Solana (SOL), the native token on the popular proof-of-stake (PoS) blockchain, became the sixth-largest cryptocurrency by market capitalization following a stellar rally over the past week. The token jumped two spots in the list on Thursday, overtaking Ripple (XRP) and Cardano (ADA) while also avoiding broader weakness in the crypto market.
SOL jumped nearly 17% over the past seven days and was last trading around $120, its highest level since late-November. The token also rose 0.4% in the past 24 hours, while the broader crypto market fell around 5%.
The token surged through the second half of March, recovering sharply from a seven month low hit in the middle of the month. It had earlier this week overtaken Terra (LUNA) to take the no. 8 spot in the top 10 cryptocurrencies.
SOL sees bullish indicators as mid-March recovery extends
Popular twitter analyst @SmartContracter noted that SOL had shown a bullish morningstar pattern for March, indicating that it was set to recover further after losses earlier in the month. The token is up nearly 33% from its March lows of around $81.
Source: @SmartContracter
@SmartContracter also noted that SOL’s Bitcoin (BTC) pair exhibited a “clear” ABC pattern, showing that the token was poised for more gains.
Institutional interest, videogame hopes boost Solana
SOL benefited from a slew of positive news through March. Last week, digital asset manager CoinShares, and world no. 3 crypto exchange FTX jointly launched an exchange-traded-product that offers SOL staking rewards without directly buying the token. The product is geared chiefly towards institutional investors, and is expected to draw a large amount of capital to SOL.
The token also makes up nearly a quarter of the weightage in a recently launched smart contracts fund by digital assets manager Grayscale. Large-scale trading by investment houses is credited with spurring a massive crypto rally in 2021, and as such, is usually a bullish indicator.
Krafton, developer of the wildly popular PUBG videogame, partnered with Solana Labs last week to develop blockchain games, drawing more attention to the token.
Ethereum’s planned shift to a PoS model has also spurred interest in other projects in the space. After recent gains, SOL is the second-largest player in the space.4y 
Crypto Banter- Bitcoin price fills the inefficiency created during its run-up above the yearly open at $46,198.
- The recent retracement is a key in triggering the next leg-up to $50,000.
- On-chain metrics suggest an extremely bullish outlook for BTC in the coming weeks.
Bitcoin price shows affinity to move higher after the recent surge on March 27. The previous downswing helped remove any inefficiencies to the bottom while setting up the stage for another leg-up.
Bitcoin price prepares to swing higher
Bitcoin price set up three equal highs and four higher lows since January 13. Connecting these swing points using trend lines shows an ascending triangle formation, which forecasts a 21% upswing.
The target is obtained by adding the distance between the first swing high and low to the breakout point at $44,418. BTC broke out of its ascending triangle setup on March 27 but stopped moving higher after peaking at $48,238. This lack of momentum mixed with the inefficiency to the bottom, caused BTC to slide lower.
Investors can expect the Bitcoin price to enjoy its gains as long as it stays above the $45,000 support level. A quick recovery above the yearly open at $46,198 will be the key to triggering the next run-up.
In this case, market participants can expect the Bitcoin price to retest the $50,000 psychological level. In a highly bullish case, however, BTC could make a run at $52,000 or the swing highs formed in late December 2021.
Either way, the upside for BTC seems to be capped at around $53,000 and any move beyond this level seems unlikely.
BTC/USDT 1-day chart
While the technicals are displaying an optimistic outlook for Bitcoin price, IntoTheBlock’s Global In/Out of the Money (GIOM) model supports that. This index shows that the immediate resistance barrier, stretching from $45,887 to $48,410 is relatively weak.
Here roughly 3.25 million addresses that purchased nearly 2 million BTC are “Out of the Money.” Therefore, a substantial increase in buying pressure is necessary to overcome this hurdle. Doing so will pave the way to $50,000 or higher.
