Silver Gate Bank to Voluntary Liquidation, Death Cross Appears in Bitcoin[Top News from 3/4 to 3/10]| coindesk JAPAN | Coindesk Japan

Silvergate has been providing banking services to cryptocurrency companies since 2013. It used to provide a customer-to-customer payment tool called Silvergate Exchange Network (SEN), but announced the suspension of SEN late on the 3rd.

SEC Attorney William Uptegrove said on March 2 that Binance US operates an unregistered stock exchange in the United States, and Voyager Digital’s VGX token sale is a federal securities deal. The SEC staff said it violated the law at a hearing about the acquisition of Voyager assets by Binance US.

Cryptocurrency exchange and lending platform Matrixport said it had been bullish on cryptocurrencies since mid-December, but signals from the US economy had forced it to be cautious.

A research report released on March 3 suggested reducing exposure by 50% should Bitcoin (BTC) price fall below $22,800, although it’s not yet time for all-out bearishness. is proposing.

According to a new report from Web3 data platform DappRadar, NFT trading volume reached $2 billion in February, the highest level before the Terra blockchain collapse in May 2022.

Much of the volume surge is due to the popularity of the zero-fee marketplace Blur. The number of NFT transactions decreased by about 32% from January, but the volume increased by about 120%. Many of them involve incentivized deals in anticipation of Blur’s native token airdrop in mid-February.

Bitcoin’s 50-week Simple Moving Average (SMA) has crossed below the 200-week SMA, confirming a bearish indicator known as the ‘death cross’. The indicator is said to suggest that short-term price declines may lead to a more sustained downtrend.

Tether (USDT) is gaining market share as the $136 billion stablecoin market is rocked by the Binance USD issue.

According to CoinGecko data, USDT’s share exceeded 54% as of March 6, the highest level since late November 2021 after the bull market peaked.

BCB Group, a payment services provider that ties cryptocurrencies to the banking system, has launched a US dollar payment facility to fill the hole left by Silvergate, a crypto-focused bank that recently shut down. is accelerating plans to add , CEO Oliver von Landsberg-Sadie told CoinDesk in an interview.

The Biden administration is monitoring the situation at Silvergate Bank, comparing it to other crypto companies, and the president is calling on Congress to take action, White House spokesman Jean-Pierre said on March 6. said at a press conference today.

The decision to close the Silvergate Exchange Network (SEN), a real-time payment service for institutional investors, by the troubled Silvergate Bank has changed the role of stablecoins and their issuers in cryptocurrency trading. It will expand, market research firm Kaiko said in a March 6 report.

Silvergate has major cryptocurrency companies as customers, and SEN has been widely used as a means for institutional investors to send money to cryptocurrency exchanges. “With the demise of SEN, stablecoins are likely to become more commonplace among traders,” the report reads.

Trading crypto assets (virtual currencies) is now very difficult. The market is caught between conflicting forces, including problems with crypto-focused Silvergate Bank, operational bottlenecks at major exchanges, and optimism that Ethereum’s “Shanghai” upgrade is imminent. because it is

According to cryptocurrency financial services provider Matrixport, the best way to weather this predicament is to adopt a relative value strategy (a strategy that trades one or more securities in relation to another).

Zero-knowledge (ZK) technology has the potential to revolutionize many areas by providing a safe and efficient way to verify information while maintaining privacy and security, according to research firm FS Insight. said in a research report on March 7.

The technology is reported to have a variety of applications in areas such as privacy, security, scalability, interoperability and sovereign identity.

Mining equipment giant Canaan Creative sees 82% year-on-year revenue growth in Q4 2022 as it increasingly focuses on self-mining rather than selling machines It was announced in a press release on March 7 that it was a decrease of 56.8 million dollars (about 7.73 billion yen).

World-class esports team TSM announced on March 7 that Avalanche will be its exclusive blockchain partner in building its gaming platform Blitz.

U.S. regulators may seek to step up action against banks that serve cryptocurrency companies, Morgan Stanley said in an investigative report on March 8. there is

The decision to liquidate crypto-focused bank Silvergate, citing industry trends and regulatory developments, has closed the gates for fiat-to-crypto conversion in the United States, among others. may also be shut down by regulatory action, Morgan Stanley said.

