?? Bitcoin Remains Resilient As Binance Faces Formal U.S. Charges ??
Ben Simpson
Navigating the world of crypto with confidence & expertise | Founder & CEO of Collective Shift | Helped 1000+ investors maximise their returns & create a winning portfolio strategy
Hey LinkedIn,
?? Welcome to the Weekly Shift Round-Up for Mar. 31, 2023! ??
???Market Recap???
Bitcoin remains resilient, hanging around ~9-month highs. Markets sold off and then rebounded following news crypto giant Binance and its CEO facing civil charges from the U.S commodity commission. ETH rallied on?formal news?withdrawals will be activated via the Shapella network upgrade on epoch?194048, scheduled for 22:27:35 UTC on Apr. 12, 2023
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What to expect for the following week???
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All eyes are on the U.S. banking crisis, as the U.S. Treasury Secretary called an emergency meeting regarding the crisis. No news yet about further measures to stabilise the market.
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We could see some major brands such as Amazon enter the NFT space with a?leaked?email showing its NFT and digital token plan.
????Prices in the last 7 days (Mar. 31)???
???The Week In Crypto
What happened??The Commodity Futures Trading Commission (CFTC) filed a civil enforcement action against Binance, it's current CEO 'CZ' and a former compliance officer. They stand accused of wilfully evading compliance measures, following a multi-year long investigation.
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Why does it matter to you??Other U.S. authorities could follow suit with criminal charges, with the filing revealing authorities have access to a raft of Binance internal messages. Binance is the largest crypto exchange, with a 90% market share of spot and derivatives volume—any criminal charges would potentially shake crypto markets.?Although it could increase short-term volatility, it's important to remember the long-term technological innovations in crypto markets.
What happened??Nasdaq is reportedly eyeing the launch of its digital asset custody services by the end of June. Nasdaq's move into crypto custody is the first major step towards the digital asset space and will initially target BTC and ETH.
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Why does it matter to you??The company joins other financial giants like BNY Mellon and Fidelity entering the cryptocurrency space. It's a sign cryptocurrency is here to stay as these financial giants are doubling down despite the horrific last 12 months.
What happened??Ticketmaster introduced a token-gating feature allowing artists to offer special access to concert and event tickets for NFT holders.
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Why?does it matter to you??It's a powerful real use case for NFTs and the ability for crypto native ways to connect to fans. It could be a glimpse into the future where many events are token-gated via NFTs.
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What happened??Hong Kong regulators are convening a meeting next month with crypto firms and bankers to help finance the sector.
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领英推荐
Why?does it matter to you??The move could help crypto firms struggling to find banking partners and shows a reversal of China's harsh crypto stance, doubling down Hong Kong's plan to become a hub for digital assets.
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The well-established Wall Street Cheat Sheet regarding market cycles can be contrasted against the prevailing market cycle. As shared by community member Baze, the current market cycle may possibly be situated within the anger and depression phase that precedes the phase of disbelief. Where do you think we are?
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