Protest Muenchen

• Market strategist Greg Foss has warned that Credit Suisse will be the next major bank to collapse due to capital trouble and a run on the bank.
• The Swiss banking giant has also identified “material weaknesses” in its financial reporting controls, and its shares plunged after it failed to raise capital from its largest investor.
• Foss is currently executive director at Validus Power Corp and was previously a senior portfolio manager with a focus on credit strategies at Fiera Quantum, among other roles.

Credit Suisse Next to Collapse: Strategist Warns

Market strategist Greg Foss has predicted that Credit Suisse will be the next major bank to collapse, citing capital trouble and a run on the bank. The Swiss banking giant has also identified “material weaknesses” in its financial reporting controls. Its shares plunged on Wednesday after the bank failed to raise capital from its largest investor.

Greg Foss Shares Warning

Foss shared his warning about Credit Suisse’s impending collapse during an episode of Coin Stories podcast published Tuesday. Other recent collapses of U.S banks include Silicon Valley Bank and Signature Bank. At present, Foss is executive director at Validus Power Corp and was previously a senior portfolio manager with a focus on credit strategies at Fiera Quantum, among other roles. He said: “Credit Suisse is a systemically important financial institution and there’s a run on the bank…If CSFB [Credit Suisse First Boston] gets in trouble, it’s not just about CSFB, it’s about all the other institutions that have exposure or counterparty risks.” Credit Suisse is one of 30 global systemically important banks (G-SIBs) identified by Financial Stability Board (FSB), along with JPMorgan Chase, Bank of America, Citigroup, HSBC, and Goldman Sachs.

Reason Behind Potential Collapse

When asked why he believes Credit Suisse will be next major bank to fall, Foss explained: Because it’s in big capital trouble…It’s only got a 10-billion-dollar market cap for about a trillion dollars of assets which is ridiculously low.” He further elaborated that wealth division of Credit Suisses is losing assets quickly which could potentially pose serious problems for profitability of this huge banking institution as well as all other entities having exposure or counterparty risks linked with CSFB (Credit Suisse First Boston).

Acquisition History

In 1988 Credit Suisse acquired First Boston – an investment banking company – which might have caused additional problems for this Swiss banking giant now as they need more liquidity than ever before due to their current situation as pointed out by Greg Foss’ warning.

Conclusion

The fate of Credit Suite remains uncertain but if Greg Foss’ prediction turns out to be true then not only will this huge Swiss Banking giant suffer major losses but so will many others who are linked with CSFB either through exposure or counterparty risk related activities

• Yuga Labs has concluded its Twelvefold auction, generating 735.7 bitcoin, worth more than $16 million.
• The collection was composed of 300 inscriptions with a 12×12 grid theme and every piece was inscribed on a satoshi with a satpoint ending in the number 12.
• Despite record sales, some individuals complained about Yuga Labs’ auction model.

Yuga Labs’ Twelvefold Collection

Yuga Labs, the creators of Bored Ape Yacht Club (BAYC), recently announced that their Twelvefold collection of Ordinal Inscriptions had been successfully sold at auction for a total of 735.7 Bitcoin, worth more than $16 million. The collection featured 300 inscriptions arranged in a 12×12 grid system and all pieces were inscribed on a satoshi with a satpoint ending in the number 12.

Record Sales of Ordinal Inscriptions

The auction began at 3 p.m. PST on March 5 and ended at 3 p.m. PST on March 6, attracting 3,246 bidders in total with the highest bid reaching 7.1159 bitcoin ($160,000). It is believed to be currently the top Ordinal Inscription collection sale to date according to Yuga’s representative speaking to Bitcoin News. The minimum bid required to rank in the top 288 spots was 2.2501 BTC while 341,711 inscriptions exist on the Bitcoin blockchain as evidence of continued demand for Ordinals across the market place today.

Individuals Complain About Yuga Lab’s Auction Model

Despite having such record sales for this specific NFT collection through its Twelvefold auction model there were still some who criticized it due to Yuga taking custody of bidder’s Bitcoins before returning unsuccessful bids back to their receiving address afterwards as mentioned by Schmigge Figge (Chief Content Officer) at Yuga Labs during his explanation about Twelvefolds features and design structure which is what some individuals deemed as being potentially scammer friendly or simply not setting an example as a “credible player” should when running an auction like this one .

