain message to Euler. Source: Etherscan Hours later, Euler replied with its own on-chain message, acknowledging the message and asking the exploiter to talk “in private,” stating: “Message received. Let's talk in private on blockscan v...

Arbitrum has suddenly emerged as the talk of the crypto -town. The upcoming airdrop of the ARB token has put the network under the spotlight. The interest in the token has further boosted the DEX trading volume of Arbitrum . According to data from Llama Fi, the trading volume of the DEX has surged by a whopping 32%. The weekly volume of the network has been hitting a high for two consecutive weeks now and it is currently at $4.34 billion. Source In addition, the Arbiturm network went on to beat Binance’s BSC chain. The network stands second to Ethereum whose weekly volume is at $23.44 billion. As mentioned earlier, this surge was attributed to the hype around the imminent airdrop. An astounding 10 billion governance tokens will be sent out through the airdrop. The event is expected to take place on March 23. However, the fanfare around this was fetching certain unfavorable attention as well. Fake Arbitrum airdrops take front stage The Ethereum layer-2 scaling ...

According to a presentation recently submitted by the FTX debtors on March 16, Sam Bankman-Fried’s companies had a $6.8 billion hole in their intercompany balance sheet when they filed for Chapter 11 bankruptcy protection. FTX and its conglomerate of firms have debts of around $11.6 billion, including customer claims and various other liabilities. FTX’s $6.8 Billion Gap The FTX debtors have released a third presentation that provides an overview of FTX’s debts and liabilities. The presentation reveals that, while a significant amount of money is owed to customers, FTX and its few subsidiary firms also owe funds to certain vendors, counterparties, and unpaid invoices. Some of the vendors include Margaritaville Beach Resort owned by Jimmy Buffett, Amazon Web Services (AWS), Fairview Asset Management, Stripe, Meta, Trulioo, Spotify, Turner Network Television, and American Express. Advisers concluded that when FTX filed for bankruptcy, the more than 100 companies under its um...

Join Our Telegram channel to stay up to date on breaking news coverage The Graph (GRT), one of the crypto industry’s indexing protocols, has seen its value rise up by 18% in the last 24 hours. The project’s new bull run is believed to be a result of the recent release of the new version of ChatGPT. The popular AI bot recently published its version 4, popularly known as GPT-4. Soon after that, AI-related tokens started attracting investors as well, which led to an increase in their price in the second half of this week. GM ☕️ I have decided to be more active, to provide you with the latest updates – hope you enjoy🫡$GRT with beautiful retest of my blue trendline (blue arrow). MACD (1d) has confirmed the bullish trend reversal (yellow circle). #TheGraph consolidates directly under resistance ⏳ pic.twitter.com/4WaoZM9CSH — Niklas Theisen (@NiklasTheisen) March 17, 2023 GPT-4 release sparks AI-token surge The company that crea...

Volatility was written all over the crypto currency market. Bitcoin [BTC] went on to hit a high of $26,514 earlier this week, which brought respite to many after the harsh bearish market. However, the king coin was enduring a slight correction at the moment. At press time, the world’s largest crypto currency was trading for $24,851 with a 0.03% daily rise. BTC plummeted to this level from a high of $25,240. Source – BTC/USDT Chart on TradingView Bitcoin’s chart shows that the asset has been on an upward trajectory following its recent plunge below $20,000. However, $25,266 has been acting as a strong line of resistance. If the asset plummets any further, it could land at its immediate support level of $23,169. This is highly unlikely as buyers seemed to be invested in the king coin. The Relative Strength Index [RSI] indicator revealed that Bitcoin was exiting the overbought zone. Nonetheless, buyers were still purchasing the asset. In addition to this, the total number o...

Join Our Telegram channel to stay up to date on breaking news coverage Nuqtah, the digital market platform for non-fungible tokens, has successfully amassed an undisclosed amount of funds in a seed funding round. The NFT market platform anticipates using the secured funds to scale up its business. Nuqtah Raises Seed Funding From Animoca Brands And Polygon In a March 15 press release, the non-fungible token marketplace confirmed raising unspecified funds in a seed funding round. The funding initiative saw the participation of Animoca Brands, the video gaming behemoth, Polygon, an Ethereum layer two scaling solution, and other regional investors. Today, @NuqtahNFT, Saudi Arabia's first #NFT marketplace platform, announced that it has raised a seed round of funding with participation from Animoca Brands, @0xPolygon, and regional investors. Read the full announcement: https://t.co/d5S19s6qP3#OpenMetaverse #web3 #MENA — Animoca Brands (@animocabrands) March 15, 2023 Foun...

Its 2023 and stablecoins continue to remain a hot topic of discussion. Earlier this year, Binance USD [BUSD] made quite some noise after falling under the radar of the U.S. government. Circle USD Coin or USDC followed suit as it lost its $1 peg with the collapse of several financial institutions. According to Messari statistics, Circle has taken around 3.9 billion USDC out of circulation since March 10, bringing the total amount in supply to 39.5 billion USDC . Circle did add coins to the circulation, but was significantly fewer than it burnt. Source In addition, Circle released a blog noting that it had redeemed $2.9B USDC and minted $0.7B USDC. After plummeting to a low of $0.8774 over the weekend, USDC was trying to regain its $1 peg. At press time, the stablecoin was trading for $0.9985 with a 0.08% daily drop. Further elaborating on the way forward, Circle said, “We have more to do here, including adding new transaction banking partners with 24/7/365 cap...

