Travis Hoium| The Motley Fool

Cryptocurrencies have had a rough couple of days as word spread that the influential Silicon Valley Bank, which trades under SVB Financial Group (NASDAQ: SIVB), is facing a liquidity crisis. While this isn't directly a hit to crypto, many venture capital firms use Silicon Valley Bank, so there's a risk of a broader financial impact, which is why cryptocurrencies are down Friday.

As of 10:30 a.m. ET, Bitcoin (CRYPTO: BTC) had fallen by 8.5% over the prior 24 hours, Ethereum (CRYPTO: ETH) had fallen 8.8%, and Solana (CRYPTO: SOL) was down 5.7%. Looking further back, over the past seven days, those cryptocurrencies are down 11.2%, 10.7%, and 18.5% respectively.

What happened with SVB?Silicon Valley Bank assets seized by FDIC in largest bank failure since 2008

The two major events of the past week have been the collapse of Silvergate Capital and the potential collapse of Silicon Valley Bank. Silvergate provided a direct gateway into cryptocurrencies for many wealthy investors and institutions, and even operates many publicly traded funds. But it was seen as a more crypto-specific bank.

This week's bank run on Silicon Valley Bank is more concerning for the broader tech ecosystem. It is used by many start-ups and provides services small companies need in order to scale their businesses quickly.

Do you have to report crypto on taxes?Yes. Here's what you should know about form 8949

Contagion, or cascading risks from one entity to another, is the biggest fear here. That could lead to less lending and investors pulling back their investments. Silicon Valley's venture capital firms provide the fuel for the tech ecosystem, and anything that impacts them could impact a lot of smaller start-ups.

As far as crypto goes, dozens of blockchain start-ups have been funded by venture capitalists in Silicon Valley. If they face pressure from regulators, banks and ultimately, investors, they may not be able to build the tools and services that are intended to make cryptocurrencies like Bitcoin, Ethereum, and Solana more useful, and thus more valuable.

In short, these ecosystems are intertwined, and the fear this week is that a collapse of Silicon Valley Bank will make this crypto winter even worse.

The risk to financial institutions can't be understated because they're critical to making the financial system work. When lending pulls back all at once or there's a credit crisis, there can be an economywide impact, as we saw in 2008 and 2009.

The Labor Department's February jobs report Friday morning did provide some positive news. The U.S. economy added 311,000 non-farm jobs last month, but more people entered the workforce to seek jobs, so the unemployment rate rose to 3.6%. So far, the tech sector slowdown, the crypto collapse, and the downfall of some banks haven't spilled over to the broader economy.

Investors with a long-term view should start looking at this as a buying opportunity for high-quality cryptocurrencies. Despite the downturn in token values, the crypto industry continues to grow and innovate, which is ultimately what's going to drive value.

In the news: How crypto industry can move on after the fall of FTX founderSam Bankman-Fried

I don't know if we are at or even near the bottom, but I am betting on innovation in the blockchain winning in the long term. The Ethereum and Solana blockchains are where most developers are building, and that's where I'm looking to be a buyer if this crash gets worse.

SVB Financial provides credit and banking services to The Motley Fool. Travis Hoium has positions in Ethereum and Solana. The Motley Fool has positions in and recommends Bitcoin, Ethereum, SVB Financial, and Solana. The Motley Fool has a disclosure policy.

The Motley Fool is a USA TODAY content partner offering financial news, analysis and commentary designed to help people take control of their financial lives. Its content is produced independently of USA TODAY.

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Why are Bitcoin, Ethereum, and Solana crashing today? Here's what ... - USA TODAY

Uniswap launched its services in November 2018. It provides decentralized financial services based on the Ethereum blockchain. The exchange had grown to become one of the most significant decentralized exchanges.

Plasma Finances CEO, Ilia Maksimenka, released the proposal on Jan. 17. The CEO also talked about the reasons for putting the V3 protocol into use on the BNB Chain. The vote concluded on Feb. 10, and the final proposal passed with flying colors.

