12 March 2023

This week has been a tumultuous one for the global cryptocurrency market, with many digital assets experiencing significant drops in value. The most prominent cryptocurrencies, Bitcoin and Ethereum, have not been immune to this trend. Bitcoin began trading at $22,000 level on Monday, but it eventually dropped to its lowest point since January 2021, reaching $19,000. Ethereum, the second-largest cryptocurrency, also experienced a decline, falling to the $1,300 level. As a result, both of these cryptocurrencies suffered significant losses in their weekly gains.

There have been various factors that have contributed to the decline of the crypto market this week. Some have attributed it to uncertainties surrounding the financial troubles of Silvergate Bank, which suffered significant withdrawals of $8.1 billion from investors following the FTX incident in November. This has led to a chain reaction of negative consequences, including the sale of debt at a loss of $718 million. The bank's latest financial report showed staggering losses of $1 billion for Q4 and $949 million for the entire year of 2022, in contrast to the $76 million profit recorded in 2021. The bank's announcement of liquidation this week has also significantly impacted the crypto market.

Additionally, concerns over potential interest rate hikes by US Fed Chair Jerome Powell have resulted in sell-offs and increased worries over aggressive interest rate policies. Nevertheless, the crypto market experienced a rebound following the release of positive US job data, which revealed the addition of 311,000 jobs in February, surpassing predictions.

In the banking industry, Signature Bank (SBNY) suffered a decline of up to 30% during early trading due to the impact of Silvergate Bank's collapse on the wider banking industry. However, the stock is slowly recovering in the volatile market, with its decline now reduced to 22%.

Meanwhile, the highly anticipated Shanghai hard fork update for the Ethereum blockchain, originally slated for a late March launch, has been delayed by approximately two weeks. It is now expected to be implemented in early April. The Ethereum network has introduced a new feature called account abstraction, which will assist users in recovering their cryptocurrencies in the event that they lose their wallet's private keys. This is just one of several upgrades to the ETH network.

In other news, Amazon is reportedly planning to launch its own NFT marketplace next month. The marketplace will be accessible on Amazon's main website under the name "Amazon Digital Marketplace." This news has generated a lot of excitement and anticipation within the crypto community. ?Locally, UAE Telecom du utilizes blockchain for criminal records, breaking down virtual asset regulations, KARM Legal publishes detailed comparative report, and Exscape launches Cove Beach Metaverse with Crypto Oasis. Internationally, Kraken surprises the Crypto industry with the launch of a regulated US bank for Digital Assets, Shopify and Thirdweb launched a Web3 commerce development kit, Esports Giant TSM forges ahead with Web3 gaming on Avalanche and Binance NFT adds Polygon network support to its marketplace.?

In the News:?

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UK crypto lender Nexo to set up in Emirates. UK-based crypto lender Nexo is expanding to the UAE, with plans to grow its Middle East business to 30% of its total global operations. The company will set up offices in Dubai's Virtual Assets Regulatory Authority and the Dubai International Financial Centre, where it plans to recruit a workforce of 150. Arabian Gulf Business Insight?

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GCEX receives MVP preparatory license from VARA, leading the way in the global digital asset industry. GCEX, a global digital asset brokerage, and trading platform has become the first company to receive an MVP Preparatory license from Dubai’s Virtual Assets Regulatory Authority (VARA), enabling it to offer Broker/Dealer services. Unlock Blockchain?

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UAE Telecom du utilizes blockchain for criminal records. UAE telecom operator, du will use blockchain technology to decentralize criminal records and improve security for law enforcement. The move, which aligns with the UAE's Blockchain Strategy 2021, aims to make documents tamper-proof and accessible, providing a safer and more secure alternative to traditional records. Zawya?

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UAE's Nealthy NFT and crypto investment platform raises $1.3 million in pre seed round. Dubai-based nealthy, a start-up that offers index tokens for investing in NFTs and cryptocurrencies, has raised $1.3m in pre-seed funding. The company will use the funds to build its core team, recruit talent and increase sales and development. Waya Media?