BTC GIOM
With Bitcoin price moving to $48,000, the Market Value to Realized Value (MVRV) model briefly flipped positive. This on-chain metric is used to determine the average profit/loss of investors that purchased BTC over the past year.
Even with this index heading over the zero-line, the historical data suggests that the 365-day MVRV peaks at roughly 22%, indicating that there is more upside yet to be seen for the Bitcoin price.
BTC 365-day MVRV
Perhaps the most important index is the uptick in the number of whales accumulating BTC. Since November 12, the Bitcoin price has dropped from $66,000 to a low point of $34,000 and whales holding between 10,000 to 1,00,000 BTC have been busy accumulating.
The category of investors with 10,000 to 100,000 BTC has increased its holdings from 10.26% to 11.26%, while those holding 100,000 to 1,000,000 BTC have moved up from 3.03% to 3.48%.
This development only points to one thing, the institutions’ outlook on how bullish they are on the Bitcoin price.
BTC supply distribution
Since March 6, the Bitcoin price has rallied from $38,400 to $48,000. Despite this uptick, investors seem to be moving their holdings off exchanges. This can be seen in the increasing outflows via the net exchange position change since March 7.
In conclusion, not only are the institutions and whales accumulating but they are also moving their holdings to cold wallets, which paints a bullish picture for the future of Bitcoin.
BTC exchange net position change
While things are looking up for the Bitcoin price, the ascending triangle outlook could fail if the $44,418 support level is breached. This move would hint at a retest of the immediate support level at $42,076.
If Bitcoin price produces a daily candlestick close below $42,076, it will invalidate the bullish thesis and send the big crypto crashing to the lower limit of the ascending triangle at roughly $37,000.
In a highly bearish case, a breakdown of the $35,000 support floor could cause the Bitcoin price to trigger a crash to $30,000. 4y Crypto Banter Bitcoin
After another failed attempt near the $48,000 level, bitcoin price started a downside correction. The price declined below the $47,400 level and the 21 simple moving average (H1).
It even traded below the $47,000 support, opening the doors for more downsides. The next major support is near the $46,000 level, below which the price might dive towards the $45,150 support zone in the near term.
On the upside, bitcoin is now facing resistance near the $47,000 level. The main resistance is now near a connecting bearish trend line at $47,400 on the hourly chart. A clear break above $47,400 could set the pace for another upward move.
Ethereum (ETH)
ETH also followed a similar pattern from the $3,480 resistance zone. There was a clear move below the $3,425 support level and the 21 simple moving average (H1).
Besides, the price traded below a key bullish trend line with support near $3,380 on the hourly chart. On the downside, the $3,330 level is a key support, below which there is a risk of a larger decline towards the $3,200 support.
On the upside, ether price is facing hurdle near $3,400 and $3,425. The next key barrier is $3,455, above which the price could rally to $3,550.
Solana (SOL)
SOL formed a strong base above the $80 level. It started a steady increase above the $88 and $90 resistance levels.
The upward move gained pace above the $100 level and the 21-day simple moving average. The price even traded above the 23.6% Fib retracement level of the main decline from the $204 swing high to $76 swing low.
It is now approaching a major resistance near the $132 and $133 levels. The next major resistance is near the $140 level or the 50% Fib retracement level of the main decline from the $204 swing high to $76 swing low.
If SOL fails to clear the $133 resistance or $140, it might correct lower. If not, the bulls might aim a strong move towards the $165 level or even $170.
ADA, BNB, and DOT price
Cardano (ADA) struggled on a few occasions to settle above the $1.22 level. It is now trading below $1.20 and seems like the bears are aiming a move to $1.15.
Binance Coin (BNB) attempted an upside break above the $450 resistance level, but failed. It is now correcting lower and may perhaps test the $425 support.
Polkadot (DOT) declined below the $22.00 support level. The price is gaining pace below $22.00 and might visit the $21.50 support zone in the near term.
