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• Zipmex, a Thailand-based crypto exchange, is facing challenges to its $100 million rescue plan as the investor missed a $1.25 million payment due on March 23rd.
• The exchange has said that failure to make the payment could result in them liquidating their technology unit and suspending their payroll.
• The Thai Securities and Exchange Commission (SEC) is also investigating some of Zipmex’s products for possible breach of regulatory rules.

Zipmex Acquisition Facing Challenges

Thailand-based crypto exchange Zipmex’s $100 million rescue plan has hit a snag as the investor failed to make a $1.25 million payment due on March 23, Bloomberg reported on March 24. Zipmex reportedly said the failed payment could force it to liquidate its technology unit and suspend its payroll.

Investor Missed Payment

Bloomberg reported that the exchange is uncertain about when the expected payment would be made. It added that the firm was working with its advisers on the next steps.The Asian exchange had entered into a memorandum of understanding with venture capital firm V Ventures to acquire it for $100 million after it fell into a liquidity crisis due to the poor market conditions of 2022. At the time, the exchange said it had exposure to bankrupt crypto lender Celsius.

SEC Investigating Products

Meanwhile, Thailand’s Securities and Exchange Commission (SEC) said it investigated some of the exchange’s products for possible breach of regulatory rules. According to the SEC, the company might have been operating as an unregistered fund manager due to the nature of its earn product.

Zipmex Response Pending

Zipmex has yet to respond to CryptoSlate’s request for comment as of press time.

Conclusion

Zipmex’s acquisition faces challenges as buyer misses $1.2M payment which could potentially lead them into liquidation or suspension if not paid in full soon enough

• The recent collapse of the Silicon Valley Bank (SVB) and the USD Coin (USDC) de-peg halted the hype around Non-Fungible Tokens (NFTs).
• Defi’s transaction volume exceeded $58B during Mar. 11-12, while Mar. 11 recorded least active NFT traders since November 2021.
• Uniswap (UNI) and 1inch Network (1INCH) recorded significant increases in Unique Active Wallets (UAW) counts and trading volumes respectively due to the SVB crash and USDC de-peg.

U.S. Banking Turmoil Halts NFT Hype

The recent collapse of the Silicon Valley Bank (SVB) and the USD Coin (USDC) de-peg has led to a halt in Non-Fungible Token (NFT) hype, which had been steadily increasing over the past few months.

DeFi Thrives Amidst U.S. Banking Turmoil

On Mar. 11-12, Defi’s transaction volume exceeded $58B resulting in an increase of 23% from 1.3 million transactions to 1.6 million transactions, according to DappRadar’s report on March 17th 2023 at 11:15 am UTC . After the SVB crash and USDC de-peg, Total Value Locked in DeFi fell 9.6%, however it stabilized after USDC reserves were made available publically on 13th Mar leading to a 13% spike in TVL value up to $81 billion from $71 billion as mentioned in report by DappRadar on March 17th 2023 at 11:14am UTC .

Unique Active Wallets Interacting with DeFi Protocols

The number of unique active wallets interacting between DeFi protocols saw a 13% increase between 8th -11th March growing from 421,026 wallets to 477,094 wallets as reported by DappRadar’s report on March 17th 2023 at 11:14 am UTC . Among all DeFi protocols Uniswap( UNI ) saw highest increase with 24 % growth rate , where its trading volume increased 96% growing from 734 million dollars on 10th march to 14 billion dollars on 11 th march as reported by DappRadar’s report on March 17th 2023 at 11:14 am UTC . Whereas exchange 1inch Network(1INCH ) recorded 304 % increase in its trading volume increasing from 855 million dollars 10 th march to 3 billion 46 million dollars 11 th march , also seeing an increment of 11 % in its UA W count from 21600 users 10 th march to 24100 users out of which 67000 are only for Uniswap .

NFT Market Resilience

The NFT market has been showing a great resilience throughout coldest winter season for crypto history fully recovering all pre Luna crash levels by February 2021 as reported by Dappradar’s reports published earlier this year but after SVB collapse NFT sphere is witnessing some decline with decrease in activity since November 2021 as reported by Dappradar’s report released today .

Conclusion

Despite U S banking turmoil halting NFT hype , Decentralized finance is thriving with increases seen both in Unique active wallet count & Trading volumes with some protocols like Uniswap & 1inch Network recording impressive figures as reported by dappradar’s reports today .

• Hedera has temporarily blocked access to most of its services due to irregularities in its smart contracts.
• The project’s mainnet continues to operate, but wallets, decentralized exchanges and decentralized apps, and centralized exchanges will not be usable.
• Blockchain researcher Ignas reported that the issue is related to the decompiling process of smart contracts and affects the Hedera Token Service (HTS).

