• Silicon Valley Bank (SVB) collapsed on the 10th of March, causing panic in crypto markets.
• Dogecoin (DOGE) and 1inch (1INCH) have regained their previous prices despite the market turbulence.
• TMS Network (TMSN) has completed phase one of presale with over $2 million raised.
Silicon Valley Bank Collapse
On the 10th of March, Silicon Valley Bank (SVB) collapsed due to Circle’s announcement that they had $3.3 billion in reserves locked in SVB. This caused a panic throughout the entire crypto market, resulting in BTC briefly dipping below $20k before the US government intervened and stated that SVB depositors would be made whole. The market swiftly recovered its losses, and BTC rallied beyond its local high of $25k.
Dogecoin Remains Strong
Dogecoin (DOGE), a highly volatile meme coin, has a huge following including entrepreneur Elon Musk whose tweets can drastically change its price. Despite offering minimal utility, Dogecoin (DOGE) is unlikely to underperform in an altcoin rally; however it is also unlikely to outperform due to a lack of utility.
1Inch Also Performs Well
1inch (1INCH), an Ethereum DEX aggregator used by MetaMask and other projects, has attracted many investors due to being key Ethereum infrastructure and registering a 44% gain this year alone. As such, it is no surprise that 1inch (1INCH) has regained its previous prices despite the turmoil caused by SVB’s collapse earlier this month.
TMS Network Presale
TMS Network (TMSN), having completed phase one of presale with over $2 million raised has caught the attention of investors during this turbulent time for crypto markets. TMS Network stands out as one project that can still thrive even amidst difficult times for crypto investments as a whole.
The collapse of Silicon Valley Bank sent shockwaves through the entire crypto market yet it was short-lived and investors have since scrambled back into cryptos looking for returns on their investments – particularly those who are more risk-averse like Dogecoin (DOGE). Projects like 1inch (1INCH) and TMS Network are continuing to perform well too despite these difficult times which indicates resilience within the crypto space overall
• Coinbase and other crypto firms have joined Ripple in filing an amicus brief in the SEC v Wahi case to ask for new rules and regulations related to securities.
• The lawsuit was filed against Ishan Wahi, a former manager in the assets and investing products group at Coinbase Global, as well as his brother Nikhil Whai and their friend Sameer Ramani for allegedly engaging in insider trading.
• Coinbase strongly opposes the securities fraud charges arguing that the assets listed on their platform are not securities.
Coinbase Joins Ripple in Filing Amicus Brief
Coinbase has filed an amicus brief in the SEC v Wahi case, joining Ripple, Paxos, and other crypto firms to support the dismissal of a lawsuit brought by the US Securities and Exchange Commission (SEC) against Ishan Wahi, a former manager in the assets and investing products group at Coinbase Global. The companies argue that SEC should focus on setting proper rules and guidance related to securities instead of some misguided securities lawsuit.
Charges Against Ishan Wahi
The SEC and US Justice Department allege that Ishan had first-hand knowledge of which assets Coinbase planned to support before making an official announcement on Twitter. It is reported that he tipped non-public information concerning when these listings would be announced or what they would contain to his brother Nikhil Whai, as well as their friend Sameer Ramani on multiple occasions between June 2021 and April 2022.
Coinbase does not list any securities but it has petitioned the Agency for rules on digital asset securities as existing ones do not apply to digital assets. Chief legal officer Paul Grewal asserts that Insider trading and wire fraud charges are valid but objects to security fraud charges citing that those listed on their platform are not securities.
Amicus Briefs from Blockchain Associations
In February this year, both Blockchain Association and Chamber of Digital Commerce also filed separate amicus briefs asking court dismissment of this lawsuit due to old existing security rules not applying to new technology such as digital assets.
Coinbase’s suit is part of a growing trend among cryptocurrency companies pushing back against outdated regulations surrounding digital asset investments while simultaneously advocating for updated regulations better suited for crypto industry developments.
• Three Cryptocurrencies That Might Ignite the Next Bull-run: Cardano (ADA), Polygon (MATIC), and RenQ Finance (RENQ).
• AI predicts Cardano (ADA) price for 2023.
• How Polygon (MATIC) Solutions for Scalability Issues Give It a Boost.
The Three Cryptocurrencies that Could Spark the Next Bull-Run
As the world becomes increasingly digital, more and more individuals are investing in cryptocurrency. Out of the many coins available, three stand out as potentials to ignite a new bull run: Cardano (ADA), Polygon (MATIC), and RenQ Finance (RENQ).
Cardano is a decentralized network that aims to handle everything from small transactions to larger business use cases. The platform is currently ranked second on GitHub for its development activity, which has the community optimistic about its long-term growth potential. CoinCodex’s artificial intelligence predicts an increase of 44% in Cardano’s value by December 31st 2023, with ADA trading at $0.49 at that time.
