• Bitcoin prices remain near $25,000 as investors are optimistic about inflation data and Federal Reserve rate hikes.
• Two crypto executives suggest that the industry must learn from the failings of Signature, Silicon Valley and Silvergate banks in order to develop successful banking relationships.
• Gold prices are steady at $1,909 while the S&P 500 and Nikkei 225 both dipped slightly.

Crypto Market Optimism

Bitcoin prices have held steady near $25,000 over the past 24 hours as investors remain upbeat about recent inflation data and Federal Reserve rate hikes. While Gold prices are steady at $1,909, other major market indices such as the S&P 500 and Nikkei 225 have seen a slight dip in value.

Learning From Banks

Two prominent crypto executives have suggested that the industry must learn from the mistakes made by Signature Bank, Silicon Valley Bank and Silvergate Bank if it hopes to foster productive banking relationships. These executives argued that crypto businesses need to take more responsibility for their actions if they want to be taken seriously by traditional financial institutions.

Consensus 2023

Alex Thorn, Head of Firmwide Research at Galaxy Exchange will be speaking on „Bitcoin and Inflation: It’s Complicated“ during Consensus 2023 this March 15th. The event provides an opportunity for participants to discuss critical issues affecting cryptocurrency markets today.

Market Prices

The CoinDesk Market Index (CMI) is currently up 24.6 points with Bitcoin (BTC) trading at $24,936 (+577), Ethereum (ETH) trading at $1,715 (+38), Binance token (BNB) trading at $321 (+22), Ripple (XRP) trading at $0.36 (+0.06), and Aave Protocol Token (APT) trading at 12 (+1).

Conclusion

Overall sentiment in crypto markets remain positive despite minor dips in some major indices due to optimism surrounding inflation data and Federal Reserve policies as well as an upcoming insightful event hosted by Consensus 2023 which will feature Alex Thorn discussing Bitcoin’s relationship with inflationary pressures in modern-day finance markets .

• The U.S. government on Monday appealed a judicial decision not to appoint an independent examiner to look into the collapse of bankrupt crypto exchange FTX.
• A bipartisan group of U.S. senators had also called for an independent probe, despite warnings that it could cost as much as $100 million.
• On Feb. 15, however, the Delaware-based U.S. bankruptcy court’s Judge John Dorsey agreed with FTX’s new management that an independent examination would represent costly delay to any resolution of the case.

U.S Government Appeals Bankruptcy Examiner Denial

The U.S government has appealed a judicial decision not to appoint an independent examiner for the investigation into the collapse of crypto exchange FTX amid warnings that such a probe could cost up to $100 million dollars. The appeal comes after a bipartisan group of US senators called for an independent investigation into the matter and follows on from February 15th, when Delaware-based U.S Bankruptcy Court judge John Dorsey sided with FTX’s new management in ruling against such an examination due its potential for costly delays in resolving the case.

Calls For Independent Examination

The call for an independent examination has come from both US Senators and the US Trustee branch of the Department of Justice (DOJ). It is believed that such an inquiry could uncover if those responsible for mismanagement at FTX are still part of the company, which collapsed in April 2020 following accusations of fraud and other violations by its former CEO Sam Bankman-Fried and other members of his team..

Delays And Cost Implications

The proposed investigation has been met with resistance over fears that it will cause delays and incur large costs; similar investigations have already taken place elsewhere, notably in New York where cryptocurrency lender Celsius Network appointed a 500-page report four months after being appointed by a court there .

FTX Case Overview

FTX was first launched in 2018 by current CEO Sam Bankman-Fried and has since become one of the world’s leading crypto exchanges, boasting over $12 billion worth daily trading volume across more than 150 countries at its peak before collapsing amidst allegations around fraud and other violations from its former leadership team .

Conclusion

In light of these developments, it remains unclear how long it will take before a resolution is reached or whether or not any criminal charges will be brought against those involved in mismanagement at FTX as no further information regarding this matter has been released yet by either party involved–the DOJ or Bankman-Fried himself–at this time

• Coinbase recently launched Base, a layer 2 network built using Optimism’s OP Stack.
• Following launch, the BASE token of Base Protocol surged 250%, before correcting.
• The surge was driven by crypto investors looking to make profits based on the trending topic.

Coinbase Launches Layer 2 Network

Coinbase (COIN) has recently announced the launch of its own blockchain-based layer 2 network – Base, which is built using Optimism’s OP Stack and offers easy and secure access to Ethereum, Optimism, Solana, and other ecosystems. This move has helped bring mainstream crypto adoption one step closer.