Also read: Credit Suisse Appeals to Swiss Central Bank for Public Backing

Now, according to the latest details from the official Twitter account, Uniswap is officially live on the BNB chain.

After the expansion, Uniswap users will now be able to make use of the perks of the BNB Chain.

With BNB Chains thriving and dedicated community, scalability, and accessibility, it is a launchpad for all things Web3, where protocols looking to reach larger audiences can grow, says Alvin Kan, director of growth at BNB Chain.

Also read: MetaMask Resolves Privacy Flaw That Allowed Account Linking

Robert Leshner, the founder of Consensys and Compound Finance, cast the most votes for the proposal. The proposal also discussed the benefits of the BNB network. Some of these benefits include a sizable and growing user base, minimal fees, and swift transaction times.

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Ethereum-Based Uniswap Officially Launches on BNB Chain - Watcher Guru

Ethereum, the second-largest crypto by market capitalization, has led the way in the non-fungible token (NFT) market. According to BanklessTimes.com, Ethereum's market share in the NFT space has surpassed 78%.

Jonathan Merry, CEO of BanklessTimes, commented on the findings:

One of the critical reasons for Ethereum's dominance in the NFT market is its advanced Smart contract capabilities. The smart contract allows developers to create NFTs with unique attributes like scarcity and rarity. As a result, several popular NFT projects are on the Ethereum network, such as Axie Infinity, Bored Ape Yacht Club, and CryptoPunks.

Besides, Ethereum has a large and active developer community, with many projects built on the blockchain. The larger community has led to a thriving NFT ecosystem. Various NFT marketplaces, gaming platforms, and social networks operate on the Ethereum network.

Finally, Ethereum's gas or transaction fees are relatively lower than other blockchain networks. This has made it more accessible for artists and creators to mint and sell their NFTs on the Ethereum network.

Despite Ethereum's dominance in the NFT market, several other blockchain networks are trying to enter the space. These include Tezos, Binance Smart Chain, and Flow, among others. However, Ethereum's first-mover advantage, large developer community, and established infrastructure make it challenging for other blockchain networks to catch up.

Furthermore, Ethereum's merge improved the network's scalability, security, and energy efficiency. This upgrade made the Ethereum network even more attractive for NFT creators and buyers.

Ethereum's dominance in the NFT market will likely continue in the coming years. More artists, creators, and collectors use the platform for their digital asset needs. Additionally, integrating NFTs into mainstream industries, such as gaming and music, will drive growth and demand for NFTs.

Continued here:

Ethereum Continues to Dominate the NFT Market, With a Current ... - BanklessTimes

A crypto analyst known for accurately calling Bitcoins (BTC) 2018 bottom believes that bullish price actions are in store for Ethereum (ETH), Fantom (FTM) and one low-cap altcoin.

Pseudonymous analyst Smart Contracter tells his 221,400 Twitter followers that Ethereum rival Fantom looks ready for an uptrend after completing its corrective move down and breaking out of a diagonal resistance.

Nice FTM downtrend break on USD pair and BTC pair and macrostructure is a big clear three wave move down. Hard not to be looking for longs on some things now in light of this weekend price action.

Smart Contracter practices the Elliott Wave theory, an advanced technical analysis approach that tries to predict future price action by following crowd psychology that tends to manifest in waves. According to the theory, a bullish asset typically resumes its uptrend following a three-wave move down or an ABC wave.

At time of writing, FTM is trading for $0.413, well above the analysts diagonal resistance at $0.37.

Next up is the blockchain indexing protocol The Graph (GRT). According to the crypto trader, GRT also looks bullish after concluding its ABC wave down.

So many alts look amazing.

GRT also has a clean ABC down on weekly after five-wave rise.

At time of writing, GRT is worth $0.144, up over 10% in the past day.

