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• The Koyo Token project is a decentralized finance platform that has been burning Shiba Inu tokens to increase the price of the meme coin.
• 4.631 billion Shiba Inu tokens have been burned in the last 10 days, with the largest transaction occurring on March 17th.
• The SHIB burn rate is expected to increase with more tokens being burned by the Koyo Token project in the near future.

Burning Shiba Inu Tokens

The SHIB Army has made it their mission to increase the value of their meme coin, Shiba Inu (SHIB), by burning large amounts of the token. One project that has stood out for its massive SHIB burns is Koyo Token, a decentralized finance (DeFi) platform based on Ethereum blockchain technology.

Koyo Token Project

Koyo Token’s native cryptocurrency, also called Koyo token, is used to access various financial services such as lending, borrowing and staking in a decentralized manner on its platform. According to CoinMarketCap, it currently ranks #3180 and has a market cap of just $8.4 million despite having burned 4.631 billion SHIB tokens worth around $50,000 in the last ten days alone..

SHIB Burn Rate Surge

The largest single transaction occurred on March 17th when 924 million SHIB were destroyed through Shibburn’s burn portal – an independent tracker that verifies all burnt tokens from KoyoToken address. Other significant transactions include 451 million SHIB on March 14th and 591.9 million SHIB on March 12th respectively.

More Burning To Come?

The founder of Koyo project recently tweeted about how this was only “a drop in an ocean” and that “revelation will soon reveal all”. This hints at even more SHIB tokens being burnt by this project in near future – increasing the token’s burn rate further still!

Conclusion

The Koyo Token project is certainly helping drive up demand for Shiba Inu (SHB) through its series of impressive burns over recent weeks – potentially providing some much needed relief for investors who have watched as prices dropped since early March 2021

• On Friday, Circle reported that around $3.3 billion of its USDC reserves were held at Silicon Valley Bank (SVB).
• SVB had been shuttered by California banking regulators, who have set up a new bank to hold all of SVB’s assets.
• USDC’s market capitalization decreased to $42.4 billion on Friday and de-pegged from $1, hinting at concern over its existing reserves.

Circle Reports USDC Reserves Held At Silicon Valley Bank

Stablecoin issuer Circle disclosed late Friday that around $3.3 billion of its $40 billion USDC reserves remained at Silicon Valley Bank (SVB). This comes after the high-tech lender’s share price dropped precipitously in response to a run on deposits by nervous consumers.

Silicon Valley Bank Collapses

Silicon Valley Bank crumbled on Friday morning, sending shockwaves through the cryptocurrency and global markets, 48 hours after a capital crisis triggered the second-largest collapse of a US financial institution in history. With a total supply of $43.5 billion, all of which is backed by government bonds and cash equivalents, USDC is the second largest stablecoin in circulation.

Regulators Shut Down Silicon Valley Bank

Related Reading: Silvergate Halts Crypto Payments After Suffering $1 Billion Loss Regulators Shut Down Silicon Valley Bank According to data from CoinMarketCap, USDC’s market capitalization decreased to $42.4 billion on Friday. The USDC also de-pegged from $1, a hint of concern over its existing reserves. Silicon Valley Bank has been shuttered by California banking regulators, who are now in charge of the lender’s deposits, a Friday press statement from the Federal Deposit Insurance Corporation shows.

New National Bank Of Santa Clara Takes Over Assets

Based on reports, the FDIC has set up a new bank, the National Bank of Santa Clara, which will hold all of SVB’s assets. With around $209 billion in assets at the end of 2022, Santa Clara-based SVB was listed as the sixteenth largest bank in the United States.

Circle Confirms Funds Remain In SVB

In an effort to provide clarity on the problem, Circle reported on March 10 through Twitter that: 1/ Following the confirmation at the end of today that the wires initiated on Thursday to remove balances were not yet processed

Overview

• Bitcoin suffered a bearish trend and experts predict another 5% loss by the end of March.
• Investors on Coinmarketcap’s Price Estimates feature expect a median price of $21,084 at the end of March, representing a 5.67% decline from current prices.
• Crypto Fear & Greed Index suggests investors are still feeling neutral about the market, but sentiment could turn negative if prices continue to drop.

