Bitcoin Price: US$ 29,992.80 (-1.06%)
Ethereum Price: US$ 2,118.67 (+1.34%)
The US House Financial Services Committee released a draft stablecoin bill, which proposes a moratorium on stablecoins backed by other cryptocurrencies and a study of central bank digital currencies (CBDCs). The bill, which is the first major piece of crypto legislation in 2023, was prompted by recent incidents involving stablecoins, including the blowup of terraUSD and the USD Coin’s temporary detachment from its $1 peg. The bill defines payment stablecoin issuers and echoes the language of former Senator Pat Toomey’s stablecoin bill from 2022. Meanwhile, TrueUSD’s bitcoin trading volume on Binance is catching up to Tether’s, but traders are still hesitant to use TUSD despite zero fees.
According to CCData, crypto derivatives trading volumes on both centralized and decentralized exchanges rose for the third consecutive month in March. Derivatives trading accounted for roughly 74% of the $4 trillion crypto market volume last month, with decentralized exchanges, including dYdX, accounting for $68.7 billion of that. CCData expects decentralized derivatives protocols to continue performing well and gain market share in the next quarter. In other news, the world’s most influential central banks appear to have stopped shrinking their balance sheets, which had been a tactic to control inflation. The expansion of central banks’ balance sheets is widely considered bullish for risk assets, including bitcoin.
Ether options trading volume has surpassed Bitcoin for the first time in 2023, with exchanges seeing ether options contracts worth $1.23 billion exchange hands in the past 24 hours, nearly 60% of the global crypto options activity and 50% more than Bitcoin’s notional trading volume of $823.7 million. Options are derivative contracts that give the purchaser the right but not the obligation to buy the underlying asset at a predetermined price on or before a specific date. The increase in activity comes after the successful implementation of Ethereum’s Shanghai upgrade on Wednesday, which allowed for the withdrawal of over 18 million ether staked in the network since December 2020. The amount of ether withdrawn since the upgrade has surpassed one million coins.
Arbitrum Improvement Proposal (AIP) 1.05, which sought to return 700 million ARB governance tokens, has failed by a large margin. Of the total votes, 84.01% voted against the proposal, while only 14.57% voted in favor. The proposal was intended to address the unauthorized and premature allocation of 700 million ARB tokens, valued at over $1 billion, to the Arbitrum Foundation, without approval from token holders. Meanwhile, a Silk Road hacker, James Zhong, has been sentenced to one year and one day in prison for stealing over 50,000 bitcoin from the illicit marketplace between 2011 and 2013. At the time of his arrest, the seized bitcoin was worth $3.4 billion and was still worth over $1.57 billion at the time of his sentencing.
Source:
https://coindesk.com
https://theblock.co
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