Thomas Duesseldorf

• SHIB recently faced issues due to controversy surrounding the Shibarium code, but its layer 2 network’s beta launch is set to hit the metaverse this week.
• YouTube influencer BitBoy called out SHIB’s lead developer for his skepticism of the meme coin.
• BitBoy is involved in a court case against crypto influencers for promoting a failed project and he claims that the founder of SHIB has ties to SBF.

SHIB Controversy

The popular meme coin SHIB recently faced issues due to the controversy surrounding the Shibarium code. But the latest on the layer 2 network is that its beta launch will hit the metaverse this week.

BitBoy Skepticism

But while anticipation grows within the community, some crypto enthusiasts are seemingly unaffected. In a recent development, famous YouTube influencer BitBoy shared his skepticism of SHIB, causing the lead developer to call him out.

Lawsuit Against Influencers

The real beef according to Kusuma is a court case against Ben Armstrong (aka Bitboy) and others for promoting crypto projects. Adam Moskowitz is leading U.S residents and other plaintiffs against Armstrong, Kevin Paffrath, and Erika Kullbergm in this lawsuit which alleges that they deceived investors into spending money on FTX.

BitBoy Countersuit

However, BitBoy shared a tweet stating that he’s excited about the lawsuit as he’ll countersue the plaintiffs and their lawyers to prove his non-involvement in FTX. He also claims that Shiba Inu’s principal founder has links with SBF.

Conclusion

This case follows a trend of lawsuits against popular influencers who made money from promoting failed crypto projects and it remains to be seen what comes from it all in terms of outcomes or settlements between parties involved in this dispute over FTX investments

• Arthur Hayes proposed a new stablecoin design with a value pegged to Bitcoin, called the Satoshi Nakamoto Dollar (NUSD) or NakaDollar.
• The crypto community continues to support stablecoins despite criticism from global regulators and central banks.
• This proposal comes amid increased scrutiny of stablecoins among US regulators, with NakaDollar not relying on USD reserves and aiming to stand independently from movements of the US dollar.

Arthur Hayes Proposes New Stablecoin Design

Former CEO and co-founder of BitMex crypto exchange Arthur Hayes has proposed a new stablecoin design with a value pegged to Bitcoin. Dubbed the Satoshi Nakamoto Dollar (NUSD) or NakaDollar, this crypto asset is aimed at standing independently and buck any movement of the U.S. dollar.

Support for Stablecoins Despite Criticism

The crypto community continues to show their support for stablecoins despite several misgivings among global regulators and central banks. However, most existing stablecoins are currently pegged to fiat currencies, meaning that they rely on USD reserves in order to maintain their value stability.

Increased Stablecoin Scrutiny Among US Regulators

This proposal from Hayes comes amid increased scrutiny of these digital assets by United States regulators due to its growing popularity within the industry. His proposed NakaDolla will not depend on USD reserves as it will be based directly on short BTC positions and USD inverse perpetual swaps instead. This means that it will maintain its 1:1 peg with the US dollar through transactions between participants and authorized derivatives exchanges according to its own decentralized autonomous organization, NakaDAO.

Breaking Away From Fiat Banks

Creating this new stablecoin would also mean that it is completely independent from any movements related to fiat currencies which requires bank services or transfers of the US dollars into cryptocurrencies when needed. In other words, there would be no connection between these two assets whatsoever if this project sees fruition in coming days or months ahead as planned by Hayes himself.

Crypto Industry Seeks Alternatives To USD-Pegged Stablecoins

Due to all these reasons mentioned above, along with some other factors such as increasing costs associated with using banking services for trading activities in fiat currencies, more members of the crypto industry are seeking alternatives like the NakaDolla which could potentially remove them from reliance upon USD-pegged assets altogether in future days ahead when this project sees fruition finally after rounds of discussions & debates amongst stakeholders involved in it’s formation process at present times currently underway presently right now today!

• The Tel Aviv Stock Exchange (TASE) is planning to expand its activities in order to offer cryptocurrency trading services to non-banking customers.
• A draft has been released for public comment, and if approved, NBMs would be able to provide crypto and custodial services.
• TASE is continuously working towards ensuring that the trading process remains safe with proper consumer protection.

Tel Aviv Stock Exchange Expansion Plans

The Tel Aviv Stock Exchange (TASE) is planning to expand its authorized activities in order to offer customers from the non-banking sector the ability to trade crypto. TASE operates Israel’s only public equity platform. The draft for the approval wherein TASE is taking steps to introduce digital asset trading activities has been published for public comment based on recent announcements.

