Category: Allgemein

Bybit Trading Volumes Surge Amid USDC Volatility:
• Bybit’s trading volumes surged following the USDC de-peg and volatility.
• To insulate its clients from USDC’s price volatility, Bybit has adjusted its prices based on the market price of USDC.
• In response to the recent events, Bybit is offering zero fees on its USDC spot pair trades and will be launching their Bybit Card in partnership with Mastercard.

Bybit’s Trading Volume Surge

Bybit is the second-largest crypto exchange in the Middle East and North Africa (MENA) region. Adjusting to USDC de-pegging, Bybit’s spot market volume increased by 1,437%, with USDC contributing to 40% of total trading volume as opposed to its previous 8%.

Insulating Clients from Price Volatility

To insulate its clients from USDC’s price volatility, Bybit announced that it would no longer use USDC as a stablecoin fixed at $1. Instead, it will adjust its price under Unified Trading Accounts / Unified Margin Accounts based on the market price of USDC. On Mar 11th, they advised their users to reduce their exposure to the asset by liquidating or reducing outstanding liabilities before the adjustment was effected at 2 PM (UTC). As a result, perpetual futures market saw an increase in trading volumes for the USDT/USDT pair above $380m.

Zero Fees on Spot Pairs & Launching a Debit Card

In response to recent events surrounding USDC’s price volatility, Bybit said it would offer zero fees on their USD spot pair trades including pairs like BUSD/USDT, DAI/USDT and WBTC/BTC. Furthermore they have provided zero fee options trade and bonuses for joining their ‘USDC Fiesta’ event worth up 2,000 USDT in prizes. Additionally they are launching a debit card known as ‘ByBit Card’ which will allow users to pay for items using crypto when partnered with MasterCard on March 17th.

ByBit Headquarters

ByBit headquarters is located in Singapore but has offices in Hong Kong and Taiwan too. With 33 billion dollars worth of transaction volume being generated in MENA region this year alone; plans are underway to move headquarter back to Dubai between May – June 2021..

Conclusion

In light of current events surrounding cryptocurrency markets; exchanges such as ByBit have had a surge in activity due to both adjusting pricing strategies based on market value and providing incentives such as zero fee spot trades alongside upcoming launch of debit cards partnering with MasterCard all while planning for relocating HQ back home for better user experience .

• Silicon Valley Bank (SVB) experienced a dramatic decrease in their shares after announcing a stock offering of $1.75 billion and an additional purchase of $500 million common stock by private equity firm General Atlantic.
• Hedge funds such as Founders Fund and Pantera Capital are urging portfolio firms to remove their cash from SVB due to financial instability.
• SVB is the go-to bank for many venture-backed technology businesses in the United States, but difficulties have arisen for cryptocurrency firms looking for other banking choices.

Silicon Valley Bank’s Stock Plunges

The stocks of Silicon Valley Bank (SVB) took a nosedive after the announcement of a stock offering of $1.75 billion in addition to a separate purchase of $500 million common stock by private equity firm General Atlantic on March 10th, 2021. This caused investors to sell their shares and led to an immediate plunge of 60% in the parent business’s shares, SVB Financial Group. On top of this, pre-market trading on March 10th saw another 44% dip, leaving investors feeling anxious about the future prospects for SVB and its customers.

Hedge Funds Advise Removal Of Assets

In light of these developments, hedge funds such as Peter Thiel’s Founders Fund have recommended that portfolio firms remove their cash from Silicon Valley Bank due to financial instability. This advice has been echoed by Pantera Capital – both a hedge fund and venture investor – who is also encouraging companies they have sponsored to investigate opening multiple accounts with different banks as an alternative solution. Additionally, Bloomberg reports that five more venture capital investors specializing in cryptocurrency have given similar advice but requested that their names remain undisclosed due to commercial sensitivities surrounding the issue.

Cryptocurrency Firms Seek Other Banking Options

The news comes at a time when cryptocurrency firms are already searching for other banking options following Silvergate Bank’s failure earlier this week. Numerous users on Twitter reported issues with logging into their accounts with SVB which has raised further questions about its reliability as a go-to bank for venture-backed technology businesses in America – it currently services over 2,600 customers within this industry alone according to its website.

Panic Among Traders

With both stock and crypto markets affected by the decline in SVB’s share prices, traders are feeling increasingly pessimistic about how far these losses could reach if drastic action isn’t taken soon to reassure customers of its financial state moving forward.

Conclusion

It remains unclear how much longer Silicon Valley Bank will be able to sustain itself if it continues down this path without any intervention or relief measures being put into place soon..

• Ethereum developers have launched a feature called EntryPoint that enables wallets to operate as smart contracts.
• EntryPoint allows users to implement features like automated payments and account recovery more quickly.
• EntryPoint is an audited smart contract meant to be used by third parties to ensure wallet abstraction can be implemented safely.