Hedera Halts Wallet and App Access

Hedera announced on March 9th that it will be temporarily blocking access to most of its services due to irregularities in its smart contracts. The project’s mainnet is still running and reaching consensus on new blocks, however wallets, decentralized exchanges and applications as well as centralized exchanges will not be available until further notice. The decision has been made “in an abundance of caution for users” according to Hedera.

Smart Contract Issues

Earlier on March 9th, Heder confirmed that they were experiencing issues with their smart contracts. Hashport also paused their services in order to assist with containing the issue. The exact nature of the issue was not revealed by Hedera but independent blockchain researcher Ignas stated it had something to do with a decompiling process affecting the Hedera Token Service (HTS). All other projects such as Pangolin Exchange, SaucerSwap, Heliswap are also at risk according to Justin Trollip from Pangolin Exchange who advised people “get [their] funds out now”.

Proxies Control

When these proxies were launched back in 2020, they were fully controlled by Hedera but later on they planed on providing control over them for council members instead. This decision has attracted a lot of criticism from users questioning the project’s commitment towards decentralization as this action suggests just a few parties have control over the network.

HBAR Price Drop

HBAR token price dropped 6.2% during 24 hours after news about possible exploit was released according to CryptoSlate data at 12:45 am UTC 10th March 2021.

Conclusion

Though there hasn’t been any confirmation yet if any funds have been lost or stolen due this exploit yet it’s best for users affected by this exploit take necessary measures required for safety of their assets until further updates are provided from hedera team itself .

• Tether CTO Paolo Ardoino recently announced that the company has no exposure to Silvergate, a distressed US bank.
• The announcement follows increased scrutiny of the bank’s ties with USDC stablecoin.
• Circle commented that despite its exposure to Silvergate, customer assets remain safe and secure.

Tether Has No Exposure to Silvergate

Tether CTO Paolo Ardoino recently announced that the company has no exposure to Silvergate, a distressed US bank. The news comes after the distressed crypto bank’s ties with the USDC stablecoin are coming under increased scrutiny.

Silvergate Capital Stock Decline

Silvergate Capital, the holding company of Silvergate bank, saw a decline in its stock on March 2 due to the postponement of its annual 10-K report. The bank is currently evaluating recent events that took place after the end of 2022. Silvergate bank provides banking services to cryptocurrency firms. As a result, Silvergate Capital’s year-to-date losses widened to 57%.

Circle’s Comment

In response to this news, Circle tweeted on Mar. 2 that despite its exposure to Silvergate, all customer assets remain safe and secure.“We are sensitive to the concerns around Silvergate and are in the process of unwinding certain services with them and notifying customers,“ Circle tweeted.

Market Cap and Reserves

USDT and USDC are the two biggest stablecoins by market capitalization, each accounting for $71 billion and $42.9 billion respectively. According to a recent CryptoSlate report Wall street institution Cantor Fitzgerald reportedly manages $39B of Tether’s reserves which includes approximately $39.2 billion of U.S Treasury bills .

Conclusion

Although both USDT & USDC have large market capitalization it is clear from various announcements made by both Tether & Circle that there is no direct connection between them & SilverGate Bank as such customer assets remain safe & secure .

Summary

• The Canadian Securities Administration (CSA) released a notice requiring crypto exchanges that plan to operate nationwide to pre-register within 30 days.
• This process includes segregating crypto assets held on behalf of Canadian clients, suspending margin and leverage trading, and ceasing the sale of stablecoins without permission.
• The CSA also warned Canadians about the risks associated with trading crypto assets.

Canada Requires Crypto Exchanges to Pre-Register

The Canadian Securities Administration (CSA) released a notice on Feb.22 requiring crypto exchanges that plan to operate nationwide to undergo a pre-registration process within 30 days. This process includes segregating crypto assets held on behalf of Canadian clients and suspending offering margin, credit, or other forms of leverage trading to Canadian users. In addition, exchanges must cease selling stablecoins until written consent is secured from the CSA.

Objectives Behind Pre-Registration Process

CSA chair Stan Magidson stated that this decision was made in order to reduce the risk associated with trading crypto assets, particularly when conducted on unregistered platforms based outside of Canada. The recent insolvencies involving several crypto asset trading platforms highlighted these risks and prompted the CSA’s action.

Warning for Investors

The CSA also reminded Canadians that crypto trading came with an „elevated“ level of risk, which may not be suitable for many investors. Therefore it is important for investors to understand these risks before investing their funds in cryptocurrencies.

Conclusion

By requiring pre-registration by cryptocurrency exchanges operating in Canada, the CSA is aiming to protect consumer investments while allowing them access to the world of cryptocurrencies. It is up to individuals now whether they want take advantage of this opportunity or not after understanding all associated risks.