Base Token Jumps After Launch

Following the announcement of Coinbase’s Base, BASE tokens of Base Protocol experienced a surge in their prices that rose as much as 250%. Prices subsequently corrected amid heavy profit taking with BASE dropping overnight to trade just over $2 in Asian morning hours on Friday. Trading volumes also increased from $46,000 per day to over $566,000 at the peak price and further up to $1.1 million at writing time on Friday. The tokens are traded at both cryptocurrency exchange Gate and decentralized exchange PlasmaSwap.

Base Protocol Model

The underlying model of Base Protocol is relatively new; it enables an application developer or user to stake tokens for resources like storage and computing power needed for running smart contracts or applications on platforms like Ethereum or other blockchains built using OP Stack technology. All staked tokens are pooled into what’s known as a “stake pool” that can be used by developers without having them pay any additional fees for usage rights or access.

Profiting From Crypto Trends

It is no secret that crypto investors often look for opportunities to make gains from trends related to popular topics in order acquire quick profits – even if such moves may not be rational from an equity investor’s perspective. Such behavior was also seen in this case when BASE token saw massive spike after Coinbase’s launch announcement despite there being no correlation between them whatsoever.

Conclusion

Despite the correction over the past 24 hours following its massive jump earlier due to Coinbase news, BASE token still remains one of the most interesting projects given its recent developments and potential use cases associated with it amidst a growing demand for blockchain-based solutions among businesses worldwide

• TrueFi’s TRU Token surged over 200% after Binance’s TUSD mint sparked speculation.
• The rally was likely due to traders mistakenly connecting TRU with TUSD, a stablecoin that had been issued by TrueFi in the past but is no longer associated with them.
• The speculation appears to be misplaced as TrustToken sold TUSD in 2020 and it is now owned by Techteryx, an Asia-based conglomerate.

TRU Token Rallies Over 200% After Binance’s TUSD Mint Sparks Speculation

The rally appears to come from traders mistakenly connecting TRU with TUSD, a stablecoin that had been issued by TrueFi in the past but now no longer is. By Krisztian SandorFeb 16, 2023 at 6:03 p.m. UTCUpdated Feb 16, 2023 at 7:24 p.m. UTC

Background Information

TRU, the governance token of decentralized lending protocol TrueFi, surged 220% on Thursday in an hour, data by CoinMarketCap shows, in a speculative flurry over a Binance stablecoin transaction. Before the rally took off, Binance, the world’s largest crypto exchange by volume, minted $50 million of TrueUSD (TUSD) stablecoin according to blockchain data. This event sparked speculation among crypto traders about TUSD potentially gaining a larger role in trading on Binance after the regulatory crackdown on the Paxos-issued Binance USD (BUSD).

TrueFI and TrustToken Separation

TrustToken sold TUSD in 2020 to a firm called Techteryx according to an announcement by TrustToken Chief Executive Rafael Cosman at the time. The post said Techteryx is an „Asia-based conglomerate with businesses … in the traditional real estate, entertainment, environmental and information technology industries.“ In addition TrustToken also separated from the TrueFi protocol and was renamed Archblock last year as TrueFi embarked on a road to decentralize their platform .

Speculative Rally

TRU surged as high as 14.6 cents from 4.4 cents on Binance before later paring some of its gains and trading at around 11 cents at press time .

Conclusion

The speculation about the TRU token appears to be misplaced because the issuers of both tokens have since been separated for quite some time now .

• Kraken has agreed to shut down its cryptocurrency-staking operations in the U.S. as part of a settlement with the SEC
• The SEC voted on the settlement during a closed-door commissioner meeting and an announcement is expected soon
• Kraken’s staking service offered a 20% APY, promising to send customers staking rewards twice per week

Kraken Agrees to Shut Down US Crypto-Staking Operations

Kraken, one of the world’s leading crypto exchanges, has agreed to shutter its crypto staking-as-a-service platform for U.S. customers and pay $30 million to settle Securities and Exchange Commission (SEC) charges it offered unregistered securities. This decision was reached after a closed-door commissioner meeting held by the SEC on Thursday afternoon.

Details of the Settlement

In addition to ceasing their staking service for U.S. customers, Kraken will also end its crypto lending product offering up to 24% yield as part of this settlement agreement with the SEC. Under its staking service, Kraken had promised customers a 20% APY and sent out rewards twice per week according to their website.

Implications for Crypto Regulation

The resolution between Kraken and the SEC could have far reaching implications for crypto regulation in the United States as more exchanges may now be subject to similar oversight from financial regulators going forward. In addition, this case could provide further guidance on which activities constitute offering unregistered securities that are prohibited under existing laws and regulations in order to protect investors from potential fraud or other risks associated with such offerings.