Bitcoin sees a major new lift-off thanks to CPI numbers conforming to expectations — reducing the chances of the Fed tightening financial conditions. Bitcoin (BTC) spiked above $26,000 on March 14 as United States Consumer Price Index (CPI) data showed mixed inflation signals. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView CPI fuels 9-month BTC price highs Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as sudden volatility kicked in on the release of February's CPI numbers. Inflation climbed 6% year-on-year, while the month-on-month figure was 0.4% — both in line with expectations. Items less food and energy increased by 0.5%, slightly higher than forecast. US #inflation data more or less in line. Feb Overall CPI +6% YoY from 6.4% in Jan, Core CPI 5.5% in Feb down from 5.6& YoY in Jan. pic.twitter.com/k8rzsmdqVA — Holger Zschaepitz (@Schuldensuehner) March 14, 2023 Bitcoin appeared to react positively to the data, which allowed the Federa...

The U.S. Federal Deposit Insurance Corporation (FDIC) has announced that clients of Silicon Valley Bank (SVB) and Signature Bank (SBNY) can access their funds during normal banking hours on Monday, March 13, 2023. The FDIC stated that both banks’ deposits were made whole under the “systemic risk exception” approved by the U.S. Federal Reserve and Treasury Department. Details on the Creation of Full-Service FDIC-Operated Bridge Banks Customers who utilized Silicon Valley Bank (SVB) and Signature Bank (SBNY) will have access to their funds on Monday, following the FDIC’s actions to transform both banks into newly created full-service FDIC-operated bridge banks. SVB will now be known as “Silicon Valley Bank N.A.,” while Signature’s new name is “Signature Bridge Bank N.A.” Both bridge banks are chartered national banks operated by the FDIC with the goal of stabilizing the institutions and implementing an orderly resolution. Regarding ...

In a recent Twitter exchange, Ripple CTO David Schwartz promised an update on the platform’s SVB exposure. Specifically, Schwartz responded to a question from a user regarding whether or not the company would be affected by the Silicon Valley Bank closure this past week. Within his response, Schwartz stated that Ripple is set to issue an official statement on the matter. Thus, he wasn’t privy to comment on the development until that statement would be made public. Ripple will issue a statement shortly. I can't say anything until they do. — David "JoelKatz" Schwartz (@JoelKatz) March 12, 2023 Ripple Set to Address SVB Fallout The concerning closure of SVB Financial Group has thoroughly rocked the finance sector. Conversely, its rather sudden shutdown has reverberated throughout the tech and finance industries, with a plethora of companies being exposed to the California bank, and the largest failure in the banking sector since the 2008 financial cri...

Following USDC’s depegging, three stablecoins — DAI, USDD and FRAX — also depegged from the dollar. The Stablecoin ecosystem felt an immediate effect as USD Coin (USDC) depegged from the US dollar due to a subsequent sell-off after Silicon Valley Bank (SVB) did not process $.3.3 billion of Circle’s $40 million transfer request. Given USDC’s collateral influence, major Stablecoin ecosystems followed suit in depegging from the dollar. Dai (DAI), a Stablecoin issued by MakerDAO, lost 7.4% of its value as a result of USDC’s depegging. As of June 2022, $6.78 billion worth of DAI supply was collateralized by $8.52 billion worth of cryptocurrencies, confirms data from Statista. Dai's total crypto assets used for on-chain collateralization as of June 27, 2022. Source: Statista Out of the lot, USDC represented 51.87% of DAI’s collateral, worth $4.42 billion. Other prominent cryptocurrencies include Ether (ETH) and Pax Dollar (USDP) at $0.66 billion and $0.61 billion respectively. As a re...

Bitcoin and Ethereum’s price charts currently look like mirror reflections of each other. Since the beginning of the year, both of the top crypto currencies have been moving in tandem and have seldom stepped out of each other’s shadow. Around a fortnight ago, investors were celebrating Bitcoin’s feat of inching beyond $25k and Ethereum breaking above $1.7k. Now, the tale is completely different. Due to the latest flash crash, both cryptocurrencies were trading in the red, around their mid-January levels, on Friday, Mar. 10. At press time, BTC was priced at $19.9k, while Ethereum was trading at the brink of $1.4k. BTC/USDT, ETH/USDT by TradingView Also Read: Bitcoin Dips Below $20K Halting Its Hotstreak On one hand, investors’ paper ROI has substantially shrunk of late, on the other, traders’ long positions have mercilessly been wiped out. However, a set of them managed to successfully capitalize on the downtrend by placing bets in the right ...

It looks like Visa’s crypto -related plans wouldn’t be taking a backseat despite the market conditions. Gate Group, the firm behind the prominent crypto currency exchange, Gate.io announced its plans to roll out a Gate Visa crypto debit card. JUST IN: 🇪🇺 Gate․io to launch # crypto Visa card in Europe. — Watcher.Guru (@WatcherGuru) March 9, 2023 According to a statement from Gate, a waitlist and registration procedure are currently open for users in the European Economic Area. The card will be launched through the firm’s Lithuania-based company, Gate Global UAB. Through this move, users will have an easier way to spend their cryptocurrencies at any of the 80 million merchant locations that accept Visa globally. This includes both in-person and online transactions. The card will provide users total control over their spending, with features that are simple to use already included in the Gate Card app that is connected to it...