• Bitcoin has reclaimed over $24,500 and flipped multiple-day moving averages in the process.
• The 200-week moving average (200-WMA), which has been a reliable support level for Bitcoin in previous bear market cycles, is currently at $24,957.
• The 360-DMA currently stands at $25,398, another indicator of support.

Bitcoin Reclaims Above $24,500

Bitcoin has reclaimed over $24,500 and flipped multiple-day moving averages in the process. This includes the 60 DMA ($20,184), 120 DMA ($19,059) and 200 DMA ($19,717).

200 Week Moving Average (200 WMA)

The 200 week moving average (200 WMA) is a reliable support level for Bitcoin in previous bear market cycles. Currently it stands at $24,957. It serves as an important indicator of support for Bitcoin’s price movement.

360 Day Moving Average (360 DMA)

The 360 day moving average (360 DMA) is another indicator of support for Bitcoin’s price movement and currently stands at $25,398. This provides additional evidence that the bear market may be coming to an end as more institutional investors enter into the space.

CryptoSlate Research Report

CryptoSlate’s latest market report dives deep into Bitcoin on-chain data suggesting that the bear market might be coming to an end and that institutional investors are becoming increasingly interested in digital assets like Bitcoin as prices continue to rise.

Important Disclaimer

It is important to remember that trading cryptocurrencies should be considered a high risk activity due to their volatility and CryptoSlate takes no responsibility should you lose money trading cryptocurrencies

• Crypto markets saw net outflows of $22.7 billion over the last 24 hours
• Bitcoin and Ethereum’s market caps fell 1.9% and 2.3%, respectively
• Polygon was the only top 10 asset to show gains, up 3%

Overview

The cryptocurrency market cap saw net outflows of $22.7 billion over the last 24 hours and currently stands at $1.06 trillion — down 2% from $1.08 trillion. Over the reporting period, Bitcoin and Ethereum’s market cap fell 1.9% and 2.3% to $437.66 billion and $199.88 billion, respectively while Polygon showed strength among wider market downturn by increasing 3%.

Bitcoin Price Movement

Over the last 24 hours, Bitcoin lost 1.9%, trading at $22,732 as of 07:00 ET with a 41.2% market dominance that stayed flat during the reporting period. The leading cryptocurrency trended down from a top of $23,200 before finding support at around 22,352 followed by a muted recovery afterwards

Ethereum Price Movement

Over the last 24 hours, Ethereum fell 2.3%, trading at $1,636 as of 07:00 ET with a 18.8% market dominance that decreased slightly during the reporting period compared to 18%. ETH’s price action largely followed BTC’s pattern where it found support at around 1,609 before retesting this level two more times with an edge towards higher levels afterwards

Top 5 Gainers

Gifto (GFT) led in gains over the reporting period rising 62%, trading at 0$16788 as of press time with its market cap reaching 167 million dollars while Astar (ASTR) gained 36%, trading at 0$08536 as its market cap stood 347 million dollars followed by BinaryX (BXNX) which increased 19%, trading 127 dollars per token and having a 127 million dollar market cap then ssv network (SSV) jumped 16%, trading 32$8622 with its current market cap standing at 32 million dollars finally Shiba Inu (SHIB) gained 6%.

Stablecoins

The USDT stablecoin stayed flat during the reporting period with its 68 billion dollar value while USDC increased slightly to reach 41$, BUSD on other hand decreased to 16$.

• Binance CEO Changpeng Zhao (CZ) said that stablecoin regulation could help accelerate its adoption.
• Financial regulators have increased their regulatory efforts around the space due to the collapse of Terra’s algorithmic stablecoin UST.
• CZ praised the Hong Kong government’s „decedent approach“ to stablecoins which will provide a more defined scope for regulated activities.

Binance CEO Changpeng Zhao (CZ) has recently said that the regulation of stablecoins could help accelerate their adoption. This comes as financial regulators around the world have increased their regulatory efforts around the space due to the collapse of Terra’s algorithmic stablecoin UST.

CZ has praised the Hong Kong government’s „decided approach“ to stablecoins, which will provide a more defined scope for regulated activities. This includes governance, issuance, stabilization arrangements, and wallets – including access and holdings management. CZ noted that this risk-based approach will help to mitigate risk to monetary & financial systems.

Stablecoins have been gaining traction in the past year, with their use cases expanding in cross-border payments, hedging against inflation, and even aid disbursement. CZ has said that “with the right regulatory framework in place, we can see rapid adoption of these financial instruments.”

The Binance CEO noted that this regulatory framework should also include measures to ensure the security of assets and protection of user’s rights. He said, “The right regulatory framework should include measures to ensure stakeholders’ assets and rights are secured, and that users are put first in all decisions.”

