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Hong Kong, an administrative region of China, has gradually expanded its crypto industry. The city aims to create a robust crypto environment to position it as a prominent hub for crypto and Web3 interactions.
The city’s outstanding performance has attracted several crypto firms to expand their business into the region. The Financial Secretary of Hong Kong reports that over 80 virtual assets companies seek to establish their businesses in the city.
The banks that collapsed recently faced diverse challenges that affected their operations. For instance, Silvergate faced multiple regulatory actions due to its dealings with the bankrupt FTX exchange, its founder Sam Bankman-Fried and its sister company Alameda Research. It also cited the 2022 bearish market as part of the challenges that made it insolvent.
On the other hand, Silicon Valley Bank failed due to many losses in its operations and other factors. Signature Bank also faced challenges it couldn’t handle, leading to state intervention.
Apart from these three banks, economists have discovered more than 186 banks in the United States are already positioned to crash.
Blockchain.com has announced the suspension of its asset management arm due to the prolonged crypto winter, as reported by Bloomberg. The company cites the challenging market conditions as the reason for its decision, which comes less than a year after the launch of the service.
scoop: @blockchain has suspended its asset management arm, moving to shut down the unit exactly 11 months after it launched. in that time, the firm cut hundreds of jobs and saw its valuation potentially slashed to a fraction of its former $ 14bn size
on Terminal now, web soon
pic.twitter.com/PhaKP0a6mk
— Emily Nicolle (@emilyjnicolle) March 9, 2023
On-chain data shows demand for Bitcoin has been returning recently, but the rise has been slower than what previous cycles saw at a similar stage.
As pointed out by an analyst in a CryptoQuant post, the market activity rapidly changed after the bottom formed during the previous cycles. The relevant indicator here is the “active addresses,” which measures the daily total amount of Bitcoin addresses that are participating in some transaction activity on the chain.
While FTX’s collapse last year rattled the Bitcoin ecosystem, nine years ago a bigger failure damaged it even more. What does that teach us?
The fall of FTX, a crypto empire that defrauded investors, customers and employees to the tune of $ 8 billion, rattled the ecosystem, with many worrying whether the ecosystem would survive.
However, this was not the first time a failure of such a magnitude has happened in the space. Unbeknown to many cryptocurrency newcomers, in 2014 the world’s largest bitcoin exchange, Mt. Gox, went bankrupt following a series of hacks and mismanagement issues. The fall resulted in customers losing over 800,000 bitcoin — a level of worry that makes FTX seem like a blip in time.
It wasn’t immediately clear what prompted the rally.
CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data
Nostr is an alternative to Twitter that better protects users from censorship, and it’s built in a way that could appeal to Bitcoiners.
Nostr has gotten a lot of attention and steam behind it since its recent addition to the list of alternative social platforms that are prohibited from promotion on Twitter. And it’s also gaining traction as it’s become clear that the Twitter buyout by Elon Musk hasn’t fundamentally changed anything about freedom of expression on the platform — users are still being banned for inconsistent and arbitrary reasons, and people are looking for a decentralized alternative that isn’t something like Mastodon, where a server operator still has the ability to control your identity.
Dogecoin mining profitability is actually higher than that of bitcoin, according to data from the mining calculator website CoinWarz. With the market seeing declines over the past year, the mining industry has taken a hit when it comes to its profitability. This is evidenced by multiple miners going bankrupt while others continue to struggle to keep the lights on. With prices so low, it looks like it is more profitable to mine the meme coin than the OG bitcoin.
The jobs market remained strong/began to show signs of weakening to close out 2022.
CoinDesk
Nobel Laureate Paul Krugman has joined the ranks of the world’s intellectuals and business moguls to give the thumbs-down to cryptocurrency.
Last June, the American economist drew parallels between the cryptocurrency craze and the real estate bubble of the mid-2000s, stating that consumers’ belief in crypto assets is comparable to their enthusiasm in the US home market prior to its collapse.
Fast forward six months, Krugman has compared the crypto to Tesla and its stocks.
On Tuesday, Krugman wrote an opinion piece in the New York Times regarding Tesla, bitcoin, and their massive market prices.