A few trending coins are TRX, WAVES, and FTM. Out of these, WAVES rallied over 15% and cleared the $58 resistance.4y Crypto Banter In what seems to be a never-ending tease, the Shiba Inu (CRYPTO: SHIB) has announced a major event slated for March 30. The beloved memecryptocurrency that takes its moniker from the cuddly dog of the same name, has kept followers on their toes with repeated hints and teasers, but has yet to reveal what the big news is.
While it’s hard to know what could be in store, speculation is rife online. In fact, the anticipation of what the announcement could be about has kept Shiba Inu’s price climbing. The meme coin that trades for just fractions of a penny has gained more than 25% over the past week and more than 32% since March 15. At last check, SHIB was trading down 5.6% at $0.000027.
The coin hit an intraday high of $0.000029, according to data by Coinmarketcap.
Important SHIB developments
Recent days have witnessed some important developments on the global adoption of the popular crypto mascot. Shiba Inu is now available on Netcoins, a Vancouver-based online cryptocurrency brokerage.
Netcoins allows Canadians to buy, sell and hodl different types of cryptocurrencies. They are also the first publicly-owned crypto trading platform in Canada that is fully regulated. Now you can own one of these adorable Shiba Inu pups yourself by trading on Netcoins. Netcoins by the way is also working on its U.S. expansion plans.
Along the same lines, crypto enthusiast fashion designer John Richmond announced on March 16 plans to introduce SHIB and LEASH burns for its online shop. The adoption between a decentralized cryptocurrency and a global fashion brand is being seen as an important and innovative step in the fashion world.
John Richmond however, is not the only brand adopting SHIB. NowPayments, a cryptocurrency payment gateway, has also introduced Shiba Inu as payment at Italian burger chain Welly’s and pizzeria Sorbillo.
Another recent development is that of Etherscan data, a website tracking transfers made by Ether (ETH) hodlers, showing a “whale” – large market players in the crypto markets – buying last week more than 200 billion Shiba Inu tokens for nearly $5 million. Also, IntoTheBlock data shows Shiba Inu whales’ activity jumping 349% in the last 24 hours. Large transaction spikes are usually caused by institutional investors. These transactions involve more than $100k per transfer.
Meanwhile, Crypto Planet (CP) speculates that based on several social media posts, the March 30 announcement could be a Medium post about the Shiba Inu metaverse – an innovative virtual reality platform that allows users to interact with each other in a completely immersive environment – focused on the map and Lands sale.
In fact, Shiba Inu’s Twittter account stated: “ShibArmy, the world is full of things more powerful than us. But if you know how to catch a ride, you can go places.”
CP also notes that they have also seen some speculation that “the Land sale could happen with a listing on OpenSea,” the most popular place to buy Non-Fungible Tokens (NFTs).
Whatever the announcement turns out to be, one thing’s for sure – the Shiba Inu will have everyone talking!4y Crypto Banter Ronin, the blockchain network tied to the popular play-to-earn game Axie Infinity, suffered an exploit last week resulting in the loss of more than $600 million worth of crypto.
In a blog post, developers said that the exploit – which took place on March 23 but was discovered earlier Tuesday – resulted in the loss of 173,600 ETH (worth roughly $590 million at current prices) and 25.5 million worth of the stablecoin USDC. Specifically, five out of nine validators on the Ronin network were attacked and controlled during the incident. Validators serve a number of purposes, including the creation of transaction blocks and the updating of data oracles.
As the team explained:
"Five validator private keys were hacked; 4 Sky Mavis validators and 1 Axie DAO. The validator key scheme is set up to be decentralized so that it limits an attack vector such as this, but the attacker found a backdoor through our gas-free RPC node, which they abused to get the signature for the Axie DAO validator. This traces back to November 2021 when the Axie DAO validator was allowlisted to distribute free transactions. This was discontinued in December 2021, but the Axie DAO validator IP was still on the allowlist."