The UK’s Financial Conduct Authority (FCA) has expanded its enforcement action against crypto ATMs and has targeted a crypto ATM operator in the northern city of Leeds after working with West Yorkshire Police to take action against them. Moved to East London.

The FCA said on March 8 that it was working with the Metropolitan Police to inspect “several locations in east London suspected of hosting illegally operated crypto ATMs”.

Troubled cryptocurrency-focused Silvergate Bank said it will “voluntarily liquidate” assets and scale back its operations, holding company Silvergate Capital said on March 8. announced on the day. The deposit will be fully repaid.

“Given recent industry and regulatory developments, we believe that an orderly wind-down of banking operations and voluntary liquidation is the best course of action. The liquidation and liquidation plan includes the full repayment of all deposits. We are also considering how best to resolve claims and preserve the residual value of our assets, including proprietary technology and tax assets.”

The cryptocurrency exchange bitbank started handling 3 issues (Apecoin, Gala, and Chillies) on March 8, increasing the number of issues handled to 27, making it the No. 1 domestic exchange. bit bank announced.

The Bitcoin (BTC) exchange rate against the dollar in February ended with a high price scramble from beginning to end, stalling from the strong advance in January.

The BTC market in January gained momentum on expectations of a slowdown in inflation in the United States, but once it passed the US Federal Open Market Committee (FOMC) meeting held from January 31 to February 1, it temporarily dropped to $24,000. Even if you put it on, it stalls. As expected by the market, the FOMC decided to reduce the range of interest rate hikes from 50 basis points (bp) to 25bp, and US Federal Reserve (Fed) Chairman Jerome Powell said positively, “For the first time, we can say that the process of disinflation has begun.” There was a remark, but the feeling that the material was exhausted spread.

On March 9, New York State Attorney General (NYAG) Letitia James sued cryptocurrency exchange Kucoin for violating securities laws. She said she offers tokens (including Ethereum) that are unregistered and meet the definition of a security.

It is the first time a regulator has legally claimed that Ethereum is a security.

Crypto-focused Silvergate Bank’s decision to scale back operations amid a deteriorating macro-economy raises concerns among crypto-asset investors and provides protection against price drops for key tokens Demand for derivatives to trade is soaring.

At the time of press release, it is derived by looking at the difference between the implied volatilities/demands of cheap out-of-the-money (OTM) calls and OTM puts that expire in four weeks. Bitcoin (BTC) 30-day call put skew has been heavily biased towards bearish put options for more than two months.

US bank JPMorgan Chase & Co. will end its business relationship with cryptocurrency exchange Gemini, which is owned by the Winklevoss brothers, The Wall Street Journal reported, citing sources familiar with the matter.

Mercari subsidiary Melcoin announced on March 9 that it will start a crypto asset exchange business and provide a new service that allows Bitcoin to be bought and sold within the Mercari app.

TV Asahi announced on March 9th that it will hold “WEB3 x Entertainment Creative Hackthon/Ideathon” together with TV Asahi Mediaplex and treavry, known as the operator of “Tokyo Web3 Hackathon”. Entry will start from the KICK OFF event on March 25th, and the winner will be decided at DEMODAY on April 22nd.

This year’s Bitcoin monthly chart was positive in January and February, and was traded in positive territory. After a modest rise of 4.7% in February, it has returned to last summer’s levels. On the other hand, around 3.4 million yen last summer is still a resistance, and the top price is heavy.

Looking at the entire monthly chart, the movement to lower the high price continues. Whether it can exceed 3.4 million yen is an important price movement from the viewpoint of chart structure. The monthly chart itself has remained above the 3-month moving average (3EMA), indicating a solid movement.

On March 10, Huobi Japan started handling Flare (FLR) on March 22 at BitTrade, a crypto asset exchange operated by the company, and it is possible to deposit and withdraw, and purchase and sell at the sales office (only physical items). announced that it will be BitTrade now handles 28 crypto assets.

Crypto asset (virtual currency) exchange Coincheck’s “Coincheck IEO” recruited from February 21 to March 7, “Financier Token (FNCT) application amount exceeded 20 billion yen in total. was 18.78 times, Coincheck announced on March 10.

The application, which started on February 21, has attracted a lot of attention, such as exceeding the target procurement amount of 1,066 million yen in one hour from the start. It will be listed on Coincheck on March 16 and will be available for trading.

｜Text and editing: coindesk JAPAN editorial department
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