High Demand For NFTs

This success story however overall is yet another confirmation that Non-Fungible Tokens have become increasingly popular over time among investors looking both small time investments up to even those involving larger sums like this one showing just how much demand is present right now for these types digital assets due their uniqueness and potential value attached when bought compared to other digital tokens or physical art pieces alike making them quite popular right now within certain communities around world .

Conclusion

All in all it appears that despite some criticisms regarding its bidding process Yugas’s Twelvefold Collection managed achieve great success through its recent auction generating more than $16 million from it signifying high interest from investors towards Non-Fungible Tokens currently given fact only few days since completion so far .

• Bitcoin (BTC) has been consolidating below the $24,000 level on Feb. 27, as cryptocurrency markets prepare for a big week of economic data.
• Ethereum (ETH) rose back above $1,600, following a breakout on Sunday.
• The 14-day relative strength index (RSI) failed to break out of a resistance level of 53.00 for both Bitcoin and Ethereum.

Bitcoin Consolidates Below $24,000 Level

Bitcoin (BTC) has largely been in consolidation in today’s session, as markets prepare for a big week of U.S. economic activity data. Following a low of $23,165.23 on Sunday, BTC/USD rose to an intraday high of $23,654.37 earlier in today’s session before returning to trade at around $23,408.54 this afternoon.

Ethereum Breaks Above $1,600

Ethereum (ETH), on the other hand, has been predominantly bullish to start the week with prices rising back above $1,600 after dropping down to a bottom of $1,597.21 on Sunday before rallying up to peak at around $1,645.91 earlier in the day and trading at around 1$638 this afternoon..

14-Day Relative Strength Index

The 14-day relative strength index (RSI) failed to break out of its resistance level of 53 for both Bitcoin and Ethereum which caused some price movements downwards since reaching their respective intraday highs earlier today with the RSI now tracking at 51.95 for Bitcoin and 53.04 for Ethereum respectively .

Big Week Ahead For US Economic Data

Market are preparing for a big week ahead with US durable goods orders set to be released later today followed by consumer confidence figures tomorrow which could cause some price fluctuations when released into the market given that crypto prices tend to be volatile when related news is announced or released into the market .

Conclusion

In conclusion , it appears that while Bitcoin and Ethereum have made some slight gains over recent days , they have yet remain somewhat stagnant overall with any further gains or losses potentially dependent upon upcoming economic news from US markets .

• The Central Bank of Russia plans to launch test operations with digital ruble transactions between real customers at the beginning of April.
• More than a dozen banks will join the upcoming stage of the pilot project, a high-ranking representative of the bank announced to Russian media.
• Deputy Governor Olga Skorobogatova said that these will be “real transactions” and “real customers” of 13 banks that are ready to take part.

Central Bank of Russia Testing Digital Ruble

The Central Bank of Russia (CBR) is set to begin testing its digital ruble on April 1, 2021. A high-ranking representative from the CBR announced that more than a dozen banks will join the upcoming stage of the pilot project. Deputy Governor Olga Skorobogatova clarified that it will involve real transactions and customers from participating banks.

Purpose of Digital Currency

The intent behind introducing this digital currency is for payments for public services, implementing smart contracts, and introducing offline transactions. It is also expected to help alleviate Western sanctions placed against Russia. This initiative was first announced in October 2020 and has since been finalized into a prototype platform in December 2021 before being put into action in January 2022.

Real Transactions With Real Customers

The plan is to start with transfers between individuals and payments between trade and service companies, according to Deputy Governor Olga Skorobogatova. However, she noted that the initial number of these transactions as well as participating clients would be limited and ordinary customers won’t be able to participate in this particular phase yet.

Digital Ruble Bill Filed With Parliament

A bill on the digital ruble was submitted earlier this year in January with Russia’s lower house parliament looking forward towards launching this new form of national fiat within 2024 if all goes according to plan.