"Once the attacker got access to Sky Mavis systems they were able to get the signature from the Axie DAO validator by using the gas-free RPC," the post explained. Once those nodes were controlled, the attacker gained the ability to drain funds from the Ronin bridge. Bridges are software mechanisms for moving funds between blockchains.
Ronin was created by Sky Mavis, the developer of Axie Infinity. The blog post said that Sky Mavis "discovered the security breach on March 29th, after a report that a user was unable to withdraw 5k ETH from the bridge."
Per the post, the majority of the funds are being held in this Ethereum address. Etherscan has flagged the address as "reported to [be] involved in a hack targeting the Ronin bridge."
"We are working directly with various government agencies to ensure the criminals get brought to justice," the team said. "We are in the process of discussing with Axie Infinity / Sky Mavis stakeholders about how to best move forward and ensure no users' funds are lost."
This is a developing story and will be updated as more information becomes available. 4y Crypto Banter Lionel Messi has signed an agreement worth more than $20 million to promote digital fan token company Socios.com, a source close to the deal told Reuters on Tuesday.
Messi becomes the latest global sports personality to enter the crypto world, following Tampa Bay Buccaneers quarterback Tom Brady and Los Angeles Lakers star LeBron James. Messi's deal also comes amid a growing wave of tie-ups between crypto firms and football.
Messi, whose move from Barcelona to Paris Saint-Germain in August included a cryptocurrency payment, will be involved in a publicity and promotion campaign for Socios in the build-up to the Qatar World Cup, which starts in November.
The "ambassador" deal for Messi does not include crypto payments and is a three-year agreement, the source said.
Socios have signed deals, including creating tokens, for more than 130 sports organisations including a number of top football clubs such as PSG, Barca, Juventus and Manchester City.
Fan tokens are a type of cryptocurrency that allow holders to vote on mostly minor decisions related to their clubs.
"Fans deserve to be recognised for their support. They deserve opportunities to influence the teams they love," Messi said in the statement.
"Socios.com exists to enhance the fan experience, to enable fans to 'be more'. I'm proud to join Socios.com's mission to create a more connected and rewarding future for fans around the world."
The tokens are increasingly seen by clubs as a source of new revenue but have been criticised by some supporters groups who see their introduction as superficial participation that adds to the already growing costs of following their teams.
Brady last year took an undisclosed equity stake in crypto exchange platform FTX Trading Ltd and became an ambassador for the company.
In January, James announced a multiyear partnership with Crypto.com, a company who recently signed a sponsorship deal with world football's governing body FIFA.4y Crypto Banter Crypto Banter One of the big attractions of digital currencies is the allure of borderless payments -- it's a monetary system that isn't controlled by any specific country or government. In truth, while Bitcoin (BTC) and other cryptocurrencies are often borderless, the rules around how they can be used and taxed are not.
Each country has different crypto rules and forms of crypto taxation. There are other factors to consider too. Some places have cheap power, making them attractive for crypto miners. Others have lots of stores that accept crypto payments, or a high number of crypto ATMs. We took all of these considerations into account in selecting some of the best places in the world for crypto traders and enthusiasts to live.
1. El Salvador
As the first country to make Bitcoin into legal tender, El Salvador has to top this list. Admittedly, El Salvador's crypto conversion got off to a rocky start. Adoption has been beset by issues, from technical troubles to a general lack of crypto understanding and concerns over volatility. Indeed, the International Monetary Fund continues to urge El Salvador to drop its Bitcoin adoption due to concerns about risks to financial stability.
However, Bitcoin enthusiasts may find a warm welcome in El Salvador. The president has promised favorable visa conditions to Bitcoin investors, though we don't yet know the details. There's also talk of granting foreign investors a tax exemption on crypto profits and building a "Bitcoin City" with additional tax benefits.
All in all, it might be too soon for crypto traders looking for crypto-friendly homes to start making relocation plans. It isn't clear how El Salvador's crypto experiment will turn out or what exactly the country will do to attract crypto investors.
