Crypto Banking Crisis: Xapo’s Lightning Network Adoption & Silvergate Fallout

• Xapo, a regulated European bank, recently announced support for the Lightning Network, putting it on the map. • Sovereign roll-ups allow users to store or hash transactions on the Bitcoin blockchain. • Silvergate’s recent deposit drops highlights the need for crypto companies to find other banking options. Xapo Adopts Lightning Network Xapo, one of the OG companies in the […]

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Redeem Raises $2.5M to Bring NFTs to Mobile Phones

Introduction Startup Redeem has recently raised $2.5M in order to enable users to transfer NFTs using popular messaging services such as iMessage, WhatsApp, or SMS. This will make it easier for the next wave of NFTs to enter the mainstream market while eliminating the need for complicated crypto interfaces or gas fees. Redeem Founders The company was founded by Toby […]

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US Watchdogs Warn Banks of Liquidity Risks from Crypto, Stablecoin Reserves

• US regulators have issued a joint statement to banks warning of potential liquidity risks stemming from cryptocurrency-related clients and their deposits. • The statement for the first time included a warning about stablecoin reserves and urged banks to ensure their monitoring tools are up-to-date. • Banks may face increasing outflows from deposits made for the benefit of retail investors […]

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Binance.US Sends $400M to Partner Firm Managed by CZ

Overview of Article Binance.US sent approximately $404 million to a firm managed by Binance CEO Changpeng Zhao. Regulators have suggested that lack of public disclosure on the matter created a conflict of interest. The SEC first subpoenaed Binance.US in 2020. Transactions Made in 2021 Binance.US, under the name BAM Trading, sent millions of dollars from an account at Silvergate Bank […]

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NFT Market Cap Plummets 59.6% in 2022, Trading Volume Jumps 38%

• Ethereum NFT market cap dropped 59.6% in 2022, but numbers from January indicate growth. • Trading volume on Ethereum NFT collections jumped 38% in January, with CryptoPunks and Bored Ape Yacht Club (BAYC) accounting for 46.7% of the total ETH NFT market cap. • Top three blockchains with highest trading volume were Ethereum (ETH), Solana (SOL), and Polygon (MATIC). […]

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Terra UST (USTC) Surges 66% on Relinking Proposal

• Terra UST (USTC) has surged 66% following a governance approval to re-peg the stablecoin. • The Terra Classic community passed a proposal to relink LUNA Classic and the de-pegged USTC stablecoin. • Strategies to restore USTC to its peg include holding reserves in multiple assets, implementing a buyback and burn mechanism, paying out interests in US dollars, and integrating […]

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Crypto Market Cap Falls 0.2%, Polygon Posts 7.7% Gains

Bullet Points: • The cryptocurrency market cap saw net outflows of $2.09 billion over the last 24 hours, currently standing at $1,044.31 billion. • Polygon topped the list of the top 10 cryptocurrencies, posting 7.7% gains. • Bitcoin dropped 0.2%, while Ethereum lost 1.6%. The cryptocurrency market has seen a lot of activity over the last 24 hours. The total […]

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Bitcoin Markets Turning Bullish: Hash Ribbon Indicates Good Buying Opportunity

• The BTC Hash Ribbon indicator signals that the worst of miner capitulation may be over as the 30-day moving average (MA) crosses the 60-day MA. • The switch from light-red to dark-red suggests a switch from negative to positive price momentum, indicating good buying opportunities. • BTC price is up and breaking out towards $19,000, indicating that the worst […]

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Former Celsius CEO Sued for Defrauding Investors

• The New York attorney general has filed a lawsuit against Celsius Network’s former CEO Alex Mashinsky for allegedly defrauding investors. • Mashinsky is accused of violating the Martin Act and New York’s Executive and General Business Laws by allegedly misleading customers into depositing billions of dollars into digital assets within the cryptocurrency lending company. • The motion seeks to […]

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