Bitcoin Price Drop Causes Market Downturn

The crypto market is still reeling from Bitcoin’s price drop on Saturday. The largest cryptocurrency by market cap took the majority of the market down with it after succumbing to bearish trends. But it seems that this is not the end as investors expect the digital asset to continue its decline.

March Expected To See More Losses

March is still in its early days but it has already started out with bad news for the market. This is in line with the bearish sentiment expressed by participants in the space on Coinmarketcap’s Price Estimates feature. The product collects votes from community members regarding where they see the price of a digital asset going forward, giving out a median and an average expected price. For bitcoin, it is incredibly bearish seeing as investors expect more downtrend. With over 11,000 votes collected for the month of March, expectations have turned negative for BTC. The median price expectation by the end of March came out to $21,084, which represents a 5.67% decline from current prices. If this prediction were to come to pass, it would mean that bitcoin would have to lose another $1,200 from its value, plunging the crypto market further into the bear.

Investors Turn Bearish Toward Bitcoin

Voters also maintained the same bearish outlook for the price over the next couple of months. With each month, expectations for the digital asset fall lower to as high as 17% losses expected in the next three months. By May’s end, more than 4,400 voters put the price of BTC at a low $18,521 .

Sentiment Could Become Negative If Prices Continue To Fall

According tothe Crypto Fear & Greed Index ,investors are still feeling very neutral when it comes to themarket .Butitis nota longshottosee sentimentturning negative and fearful very quickly ,especiallywiththebitcoinprice crash .The thing aboutneutral sentimentsuchas thisoneis thatitiseasyto influence either side .Sincepricesarelow ,the chancesofa declinein sentiment become higher .This can affectthe priceof bitcoinsignificantly givenitshighvolatility

• An increasing number of banks in the US are exploring the digital currency space due to the growing demand for bitcoin and cryptocurrency services.
• The Federal Deposit Insurance Corporation (FDIC) provides insurance to protect depositors in case of bank failures, and there have been discussions about regulating cryptocurrency custodians.
• As of January 2023, about 52 million Americans have invested in Bitcoin and other crypto assets, with 136 banks planning or already involved in various crypto-related initiatives.

Growing Demand for Cryptocurrency Services

In response to growing consumer demand for bitcoin and other cryptocurrency-related services, an increasing number of banks in the United States under the umbrella of the Federal Deposit Insurance Corporation are exploring the digital currency space. The trend reflects the interlinkage of crypto assets and associated products and services with the regulated financial system.

FDIC’s Role In Regulating Crypto Assets

The Office of Inspector General, an independent office within many US government agencies, published a report on February 17, indicating the growing involvement of banks in the digital assets industry. The report also calls for proper guidelines for lenders under the FDIC mandate, emphasizing the need to ensure that their policies and procedures consider the risks associated with digital assets, especially regarding deposit insurance.

Crypto Custodians & Bank Involvement

Despite not having a direct role in the regulation or oversight of cryptocurrencies, the FDIC provides insurance to protect depositors in case of bank failures, and there have been discussions about the potential for the FDIC to regulate cryptocurrency custodians. Cryptocurrency custodians hold digital assets on behalf of others, similar to how banks hold traditional assets such as cash and securities.

America’s Growing Interest In Crypto Assets

Demand For Crypto-Related Services Grows The OIG report emphasizes that as of January 2023, about 52 million Americans had invested in Bitcoin and other crypto assets; while 136 banks were planning or already involved in various crypto-related initiatives.

Bitcoin’s Market Cap & Record Wins

At time writing Bitcoin has a market cap around $461 billion; while BitStarz Player recently landed a record win worth $ 2,459124!

Arbitrum TVL Jumps in 2023

• The Ethereum Layer 2 scaling solution, Arbitrum, has seen an increase of almost 50% in its TVL over the last two months.
• This puts it ahead of other networks such as Polygon, Avalanche, Fantom, Solana and Cardano.
• This growth is largely attributed to the rise in adoption of the network by launching various tokens on it such as Camelot’s GRAIL token.

Overview

Arbitrum is an Ethereum Layer 2 protocol that has been experiencing renewed interest this year. In particular, its decentralized finance (DeFi) market has seen a huge jump of nearly 50% within two months. This means that its Total Value Locked (TVL) now stands at $1.51 billion which places it fourth overall in DeFi space behind Ethereum, BNB Chain and Tron.