2. California
Many U.S. cities and states are racing to win the title of crypto capital. For example, New York and Miami both have mayors who want to receive their salaries in Bitcoin. Both cities have also launched their own city specific cryptos. However, it is California that topped Crypto Head's list as the most crypto-ready state. In its recent research, Crypto Head looked at the number of crypto ATMs, overall interest in crypto, and crypto legislation.
Bloomberg analysis also showed that San Francisco and Los Angeles are among the top crypto recruiters for 2021. This could be because both Kraken and Coinbase have their headquarters in San Francisco, though Coinbase said it will close its San Francisco offices this year.
In terms of crypto regulation, California's Office of Financial Technology and Innovation is set to introduce new crypto-specific rules. It remains to be seen whether these encourage crypto traders to set up shop in the Golden State, or drive them to seek friendlier locations.
3. Amsterdam
A large number of shops and merchants accept Bitcoin in Amsterdam, and the Dutch capital is also home to several crypto companies, such as BitPay and CryptoRefills. One study analyzed the profiles of active crypto Twitter personalities and showed that Amsterdam is in the top 10 cities for where crypto enthusiasts live. There are no rules prohibiting crypto trading in the Netherlands, though there are anti-money laundering and other compliance protocols in place.
4. Portugal
Portugal is so crypto friendly that the now famous "Bitcoin family" have decided to put down roots there. The Taihuttu family converted their assets and all their worldly goods into Bitcoin back in 2017, and have spent the last five years traveling to over 40 countries. The reason they've chosen Portugal? It doesn't charge capital gains tax on crypto, and crypto transactions are exempt from VAT.
If its reputation as a Bitcoin tax haven wasn't enough, Portugal has also hosted various crypto conferences and events. You can pay in Bitcoin or crypto at a number of different locations, and the country has licensed two crypto exchanges.
5. Singapore
Singapore is another country where residents don't have to pay capital gains tax on crypto profits. It also has a pretty strong regulatory framework, which is a positive or negative depending on what you're looking for. Coincub rated Singapore as the top global economy for crypto in Q4 2021, calling it the "most promising location for crypto investors to live and work."
The blot on Singapore's crypto credentials is that only a couple of international cryptocurrency exchanges have managed to qualify for the country's crypto license. According to Bloomberg, over 170 firms applied, but so far only four have received a license, and 100 have withdrawn or been rejected. Japan has given licenses to 30 firms, and also ranks highly among Asian countries that might appeal to crypto investors.
What about Bitcoin mining?
Bitcoin miners are starting to feel like unwelcome guests at the party. After China cracked down on crypto, many miners were forced to find new homes. Several countries, such as Kazakhstan and Kosovo, initially welcomed them with open arms. Unfortunately, mounting issues over energy shortages mean those countries no longer want these energy-intensive companies operating inside their borders.
Some Bitcoin miners have relocated to the U.S., setting up in New York, Kentucky, Georgia, and Texas. Observers point out that many of these firms are using renewable energy, which could reduce Bitcoin's carbon footprint. However, there are also reports that crypto miners are reopening coal plants to power their activities.
For crypto enthusiasts, there are many different factors to weigh in choosing the ideal location. Sadly, given how quickly crypto regulation can change, attempts to live in the most crypto-friendly place could result in a very nomadic existence.4y Crypto Banter Madonna, the undisputed queen of pop, has taken to Instagram to announce that she has entered the Metaverse by buying a Bored Ape non-fungible token.The NFT acquired by the megastar features a bored-looking ape wearing a BDSM-inspired black leather cap. The purchase is on-brand for the 63-year-old pop star who is known for her provocative lyrics and performances.