In his article, he inquired:
On-chain data shows investors withdrew a large amount of Ethereum during 2022 as the ETH reserves have fallen by more than 30%.
As pointed out by an analyst in a CryptoQuant post, these investors may have been withdrawing with the aim of holding in the long term. The “exchange reserve” is an indicator that measures the total amount of Ethereum currently being stored in the wallets of all centralized exchanges.
When trying to orange-pill others, it pays to be patient and persuasive versus forceful.
This is an opinion editorial by Brooks Lockett, a freelance writer and Bitcoiner who fell down the rabbit hole in 2018.
Have you ever inspired someone to get into Bitcoin? What worked?
Have you ever accidentally repelled someone away from Bitcoin? What didn’t work?
The frustrating reality that 99 out of 100 people on the street still don’t “get” Bitcoin is driving a lot of Bitcoiners to conclude that there is no cure for Cassandra’s Curse other than time and patience. Cassandra’s Curse meaning that — despite the dangerously-close-to-collapse state of the fiat monetary system — the masses still haven’t discovered that a viable solution exists in Bitcoin.
The crypto wallet, BitKeep, has recently been attacked by hackers. Asia’s most popular cryptocurrency wallet is BitKeep Wallet.
According to a tweet from PeckShield, a blockchain security and data analytics company, the amount disclosed exceeded $ 1 million.
BitKeep has, however, quickly informed all its users about the unfortunate hack. It also mentioned that the development team is working hard to locate and contain the reach of the hacker.
The hackers have drained the wallet and exploited the swap feature.
The monthly employment situation report, released by the Labor Department, has become one of the most important economic indicators to watch as the Federal Reserve evaluates the state of the economy.
CoinDesk
All roads lead to proof-of-work because it is the most efficient and fairest way to come to consensus, without having a rich-get-richer problem.
This is a transcribed excerpt of the “Bitcoin Magazine Podcast,” hosted by P and Q. In this episode, they are joined by Paul Sztorc to break down why all roads lead to proof-of-work and how proof-of-stake protocols are fooling themselves by thinking that proof-of-stake technology can stay decentralized and secure.
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The Web3 gaming revolution is up and running, regularly spurring new and exciting GameFi projects. One of them, Planet IX, managed to fly under the radar while developing into the biggest play-to-earn (P2E) game on Polygon. More importantly, it achieved this feat in less than a year, attracting over 50,000 monthly users with a unique game concept, solid tokenomics, rewards, and promising features. Read on to discover how it got there so fast.
What is Planet IX?
Proof-of-work is the innovation that drives energy innovation. Proof-of-stake ensures the richest among us will continue their control over others.
This is an opinion editorial by Mickey Koss, a West Point graduate with a degree in economics. He spent four years in the infantry before transitioning to the Finance Corps.
As Ethereum completes its transition to proof-of-stake consensus, I can’t help but notice the plethora of articles citing a 99% reduction in energy usage. The claims, however true, are misguided and counterproductive.
Shiba Inu continues to receive a reasonable level of attention from crypto investors, prominently from whales who continue to hold and buy large quantities of SHIB. This time around, the meme coin is being gobbled up by one of the largest whales, which already holds hundreds of millions worth of coins. The sheer size of the transactions alone has been enough to catch the attention of trackers, sparking speculations on who it might be.
Whale Adds $ 22 Million In SHIB
Data shows the Bitcoin mining industry consumes slightly less energy in total compared to the video gaming sector.
Bitcoin Mining Energy Consumption Stands At 100 TWh Per Year Right Now
According to a recent report released by Arcane Research, while the BTC mining energy consumption has grown significantly in recent years, the industry still makes up a very small part of the global total.
Currently, Bitcoin miners are utilizing electricity at a rate of around 100 TWh per year. This figure accounts for about 0.06% of the world’s total energy demands, quite insignificant.
Ethereum whales have been shedding some weight in the last couple of weeks. This time around, their focus has rested on the popular meme coin Shiba Inu, which continues to boast a very active community, but the price has refused to follow the same direction. Following the downtrend, Ethereum whales which have always seemed to be the biggest supporter of the cryptocurrency, have now reduced their bags by a large margin.
Ethereum Whales Shed More Weight