Ethereum Update: Wallets Operating as Smart Contracts

Ethereum core developers have released a new software feature called EntryPoint that allows wallet accounts to function as smart contracts. This optional feature, known as “account abstraction”, enables wallets to handle complex tasks automatically without requiring users to interact with the blockchain. Account abstraction simplifies the user experience of crypto wallets, making them more accessible and intuitive for users.

Features Enabled By Account Abstraction

EntryPoint allows users to implement advanced features such as automated payments and account recovery more quickly than before. Additionally, it enables “smart wallet” features like two-factor authentication recovery options and native multi-signatures within wallets.

Security Audit & Verification Process

In order for this feature to be safely implemented in all EIP-4337 protocols, including Ethereum, Polygon, Arbitrum, and BNB Chain, the EntryPoin contract was thoroughly audited by OpenZeppelin and formally verified for safety. This means that the safety of the architecture allowing for account abstraction on those protocols relies on how securely it is implemented in that one contract.

ERC-4337 Request For Comments

The Ethereum Request For Comments (ERC) 4337 describes additional features enabled by account abstraction such as automated payments and two-factor authentication recovery options. It also outlines what other third parties need in order to use EntryPoint safely in their own applications or services.

Benefits of Account Abstraction

The benefits of account abstraction are clear: it makes cryptocurrency wallets more user friendly while still providing a high level of security through its rigorous audit process. With this feature now available on multiple platforms, users have access to advanced features which make managing their cryptocurrency much simpler and more secure than ever before!

• Pentoshi, a well-known cryptocurrency trader and analyst, warned that he is feeling less confident in the market than he was a week ago due to concerns over momentum and tired altcoins.
• His decision to be “less aggressive” in the market is a sign that he’s taking a more cautious approach to trading.
• This could be a warning to other traders that they need to be careful too, as it could mean that we’re entering a period of consolidation or that the hype around cryptocurrency is starting to die down.

Warning From Crypto Trader Pentoshi

Pentoshi, a well-known cryptocurrency trader and analyst, has issued an ominous warning about the current state of the crypto market. In his tweet, Pentoshi admitted that he was feeling less confident in the market than he was just a week ago because of concerns over momentum and what he called “tired” altcoins.

Pentoshi’s Cautious Approach

To reflect his reduced confidence in the market, Pentoshi said he would be “less aggressive” in his trading going forward. As someone with lots of experience in the crypto industry, his opinion carries weight and should serve as an indicator for other traders who need to stay alert and ready to adapt to changes in market conditions.

What Does This Mean For The Crypto Market?

It’s hard to say for certain what this means for the overall crypto industry at this point. It could indicate that we are entering into a period of consolidation where prices stabilize after experiencing growth, which could be good news as it would make markets less volatile and more predictable; however it could also mean demand is starting to decrease as hype surrounding cryptocurrency starts dying down.

The Impact Of Pentoshi’s Warning

Regardless of how things turn out down the line, one thing is certain: Pentoshi’s words will be closely watched by everyone involved with cryptos and will have significant influence on market sentiment going forward. Investors need to pay attention so they can react appropriately when needed.

Conclusion

Cryptocurrency markets are always changing and investors need to remain aware of potential risks so they can make informed decisions about their investments. Pentoshi’s warning should not be taken lightly–it carries substantial weight within the crypto community today and will likely shape opinions going forward if left unaddressed or ignored altogether.

• On Feb 14, 2023, Hacken researchers identified a bug in the Binance zkSNARK-based Proof of Reserves system.
• Binance announced an upgrade on its proof-of-reserves verification to include zk-SNARKs.
• The Hacken team found 42 vulnerabilities, with 16 exposed to public exploitation, including the possibility of creating fake debt undetectable by a third party.

Binance Upgrades Security With zkSNARK

Binance upgraded their proof of reserves verification system on Feb 10th, 2023 to include zk-SNARKs. This addition was expected to boost transparency and security while preserving user safety and privacy during transactions. Prior to this update, Binance used Merkle tree cryptography for system safety and transparency.

Hacken Identifies Bug in System

On Feb 14th, 2023 Hacken researchers identified a bug in the Binance zkSNARK-based Proof of Reserves system which allowed for the generation of fake accounts and negative balances undetectable by third parties. After identifying the bug they published a report on their findings and alerted the Binance team immediately so that they could resolve the issue.

Vulnerabilities Found

The Hacken team went through all 1157 dependencies on the project and found 42 vulnerabilities with 16 exposed to public exploitation. Of these 42 vulnerabilities, 20 had severe severity while 20 had medium severity with two significant shortcomings discovered on Merkle sum tree; negative balance and privacy issues. The researchers then discovered loopholes allowing for generation of fake user debts undetectable by third parties as well as possibility of creating fake debt due to missing CheckValueInRange validation within BasePrice parameter setting when generating zero knowledge proofs containing batches of 864 users linked through Poseidon hash functions .