Polygon’s main goal is to improve Ethereum’s accessibility by providing faster and cheaper transactions. By tackling scalability issues head-on, MATIC gives itself an edge over other coins in terms of usability and adoption rates, making it an attractive option for investors looking ahead to the future crypto market landscape.
RenQ Finance is a community-driven effort that seeks to address the liquidity issue that has plagued blockchain technology for some time now. Its aim is to offer a comprehensive solution accessible to all kinds of traders – from novices to professionals – by combining several different decentralized marketplaces and tools into one unified system.
These three cryptocurrencies could have immense impact on the crypto market’s future as blockchain technology continues to become more decentralized. As such, many investors are turning towards these coins with hopes of diversifying their portfolios and tapping into future bull runs in this space.
• Elon Musk recently caused a Dogecoin and Shiba Inu price surge with a tweet.
• According to the Blockchain Research Lab study, there was an average 3% price increase for each of Elon Musk’s 47 events on crypto.
• The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0.0872.
Elon Musk’s Influence on Cryptocurrency Price
Twitter CEO Elon Musk has been linked to several price surges of Dogecoin (Doge) after his tweets triggered speculations among investors. Just recently, Musk has come up with another tweet, causing a fair increase in the price of the meme coin in the last 24 hours. In a statement that is believed to be an apparent joke, Musk Tweeted: „High time I confessed I let the Doge out.“ There was an image attached to the post with the inscription „It was me, I let the dogs out.“ Following this tweet, there was also a follow-up tweet where he wrote „Fact check me @CommunityNotes.“
The interesting twist about this is that Shiba Inu has also surged marginally, probably because of Musk’s mention of „dogs“ in the plural. Following the tweet, Dogecoin responded with a 6.6 percent sharp increase with Shiba Inu surging by 2.5 percent. Before Musk’s tweet, Twitter account Community Notes posted that they will give users heads-up when their Tweets are liked or retweeted so they can get extra context they might otherwise miss..
Blockchain Research Lab Study
Blockchain Research Lab’s study on effect of Elon Musk’s moves on cryptos discloses that he has an interesting command over investors. According to this study, there was an average 3% price range for each of 47 events after a tweet by him and whenever there is an immediate and large spike in price; there is another 45-minute price spike that follows it as well.
24 Hour Move of Dogecoin
The 24-hour move of Dogecoin has been within the ranges of $0.0832 and $0.0872 from its 24-hour price data but it could not test its key resistance level before recording its first retracement as seen in its chart .
From this article it can be concluded that Elon Musks tweets have great influence over cryptocurrency prices and any news regarding them cause significant changes in their market value as seen through his recent tweets about Letting The Dogs Out which caused dogecoins prices surge significantly
• Ripple has entered into a partnership with Joyalukkas Exchange.
• John Deaton, the attorney for Ripple, believes that they will win against the SEC in court.
• Stuart Alderoty, Chief legal officer of Ripple, highlights the SEC’s weak track record in the Supreme Court.
Ripple Enters New Partnership
Ripple has struck a new partnership with Joyalukkas Exchange in Dubai. The exchange is set to use XRP as its primary currency, which could open up a billion-dollar market for the crypto asset.
Attorneys Confident of Winning Against SEC
John Deaton, lawyer for Ripple, is confident that his client will win against the Securities and Exchange Commission (SEC) when it comes to court. He cites the case of West Virginia EPA vs. SEC as an example of how far the latter has overreached its authority on certain matters.
Stuart Alderoty, Chief Legal Officer at Ripple also shares this belief and points out that the SEC has lost 4 out of 5 cases in the Supreme Court – something he attributes to defendants having enough courage and resources to fight back against their bullying tactics and stretched legal positions not rooted in law.
SEC Track Record Questioned
The SEC’s weak track record in recent cases was highlighted by both attorneys when discussing their confidence that Ripple would win against them in court. They argued that because of cases like West Virginia EPA vs. SEC where they were pushing boundaries beyond what is allowed by law, they would be unlikely to be successful if taken all the way up to Supreme Court level again. It seems their strategy of bullying other defendants may have finally caught up with them now that more are standing up against them and fighting back with enough resources behind them to do so effectively.
XRP Set To Be Used In Billion Dollar Market
The newly formed partnership between Ripple and Joyalukkas Exchange could open up a billion-dollar market for XRP as it would become their primary currency used on the platform – something which should provide further legitimacy for cryptocurrency usage across global markets going forward if adopted successfully here firstly.