What Is Driving This Growth?

The surge in Arbitrum’s TVL can be attributed to the increasing adoption of the protocol by users who are using it to launch various tokens such as Camelot’s GRAIL token. The native token experienced a major rally reaching an all-time high above $3,000 which attracted more attention to the network and helped drive up its TVL even further.

Arbitrum Ahead Of Other Networks

The total value locked across networks like Avalanche, Fantom, Solana and Cardano is still much lower than that of Arbitrum at just $926 million, $508 million ,$249 million and $110 million respectively. This shows how far ahead Arbitrum is compared to these other networks when it comes to DeFi usage and momentum right now.

Conclusion

Overall this sudden surge in TVL for Arbitrum shows that despite the bear market conditions earlier on this year, people have become increasingly interested in using Ethereum Layer 2 protocols for their DeFi needs due to their scalability benefits compared to Layer 1 solutions like Ethereum itself. With more tokens being released on Arbitrum and with more people becoming aware of its advantages over other networks we could see even higher levels of growth going forward into 2023.

• Brave and Solana have joined forces to promote the adoption of crypto while making usage efficient.
• Brave announced via a Twitter thread on Feb 7, that they now support SOL dApps in their browser.
• Solana has seen an increase in adoption this year, with whales currently being active on the network.

Brave & Solana Collaborate To Increase Crypto Adoption

Brave and Solana have joined hands to push for wider adoption of cryptocurrencies and make usage more efficient. On Feb 7th, Brave announced via a Twitter thread that their browser now supports SOL dApss following their partnership with the network. This will enable users to send, receive, store, and purchase SOL-based tokens directly from the browser.

Brave CEO’s Statement

Branden Eich, CEO and co-founder of Brave said “with the addition of Solana dApp support on mobile, we are expanding that reach to another key group seeking fast and friendly ways to use their crypto on the go.” Amelia Daly, Head of Partnerships at Solana Foundation commented saying “user experience can be very fragmented in crypto. The Brave dApp integration is important because it allows for seamless browser-based connections to your favorite Solana programs, and it is optimized for mobile.”

What Is Brave?

Brave is a full-featured mobile browser which enables exploring and connecting with DApps. The new feature aims at further establishing its place within the web3 ecosystem as well as pushing for wider adoption of cryptocurrency.

Whales Are Active On Solana

Solana has seen increased activity from whales recently; WhaleAlerts reported a transfer of 7,981,517 SOL worth $184,488,088 across unknown wallets. Since beginning of 2021 it has demonstrated strong performance after bouncing back from FTX saga late last year with its native token recording a 70% increase in value in past 30 days.

Conclusion

The collaboration between Brave and Solana looks promising as both parties aim at pushing for wider adoption while making usage more efficient; allowing users to explore the world of cryptocurrency by providing them with easy access through browsers such as Brave’s own platform.

• China’s Central Bank (PBOC) announced the expansion of its central bank digital currency (CBDC), the digital yuan, to 17 more provinces.
• The PBOC is introducing two core features to enhance the use cases of the digital yuan—offline payments and smart contract capabilities.
• To boost adoption, China is offering wealth management products that accept digital yuan payments in pilot provinces.

Expansion of Digital Yuan

The People’s Bank of China (PBOC) recently announced the expansion of its central bank digital currency (CBDC), the digital yuan, to 17 more provinces across China. This move is part of a pilot program that focuses on launching a system allowing consumers to “scan with one code.”

Core Features

Alongside this expansion, the PBOC is also looking to improve the use cases of the digital yuan by introducing two core features—offline payments and smart contract capabilities. The offline payments feature will allow users to make payments without connecting to the internet via Near-field Communication (NFC). Meanwhile, through smart contract capabilities, users can win a daily prize of $1,312 that is divided among winners.

Boosting Adoption

To increase adoption right from the start, China has announced plans to offer wealth management products that accept digital yuan payments in pilot provinces. Major investment banks such as China Galaxy Securities are providing these services for only selected customers.