Solution Implemented

After discovering these bugs and loopholes in their existing proof of reserves system, Binance immediately responded by generating zero-knowledge proofs containing batches of 864 users interlinked via Poseidon hash functions which addressed both negative balance & privacy issues previously present in Merkle sum tree cryptography .

Open Source Project Benefits Crypto Industry

In response to FTX’s fall many blockchains adopted Merkle Tree Cryptography based systems for increased industry transparency ,which inspired Binance make this project open source which will benefit entire crypto industry (ensuring users feel SAFU).

• The US Securities and Exchange Commission (SEC) plans to propose new regulations this week that could affect the services crypto firms offer their clients.
• A five-member SEC panel will vote on the proposal on Feb. 15, with a majority vote of three out of five required to proceed to the next stage.
• If approved, the proposal could make it harder for crypto firms to hold digital assets for their clients, possibly forcing entities that work with them to move their holdings elsewhere.

SEC To Vote On New Rule Regarding Crypto Firms

The US Securities and Exchange Commission (SEC) is set to propose new regulations this week that could have an impact on the services offered by crypto firms. A five-member SEC panel will be voting on the proposed rule changes on February 15th, with a majority vote of three out of five required in order for it to proceed further.

Impact Of Proposed Changes

If approved, these proposed changes could make it more difficult for crypto firms to hold digital assets for their clients. Hedge funds, private equity firms and pension funds may find themselves in an awkward position if they currently use crypto firms as custodians – as these entities are typically required to use qualified custodians when holding client assets.

Feedback From Public Needed

After approval from the SEC panel, the proposal will then be put out for public participation which would allow people to provide feedback before it is finalized into a rule which can take effect. This follows an announcement made by an SEC staff member in 2020 regarding who can be considered a qualified custodian of crypto assets and requested feedback from members of the public at large.

Regulators Becoming More Cautious With Crypto

The new rules proposed by the regulator aligns with its plans towards curtailing risks associated with cryptocurrencies within wider financial systems following highly publicized failures from certain crypto companies such as FTX exchange and Voyager Digital brokerage in 2022.

Conclusion

It remains unclear what specific change the agency seeks but if implemented correctly, these measures could help ensure better safety protocols when dealing with digital asset management while also ensuring greater consumer protection against fraud or any other misappropriation schemes related cryptocurrencies or blockchain technology at large.

• The South Korean Financial Services Commission (FSC) released rules on January 6th that outline which digital assets are regulated as securities in the country.
• Assets like stablecoins will operate following the upcoming digital assets regulations.
• The guidelines support innovation and simultaneously ensure consumer protection.

South Korea’s Regulations on Digital Assets

The South Korean financial services commission (FSC) recently published rules on Jan. 6th that define which digital assets can be regulated as securities in the country. According to these guidelines, all blockchain-based tokens will be treated and regulated as securities if they possess inherent characteristics that fit them into the country’s capital market act. This includes assets used for staking to derive dividends.

Digital Asset Regulations

On the other hand, any asset outside this category of security such as stablecoins will be held to different regulations under the upcoming digital asset regulations. In addition, the FSC has stated that cryptocurrency and other digital assets’ security-like financial assets will have to undergo case-by-case assessments by issuers and brokers, such as crypto exchanges, according to these rules.

Consumer Protection & Innovation

These new guidelines promote innovation while simultaneously ensuring consumer protection through regulation of digital asset markets in Korea. Initially, there will be more promotional activities with a focus on institutionalization throughout 2023 when these drafted guidelines go through assessments before becoming official policy.

South Korea’s Crypto Ecosystem

South Korea is one of few countries with a strong presence in the crypto ecosystems with many initiatives being taken towards legitimizing it within their borders over recent years. For instance, Yonhap reported back in 2018 that the government was investing 4 billion won into developing a blockchain-based virtual power plant and then later during a national assembly policy discussion on ICOs highlighted how important an internationally consistent crypto regulatory framework is for proper governance of cryptocurrencies globally .

Busan’s Plans for a Decentralized Market

In January 2023, Busan announced its plans to build what would become world’s first decentralized digital commodity market by H2 2023 with all products tokenized and traded on the blockchain infrastructure while also providing an avenue for tackling money laundering issues through launching their “virtual currency tracking system” proposed by ministry of justice at around same time period .

– Matrixport’s new research report indicates that the price of bitcoin (BTC) has increased by over 9% on average during each Chinese New Year (CNY) since 2015.
– According to the research report, investors who purchased BTC at the end of the first day (Jan. 22) of this season’s Chinese new year and sold it exactly 10 days later (Feb. 1) could make a decent 9%+ on their BTC holding.
– At the time of writing, the bitcoin price is hovering around the $22,900 level and is predicted to surpass the $25,000 mark by Feb. 1 if history repeats itself.

