This week on The Market Report, the resident experts at Cointelegraph discuss all the details regarding Silvergate and its impact on the crypto market so far. We kick things off with this week’s top stories Bitcoin traders eye $19K BTC price bottom, warn of ‘hot’ February CPI It could be a testing few weeks for
The price of Ethereum’s native token, Ether (ETH), has recovered 78% since June 2022. But this doesn’t guarantee further upside, particularly with declining trading volumes suggesting that the risk of a major correction is high. Ether volume profile drops 90% since March 2020 A “volume profile” indicator displays trading activity across prices, with the blue
A group of United States lawmakers is reportedly planning to reintroduce legislation to change the reporting requirements for certain taxpayers involved in crypto transactions. According to a March 7 report from Punchbowl News, Representatives Patrick McHenry and Ritchie Torres plan to reintroduce the Keep Innovation in America Act. McHenry was one of the leading voices
Bitcoin (BTC) would need to return below $20,000 to reset a key metric that covers speculative profit-taking, data shows. In the latest edition of its weekly newsletter, “The Week On-Chain,” analytics firm Glassnode revealed that short-term holders (STHs) might be dictating BTC price resistance. Profit-taking reinforces resistance levels As BTC/USD climbed toward $25,000, STHs —
In this inaugural edition of Cointelegraph’s monthly Web3 gaming column, we highlight some of the top stories and events in the blockchain gaming space over the past few weeks, as well as upcoming releases. Fortnite player sells Dookey Dash prize It has been a little over a month since NFT behemoth Yuga Labs, the company
An alleged ethical hacker has drained $1.59 million from the decentralized finance (DeFi) lending platform Tender.fi, leading the service to halt borrowing while it attempts to recoup its assets. Web3-focused smart contract auditor CertiK and blockchain analyst Lookonchain flagged an exploit that saw funds drained from the DeFi lending protocol on March 7. Tender.fi confirmed
Three Russians are going to spend time in high-security prison for stealing over a million U.S. dollars’ worth of cryptocurrency from another man. In addition, the court has also ordered them to fully compensate the victim for the damages, prosecutors announced. Robbers Get Prison Sentence for Cryptocurrency Theft in Russia A court in the Russian
Publicly-listed Bitcoin (BTC) mining firm Argo Blockchain has increased its daily BTC production despite a significant spike in network difficulty. During February, Argo mined 162 Bitcoin or BTC equivalents, translating to 5.7 BTC per day, which the firm announced in an operational update on March 7. Argo’s daily Bitcoin production rate in February surged 7%
Coinbase CEO Brian Armstrong has hinted that the firm’s new layer-2 blockchain network Base may be subjected to transaction monitoring and Anti-Money Laundering measures at launch. In an interview with Joe Weisenthal on Bloomberg Radio on March 6, Armstrong acknowledged that Base has some centralized components today, adding that “it will be more and more
The United States Securities Exchange Commission (SEC) won’t be allowed to fine executives involved in Voyager Digital should it end up issuing bankruptcy tokens to help repay impacted customers, bankruptcy judge Michael Wiles has said. The comments from Wiles came on Mar. 6, the third day of hearings regarding a plan by Voyager to issue
The Frax community recently approved a proposal to make its FEI stablecoin fully backed by USD equivalents, rather than maintaining a partially backed and semi algorithmic stablecoin. With Frax’s decision, the days of experimentation with algorithmic stablecoins could finally be behind us. The decentralized stablecoin space has only proved effective with ETH, USDC and BTC
A former Tornado Cash developer claims to be building a new crypto mixing service that aims to solve a “critical flaw” of the sanctioned crypto mixer — which he hopes will convince U.S. regulators to reconsider its position on privacy mixers. The code of a new Ethereum-based mixer, “Privacy Pools,” was launched on GitHub on
The hopeful optimism of Bitcoin (BTC) traders seemed to dissipate in the first week of March as key on-chain metrics provided resistance. Now Bitcoin is threatening a retest of the $22,000 level, and a wave of short sellers would stand to profit if that occurred. If the short sellers’ strike price hits, some analysts believe
Thousands of developers, hackers, and crypto and blockchain enthusiasts descended upon Denver, Colorado in the United States for the ETHDenver conference from Feb. 24 to Mar. 5. With accommodation a limited resource in the Colorado capital city, many opted to seek refuge from the crowds and tight quarters at “hacker houses” — where sleep is
Lawyers for Andrew Vara, the United States Trustee representing the interests of the Department of Justice in crypto exchange FTX’s bankruptcy proceedings, has filed an appeal against a federal judge’s denial of a motion appointing an independent examiner in the case. In a March 6 filing in U.S. Bankruptcy Court for the District of Delaware,
Billionaire Mark Mobius, founder of Mobius Capital Partners, says he cannot take his money out of HSBC in Shanghai, China. Citing severe capital control by the Chinese government, he stressed: “It’s crazy … They’re putting all kinds of barriers.” Mark Mobius Has Trouble Getting His Money Out of HSBC in China The founder of Mobius
The United States equities markets are trying to extend their recovery at the start of the new week. One of the reasons that could be boosting investor confidence is that the yield on the benchmark 10-year note has slipped further to 3.924%. However, the bullish sentiment of the equities markets has not rubbed off on
Bitcoin (BTC) failed to react at the March 6 Wall Street open as consensus formed around a potential violation of $20,000. $19,000 BTC price is “breakdown target” Data from Cointelegraph Markets Pro and TradingView tracked a limp BTC/USD as it clung to $22,400 at the time of writing. Motionless throughout the weekend, the pair offered few
Bybit will launch a new debit card allowing users to make payments and withdraw cash using cryptocurrency holdings. The Bybit card will operate on the Mastercard network, and will allow fiat-based transactions by debiting cryptocurrency balances when used to pay for goods and services. The service begins with the launch of a free virtual card
American lawmakers and regulators continue to compete in their creative efforts to propose anything but comprehensive game rules for the crypto industry. Senators Edward Markey and Richard Blumenthal have penned a letter asking Meta CEO Mark Zuckerberg to deny young adults access to the firm’s metaverse platform. According to the two lawmakers, allowing teenagers between