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CryptoSlate Daily wMarket Update: Crypto market cap regains $1T as Feds measures spark green run
The wMarket Update condenses the most important price movements in the crypto markets over the reporting period, published 07:45 ET on weekdays.
Hacks
Euler Finance EUL crashes 48% following $197M hack
Euler Finance confirmed that it was aware of the attack. Its native EUL token has dumped roughly 48% following the news.
Exchanges
Binance converts $1B BUSD to Bitcoin, Ethereum, BNB
The recent collapse of crypto-friendly banks has made Binance convert its $1 billion industry recovery fund to Bitcoin and other assets.
Analysis
Cardano rises 6% against Bitcoin despite broad market sell-off
When Cardano's ADA value is denominated in US Dollar, it has fallen by 2.54% and is trading for $0.31589 as of press time.
Mining
Bitcoin hashprice drops as miners face possible 30% energy tax
Jaran Mellerud said Bitcoin's mining difficulty and hashrate has soared by more than 20% in 2023 while the asset's decline has erased most of the gains it made early in the year.
Exchanges
Justin Sun sets up $100M Huobi liquidity fund following HT flash crash
CryptoQuant's data showed that Huobi's reserve dropped by $72.4 million in the last 24 hours.
Bear Market
Crypto liquidations top $300M as Bitcoin drops below $20k
Bitcoin had a negative netflow of $13.7 million as investors withdrew more BTCs from exchanges during the last 24 hours, according to Glassnode data.
Mining
Bitcoin miner Hut 8’s shares fall 9% after 2022 financial report
Hut8's financial statements for 2022 showed that the Bitcoin miner earned less revenue despite its higher productivity levels.
Featured
Vitalik Buterin chastises BITE, other shitcoins for having no ‘redeeming cultural or moral value’
Dingo's developer sent 50% of the asset's total supply — 450 trillion tokens — to Vitalik Buterin's public address on March 8.
Stablecoins
BitMEX co-founder Arthur Hayes proposes Bitcoin-backed stablecoin ‘NakaDollar’
Hayes said 1 NUSD would be created by depositing $1 Bitcoin on a derivative exchange and then shorting the same amount of Bitcoin on an inverse perpetual swap.
Bankruptcy
FTX proposes $4M employee bonus plan; intends to sell $45M stake in Sequoia Capital
FTX intends to sell its stake in venture capital firm Sequoia Capital for $45 million to Al Nawwar Investments RSC Limited.
Analysis
Silvergate troubles affecting crypto’s USD market depth
The significant USD liquidity decline shows Silvergate's role in connecting the traditional financial system and the crypto industry.