Reaction from Industry Leaders

CoinDesk Global Policy and Regulation Managing Editor Nikhilesh De discussed the details of this case as well as wider implications for crypto regulation following this decision by Kraken: “The vote comes a day after Coinbase CEO Brian Armstrong called on regulators like the SEC to clarify what constitutes an offering of digital assets that is subject to security laws.“

Conclusion

Overall, while there may be some short term pains associated with these regulatory decisions, they should ultimately serve as a positive development towards greater stability in cryptocurrency markets over time by providing clarity around which activities are permissible under existing laws and regulations in order for investors to be better protected from potential risks involved when making investments into digital assets.

• Arrington Capital, a digital asset management and venture capital firm, has hired Bhavik Patel as its chief investment officer.
• Patel previously served as chief product officer and head of derivatives business at crypto exchange BitMEX.
• His work history also includes roles as APAC derivatives strategist for TK UBS and risk management positions at European investment banks.

Arrington Capital Hires New Investment Head

Arrington Capital, a digital asset management and venture capital firm founded in 2017 by TechCrunch founder Michael Arrington and CEO Heather Harde, has hired Bhavik Patel as its new chief investment officer. With over $1 billion in assets under his wings, Patel will be responsible for developing the firm’s liquidity and trading business strategy.

Patel’s Professional Background

Prior to joining Arrington Capital, Patel was the chief product officer and head of derivatives business at crypto exchange BitMEX. He also worked as an APAC derivatives strategist for TK UBS along with several training and risk management positions in various European investment banks.

Purpose of Appointment

According to Michael Arrington, the purpose of appointing Bhavik is to bring a mature perspective to their trading strategy through his institutional knowledge. This move is meant to elevate their liquidity and trading business on a higher degree than before.

Significance of Appointment

The addition of Bhavik Patel to the team highlights the importance that Arrington Capital places on having an experienced professional who can manage investments wisely while navigating the ever-evolving cryptocurrency market with finesse.

Conclusion

Overall, this appointment is expected to further strengthen Arrington Capital’s position in terms of providing value added services to investors looking for reliable returns from their investments in the cryptocurrency space.

• Porsche released its first non-fungible token (NFT) collection paying homage to the brand’s iconic 911 sports car.
• The collection opened for allowlist holders at 9 a.m. ET on Monday in four waves of one hour each.
• The floor price of the collection on the secondary market fell below its minting price of 0.911 ETH in the hours after it opened sales to the public.

Porsche, the iconic German carmaker, has released its first ever non-fungible token (NFT) collection, paying homage to one of the brand’s most iconic and beloved models – the 911 sports car. On Monday morning, the collection opened for allowlist holders at 9 a.m. ET in four waves of one hour each.

The collection is limited to 7,500 editions, and each edition can be customized with three “paths” to choose from. Collectors were allowed to mint up to three virtual 911 Porsches at 0.911 ETH each, roughly $1,490. Allowing for a wide range of customization options, the Porsche NFT collection is unique in its ability to give collectors a truly personalized experience.

However, it appears that the collection hasn’t been able to gain traction as quickly as some had hoped. The floor price of the collection on the secondary market fell below its minting price of 0.911 ETH in the hours after it opened sales to the public.

The collection’s creators have attributed the lackluster response to the lack of time the collection was open to allowlist holders and the fact that it was released at the same time as another prominent NFT collection, which has since sold out.

It remains to be seen if the collection will be able to gain traction in the months to come. For Porsche, the collection represents an opportunity to increase brand recognition and engagement with its customers in a new and innovative way. With the right marketing, it could become a valuable asset for the carmaker.

Meanwhile, for collectors, the collection offers an exciting opportunity to get their hands on a unique and personalized piece of automotive history. With its limited edition status, the collection is already proving to be a desirable item, and the potential for it to appreciate in value remains high.

Only time will tell whether the Porsche NFT collection will be able to gain the traction it needs to become a success. For now, the collection remains an interesting experiment in the world of NFTs, and an opportunity for collectors to own a unique piece of automotive history.

• Bitcoin had its best day in two months after the Consumer Price Index (CPI) report shows inflation slowdown.
• Sam Bankman-Fried, the disgraced former chief of FTX, denied stashing away billions of dollars and gave his take on what happened to his bankrupt crypto exchange in a lengthy new post on Substack.
• Blockchain.com has cut jobs as part of a restructuring.

Bitcoin had its best day in two months on Thursday, surging to over $19,000 following the release of the Consumer Price Index (CPI) report which showed inflation had slowed. The digital-asset rally extended into the weekend, and the cryptocurrency has now cemented itself as one of the world’s most popular investments.

The news came as Sam Bankman-Fried, the disgraced former chief of FTX, released a lengthy new post on Substack in which he denied stealing funds and stashing away billions. Bankman-Fried is currently facing numerous federal charges including conspiracy to commit fraud and is now free on bail.

