Weekly Top Crypto News (Feb 27 – March 5)

A rather bearish week for the crypto market, with Bitcoin turning around at the $25,000 resistance area. Besides, Silvergate’s crisis is also part of the catalyst for increased risk sentiment. Here, let’s review this week’s top crypto news with Coincu!

Coinbase Terminated With Silvergate Bank For Fear Of The Bank’s Crisis

Coinbase revealed that Silvergate Bank was no longer its partner for US dollar banking. With their other banking partner, Signature Bank, Prime clients will be able to conduct institutional client cash transactions thanks to the cryptocurrency exchange. Moreover, the exchange stated that it would work with its other banking partners to assist institutional customer cash transfers.

SEC Chair Gensler Casts Doubt On Crypto Exchanges As Safe Custodians

SEC Chair Gary Gensler raises concerns about crypto exchanges acting as custodians of digital assets. Gensler’s comments reflect the need for increased oversight and greater crypto industry regulation. The SEC is investigating whether crypto exchanges provide adequate custody of digital assets, especially those allowing trading in tokens considered securities under US law.

Base Selects Chainlink As Their Oracle Data Supplier With Over 650,000 Users 

Coinbase revealed that it had merged Base with Chainlink in order to inherit the above-mentioned safe off-chain pricing feed. The platform has also announced its involvement in Chainlink Scale, an ecosystem development incentive program that will be introduced by Oracle at the end of December 2022.

BUSD Supply Has Plummeted To $10 Billion Following The SEC Action

The market share held by BUSD has similarly decreased, going from almost 20% the previous year to 7.3% now. As investors changed their minds, the flight of capital helped push Tether’s (USDT) market share up to 52%. BUSD is seeing a precipitous fall as its supply has decreased by sixty percent since the middle of February.

Binance AI-powered NFT Generator Reaches Minting Cap In 2.5 Hours

The Binance CEO said on Twitter yesterday evening that the first test of Bicasso was completed and 10,000 NFTs were minted within 2.5 hours. According to official data, there are currently 9,904 sole owners of the Bicasso AI collection. Users who missed the 10,000 NFT quota can still sign up for the full version of the waitlist.

Arbiswap Is Suspected Of Being A Rug Pull

ArbiSwap is suspected of being a rug pull. The platform’s users have expressed their concerns on social media platforms, stating that the platform’s liquidity has suddenly decreased, causing the token’s price to plummet.

Ex-FTX Engineering Director Nishad Singh Pleads Guilty To 6 Us Criminal Charges

At a court hearing, Nishad Singh, the former director of engineering of the now-defunct cryptocurrency exchange FTX, entered a plea of guilty to six U.S. federal counts. Singh entered a plea of guilty to one charge of wire fraud, three charges of conspiring to conduct fraud, one charge of conspiring to launder money, and one charge of conspiring to defraud the United States.

Visa Smashes Rumors Stop Working With Crypto Companies

Visa denied the report would “slow down” Reuter’s partnerships with crypto companies. The recent setbacks or crypto winter have kept the payments giant’s crypto strategy the same. The firm’s position hasn’t changed: fiat-backed digital currencies operating on open blockchains have the potential to be crucial components of the payments ecosystem.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

Coincu News