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Breaking down virtual asset regulations, KARM Legal publishes a detailed comparative report. The report aims to simplify the complex exercise of navigating the regulatory landscape for virtual assets.? Unlock Blockchain?

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Crypto is seen as an investment opportunity in the MENA region says Iceberg Capital Executive Chairman. Interest and adoption of cryptocurrency and blockchain is surging in the Middle East and North Africa region, despite the bearish conditions that persisted in much of 2022, according to Mustafa Kheriba, the executive chairman of Iceberg Capital Limited. The emphasis on secure cross-border remittances and the regulatory framework in the region also differ from other parts of the world. Bitcoin.com?

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Qatar Innovation program chooses Blockchain Digital Port & Marine Platform project as the winner. The Qatar Research Development and Innovation Council have announced seven winning innovation partnership programs from KAHRAMAA, Ooredoo, Milaha, and Sidra Medicine as part of its Qatar Open Innovation (QOI) program. Among the winners was Milaha and Vendia's Blockchain Digital Port and Marine Services platform, which offers a next-gen blockchain for real-time data sharing Crypto Politan?

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Demand for Blockchain Devs is soaring—but not just in Crypto. The demand for blockchain developers has skyrocketed, with a 552% increase in demand for blockchain programming skills in 2022, according to a report by DevSkiller. These reasons include decentralized storage or databases, tokenization in private financial markets and peer-to-peer gaming, among other uses. Decrypt?

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Kraken surprises crypto industry with launch of regulated US bank for Digital Assets. Kraken has obtained a bank charter from the State of Wyoming to operate a special purpose depository institution (SPDI) for digital assets.The move makes Kraken the first digital asset firm in the US to receive such a charter. Unlock Blockchain?

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London VC firm launches $10M fund to invest in DeFi, GameFi, and AI startups. The firm's investment strategy involves only charging a 5% fee for investing, and it will diversify its portfolio by investing in startups ranging from Seed to A round that have a working revenue model. Tech Funding News?

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Curve Yield farmers rush to deploy $60M on newly launched Conic Finance, capture 21% APY on USD coin. In just over a week, Conic Finance has attracted over $60 million in deposits. The tool offers a new product called omnipools, which allows users to diversify their exposure across the Curve ecosystem while increasing their rewards. Coindesk?

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Sui Blockchain developer signs deal with Alibaba cloud. Alibaba Cloud, a large company that provides cloud computing services, has partnered with Mysten Labs, the company that developed Sui, a blockchain platform. The partnership is focused on creating a more user-friendly experience for people who are interested in using Web3 technologies. Coindesk?

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Thailand offers $1B tax break for firms issuing investment tokens: Reuters. Thailand will waive corporation and value-added tax for companies that issue digital tokens for investment, according to a Reuters report. The move is aimed at giving companies seeking to raise capital alternatives and is expected to cost the government around $1bn. Coindesk?

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Spain is a hotbed for cryptocurrency Real Estate deals, according to Forex Suggest. The report found that Spain had 289 properties available to buy with crypto, mainly located in Alicante, Marbella, and Barcelona. Thailand and Portugal came in second and third place, respectively. Bitcoin.com?

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DeFi exchange PancakeSwap to deploy version 3 on BNB smart chain in April. The upgrade will add features such as improved liquidity provisioning, competitive trading fees, and yield-farming tools. Coindesk??

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Arte News:??

Exscape launches Cove Beach Metaverse with Crypto Oasis. Crypto Oasis, the fastest-growing Web3 ecosystem, hosted its annual Ecosystem Night on March 2nd, 2023, where it showcased cutting-edge technology and groundbreaking ideas in the Blockchain and Crypto space. Cointelegraph?

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Starbucks Odyssey releases ‘The Siren Collection,’ its first limited-edition NFT drop. Starbucks Odyssey, the coffee company's blockchain-based loyalty program, has released its first limited edition NFT, called "Stamps," featuring the brand's iconic siren. The 2,000-item "Siren Collection" sold out in 18 minutes, with secondary sales quickly increasing in value. Coindesk?