CZ believes that the regulation of stablecoins will help to build trust and confidence in the asset class, which will in turn help to accelerate its adoption. He concluded, “Regulation will help build trust and confidence in the asset class, and help with the adoption process. Regulated stablecoins could be a key part of the financial infrastructure of the future.”

• Nifty Gateway co-founders Duncan and Griffin Cock Foster are set to resign from their roles amid potential legal battles facing the platform’s parent company- Gemini.
• Eddie Ma and Tara Harris have been appointed Technical Lead and leader for non-tech roles, respectively.
• A public roadmap for the platform’s future is expected to be released before Duncan and Griffin’s departure.

The crypto and blockchain space is abuzz with the news of Nifty Gateway co-founders Duncan and Griffin Cock Foster’s imminent departure from their roles. The brothers founded the NFT marketplace in 2019 and sold it to Gemini exchange the same year.

Gemini is owned by Cameron and Tyler Winklevoss and the Cock Foster brothers worked with the Winklevosses over the last four years to develop Nifty Gateway. In a Jan. 25 Twitter thread, Duncan Cock Foster said that they would be resigning from their roles at Nifty Gateway.

„Even though we know when we sold Nifty Gateway, we would want to start another company at some point, I am still very sad that this time has come,“ Duncan wrote in the thread. The brothers have appointed Eddie Ma as Nifty Gateway’s Technical lead, while Tara Harris will serve as the leader for all non-tech roles.

The departure of the Cock Foster brothers from Nifty Gateway comes at a time when Gemini is facing legal battles with Genesis Global. Cameron Winklevoss, one of the Gemini co-founders, has claimed that Genesis Trading owes more than $900 million to over 340,000 Gemini Earn users. However, a bankruptcy filing by Genesis reveals that Gemini is owed only $13 million.

Before departing from Nifty Gateway, the Cock Foster brothers are expected to release a public roadmap for the platform’s future. This roadmap is expected to provide clarity on the future of the platform, as well as its relationship with Gemini.

It is unclear exactly when Duncan and Griffin will be leaving Nifty Gateway; however, the crypto and blockchain space is on the edge of its seat to see what the brothers will do next. Whatever their plans may be, one thing is for sure–they have left a lasting impression on the crypto and blockchain space and their departure will surely be felt.

• Aptos (APT), a layer 1 proof-of-stake blockchain developed by ex-Meta staff that supports smart contracts and decentralized applications, has seen its token surge 343.76% in the last 30 days.
• The surge comes after a tumultuous start and two rounds of financing, with the company raising $350m in 2022 from a16z, Tiger Global, and Multicoin Capital.
• The Aptos blockchain uses a Rust-based programming language that can process more than 130,000 transactions per second, using a process called sharding.

Aptos (APT), the layer 1 proof-of-stake blockchain developed by ex-Meta staff that supports smart contracts and decentralized applications, has seen its token surge to new all-time highs in the last 30 days. This surge comes after a tumultuous start and two rounds of financing, with the company raising $350m in 2022 from a16z, Tiger Global, and Multicoin Capital, among others.

At the start, the coin was criticized for its tokenomics, but it has now become one of the hottest tokens in the market, especially amid renewed interest in layer 1 (L1) blockchains. L1 blockchains refer to the base-level chains that compose a given network, allowing for an ecosystem of other potential applications to be built on top of it.

Aptos is unique in that it uses a Rust-based programming language that, according to its whitepaper, can process more than 130,000 transactions per second, using a process called sharding. The process of sharding is used to split a database into multiple smaller pieces, which makes it easier for transactions to be processed and stored.

The Aptos blockchain also has a consensus algorithm known as „Proof of Stake“, in which users stake their coins to ensure that the network remains secure and functioning properly. Additionally, the blockchain supports smart contracts, which are computer programs that execute certain tasks automatically when certain conditions are met.

In July, the company raised $150 million in a Series A financing round led by Sam Bankman-Fried’s FTX Ventures and Jump Crypto. The funds are being used to help build out the infrastructure of the Aptos blockchain, as well as to expand its team and operations.

In conclusion, Aptos (APT) has been one of the biggest winners this January, with the token surging more than 343.76% in the last 30 days. The surge comes after a tumultuous start and two rounds of financing, with the company raising $350m in 2022 from a16z, Tiger Global, and Multicoin Capital. The Aptos blockchain uses a Rust-based programming language that can process more than 130,000 transactions per second, using a process called sharding. Moreover, the blockchain has a consensus algorithm known as „Proof of Stake“ and supports smart contracts. With the funds from the Series A financing round, the Aptos team is working to build out the infrastructure of the Aptos blockchain, as well as to expand its team and operations.