Looking at Ethereum, Smart Contracter says the top altcoin looks strong after rallying from a low of $1,372 on March 10th to close the previous week above $1,500.

Damn, ETH weekly looking hella bullish now, absolute solid buy back heading into the close.

At time of writing, Ethereum is trading for $1,678, an increase of over 5% in the last 24 hours.

Generated Image: Midjourney

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Top Analyst Predicts Rallies for Fantom and One Ethereum-Based Altcoin, Says ETH Looks Hella Bullish - The Daily Hodl

Bitcoin and Ethereum could be headed for a significant rally, according to pseudonymous analyst DonAlt. The analyst who correctly predicted Bitcoins recent bottom believes that the leading cryptocurrencies are gearing up for big rallies.

DonAlt feels that Bitcoin and Ethereum are ready to make massive gains and are poised to absolutely Giga moon following their strong recovery to close the previous week.

DonAlt points out that Bitcoin is primed to take out the resistance at $24,300. The chart shows that Bitcoins next resistance is at $32,200 if it breaks above the supply area of $24,300. The analyst also notes that Bitcoins current rally is a sign that it is serving its one true purpose: as a hedge against uncertain times, particularly when banks steal money from people.

As for Ethereum, DonAlt notes that the leading smart contract looks bullish after bouncing back from last weeks low of $1,379 to recover support at $1,600. At the time of writing, ETH is worth $1,672, a surge of over 5.7% in the past day.

Bitcoins price rebounded off the 200-day SMA ($19,717) on March 10, and the recovery picked up momentum after the break above $21,480. This suggests that lower levels are attracting buyers. The bulls continued the upward march and cleared the hurdle at $22,800 on March 13.

This opens the gates for a retest of the stiff overhead resistance at $25,250. If buyers overcome this barrier, the king coin could witness aggressive short covering. That may catapult the price to $30,000.

Ethereum rebounded off the support near $1,352, indicating aggressive buying at lower levels. The recovery strengthened after the bulls pushed the price back above $1,461. The largest altcoin rose back above the 20-day EMA ($1,565) on March 12, indicating that bulls are back in the game. Buyers will next try to stretch the relief rally to the overhead resistance at $1,743.

Read more:

Bitcoin And Ethereum Set For Huge Bully Rally, Predicts Crypto Expert - Coinpedia Fintech News

On Monday, Binance CEO Changpeng Zhao, also known as CZ, announced that the company had decided to convert $1 billion worth of BUSD from the Industry Recovery Initiative fund into three different cryptocurrencies. Zhao noted that significant onchain movements would be noticeable following the announcement.

Binance CEO Changpeng Zhao (CZ) announced on Monday that the company had converted $1 billion BUSD into bitcoin (BTC), BNB, and ethereum (ETH). Given changes in stablecoins and banks, Binance will convert the remaining $1 billion from the Industry Recovery Initiative funds from BUSD to native crypto, including BTC, BNB, and ETH. Some fund movements will occur onchain. Transparency, Zhao said.

After tweeting the announcement, CZ shared an address for the Industry Recovery Initiative and a transaction explorer link for the transfer that the exchange handled. One person replied to CZs Twitter thread and said: People who are a bit unnerved by recent stablecoin developments will feel much more reassured. The Binance CEO responded that he didnt even think about it that way. I was just discussing how to keep the funds in a safe asset. But that works too.

At the time of writing, Binance holds 7.56 billion BUSD stablecoins, according to Nansens exchange portfolio tool. CZs announcement comes as USDC had troubles this weekend holding parity with the US dollar after the failure of Silicon Valley Bank (SVB). Furthermore, US regulators forced Paxos to stop issuing BUSD, and billions of BUSD tokens have been removed from circulation since.

While BUSD has faced regulatory scrutiny, the stablecoin managed to stay within the $0.99 to $1 range most of the time. On March 11, 2023, BUSD slightly dipped to the $0.9848 range for a short period of time, but remained stronger than five other stablecoins that deviated from $1 parity over the past weekend.