Testing Stage

The testing phase is currently underway through April 1st where further feedback can then be used for scaling up usage alongside other potential uses or improvements for use afterwards before full launch later on down the line.

Overview

• Ethereum neared a breakout below $1,500 to start the weekend, while Bitcoin (BTC) continued its downward descent on Saturday.
• Moving averages have lost their previous upwards momentum indicating a bearish sentiment in the market.
• The global cryptocurrency market cap was trading 0.96% lower as of writing.

Bitcoin’s Performance

Bitcoin (BTC) dropped to a three-week low on Saturday, with prices remaining below $22,000. Following a high of $21,919.33 on Friday, BTC/USD bottomed out at a low of $21,539.39 earlier in the day. Momentum appears to be mostly bearish, with the 10-day (red) moving average (MA) approaching a downwards cross with its 25-day (blue) counterpart. As of writing, BTC is slightly higher and currently tracking at $21,743.37; however if it fails to climb beyond this point prices could move lower.

Ethereum’s Performance

Etheruem (ETH) fell deeper into bearish territory on Saturday and neared a one-month low in the process; dropping to an intraday low of $1,504.83 ETH/USD has since rebounded but momentum appears to remain mostly bearish with the 10-day MA losing all previous upwards momentum and the RSI continuing to track below 47.00 As of writing ETH is slightly higher and currently tracking at $1,523.17; however if it fails to climb beyond the 47 zone prices could move lower again soon..

Global Cryptocurrency Market Cap

The global cryptocurrency market cap was trading 0.96% lower as of writing which indicates that overall sentiment is bearish for now but could possibly change soon depending on performance of both Bitcoin and Ethereum over this weekend’s trading period..

Conclusion

At present time Bitcoin and Ethereum are both trading near three week lows with overall sentiment being mostly bearish across both cryptocurrencies as well as globally for cryptocurrencies overall as seen by the 0.96% decline in market cap value today alone.. However if either Bitcoin or Ethereum can manage to break above their current support levels then bullish sentiment could take hold again leading into next week’s trading sessions so it will be interesting to see how these two major cryptocurrencies perform over this weekend’s trading period..

• KyotoSwap.io is the first decentralized exchange on Binance Smart Chain that allows users to create a positive impact at no cost.
• It uses a secure automated market maker (AMM) system and is governed by the Kyoto Swap token ($KSWAP).
• It has one of the largest ReFi communities on Binance Smart Chain and its contract base held on the Kyoto blockchain – world’s first carbon-negative blockchain by design.

KyotoSwap.io: The First Regenerative Finance DEX On BSC To Tackle Climate Change

KyotoSwap.io is an innovative decentralized exchange (DEX) on Binance Smart Chain that enables users to contribute towards fighting climate change with little to no cost. This empowering movement of Regenerative Finance (ReFi) has gained traction in recent times, incorporating actions that positively impacts circular or modular economies as well as tackling global warming and other issues related to climate change.

Secure Automated Market Maker System

KyotoSwap runs on a secure automated market maker (AMM) system which allows for permissionless yet secure trading environment for users. It is governed by the Kyoto Swap token ($KSWAP), which can be farmed by providing liquidity and staked to earn a share of platform profits, or exchanged to plant trees real time via Veritree. The impact created is recorded on the Kyoto Swap impact leaderboard, enabling users to become carbon neutral passively.

The Largest ReFi Community On BSC

KyotoSwap was founded and incubated by Kyotoprotocol Foundation as its ReFi focused alternative to other decentralized exchanges out there, initially launched as a DEX for Binance Smart Chain DeFi protocols before becoming multi-chain with its contract base held on the Kyoto blockchain – world’s first carbon-negative blockchain by design.

Empowering Movement Of Regenerative Finance

The blooming adoption of blockchain technology and DeFi has created an empowering movement where WEB3 communities innovate unique approaches to fight climate change while simultaneously creating economic opportunity with their own investments or contributions in this sector, something which can now be achieved with Kyotoswap’s automated market maker system, $KSWAP utility tokens and verifiable impact leaderboard records .