Matrixport, a research company, has released a report that indicates that the price of bitcoin (BTC) has increased by over 9% on average during each Chinese New Year (CNY) since 2015. The report, which was authored by Marcus Thielen, Head of Research at Matrixport, outlines how investors who purchase BTC at the end of the first day (Jan. 22) of this season’s Chinese new year and sell it exactly 10 days later (Feb. 1) could make a decent 9%+ on their BTC holding.

The report also notes that the 10-day trading period after the Chinese Lunar New Year of 2017 returned a 15% profit for traders, while 2021 and 2016 returned 14% and 13% for investors, respectively. At the time of writing, the bitcoin price is hovering around the $22,900 level and is predicted to surpass the $25,000 mark by Feb. 1 if history repeats itself.

The researchers believe that the increase in bitcoin price during Chinese New Year is due to the increased adoption of cryptocurrency in China, which is the world’s biggest cryptocurrency market. With more people in China investing in cryptocurrency, demand for bitcoin increases and subsequently drives up the price.

Additionally, Chinese New Year is considered a time of celebration and abundance, which may lead to people having more disposable income to invest in bitcoin. This could also be a contributing factor to the increase in the price of bitcoin during this time.

Overall, Matrixport’s research report indicates that the price of bitcoin is likely to increase during the Chinese New Year and that investors who take advantage of this could make a decent profit. With the bitcoin price currently hovering around the $22,900 level, it is possible that the price could surpass the $25,000 mark by Feb. 1 if history repeats itself.

• Microsoft CEO Satya Nadella believes that blockchain technology needs a “ChatGPT moment” for mass adoption.
• ChatGPT has gained over 1 million users in two months and is yet to be released to the public.
• Microsoft has invested $10 billion in OpenAI, the firm developing ChatGPT.

At the 2023 World Economic Forum (WEF) in Davos, Switzerland, Microsoft CEO Satya Nadella expressed his support for blockchain technology, web3, and the metaverse. He noted that the decentralized ledger technology requires a “ChatGPT moment” to achieve mass adoption.

ChatGPT is an Artificial Intelligence (AI) tool developed by OpenAI, the firm that Microsoft has invested $10 billion into. Launched in November 2022, the AI tool has already gained more than 1 million registered users in less than two months of operations. This growth rate is remarkable when compared to Netflix, which took three years to reach these numbers, and Facebook (now Meta), which took almost a year.

Satya Nadella believes that blockchain technology needs “killer apps” to gain mass adoption, similar to what ChatGPT has achieved. He explained that these apps need to have a massive utility so that they can be used by the public. The full version of ChatGPT is yet to be released, yet it has been showing promising results.

The Microsoft CEO believes that blockchain, web3, and metaverse will soon be emerging trends, and he is confident that these technologies can revolutionize the world. He concluded that these technologies need a “ChatGPT moment” to reach their full potential.

• GMX token project has surpassed $2.7 million in fees
• GMX spot and perpetual DEX created on Avalanche and Arbitrum had accumulated more than $2.74 million in fees
• GMX holders will receive 30% of the fees as revenue

The cryptocurrency project GMX has experienced tremendous growth, having surpassed $2.7 million in fees as of January 9th, 2023. This is a staggering increase of $900,000 recorded on Jan.8th ($1.8M in 24hrs).

The spot and perpetual DEX created on Avalanche and Arbitrum have been a driving force behind the project’s success, accumulating more than $2.74 million in fees. This marks a record high for GMX since its introduction in September 2021 and second to ethereum this year. GMX holders will reap the rewards, receiving 30% of the fees as revenue, approximately $822,000.

CoinStats and coinstats.info have recorded GMX’s 24hr price as $44.41 with a $13,895,628 trading volume in both centralized and decentralized exchanges, having $11,048,665 and $2,846,963, respectively. There has been a 1.06% increase in the past 24hrs, pushing the coin to 79th on Coinmarketcap with a market capitalization of $372.5 million and a circulating supply of 8.4 million (GMX coins). Its fully diluted market cap is $390 million, with a 1.35 increase.

On GMX’s website, it has been noted that the project has a total volume of $76 billion, with a deviation of +47.7 million. Additionally, the total fee of $105 million is an 81.2 k increase. On January 6th, Arbitrum posted on Twitter that the organization had surpassed $100 million in total fees. GMX DEX also has an increase of 123 users from 182,217 unique ones and an open interest of $119 million.

Overall, it is clear that GMX is a growing cryptocurrency project that is generating more and more fees and success for its holders. With its continued growth and development, GMX is sure to be a major player in the cryptocurrency space for years to come.