What are your thoughts on Binances decision to convert $1 billion BUSD into bitcoin, bnb, and ethereum? Share your thoughts in the comments section below.

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Binance Converts $1 Billion BUSD Into Bitcoin, BNB, and Ethereum ... - Bitcoin News

Making money through cryptocurrencies is possible in multiple ways. One is the conventional method of keeping the token until its value increases. Making money passively, or while you sleep, is another method of generating income. Using your cryptocurrency to generate passive income, you can collect without ever selling your position, much like dividend stock shareholders receive regular payments. By staking crypto, you can earn money in the same way as your savings account yields interest.Unlike Ethereum, Bitcoin does not permit staking. One of the most popular cryptocurrency exchanges worldwide is Coinbase. Therefore, the most widely used stakeable coin and the largest exchange in the nation are good places to start if youre considering using your cryptocurrency for staking.

In this article, learn more about Ethereum staking on Coinbase. Lets dig in.

In contrast to proof-of-work or PoW-based blockchains, the PoS-powered blockchain bundles 32 blocks of transactions during each round of validation, which lasts, on average, 6.4 minutes. Collectively, these blocks are known as epochs. An epoch only reaches finality when the blockchain adds two more epochs after it, making it irreversible.

Stakeholders are divided into a committee of 128 by The Beacon Chain, which assigns them randomly to a particular shard block. Each committee has a designated slot. Each epoch has 32 slots, so 32 committees must complete the validation process.

One member is accessible to the sole authority to suggest a new block of transactions after a committee has been assigned to a block of transactions. The remaining 127 members, on the other hand, vote on the proposal and vouch for the transactions.

The Beacon Chain will manage the validators, from tracking their stake contributions to dispensing rewards and penalties. The Ethereum network has numerous sub-sections known as shards through sharding. Each shard would exist in its state with its account balances and smart contracts.

Once the majority of the committee approves, the new block is added to the blockchain, and a cross-link is created to authenticate its insertion. The staker selected to suggest the new block is the only one to receive payment after that.

During cross-linking, individual align shard states with the primary chain, or the Beacon Chain. The Beacon Chain must reflect each shards final state through cross-linking.

In a distributed network, a transaction hits finality only when it has an unalterable block. In proof-of-stake, Casper, a finality protocol, achieves this by requiring validators to concur on the state of a block at specific checkpoints. Two-thirds of the validators must concur for the block to complete.

You must register for a Coinbase account, add Ether (ETH) to your digital wallet, and confirm that you meet the exchanges residency requirements before you can begin staking ETH on Coinbase. Ether must already be in your digital wallet for you to begin. The ecosystem of Ethereum uses ether as its native currency. If you dont already have any ETH, you can keep things straightforward by buying some on the Coinbase exchange.

Its important to note that while Coinbase is accessible throughout the majority of America, residents of Hawaii cannot yet use the exchange. Although it is accessible in New York, residents of that state are prohibited from staking several cryptocurrencies, including ETH.

For various cryptocurrencies, Coinbase has different requirements and employs various reward structures. The exchanges policies on ETH staking are the most benevolent of all, though only you can decide if its worthwhile. With six cryptocurrencies, including ETH, Coinbase permits staking. The others are Solana, Cardano, Tezos, Cosmos, and Algorand.

In contrast to the other five, Ethereum has no minimum balance requirements. Furthermore, the reward payout schedules for the other five are delayed. For Tezos, Cardano, and Cosmos, the reward payout rate is three days, five days, and seven days, respectively. Algorand pays out rewards only once every three months, making it the slowest. While Ethereum rewards are distributed every day.

Ethereum prices are infamously unstable, much like all cryptocurrencies. Ethereum offers payout rewards on staking. Hence, only if you think Ethereum will rise in value is staking ETH a wise investment. Your initial investment and any reward yield earned depend on the ETH tokens success unless you decide to exchange them for another cryptocurrency or cash them out.