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Virtual influencer ALARA X joins the first celebrities of the metaverse. Dubai-based next-gen technology and production company IAMX.Live has added virtual influencer ALARA X to its series of computer-generated virtual characters positioned as real people on social media. Khaleej Times?

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Shopify and thirdweb launch Web3 commerce development kit. The move aims to help merchants create apps to engage with customers in new ways, such as distributing non-fungible tokens NFTs to create customer "segments" for future campaigns. The Fintech Times?

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THNDR Games Launches Play-to-Earn Bitcoin Blocks Puzzle Game. The company aims to onboard new users to the Bitcoin network through an entertainment-first gameplay experience, with a social element to encourage competition. Coindesk?

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Web3 app Kresus raises $25M to bridge consumers to blockchain. Kresus plans to use the funding to develop its SuperApp, which is a Web3 platform designed to facilitate the trading of digital assets, like NFTs, provide access to financial services, and create a universal system for identifying users' internet activity. Cointelegraph?

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Esports Giant TSM forges ahead with Web3 gaming on Avalanche. Esports organization, Team SoloMid (TSM), has partnered with blockchain platform Avalanche to create a crypto sub-network for esports transactions and tournaments. TSM’s parent company, Swift, is building the blockchain subnet on Avalanche, and will also use crypto payments firm Core to allow players and fans to “store, sell, and purchase digital assets.” Decrypt?

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The metaverse is getting a greenhouse and garden full of NFT flowers. Heterosis is a project created by Snark.art and OG.Art that offers a collection of unique digital flowers in the form of NFTs. These NFT flowers are dynamic, meaning they can change and be customized by their owners. The flowers are stored in a virtual greenhouse, which is based on a dystopian version of the National Gallery in London. Cointelegraph?

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Generative Art NFTs are coming to Solana with Code Canvas. Exchange.Art, a digital fine art marketplace built on the Solana blockchain, has revealed the release of a new platform called Code Canvas. The platform will permit artists and collectors to create and exchange generative art NFTs on the Solana blockchain, just like Art Blocks, which is built on Ethereum. Coindesk?

Yuga Labs' Otherside Metaverse to launch second trip on March 25. The two-hour narrative experience will be led by four Otherside team captains and open to holders of Otherdeed NFTs, which are linked to land in the unreleased Otherside metaverse. The event will accommodate up to 10,000 voyagers and non-holders can watch the live stream on the company's YouTube channel. Coindesk?

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Binance NFT adds Polygon network support to its marketplace. Binance NFT, the NFT arm of Binance, has added support for the Polygon network on its marketplace, allowing users to trade NFTs on various blockchains using their Binance accounts. Cointelegraph?

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AI Artist Claire Silver to show NFT collection at Louvre. Claire Silver, an artist who uses artificial intelligence in her NFT projects, will showcase her new collection titled "can i tell you a secret" at the Louvre Museum in Paris starting March 21. Coindesk?

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Yuga Labs' Bitcoin NFT collection fetches top bid of nearly $160K. The auction generated a total of 735.7 BTC, or around $16.5 million, from over 3,200 bidders. The highest bid was 7.1159 BTC (around $159,600), and the lowest accepted bid was 2.2501 BTC (around $50,400). Coindesk?

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Dan Harmon's still-unreleased NFT TV show 'Krapopolis' gets third season. The series is set in ancient Greece and boasts a cast of popular voice actors. It's set to debut in 2023. Prior to its release, the show has already generated about $650,000 from the sale of NFTs, including the first collection called 'Krap Chicken' that contains 10,420 unique digital assets. Coindesk?

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Snoop Dogg revealed as co-founder of Web3-powered livestream platform. Rapper and actor Snoop Dogg has been named as a co-founder of a Web3-powered livestreaming app called "Shiller". The app aims to combine real-time live streaming content with Web3 technology. Cointelegraph??