Digital Assets Report 63
- Goldman Sachs will offer clients Ethereum Funds via Galaxy Digital
- Bitcoin charts suggests leg higher despite continued sideway action
- President Biden signs encouraging Crypto Executive Order
- FCA ordered Crypto ATM operators to shut down in the UK
- EU votes against potential ban on P.O.W blockhains
- Dubai adopts first law regulating virtual assets
Business
Polygon network suffers from extended service outage after upgrade
The Polygon layer-2 scaling solution for Ethereum has not produced new blocks since 5:54 pm UTC. The team has assured the public that funds are safe.
Goldman Sachs Will Now Offer Its Clients Ethereum Funds Via Galaxy Digital | Bitcoinist.com
Goldman Sachs will be offering its clients access to Ethereum Funds through Galaxy Digital’s Institutional Ethereum Fund.
Griffin says ‘fair to assume’ that Citadel Securities will be market making in crypto in ‘months to come’
Kenneth Griffin, the founder Citadel Securities, told Bloomberg in a new interview that his firm is on the path to market-making in the cryptocurrency sector in the coming months.
SoftBank’s tech division set to launch NFT marketplace
Japan’s web3 space may soon get another major player as SoftBank’s tech arm looks to float an NFT marketplace in the spring.
Bain Capital Ventures launches crypto-focused fund worth $560 million
Bain Capital Ventures has launched its first crypto-focused fund worth $560 million. It plans to launch more crypto funds in the future.
Stripe launches payment services for crypto businesses - Ledger Insights - enterprise blockchain
Payment provider Stripe is launching services targeting crypto businesses for onramps, offramps and KYC. Partners incl FTX crypto exchange
FTX Launches a Regulated Branch in Europe and the Middle East
FTX continues with its expansion by opening a branch to focus on the European and Middle Eastern regions.
Binance unveils plans for world domination by buying up companies in every sector
Changpeng Zhao has revealed that Binance is looking to diversify revenue and increase adoption as its exchange comes under increasing regulatory scrutiny.
Markets
Crypto Charts 60
BTC Close to completing a corrective triangle with a likely breakout of the triangle to the upside with confirmation above $42k. A $10k move higher is in play on the long-term chart. ETH Expected to stay above $2′446 and move a leg higher, similarly to the BTC chart. Bitcoin Short-Term
Total exchange BTC inflows have been net negative since July 2021
Glassnode released data showing overall net outflows of Bitcoin from exchanges since last July, with only four major exchanges with inflows.
In 25 days, the 19-millionth #Bitcoin will be mined.
— ₿ Isaiah⚡️ (@BitcoinIsaiah) March 7, 2022
That only leaves 2 million #BTC left to mine over the next 118 years.
Regulations
President Biden Signs Long-Awaited Crypto Executive Order - Decrypt
President Biden has now signed an Executive Order targeting the crypto industry.
Breaking: EU Parliament votes against ban on proof-of-work mechanism underlying cryptos like Bitcoin
The usage of Proof-of-Work cryptocurrencies was in doubt following the draft of the European Union’s (EU) proposed legal framework.
Crypto firms begin shuttering UK operations ahead of formal FCA registration deadline
Companies on the FCA’s temporary register are winding up their crypto operations in the UK.
UK regulator orders crypto ATM operators to shut down
The FCA has warned the eight companies responsible for the 81 crypto ATMs in Britain to shut down their machines.
US Virginia Senate allows state banks to offer crypto custody services
The bill passed Senate with a sweeping 39-0 vote and is waiting to be signed into law by Governor of Virginia Glenn Youngkin.
OFFICIAL: Thailand approves pro-crypto tax rules, where trading is exempt from 7% VAT & 15% withholding tax
— Blockworks (@Blockworks_) March 8, 2022
Dubai adopts first law regulating virtual assets
A regulatory authority will be established under the new law to oversee the sector
Binance Considers Obtaining a License to Operate in Dubai
The world’s leading cryptocurrency exchange is in talks of obtaining an operational license in Dubai.
Regulatory clarity is so important. This new virtual asset law in Dubai is a great step forward. https://t.co/qIMFjMiSUv
— CZ 🔶 Binance (@cz_binance) March 9, 2022
Opinions
‘I Won’t Sell’—Tesla Billionaire Elon Musk Issues Inflation Advice As The Price Of His Bitcoin, Ethereum And Dogecoin Plummet
Tesla billionaire Elon Musk has said he still owns and “won’t sell” his bitcoin, ethereum and dogecoin—advising people not to hold dollars when inflation is high...
The True Implications of Seizing Russia’s Foreign Reserves
An inflection point in the geopolitical order.
Credit Suisse ($1.6 trillion AUM): Money will never be the same again and #Bitcoin will probably benefit from all this
— Blockworks (@Blockworks_) March 8, 2022
One of the most common questions I still get is "will Bitcoin be banned in the US?" The short answer is NO. And today's executive order on crypto further demonstrates that not only is Bitcoin here to stay, but that the US government recognizes it as a legitimate asset.
— Cameron Winklevoss (@cameron) March 9, 2022
Readings / Podcasts
The many escapes of Justin Sun
How does a crypto hype man stay ahead of regulators? He keeps running.
Mid-Week Wrap
Crypto Prices Fade as Ukraine Conflict Intensifies
10 Cognitive Biases Explained Through the Bitcoin Adoption Cycle
“The confidence people have in their beliefs is not a measure of the quality of evidence but of the coherence of the story the mind has managed to construct.” — Daniel KahnemanPhase #1 | Anchoring BiasYour best friend is a bitcoin maximalist and he’s been spewing his propaganda for some time now. He…
The Bretton Woods III Thesis
Is the world entering a new monetary order?