Fiat Currency Deposit & Crypto Trading

The first announcement was made on February 27, stating that the proposed structure would let customers deposit fiat currency, which could then be used for investing in digital assets. Don’t wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

Non-Banking Institutions (NBIs)

  TASE’s regulatory initiative to expand the list of authorized services for non-banking institutions (NBIs) is now open for public comment. NBMs are primarily intermediaries who provide brokerage, investment, and advisory services. NBMs can process several transactions which include the transfer of funds, but they are not allowed by law to accept direct deposits from customers or even act as custodians.
  Related Reading: Tel Aviv Stock Change To Create Its Own Crypto Platform
  TASE has specifically spoken about how customers shall be allowed to deposit fiat currencies to trade crypto; similarly, clients shall also be able to withdraw their funds after selling their crypto. BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? 570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io Play Now!

Omnibus Account For Intermediary Trading

The working analysis of this system is still complicated and not much about that has been revealed as of yet; however it is mentioned that TASE is continuously working towards ensuring that the trading process remains safe with proper consumer protection. If this new proposal is approved, NBMs will be licensed providers of crypto and custodial services until then customer funds shall be transferred into an “omnibus account,” which will act as an intermediary for crypto trading activities.

Crypto Services Offered By Bank Leumi

     In the previous year Tel Aviv’s banking institution Bank Leumi had already started offering crypto trading services customers in partnership with Paxos Growing Demand For Crypto In press release TASE continues speak all unfortunate events have occurred industry over past year how they continue affect space It also highlights despite risks involved industry customers have de

• Paxos and the SEC are in ongoing conversations regarding the regulatory crackdown on the Binance’s stablecoin BUSD.
• The NYDFS has ordered Paxos to stop issuing new BUSD tokens and terminate its relationship with Binance.
• Townsend Lansing, head of Product at CoinShares, spoke about the feud between BUSD and Paxos in an interview with CNB.

Paxos In Discussions With SEC

Paxos, the first regulated blockchain infrastructure platform behind Binance’s stablecoin BUSD, is in ongoing discussions with the Securities Exchange Commission (SEC) following a regulatory crackdown on this industry. According to CEO Charles Cascarilla, they are engaged in “constructive conversations” with the SEC. He also stated that if necessary, they would be willing to defend their position that BUSD is not a security through litigation.

NYFDS Order To Stop Issuing New Tokens

The issuer of Binance’s BUSD stablecoin has stopped minting the token following an order from the New York State Department of Financial Services (NYDFS). As per their statement on Feb 21st, Paxos will cease issuing new tokens and will work in coordination with NYDFS. This comes after investigations by both the SEC and NYDFS questioning whether stablecoins are securities under U.S jurisdiction or not.

What Is A Stablecoin?

A stablecoin is a cryptocurrency alternative for traders and investors looking to avoid market volatility. Each token is pegged one-to-one to a reserve currency such as U.S dollar or Euro held in reserve by its issuer. In this case, it is Paxos who issues each token associated with Binance’s crypto exchange – known as ‘BUSD’.

Townsend Lansing Interview On Feud Between PAXOS & BINANCE

Townsend Lansing – Head of Product at CoinShares – addressed this feud between PAXOS & Binances’ USDT during an interview with CNB . He further stressed that “BUSD is not a security under federal securities laws”.

Conclusion

The talks between PAXOS and SEC began following lawsuit allegations claiming that ‘BUSD’ was unregistered security under U.S jurisdiction leading to investigations by both SEC & NYDFS into whether stablecoins qualify as securities or not . PAXOS has denied these allegations but have agreed to cooperate with NYFDS orders while engaging in constructive dialogue with SEC regarding their position that ‘BUSD’ isn’t considered a security within federal law .

• The Russian Federation is looking to launch a crypto-mining facility worth over $12.3 million in the coming months.
• This massive data processing center will be located in Buryatia and have 30,000 mining devices with 100 megawatts of power consumption.
• Bitriver-B has begun the project’s construction and the operational costs are set to be heavily subsidized by the government.

The Russian Federation Launches Crypto Mining Facility

The Russian Federation is planning to launch a crypto-mining facility worth over $12.3 million (900 million rubles) in the coming months. The data center, located in Buryatia, eastern Siberia, will house 30,000 mining devices with a total power consumption of 100 megawatts. The project is being managed by JSC Corporation for Development of the Far East and the Arctic (KRDV), under both the Russian Ministry for Development of the Far East and Arctic and President’s Plenipotentiary Representative in Far Eastern Federal District of Russia.

Project Construction

Bitriver-B, an operational arm of Russia’s biggest mining firm Bitriver, is leading construction on this project. Essential infrastructure such as power facilities have already been laid down and completion is expected by first half of 2023 with about 100 new jobs created upon completion. KRDV was established in 2012 with objective to drive economic development of Russia’s Far Eastern Federal District through investment projects across several fields including tourism, energy, health etc.