Conclusion

In conclusion, Kyotoswap offers an exciting new way for people looking to make passive contributions towards fighting climate change while also earning rewards from their investments in crypto assets within DeFI space through its secure AMM system, KYOTOSWAP utility tokens , veritable positive impact records and much more! Join today at Kyoswap.io and Kyotoprotocols Foundation!

• The Financial Monitoring Agency of Kazakhstan has taken down a group involved in the illegal exchange of cryptocurrencies.
• As part of the operation, searches were carried out at six locations, in which items incriminating the operators of the platforms were seized.
• Investigators were able to establish that the group had two crypto wallets at Binance, with a combined balance of $6,000 in digital assets.

The Financial Monitoring Agency (FMA) of the Republic of Kazakhstan has recently taken down a group of individuals involved in the illegal exchange of cryptocurrencies. The group had been operating through several websites, such as kzobmen.com, 1wm.kz, kazobmen.ru, wm007.kz, and kz-exchange.com. To carry out the operation, FMA conducted searches at six different locations in the Kostanay region, where documents, computer equipment, and cryptocurrency wallets were seized.

The FMA stated that the operators of the platforms had received a “especially large-scale” income from their business, without specifying the amount or the identities of the individuals involved. During the searches, investigators were able to identify two crypto wallets at Binance, the world’s largest crypto exchange, with a combined balance of $6,000 in digital assets. The agency also found more than $200,000 worth of coins in wallets with other exchanges.

In addition, the FMA reminded that these types of activities are only allowed under the special legal regime of the Astana International Financial Center. The agency is currently conducting a pre-trial investigation and has restricted access to the wallets it found during the searches.

The takedown of the group involved in the illegal exchange of cryptocurrencies is a strong indication that the government of Kazakhstan is taking a tough stance on illegal activities related to digital currencies. It is also a reminder that only activities authorized under the special legal regime of the Astana International Financial Center are allowed. As the investigation continues, more information about the individuals involved and the extent of their activities will likely be revealed.

• Bank of International Settlements (BIS) economists have outlined three potential approaches for regulators and central banks to address the risks posed by cryptocurrencies.
• These approaches include banning specific crypto activities, isolating crypto from traditional finance and the real economy, and regulating the sector in a manner akin to traditional finance.
• The authors noted that crypto markets have experienced booms and busts, but that these failures have not yet spilled over to the traditional financial system or the real economy.

The Bank of International Settlements (BIS) recently published a bulletin titled “Addressing the risks in crypto: laying out the options.” Authored by BIS economists Matteo Aquilina, Jon Frost, and Andreas Schrimpf, the report outlines various options for regulators and central banks to address the risks posed by cryptocurrencies.

The authors discussed the various risks associated with cryptocurrencies, noting that crypto markets have experienced a series of booms and busts, often resulting in large losses for investors. In order to mitigate these risks, they outlined three potential lines of action.

The first option is to ban specific crypto activities. The authors noted that this approach could be useful in certain cases, such as when certain activities pose particularly high risks, or in order to protect investors and consumers.

The second approach is to isolate crypto from traditional finance and the real economy. This could be done by requiring exchanges to maintain segregated accounts or by mandating that crypto transactions be conducted through special purpose vehicles.

The third option is to regulate the sector in a manner akin to traditional finance. This could involve creating new regulations for crypto companies, requiring them to register with authorities and adhere to know-your-customer and anti-money laundering regulations.

The authors concluded that authorities can now consider a variety of policy approaches and at the same time work to improve the existing monetary system in the public interest. They noted that, while crypto markets have experienced a remarkable series of booms and busts, these failures have so far not spilled over to the traditional financial system or the real economy. However, they cautioned that there is no assurance that they will not do so in the future, as decentralized finance and traditional finance become more intertwined.

In light of these risks, the authors recommended that regulators and central banks adopt a combination of the three potential approaches in order to mitigate the risks posed by cryptocurrencies. By taking appropriate measures, these authorities can ensure that the crypto sector is monitored and regulated effectively, while protecting investors and consumers.

