Bitcoin Price: US$ 27,982.87 (+3.96%)
Ethereum Price: US$ 1,780.68 (+1.24%)
The US Federal Reserve has coordinated with five other central banks to ensure that the US dollar continues to flow despite the recent banking blowups in the US and Europe, using “swap lines” to shore up liquidity conditions. These swap lines were used in the 2007-2008 global financial crisis and the 2020 response to the COVID-19 pandemic. Meanwhile, economist Peter Schiff argues that too much government regulation is contributing to the worsening economic crisis and highlights that nearly 190 banks in the US are at risk of depositor-driven collapse. Schiff suggests that the 2008 financial crisis was caused by too much government regulation.
Bitcoin (BTC) and Ether (ETH) experienced swings in value throughout the week, starting as technically oversold and ending on the verge of overbought. Despite bank failures and inflation concerns, the two largest cryptocurrencies by market capitalization increased in value, with Bitcoin up over 30% and Ether up about 21% over the past seven days. Coinbase’s former CTO Balaji Srinivasan has wagered $1 million on Bitcoin reaching $1 million by June 17, as part of his prediction that the global economy is on the edge of rapid change, which he dubbed “hyperbitcoinization.” This would see Bitcoin’s market capitalization increase to around $19.3 trillion, with the US dollar experiencing rapid hyperinflation.
DefiLlama, a blockchain data platform, is experiencing drama as one of its pseudonymous co-founders directed people to a forked version of the project on Twitter, warning of a hostile takeover sparked by a potential token launch. The move led to the establishment of a separate website llama.fi and corresponding Twitter account, which had gained over 6,000 followers as of Sunday afternoon. Microsoft has added code that would integrate a non-custodial crypto wallet into its default Edge browser, as seen in screenshots shared on Twitter by Albacore. Meanwhile, the native token of crypto wireless network Helium, HNT, dropped over 23% after news of its delisting from Binance and a delay in Solana.
Blockchain infrastructure provider Fireblocks disclosed a vulnerability in BitGo’s Ethereum wallets that use the company’s Threshold Signature Scheme. The flaw could have allowed attackers to extract a full private key by using a single signature and a few seconds of computation, bypassing all of BitGo’s security features. BitGo suspended the service on December 10 and released a patch update in February, requiring its clients to update to the latest version by March 17. Meanwhile, Tron founder Justin Sun proposed to buy the struggling financial giant Credit Suisse for $1.5 billion and turn it into a “crypto-friendly” bank, leveraging Switzerland’s progressive policies and positioning the bank as a leader in financial innovation. UBS has reportedly agreed to buy Credit Suisse for more than $2 billion.
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