Government Support

Operational costs for Buryatia based crypto mining farm are set to be heavily subsidized via various government support mechanisms employed by KRDV like exemptions from land and property tax along with reduced income rate tax etc., according to Dmitry Khameruev who is head of KRDV Buryatia.

Objective

The main objective behind launching this crypto mining facility is to promote digital development activities in Buryatia which also includes improvement in technological infrastructure by setting up basic internet services throughout remote areas as well as providing access to eCommerce platforms enabling locals sell their goods online all around world at competitive prices.

Conclusion

This Crypto Mining project stands out as great example for public private partnership between state authorities & private companies as it provides boost to local economy while creating job opportunities & promoting digitalization process making it beneficial not just for people living here but entire country as well

• A group of scammers has been targeting customers of the bankrupt crypto exchange FTX.
• The scammers impersonate the platform and ask for a payment as a fee to allegedly transfer funds or require an account password to trick their victims.
• Recent alerts from the FTX team have warned its community about such scams, stressing that neither the exchange nor its agents will ask for money, fees, payments or passwords.

Bad Actors Targeting FTX Customers

Bad actors have been attracted to the blockchain space due to its anonymous nature; these individuals seek to scam and steal funds from investors. Recently, a group of fraudsters targeted the already embattled investors who lost funds in crypto exchange FTX’s bankruptcy.

Scam Tactics Used

To target potential victims, scammers offer false promises of returning their lost funds. They also impersonate the platform and ask for a payment as a fee to allegedly transfer funds, or require an account password in order to trick their victims.

Alerts Issued By FTX Team

In response to this new attack vector, on Friday FTX issued an alert warning its community not to fall victim to such scams. The team stressed that neither the exchange nor any of its agents would ever ask for money, fees, payments or passwords in connection with the return or prospective return of customer assets. Additionally, they provided an inquiry email address where users can check if messages received are legitimate recovery offers or not.

Recent Crypto Scams

This is not the first attempt by fraudsters aiming at taking advantage of customers from FTX after it filed for bankruptcy in November 2020 and wiped out billions of dollars worth investments. In addition, days after filing for bankruptcy a fake video popped up on Twitter impersonating SBF asking users to go an unsafe website in order “double their crypto funds” using a verified account on Twitter which made it look real at first sight.

Conclusion

Crypto scams targeting customers fromFTX are on rise since it filed for bankruptcy last year in November wiping out billions of dollars worth investments therefore recent alerts were issued byFTX team urging its community not fall victim such scams stressing that no one fromFTX will ever ask them for money fees paymentsor passwords related returning lostfunds without making sure legitimacyof message received regarding recoveryoffers before taking action .

• The S&P 500 is a major stock market index that has been used to compare the performance of individual stocks for nearly 100 years.
• Bitcoin and the S&P 500 were highly correlated at the start of the pandemic, but that correlation has since dissipated.
• A major breakout in the S&P 500 could be on the horizon and it could give the cryptocurrency market an additional boost.

The world of finance has been captivated by the recent performance of Bitcoin and other cryptocurrencies, but the S&P 500 is the most-watched trend line in global markets. With a major breakout in the S&P 500 looming, it could provide a much needed boost to the cryptocurrency market.

The S&P 500 is a stock market index that has been used to compare the performance of individual stocks for nearly 100 years. It tracks the performance of 500 of the largest US companies and is the benchmark used to measure their performance. At the start of the pandemic, Bitcoin and the S&P 500 became highly correlated, but that correlation has since dissipated. Bitcoin has instead become more correlated to gold and other safe-haven assets.

However, a major breakout in the S&P 500 could still have a major impact on the cryptocurrency market. While bearish sentiment has been pervasive across finance, a breakout higher from an important trend line could lead to a surprising contrarian move to the upside. This could convincingly end the bear market and cause a sudden change in trend, which could send a message to the world that risk appetite is returning. Options data hints at some of the most significant trades yet, indicating that traders are expecting a massive move higher.

If the S&P 500 does break out, it could give the cryptocurrency market an additional boost. A rise in risk appetite is generally positive for Bitcoin and other cryptocurrencies, as it encourages more investors to look towards alternative assets like Bitcoin. This could result in an influx of capital into the market, which could drive prices higher.

The outcome of the S&P 500 trend line could ultimately have a major impact on the cryptocurrency market. While the outcome remains uncertain, one thing is clear – investors should keep a close eye on the S&P 500 in the coming weeks.

• Aptos (APT) prices have been on the rise over the past week, despite the crypto market deceleration.
• The price surge is attributed to developments taking place on the Aptos blockchain, such as the Aptos World Tour and Aptos Move Monday.
• Binance also contributed to the price movement with the announcement that it would be listing the digital asset.