• BUSD, the stablecoin founded by Paxos and Binance, has experienced a significant reduction in its circulating supply over the past 30 days, losing 23.8% and dropping its market cap to around $16.77 billion.
• This reduction in stablecoin supply comes as speculation is high surrounding the world’s largest cryptocurrency exchange, Binance, and the U.S. Securities and Exchange Commission (SEC) intervened in a potential purchase.
• BUSD/TRY data via Binance and coinmarketcap.com shows that of the roughly $5 billion in BUSD redemptions, 3.24 billion was lost in three days from December 13-16, 2022.

The stablecoin BUSD has seen a significant drop in its supply over the past 30 days, shedding roughly 23.8% from Dec. 5, 2022, to Jan. 6, 2023. Since Dec. 13, 2022, BUSD’s supply has been reduced by more than $5 billion, going from $21.84 billion to its current level of $16.77 billion. BUSD, the stablecoin founded by Paxos and Binance, has experienced a significant reduction in its circulating supply over the past month. Data shows that among the top ten stablecoins by market capitalization, BUSD has lost the most between Dec. 5, 2022, and Jan. 6, 2023. Tether managed to increase by 1.1% over the past month, and USDC jumped by 1.8% in the last 30 days.

The reduction in stablecoin supply coincides with a time of significant speculation surrounding the world’s largest cryptocurrency exchange, Binance. Last month, Binance announced that Binance US would attempt to acquire Voyager Digital’s assets, but the U.S. Securities and Exchange Commission (SEC) intervened in the purchase. The SEC stated that it was “formally investigating” the debtors in the matter. In addition to the SEC, Alameda Research, a defunct trading unit of FTX, has also objected to Binance US’ purchase of Voyager’s assets.

BUSD/TRY data via Binance and coinmarketcap.com on Jan. 6, 2023 reveals that of the more than $5 billion in BUSD redemptions, the token’s supply shrunk by 3.24 billion in three days from December 13-16, 2022. Despite the significant drop in BUSD’s supply, the relationship between the stablecoin and the Turkish lira seems to have continued.

Overall, the combination of the SEC investigation, Binance US’ attempt to purchase Voyager’s assets, and the significant drop in BUSD’s supply have created a flurry of speculation in the stablecoin market. While the market awaits further news from Binance and the SEC, the relationship between BUSD and the Turkish lira appears to be continuing despite the significant reduction in the stablecoin’s supply.

• The Securities Commission of the Bahamas has disputed FTX’s claim that the value of the cryptocurrencies it seized from the bankrupt crypto exchange was not $3.5 billion.
• The Bahamian regulator stressed that the new FTX chief’s “continued lack of diligence when making public statements concerning the Commission is disappointing.”
• The Commission explained that FTX and its representative, John J. Ray III, made false statements and calculations based on incomplete information.

The Securities Commission of the Bahamas has challenged the statements made by the new FTX CEO, John J. Ray III, regarding the value of the cryptocurrencies it seized from the bankrupt FTX crypto exchange. The Commission, the regulator of the Bahamas, seized over $3.5 billion in digital assets from the exchange back on Nov. 12 and, on Dec. 30, Ray publicly argued that the value of the digital assets transferred on that date was actually about $296 million.

The Commission has now come out to dispute Ray’s calculations and statement, asserting that the U.S. FTX debtors’ calculations were based on incomplete information. The regulator further explained that the Chapter 11 Debtors chose not to utilize their ability to request information from the joint provisional liquidators pursuant to a court order of the Supreme Court of the Bahamas.

In a statement Monday, the Commission said that the new FTX chief’s “continued lack of diligence when making public statements concerning the Commission is disappointing.” The regulator also alleged that Ray made false statements and calculations without evidence in a court filing on December 12. The Commission concluded its statement by asserting that it is committed to protecting the integrity of the Bahamian financial system and safeguarding the interests of investors.

The Securities Commission of the Bahamas has now made it very clear that it does not agree with the statements made by the new FTX CEO. The regulator has also stressed that it is committed to protecting the integrity of the Bahamian financial system and safeguarding the interests of investors. With this, the Commission has once again asserted its authority over the crypto markets in the Bahamas.