Big StoryExperts Analyze Crypto Market’s Low Liquidity Risks After US Bank Failures> The cryptocurrency market is still facing challenges despite Bitcoin’s recent price recovery, as it crossed the 29,000 mark earlier this week.
> The root cause of the dip in March continues to pose concerns for the market.
> One major issue is the low liquidity risk that was exposed due to the closure of Silvergate’s SEN network and Signature’s Signet network in early March.
> Liquidity is a crucial aspect of the trading world, and its significance can be summed up by the saying, “Liquidity is king,” referring to a market’s ability to easily convert an asset into fiat currency. Full report here.
FlybondiFlybondi Takes the Skies by Storm with NFT TicketingFlybondi, the Argentine low-cost airline, is taking a step into the world of blockchain technology by issuing its e-tickets as non-fungible tokens (NFTs).
> This new integration, called Ticket 3.0, is a continuation of Flybondi’s partnership with NFT ticketing company, TravelX, which was established in September 2022.
> The NFT ticketing technology, built on the Algorand blockchain, offers passengers the ability to change their name, transfer or sell their NFTickets independently.
> According to Flybondi, the NFT ticket “provides a more flexible travel experience by allowing passengers to purchase tickets in advance without having to specify their travel plans or who the travelers will be.”
> This new integration not only offers convenience to passengers, but it also reduces the cost of customer service for the airline and increases its revenue through trading fees. More here.
UNICEFUNICEF’s Blockchain Revolution: Embracing DAOs for Digital Public GoodsUNICEF, the United Nations’ children’s relief and humanitarian aid organization, is currently exploring the development of a decentralized autonomous organization (DAO) concept.
> “We are in the process of creating a DAO prototype to ensure equitable distribution of power and communication in the realm of globally distributed digital public goods,” stated Arun Maharajan, UNICEF’s blockchain lead, during a recent interview at Paris Blockchain Week.
> Digital public goods (DPGs) consist of open-source software, models, and standards that countries can utilize to develop digital infrastructure as an alternative to private, proprietary solutions.
> Built on the Layer 2 solution Polygon, this pilot project aims to facilitate communication between DPG stakeholders when deliberating potential new features. Continue reading.
Novogratz’s TakeNovogratz’s Take: Investor Enthusiasm Counters US CrackdownMichael Novogratz, the founder of digital asset financial services company Galaxy Digital Holdings Ltd., believes that the growing enthusiasm of cryptocurrency investors is counterbalancing the adverse effects of a US regulatory crackdown on the industry.
> “Despite the extensive international activity and domestic governments attempting to suppress the industry, cryptocurrency prices continue to rise,” Novogratz said at the FII Institute’s PRIORITY summit in Miami Beach on Thursday.
> He acknowledged that the entry of institutional capital has slowed down, but remains optimistic due to the unwavering commitment of the crypto community.
> “Cryptocurrency began as a grassroots revolution driven by people who lacked trust in governments.
> Challenging this passionate and devoted crypto community is like taking on a group with an almost religious conviction in the technology,” he explained. More here.
BRICSBRICS Currency Evolution: Pioneering a Digital Revolution in Emerging EconomiesThe nations within the BRICS consortium are exploring the creation of an innovative currency, with plans to share proposals on its establishment at the forthcoming summit in South Africa, according to Alexander Babakov, Deputy Chairman of the State Duma.
> `He remarked that transitioning to transactions using domestic currencies is an initial measure, followed by the introduction and circulation of a digital or alternative form of a groundbreaking currency in the near future.
> Babakov anticipates that the BRICS leaders’ summit will reveal their preparedness to implement this initiative, with ongoing work on the project.
> Babakov did not dismiss the potential emergence of a unified currency within the BRICS alliance.
> This proposed currency could be backed not only by gold but also by other product categories, rare-earth elements, or even land. Continue reading.
Silk Road ConnectionSilk Road Connection: US Government to Sell 41.5k Bitcoin in 2023The United States government is planning to sell 41,500 bitcoin that it holds, according to court documents.
> The US government currently holds more than 205,000 BTC as of March 27, making it the largest holder of BTC, owing to its long history of seizures.
> The government initially seized 69,369 BTC from an individual, X, who was connected to the Silk Road marketplace. This was followed by the seizure of 50,000 bitcoin from James Zhong, who was also connected to the Silk Road.
> The latest court documents now reveal that the government is planning to sell 41,500 bitcoin connected to the Silk Road. More here.
GrenadaGrenada Ends Justin Sun’s Role as WTO Rep in Wake of SEC LawsuitIn the wake of the recent SEC lawsuit against Justin Sun, the Grenadian government has announced the end of his term as the Ambassador of Grenada to the World Trade Organization (WTO) effective 31 March 2023.
> In a series of tweets, Sun expressed his gratitude for the experiences and support he received during his tenure and stated his intention to focus on digital economy and crypto regulation in his future career as a public servant.
> Sun had been serving as Grenada’s representative at the WTO since November 2021 and had achieved significant progress on various fronts during his tenure.
> He served as the head of Grenada’s delegation at the 12th Ministerial Conference and had the opportunity to address the conference and discuss trade issues with representatives from around the world. More here.
Market NewsCryptocurrency Surge: Bitcoin, Ether, and Altcoins Rally Amid Binance Legal WoesCryptocurrency values appeared unaffected by the Commodity Futures Trading Commission’s lawsuit against Binance earlier in the week, with bitcoin experiencing its most successful quarter since 2021.
> Over the past week, Bitcoin’s value increased by approximately 2.6%, reaching $28,200, as per Coinbase data sourced from TradingView. In the first quarter, Bitcoin’s value surged over 70%, marking its strongest performance since the beginning of 2021, driven by a rally in risk assets.
>The CFTC is suing Binance and its CEO, Changpeng Zhao, for purportedly breaching federal regulations and failing to register the exchange in the United States.
> This legal action initially caused a dip in cryptocurrency prices at the beginning of the week, but the market quickly recovered. BNB coin experienced a 3% drop to $314 within the week.
> In the past seven days, Ether’s value increased by around 3.2%, trading at approximately $1,800. Ripple’s XRP saw an 18% gain following updates on its SEC lawsuit, although a final decision remains pending.
> Cardano’s ADA appreciated over 8%, and Dogecoin’s value rose 7.5% during the same timeframe.
> ARB’s price decreased by 7.2% in the past 24 hours, falling to $1.18, according to CoinGecko data. This decline occurred after the Arbitrum Foundation started selling ARB tokens in exchange for stablecoins, prior to the community formally approving its budget.