Staking ETH exposes one to the possibility of slashing, a punishment imposed at the protocol level. Slashing, which may result in the loss of staked assets, may be brought on by circumstances beyond Coinbases control. Before you can begin staking, you must accept the terms of the Coinbase user agreement, which includes a list of all the hazards, including slashing. Before you start, thoroughly read it. Finally, remember that staking payouts over $600 are essential for IRS reporting.

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How To Stake Ethereum On Coinbase? - CoinGape

Bitcoin rose back above $20,000 on Saturday, despite markets still being spooked by the collapse of yet another banking institution. Silicon Valley Bank was shut down by U.S. regulators on Friday, causing many institutions to lose access to capital. This includes USDC issuer Circle, which led to a USDC depegging. Ethereum also rebounded on Saturday.

Bitcoin (BTC) rose back above $20,000 on Saturday, despite overall volatility in financial markets being at historic highs.

This comes as the Federal Deposit Insurance Corporation (FDIC) confirmed it was shutting down Silicon Valley Bank.

Despite this, BTC/USD raced to an intraday high of $20,792.53, less than 24 hours after trading at a low of $19,628.25.

Overall, todays marginal rally in price comes as the 14-day relative strength index (RSI) found a floor at the 27.00 level.

At the time of writing, the index is tracking at 28.46, with bitcoin at $20,279.45, as earlier gains have eased.

Market volatility will likely remain higher in the coming days, leading to bitcoin moving above and below $20,000 throughout the weekend.

Ethereum (ETH) was also significantly higher to start the weekend, as prices rose back above $1,400.

Following a two-month low at $1,378.53 yesterday, ETH/USD moved to a peak at the $1,481.32 level on Saturday.

The move comes as ethereum bulls bought yesterdays dip, as price strength moved deep into oversold territory.

Friday saw ethereums RSI fall to 28.30, which was its weakest point since last June, however the index has since rallied.

As of writing, it is now tracking at 32.26, and appears to be heading towards a long-term floor at 34.00.

Should it reach this point, there is a strong possibility that ethereum will be back above $1,500.

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Will todays rebound extend into the remainder of the weekend? Leave your thoughts in the comments below.

Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Bitcoin, Ethereum Technical Analysis: BTC Above $20000, ETH ... - Bitcoin News

In keeping with the current trends, Dogetti (DETI) will be preparing its marketplace for the intense competition it will face post-launch. The token plans to match Ethereums success within the NFT trade sector, while overtaking platforms like ApeCoin (APE) in its race up the crypto NFT charts. Read on for updates on the new coin and its potential for success within the cryptocurrency market.

Ethereum (ETH) has been the most popular platform in the cryptocurrency market for over 7 years, as the token features DApps and tokens that make its blockchain the most visited in the DeFi space. The traffic it gets makes Ethereum rank second on crypto charts, as only the elite Bitcoin can surpass its trading volume.

Ethereum (ETH) launched in 2015, following a record-setting presale event, to present a more relatable blockchain alternative to Bitcoin, as it was already getting out of sight. The Ethereum network ran on a proof of work protocol initially, which was the more conventional choice, but with increased popularity and traffic, the protocol soon became inefficient. Within a few years, Ethereum struggled with network lags and a rise in gas fees.

Ethereum (ETH) developers resorted to integrating other blockchains to aid the traffic on Ethereum. By 2022, they set a schedule to move the network to a proof of stake protocol. The upgrade occurred in September, and users are still expecting the full effects of the stake protocol on Ethereums operations.

The Ethereum (ETH) blockchain is prominent in the NFT trade sector, as it holds the highest capitalisation on NFT charts. It powers two of the largest marketplaces, OpenSea and EtherScan, and they are integrated into many token platforms, thus increasing the demand for ETH.

