Bitcoin Price: US$ 28,348.60 (+3.99%)
Ethereum Price: US$ 1,793.07 (+1.13%)
Circle’s USD coin (USDC) stablecoin is experiencing net outflows exceeding $10 billion since March 10, following the closure of its reserve banking partner Silicon Valley Bank by regulators. On the other hand, Tether’s market share has reached a 22-month high. Despite facing significant banking uncertainties and regulatory scrutiny, USDC remains the second-largest stablecoin with a market capitalization of $33 billion. The recent price volatility of Bitcoin has largely been attributed to low trading volume and decreasing liquidity, as indicated by the Volume Profile Visible Range (VPVR) tool, which shows trading volumes at various price levels.
Open interest in XRP futures has surged to $800 million, signaling renewed interest in the cryptocurrency amid hopes that Ripple Labs, the company that issued the token, will win its legal battle against the SEC and boost the broader market. XRP has risen 57% since March 22, reaching a 10-month high, and the notional open interest has increased by nearly 90% to the highest level since December 2021, according to Coinglass data. Meanwhile, bitcoin has surged to $28,500, posting its best quarterly gain in two years and outperforming ether, gold, and the Nasdaq Composite index, as speculation mounts that central banks will abandon their aggressive rate increases in response to recession signals.
Despite regulatory challenges facing the crypto market, Ethereum investors are preparing for the Shapella hard fork and seem to be unconcerned about the recent regulatory action against exchanges such as Binance and Coinbase. However, Binance holds 35% of the open interest in Ether futures, and sudden reduction in liquidity or liquidation of positions could significantly impact Ether derivatives markets. In other news, a new bill called the RESTRICT Act has been introduced, seeking to strengthen the government’s power to fight foreign technology threats. Some in the digital assets industry believe that this could potentially spell disaster for cryptocurrencies, including Bitcoin.
Warner Music Group has laid off 270 employees, about 4% of its global workforce, but reportedly plans to retain employees involved in its Web3 and AI initiatives, according to a person familiar with the matter. The layoffs were announced in an email to employees from the company’s new CEO, Robert Kyncl, who cited the need to “evolve” in order to take advantage of new opportunities. Meanwhile, a group of influential tech figures, including Elon Musk and Steve Wozniak, have signed an open letter calling for a six-month pause on developing AI systems more powerful than GPT-4, stating that if companies fail to comply, governments should step in and institute a moratorium.
Source:
https://coindesk.com
https://theblock.co
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