Bitcoin rebounds to the $ 23,500 level, Solana recovers from large-scale failure

Macroeconomics and financial markets

In the US NY stock market on the 24th, the Dow closed at $336.99 (1.02%) lower than the previous day and the Nasdaq at $195.45 (1.69%) lower.

The Personal Consumption Expenditure (OCE) price index announced on the same day exceeded market expectations, raising concerns about inflation and raising concerns about an additional interest rate hike by the Federal Reserve (Fed).

connection:NY Dow and Nasdaq rebound, announcement of revised figures for US quarterly GDP and personal consumption expenditure, etc. | 24th Financial Tankan

connection:Stock investment recommended for cryptocurrency investors, representative cryptocurrency stocks of Japan and the United States “10 selections”

Virtual currency market

In the crypto asset (virtual currency) market, Bitcoin rebounded to $23,600, up 1.66% from the previous day.

BTC/USD daily

At the resistance line near $23,800 (upper resistance line), it is expected that the return selling pressure will intensify, but the correlation coefficient with the US stock index, which tends to follow immediately after the announcement of economic indicators, is declining. As the US SEC (Securities and Exchange Commission) strengthens regulations, it is possible that trends in China and Hong Kong are working positively.

The Securities and Futures Commission (SFC) of Hong Kong released a draft on the 20th of June 2020 to authorize virtual currency trading for individual investors and licensing requirements for virtual currency exchanges by June this year. Hong Kong, which China positions as a special administrative region, has a vision to become a center of virtual currency, and if approved, Chinese money is expected to flow in.

Ethereum (ETH) also recovered to $1,643, up 2.46% from the previous day. Solana (SOL), which had dropped significantly by 11.7% from the previous week, also rebounded by 1.61% from the previous day.

Solana experienced a glitch in its latest validator software, causing significant delays in block finalization. It is said that some validators were forced to downgrade (v1.14 → v1.13).

However, downgrading did not solve the problem, and processes such as governance votes for a “reboot” took longer than expected and caused confusion. Transaction verification was stopped around 15:00 Japan time, but was restored after that.

A coordinated restart is underway to address an issue during the upgrade from 1.13 to 1.14 that caused block finalization to slow significantly.

Validators: please follow instructions below https://t.co/L7b3kAFOJS

— Solana Status (@SolanaStatus) February 25, 2023

As a result of this, the domestic exchange GMO Coin, which handles SOL, was affected by temporarily suspending the deposit and sending of SOL. It seems that the related token has fallen into a state of temporary remittance failure.

Temporary suspension of deposits and deliveries due to a problem with Solana (SOL) https://t.co/U8jHkR6x9F

— GMO Coin[Official](@gmo_coin) February 26, 2023

Cluster instability was cited as the cause of this outage, but Solana Status said the exact cause was under investigation. Regarding the fact that it took a long time to recover, there are voices to defend it, saying, “This is the price of progress in ‘decentralization’.”

Solana network issues demonstrate how genuinely decentralized the network is. Validators were stuck debating what version to run. Meanwhile, user transactions are not being processed It is both a testament to the decentralization in Solana, and also the costs of decentralization!

— Chorus One (@ChorusOne) February 25, 2023

Backed by FTX and Alameda Research, large-scale failures related to Solana, which has rapidly scaled, have occurred several times in the last year and have been viewed as a problem. Many of them are said to have been caused by a surge in traffic from automated programs (bots) that put pressure on network capacity.

connection:Solana co-founder talks about what is the solution to the network pause problem?

Bankrupt company to sell assets

According to Onchain Data, the crypto asset (virtual currency) trading platform Voyager Digital, which filed for bankruptcy in July last year, is liquidating (selling) its holdings through Coinbase, the largest exchange in the United States. Mass remittances were confirmed after the 14th of this month.

1/ It seems that #Voyager is selling assets through #Coinbase.

We noticed that #Voyager has received 100M$ USDC from #Coinbase in the past 3 days.

And #Voyager has sent assets to #Coinbase almost every day from Feb 14. https://t.co/VW8o8dBQtqhttps://t.co/qbHt0r7VNG pic.twitter.com/kfxF6rwHFk

— Lookonchain (@lookonchain) February 26, 2023

Ethereum (ETH), worth $276 million, and Shiba Inu Token ($81 million) are the largest, according to Lookonchain data listings.

Look on chain

Voyager went bankrupt in June 2010 after the virtual currency of approximately 100 billion yen that had been loaned to the bankrupt virtual currency hedge fund “Three Arrows Capital” became uncollectible (3AC’s default). The total debt is estimated to be between $1 billion and $10 billion, with more than 100,000 creditors.

While proceeding with the reconstruction plan, in December 2010, the company signed an asset purchase agreement with Binance US (US corporation) for $1,022 million, and announced a policy to complete the asset sale transaction by April 18, 2011. Although it won a successful bid at an asset sale auction held in September 2010, the US SEC (Securities and Exchange Commission) has shown disapproval of it as a “violation of federal securities laws.”

Teneo, the liquidation company responsible for the bankruptcy proceedings of Three Arrows Capital (3AC), has also decided to sell NFTs (non-fungible tokens) worth an estimated ¥2 billion as part of the liquidation process. Liquidation targets include high-priced digital art “CryptoPunks” (worth about 1.5 billion yen), Bored Ape Yacht Club (BAYC), Fidenzas, and Ringers.

connection:Three Arrows Liquidation Company to Sell NFTs Worth Estimated $20 Million

[Recruitment]Recruitment of new personnel due to Web3 business expansion

Japan’s largest cryptocurrency media CoinPost is looking for full-time employees and interns as it expands its Web3 business.

1. Media Business (Editorial Department)
2. Marketing operations
3. Conference management and launch work
4. Open Position (students welcome)

Details https://t.co/UsJp3v8mSH pic.twitter.com/B98JZmoQbW

— CoinPost-virtual currency information site-[app delivery](@coin_post) February 14, 2023

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