The digital asset Aptos (APT) has been making waves in the crypto space over the past week. Despite the market deceleration, the price of APT has been on the rise, reaching new highs. This surge in price is being attributed to the developments taking place on the Aptos blockchain.

The first of these developments is the Aptos World Tour, an event which will host multiple conferences and developer meetups across the world. This event is focused on the Aptos developer community and will provide an opportunity for the developers to network and share ideas. This event is expected to bring more attention to the blockchain, which has been relatively obscure until now.

The second development is the Aptos Move Monday. This will be an ongoing event where founders answer questions from the community. The first Move Monday event saw the price of APT surge, as the announcement brought glad tidings to the Aptos community.

The increasing popularity of non-fungible tokens (NFTs) is also playing a role in the recent price rally. More and more collections are choosing to launch on Aptos, which is drawing more attention to the blockchain.

Binance has also contributed to the recent price movement. The leading crypto exchange announced that it would be listing the digital asset, which has boosted the price of APT.

All these factors have contributed to the price surge, and it looks like Aptos is set to remain on the upswing. With more developments taking place on the blockchain, the future of Aptos looks bright.

• According to data from the on-chain analytics firm Santiment, Polkadot (DOT), Kusama (KSM), and Cardano (ADA) make up the top three in the development activity list.
• This work is gauged in quantities of “events,” where an event refers to actions like pushing a commit, creating an issue, forking the repository, creating a pull request, and several others.
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Data from Santiment has revealed that Polkadot was the number one cryptocurrency in terms of development activity over the past 30 days. The “development activity” is a metric that is measured using the work being done by any project’s developers on its public GitHub repositories. This work is gauged in quantities of “events”, which refer to actions like pushing a commit, creating an issue, forking the repository, creating a pull request, and several others. Santiment’s measurement method is more accurate than other versions of this indicator, which generally only use the total number of commits on the GitHub project as a way of measuring the development activity. This is because when someone forks a project, all the commits of the original project are also inherited by the fork. Therefore, a pure count of the total commits would produce a false picture of the activity of this new developer.

The data from Santiment shows that Polkadot (DOT) was the leading cryptocurrency in terms of development activity over the past 30 days, followed by Kusama (KSM) and Cardano (ADA). This is indicative of the increasing popularity of Polkadot, which is currently the 8th largest cryptocurrency by market capitalisation. Furthermore, the news of a BitStarz player landing a $2,459,124 record win could also be a contributing factor to the development activity of Polkadot.

Overall, the data from Santiment shows that Polkadot has seen the most development activity over the last 30 days, indicating that the cryptocurrency is growing in popularity. Additionally, the news of a BitStarz player landing a $2,459,124 record win could also be a contributing factor to the development activity of Polkadot. Moreover, with the increasing development activity, Polkadot could become a major player in the cryptocurrency market in the near future.

• Bitcoin’s 30-day correlation with Nasdaq has dropped to its lowest since December 2021, with a value of 0.29.
• This suggests that BTC is displaying opposite price action to Nasdaq relative to the asset.
• According to the latest weekly report from Arcane Research, institutional investors treating BTC as a risk asset, rising presence in the crypto markets and Bitcoin’s increased adoption are some of the reasons behind this correlation.

The latest weekly report from Arcane Research has revealed that Bitcoin’s 30-day correlation with Nasdaq has dropped to its lowest since December 2021. According to the report, the metric is now at a value of 0.29, which suggests that Bitcoin is displaying opposite price action to Nasdaq relative to the asset.

This correlation between Bitcoin and Nasdaq has been almost positive throughout most of 2022, suggesting that BTC was moving closely with the US equity then. However, the metric has now seen a plunge in recent days which implies that the movements in US markets have become less relevant to Bitcoin. There are a few reasons behind this correlation.

Firstly, institutional investors, who treat Bitcoin as a risk asset, have seen a rising presence in the crypto markets. This is largely due to the increasing acceptance of digital assets by traditional financial institutions, which has allowed for more capital to be invested in cryptocurrencies. Additionally, Bitcoin’s increased adoption and its emergence as a digital store of value has also contributed to this decrease in correlation.

Furthermore, the report notes that the correlation between Bitcoin and other assets such as the S&P 500 and gold has also decreased in recent months. This could be an indication that Bitcoin is becoming more of an independent asset class, rather than being tied to the traditional markets.

Overall, these findings suggest that Bitcoin is continuing to strengthen its position as an independent asset class, with its correlation to other major markets decreasing. This could be a sign of increasing confidence in the digital asset, as more investors feel comfortable investing in cryptocurrencies. As such, it could be an interesting time for investors to take advantage of the opportunities that this creates.