ETH tokens are used to fuel the Ethereum network and act as governance under the newly-installed proof of stake protocol. They are available for $1,649.97 on CoinMarketCap.

ApeCoin (APE) is the official Metaverse platform for the Bored Ape Yacht Club, the largest group of NFT traders in the world. Following their success during the introduction of NFTs in 2020, the group planned to launch a token that would help maximise their NFT stores even better. The ApeCoin launched in 2022 during the bearish market, although the coin seems to be picking in the bull run.

ApeCoin (APE) runs on the Ethereum blockchain and is a proof of stake protocol, allowing its users to contribute their assets to improve network security while they gain rewards. The attachment to Ethereum allows it to define its users assets under ERC standards and smart contracts.

As a platform, ApeCoin (APE) hosts a Metaverse featuring an NFT marketplace and blockchain games. The games are typical play-to-earn varieties, allowing users to access the single-player and multiplayer modes after paying an access fee. The marketplace enables users to create their NFTs, although it doesnt permit their incorporation within games. The developers are in charge of creating NFTs for gaming purposes, which are regularly released for sale on the platform.

The DAO community runs ApeCoin, ensuring the developers are placed in check on issues concerning protocol upgrades. The APE token is used as fuel, and for voting on the platform and sells for $5.47 on CoinMarketCap.

Dogetti (DETI) is the new meme coin rocking the crypto space with its all-inclusive protocol. The token is in its presale stages, having raised over a quarter million in about a week of sales, and developers are hopeful they can get the rest sold in record time.

The Dogetti (DETI) platform will feature a feature-packed protocol, with plans for an exchange platform and an NFT marketplace to help newbie traders start their cryptocurrency journey on the front foot. The exchange system will function like UNISWAP, facilitating coin swaps on the Ethereum network. This will significantly boost the potential for DETI tokens, as they will function as fuel for the exchange. The increased demand for the tokens will increase their values on the crypto charts.

Dogettis (DETI) NFTs will compete closely with other NFT-based projects, as the marketplace will allow users and developers to generate their NFTs. The developers will handle platform-generated NFTs, which will be upgraded to breed and grow in the future. On the other hand, users can create their NFTs from any multimedia source and organise them into collections for sale on the Dogetti (DETI) platform.

Dogetti (DETI) is coming, and it promises to be a big one. Join the presale here to access your DETI coins and more freebies from the developers.

Presale: https://dogetti.io/how-to-buy

Website: https://dogetti.io/

Telegram: https://t.me/Dogetti

Twitter: https://twitter.com/_Dogetti_

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WARNING: The investment in crypto assets is not regulated, it may not be suitable for retail investors and the total amount invested could be lost

AVISO IMPORTANTE: La inversin en criptoactivos no est regulada, puede no ser adecuada para inversores minoristas y perderse la totalidad del importe invertido

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Dogetti set to oust Ethereum and ApeCoin with New NFT Policies - Euro Weekly News

Ethereum ClassicETC/USDis trading higher by some 9.49% to $19.56 over the past 24 hours. Shares of several popular altcoins are trading higher amid broader strength in cryptocurrencies.

Crypto may be higher in sympathy with the broader U.S. market after President Joe BidenMonday morning reassured Americans about the stability of the financial sector on Monday morning following the recent collapse of SVB Financial Group,Signature Bank and Silvergate Capital Corp.

Our Benzinga team reported, in his address, Biden emphasized that all bank customers will have access to their funds.

"All customers who had deposits in these banks can rest assured they'll be protected, and they'll have access to their money as of today, Biden said. "No losses will be borne by the taxpayers. Instead, the money will come out of the fees the banks pay into the deposit insurance fund."

See Also:Biden Addresses FDIC Bank Takeovers: 'The Banking System Is Safe'

2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Why Ethereum Classic (ETC) Is Up 9% In The Past 24 Hours - Benzinga