It remains to be seen whether or not Ripple is successful in its battle against the Securities and Exchange Commission but judging from recent Supreme Court rulings and statements made by both attorneys involved with this case things certainly look promising! The new partnership also sets a great precedent for wider adoption of cryptocurrencies across many different markets around world too – so watch this space!
• Crypto strategist Cantering Clark is bullish about the Hashflow Token (HFT), and is currently building a spot position in the cryptocurrency.
• The technical chart shows that HFT is giving a breakout from its accumulation zone, with analysts predicting huge upside potential for the altcoin.
• The Hashflow Token (HFT) has a market cap of just $128 million and is trading at $0.6898 at press time.
Hashflow Token Rally Ahead?
Crypto strategist Cantering Clark recently shared a tickerless chart on Twitter and hinted that he’s quite bullish about one Ethereum-altcoin – the Hashflow Token (HFT). At press time, it has a market cap of just $128 million and is trading at $0.6898. In his tweet, he shared that this altcoin has three things in its favor: being new to the crypto space, not being an overly microcap asset, and having an encouraging technical chart setup which suggests significant gains ahead.
Technical Chart Breakout
The technical chart shared by Clantering Clark shows that HFT is giving a breakout from its accumulation zone, signaling to traders possible massive gains in the near future. This has been evidenced by other altcoins like Fantom (FTM), which have posted strong gains while breaking their major resistance barriers during the crypto market recovery of 2023.
In its recently released roadmap for 2023, the Hashflow blockchain noted that it plans to launch Hashverse – a gamified story verse-driven decentralized autonomous organization (DAO). This will enable users to stake tokens complete quests, as well as earn non-fungible tokens (NFTs). The project also aims to ensure interoperability and zero slippage by building their token on Ethereum Layer-1 competitor Fantom’s platform.
As investors are betting big on this cryptocurrency due to these developments, crypto analysts are also predicting huge upside potential for HFT going forward. Therefore, investors need to be mindful when investing in this low market cap asset but should consider buying into this cryptocurrency if they wish to take advantage of what could be large profits down the line.
Although small caps can often offer higher returns than other assets, investors must always do their own research before investing any money into cryptocurrencies or any other asset class for that matter. With all factors considered – including Cantering Clark’s predictions – it looks like Hashflow Token may have some impressive rallies ahead in store for investors in the near future!
• Ethereum testnet Zhejiang has successfully processed staked ETH withdrawals, which is the first step towards the Shanghai upgrade.
• Validators have been staking ETH and gathering rewards since the release of the proof-of-stake “Beacon Chain” in December 2020.
• With the Zhejiang upgrade, validators will be able to withdraw 16 million staked ETH and receive certain network rewards.
Ethereum Testnet Processes Staked ETH Withdrawals
The Ethereum ecosystem is another step closer to its historic transition to a fully-featured proof-of-stake network as a testnet, Zhejiang, processed its first withdrawals of staked ETH. Developers‘ and users‘ test code changed to their application with testnets, which are duplicates of the main blockchain.
First Step Towards Shanghai Upgrade
Following the first testnet upgrade are the Sepolia and Goerli updates. According to an explorer website that tracks transactions on the system, the Ethereum testnet performed the withdrawal process early Tuesday. This happened after it launched last week. Also, the upgrade was triggered at epoch 1350 at 15:00 UTC and concluded at 15:13 UTC. The Zhejiang upgrade is designed as a dress rehearsal in preparation for the Shanghai update. The Shanghai update is expected to occur in March, and it is the blockchain’s first major upgrade since its transition to POS in September last year.
Validators Can Now Cash Out
After years of staking ETH, validators can finally cash out their portions following Ethereum’s transition from Proof-of-Work protocol to Proof-of-Stake protocol last year. Validators were required to stake 32 ETH with the chain in order to participate in block validation princesses which also granted them access to certain network rewards for their efforts. Following this transition, validators were informed that accumulated rewards along with their staked ETH would remain locked until another update occurred onchain.
The successful completion of this withdrawal process marks an important milestone for Ethereum’s development team as they continue making strides towards transitioning into a fully POS based system later this month with Shanghai Upgrade scheduled for March 2021 launch date.
The progress made by developers on Ethereum’s upgrades demonstrates their commitment towards creating more efficient systems while also rewarding users who stake their tokens onchain accordingly through certain network benefits and unlocked rewards associated with participating in block validation processes.
• Hamilton Lane, a global investment management group with $800 billion in assets, is tokenizing its flagship $2.1 billion fund on the Polygon blockchain.
• The tokenization of the fund will reduce the minimum investment from $5 million to $20K, thus making it available to retail investors.
• Hamilton Lane’s Equity Opportunities Fund V will be accessible through a new Securitize feeder fund.