Progress So Far

Over the past year, PBOC has been expanding establishment of CBDC and carrying out multiple innovative applications for it such as interconnecting it with traditional electronic payment tools and enabling transactions without increasing costs as much as possible.

Conclusion

China’s efforts towards establishing a strong foundation for its central bank digital currency have been remarkable so far, with promising features being introduced alongside its expansion across many more provinces in order to maximize adoption right from day one

• The UN Environment Programme (UNEP) recently launched a new free online educational tool in the metaverse called “Apollo’s Edition”.
• This game uses in-game avatars for players aged 13-18 to learn about environmental education, mainly about the dangers of not protecting the planet’s ozone layer, its consequences, and how to help in its recovery.
• The game was created with motion capture technology to give the character of Apollo movements, expressions, and emotions.

The United Nations Environment Programme (UNEP) recently launched a new online educational tool in the metaverse, titled “Apollo’s Edition”. This game is free to play and is designed to help players aged 13 to 18 learn about environmental education, particularly the dangers of not protecting the planet’s ozone layer, its consequences, and how to help in its recovery.

The game utilizes in-game avatars for players to interact with, allowing them to gain an understanding of the importance of the ozone layer, and how to protect it. The avatars are created with motion capture technology, which records real-life actors to give the character of Apollo movements, expressions, and emotions. This allows players to connect with the character, and get a more immersive experience into the game.

Apollo’s Edition is available for free on the Reset Earth platform, which is a host for various educational metaverse games created by UNEP. The platform is designed to widen the reach of environmental education, and make understanding the dangers of the ozone layer more accessible to a larger audience.

UNEP is hoping that Apollo’s Edition will make a positive impact in the realm of environmental education, and help players gain a better understanding of the ozone layer and the importance of protecting it. With more people educated on the subject, the organization is optimistic that more people will take the necessary steps to help the planet.

• Bitcoin has seen a 15% increase in price over the past week, currently trading at $22,709.
• JPMorgan Chase CEO Jamie Dimon has been an antagonistic opponent of Bitcoin for over six years, calling it a “fraud” and a “waste of time”.
• Despite this, cryptocurrencies remain bullish about their prospects in the long run.

The crypto winter has been a trying one for proponents of cryptocurrencies, but it appears that the tides may be turning. After a dismal 2022, the price of Bitcoin, the most popular cryptocurrency in the world, has been inching upward over the past few weeks. According to data from Coingecko, Bitcoin is trading at $22,709 at the time of writing, an increase of 15% over the past week.

Despite this, one of the most vocal critics of Bitcoin, JPMorgan Chase CEO Jamie Dimon, remains unconvinced of the crypto’s performance. Dimon has held an antagonistic stance against Bitcoin since as far back as September 2017, claiming that it is a “fraud” and that it will “blow up”. Last week at the World Economic Forum in Davos, Switzerland, Dimon dismissed cryptocurrencies as having no real worth, calling it a “waste of time”.

However, despite the criticism from JPMorgan’s top honcho, proponents of cryptocurrencies are still bullish about their prospects in the long run. Bitcoin has seen a steady increase in price over the past few weeks, which may indicate that the winter is ending and the crypto market is on the path to recovery.

It remains to be seen whether Bitcoin will be able to break out of its slump and reach the astronomical prices that it had seen in 2017. For now, proponents of cryptocurrencies are optimistic that the market will gain some traction in the near future. Time will tell whether they are right.

• Capitalix is an online trading platform offering traders access to both Forex and CFD markets.
• It offers a variety of features such as a leverage of up to 1:200 for currency pairs and 1:5 for cryptocurrencies, commissionless trading, and low fees.
• Capitalix also provides a secure environment with two-factor authentication, and a user-friendly interface with a range of charting and analytical tools.

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Capitalix also offers convenient trading with no commissions on trades opened, and low fees for deposits. Withdrawals are free, but there is a 3% plus 0.25 cents fee per deposit. This makes Capitalix a great choice for those who are looking for a reliable and cost-effective trading platform.

In addition to its wide range of features and low fees, Capitalix also provides a range of educational materials to help traders get started. They offer a range of video tutorials, webinars, and e-books which provide guidance on trading strategies and risk management. This makes it easy for new traders to get to grips with the basics of trading and build their confidence.

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