In his post, Bankman-Fried alleged that the trading firm “failed to sufficiently hedge its market exposure” and said he “hasn’t run Alameda for the last few years.” He concluded the post by stating that Alameda lost money due to a market crash it was not adequately hedged for.

In addition to the Bitcoin rally and Bankman-Fried’s post, Blockchain.com has also announced that it is cutting jobs as part of a restructuring. The move is aimed at streamlining operations and improving efficiency, and the company has said it hopes to be able to rehire many of the affected staff once the restructuring is complete.

Overall, it has been a busy week in the world of cryptocurrency, with Bitcoin continuing to surge, Bankman-Fried giving his account of what happened to his bankrupt crypto exchange, and Blockchain.com announcing job cuts. It remains to be seen how these developments will affect the market in the coming weeks and months.

• Securrency, a cryptocurrency infrastructure firm, has hired Nadine Chakar, State Street’s digital chief, as its new CEO.
• Chakar replaces Securrency’s founder Dan Doney, who will remain as the company’s CTO.
• Securrency’s aim is to provide institutions with blockchain-based regulatory technology on top of existing legacy systems to enable digital asset adoption in a compliant manner.

Securrency, a cryptocurrency infrastructure firm, has announced the appointment of Nadine Chakar as its new CEO. Chakar, who was the digital chief at State Street, replaces Securrency’s founder Dan Doney, who will remain as the company’s CTO.

Chakar brings with her a wealth of knowledge in institutional-grade compliance and digital asset adoption. She was the head of global markets at State Street for over two years, and was part of a $30 million funding round for Securrency in 2021, which included U.S. Bank, Abu Dhabi, Catalyst Partners, and WisdomTree Investments.

Securrency’s mission is to provide institutions with blockchain-based regulatory technology on top of existing legacy systems to enable digital asset adoption in a compliant manner. This technology will allow companies to tokenize assets and implement decentralized finance (DeFi) protocols, in addition to providing interoperability between different blockchain and traditional finance systems.

Securrency’s CEO, Nadine Chakar, commented on her new role, saying: „I am excited to join the Securrency team and lead the company into its next stage of growth. I look forward to leveraging my experience in the institutional asset management space to build the infrastructure necessary to enable the mainstream adoption of digital assets.”

Dan Doney, Securrency’s founder and CTO, also commented on Chakar’s appointment, stating: “Nadine brings an extensive knowledge of institutional asset management, financial compliance and digital asset adoption. We are thrilled to have her on board and look forward to continuing to build the infrastructure and technology that will enable the mainstream adoption of digital assets.”

Securrency’s new CEO appointment is a sign of the company’s commitment to building the necessary infrastructure for the mainstream adoption of digital assets. With Chakar’s experience and knowledge, the company looks to continue to make strides in the industry, providing institutions with the security and compliance they need to adopt digital assets.

• In 2022, Ethereum completed its radical shift to a new, energy-friendly system for powering its network.
• This event, known as the Merge, marked a massive reduction to the network’s energy footprint and put Ethereum on a path to becoming a deflationary asset.
• However, the Merge was not without its problems, including concerns around centralization and a lack of a long-hoped-for bump to the price of ether (ETH).

In 2022, Ethereum made significant progress towards creating a global computer and decentralized financial system when it completed its radical shift to a new, far more energy-efficient system for powering its network. This event, known as the Merge, marked a key moment in the blockchain’s history and was years in the making.

The Merge saw Ethereum transition from a proof-of-work system, which is notoriously power-hungry and consumes vast amounts of energy, to a proof-of-stake system. This new system requires validators to “stake” ether (ETH) with the chain in order to write transactions to its ledger, and is estimated to have cut the network’s energy consumption by around 99%. Furthermore, the Merge put Ethereum on a path to becoming a deflationary asset, as the number of coins in circulation will gradually decrease over time.

Unfortunately, the Merge was not without its problems. Its new power structure has led to charges that Ethereum is becoming overly centralized, with a small group of stakeholders controlling the majority of the network’s resources. Furthermore, the Merge failed to spark a long-hoped-for bump to the price of ether (ETH), which has sunk more than 20% since the event. Additionally, the Merge did not address Ethereum’s relatively high transaction costs and slow network speeds.

Finally, Ethereum’s year was also marked with problems stemming from external sources. There have been record-shattering hacks on Ethereum-linked infrastructure and concerns around censorship, which have raised questions about the security of the network.

The Merge was a monumental moment for Ethereum, but it also highlighted areas that need to be improved. Going forward, Ethereum must continue to innovate and build on the progress made in 2022 in order to create a secure, efficient, and accessible global computer and decentralized financial system.