Hamilton Lane, one of the world’s leading global investment firms with over $800 billion in assets under management, has announced its intention to tokenize its $2.1 billion flagship investment fund on the Polygon blockchain network. This move has the potential to revolutionize the access of retail investors to historically high-performing private equity asset classes, as the minimum investment required in the fund is reduced from $5 million to a mere $20K.
The tokenization of the fund will be done through Securitize’s platform, which will create a feeder fund that will make the Hamilton Lane Equity Opportunities Fund V accessible to individual investors. Securitize is a pioneering Fintech platform that has been making headway in democratizing access to alternative investments, such as private equity.
This is a major milestone achieved by the Polygon network, as it is the first time that a major investment firm is tokenizing its fund on the network. Polygon is a high-speed, low-cost, carbon-neutral blockchain network that is becoming increasingly popular for its ease of use and scalability. The tokenization of the fund on the network will allow for faster and more secure transfers, as well as the potential for increased liquidity and transparency.
The move is likely to be a boon for small investors as it opens up access to high-performing asset classes that were previously out of their reach. Moreover, the tokenization of the fund on the Polygon blockchain will also help to reduce transaction costs associated with investing in private equity, thereby making it a more viable option for retail investors.
Overall, the tokenization of Hamilton Lane’s Equity Opportunities Fund V on the Polygon network is a major step forward in the democratization of alternative investments and is likely to be a game-changer for retail investors. It will open up access to previously out of reach private equity asset classes, while also reducing costs and increasing transparency and liquidity.
• The number of unique accounts on all DApps on the Cardano network surged to around 255K.
• Some DApps on the Cardano network have been tipped to help drive the price of ADA to the top when adoption gains steam.
• Leading the list of DApps is Indigo Protocol, which recorded a 62,109 percent surge in unique accounts.
The Cardano network has been recently experiencing a surge in unique account growth, with the number of unique accounts on all DApps reaching a whopping 255K. This increase in unique accounts is being attributed to the increasing popularity of Cardano’s decentralized applications (DApps).
The most prominent DApp is Indigo Protocol, which has seen a 62,109 percent surge in unique accounts. Indigo Protocol is a platform that allows users to buy and sell Cardano’s Non-Fungible Tokens (NFTs). With the platform, users can make offers, purchase NFTs, and more. According to DappRadder, it is the highest-ranked project on the Cardano network. In the last 30 days, the platform has recorded a $12.37 million transaction volume and 830K transactions, with a total fiat value of $738K in assets in the DApp’s smart contract.
Other DApps on the Cardano network are also seeing success. JPG Store is another leading DApp on the Cardano network that provides users with a marketplace to buy and sell NFTs. It has seen a rise in unique active wallets interacting with the DApp’s smart contract, helping facilitate the buying and selling of NFTs.
Due to the success of these DApps, experts are tipping that when adoption gains steam, these DApps could help drive the price of ADA to the top. With the surge in unique accounts, the success of these leading DApps, and the bullish market, ADA could be well on its way to reaching the $1 mark.
• John Deaton of CryptoLaw has shared that a settlement between Ripple and SEC could be reached if a court agrees to seal sensitive documents.
• The documents may still get unsealed by other defendants who the SEC will face, as well as FOIA litigations.
• The question was raised whether Judge Analisa Torres would rule on the Ripple and SEC’s sealing disputes soon, particularly the Bill Hinman email documents.
With the crypto world eagerly awaiting a settlement between Ripple and the Securities and Exchange Commission (SEC), CryptoLaw founder John Deaton has shared that an agreement to seal sensitive documents could spark such a settlement between the two parties. Deaton has previously opined that he expects the case to end with a court verdict.
In a tweet, Deaton said that if there is a settlement, it would include an agreement to not disclose any documents received during the litigation of the case. However, he adds that such a settlement would not end the public’s pursuit to know the contents of the documents. The documents may still get unsealed by other defendants the SEC will face, as well as FOIA litigations.
The inquiry was raised by a community member as to whether there is any chance that Judge Analisa Torres would rule on the Ripple and SEC’s sealing disputes soon. Particularly, the question highlighted the Bill Hinman email documents.
The SEC’s decision to sue Ripple for alleged securities law violations has been met with much criticism from the crypto community. The complaint has put pressure on the Ripple team, who have maintained their innocence from the start. Moreover, this has caused XRP prices to plummet, leading to much speculation about how the situation will be resolved.
At the same time, XRP holders are hoping for a settlement between Ripple and the SEC, as it could result in a significant boost for the digital asset’s price. Deaton’s opinion that a settlement may be reached if the court agrees to seal sensitive documents could be a glimmer of hope for XRP holders.
For now, it’s unclear as to when a settlement between Ripple and the SEC will be reached. However, it’s certain that the crypto community is eagerly awaiting a resolution to the ongoing legal battle.