In her post, she expressed her gratitude to cryptocurrency concierge service MoonPay, which buys Bored Ape NFTs at a premium to later offer them to affluent celebrity clients.The pop star's fans were not impressed by Madonna's foray into NFTs. "Please delete this," one user wrote. Another fan urged the pop star not to destroy her unmatched musical legacy by promoting questionable cryptocurrency projects. Most of the comments echo the growing anti-NFT sentiment. "Madonna. I've always looked up to you, but this is very disappointing," another user complained.
Madonna is the most high-profile celebrity to jump on the NFT trend so far, joining such musicians asJustin Bieber and Eminem. Even though she has seen little commercial success over the past decade, she remains the most successful female artist of all time with more than 300 million units sold worldwide. After striking it rich in the mid-80s with "Like a Virgin," her diamond-certified album, she managed to remain at the top of the pop music scene for decades. Despite waning popularity in the U.S., Madonna managed to top charts all around Europe will her electro-pop disco album "Confessions on a Dance Floor" in the mid-2000s.In 2018, the pop star partnered with blockchain company Ripple to raise funds for orphans in Miami.4y Crypto Banter Russia is considering accepting Bitcoin as payment for its oil and gas exports, according to a high-ranking lawmaker.
Pavel Zavalny says "friendly" countries could be allowed to pay in the crypto-currency or in their local currencies.
Earlier this week, Russian President Vladimir Putin said that he wanted "unfriendly" countries to buy its gas with roubles.
The move is understood to be aimed at boosting the Russian currency, which has lost over 20% in value this year.
Sanctions imposed by the UK, US and the European Union, following the invasion of Ukraine, have put a strain on Russia's rouble and raised its cost of living.
However, Russia is still the world's biggest exporter of natural gas and the second largest supplier of oil.
IMAGE SOURCE,REUTERSImage caption,Russian President Vladimir Putin wants "unfriendly countries" to pay for gas with roubles
Mr Zavalny, who heads Russia's State Duma committee on energy, said on Thursday that the country has been exploring alternative ways to receive payment for energy exports.
He said China and Turkey were among "friendly" countries which were "not involved in the sanctions pressure".
"We have been proposing to China for a long time to switch to settlements in national currencies for roubles and yuan," said Mr Zavalny. "With Turkey, it will be lira and roubles."
Mr Zavalny added: "You can also trade bitcoins."
'More risk'
Analysts said Russia may benefit from accepting the popular cryptocurrency, despite the risks.
"Russia is very quickly feeling the impact of unprecedented sanctions," said David Broadstock, a senior research fellow at the Energy Studies Institute in Singapore. "There is a need to shore up the economy and in many ways, Bitcoin is seen as a high growth asset."
However, he noted that the value of Bitcoin has swung by as much as 30% this year. In comparison, the dollar has traded within 5% against the euro.
"Clearly accepting Bitcoin, compared with other traditional currencies, introduces considerably more risk in the trade of natural gas," Mr Broadstock said.
"Moreover, one of the major 'friendly' trade partners for Russia is China, and cryptocurrency is banned for use in China," he added. "This clearly limits potential for payment using Bitcoin."
- Are cryptocurrencies a lifeline for Afghans?
- Millions in Bitcoin donations pour into Ukraine
There are concerns that Russian oligarchs could be using virtual currencies to avoid sanctions.
This has spurred Ukraine's government as well as US and European politicians to ask crypto-currency platforms to ban all Russian users.
But many firms have ruled this out.
"Some ordinary Russians are using crypto as a lifeline now that their currency has collapsed," said Brian Armstrong, chief executive of cryptocurrency firm Coinbase.
He said: "Many of them likely oppose what their country is doing, and a ban would hurt them, too."
On Wednesday, Mr Putin's comments on making "unfriendly" countries pay in roubles drove the currency to a three-week high.
However, many existing gas contracts are agreed upon in euros and it is unclear if Russia can change them. The EU relies on Russia for 40% of its gas.4y Crypto Banter Bitcoin (BTC) returned to $43,000 on March 24 as new purchases by Blockchain protocol Terra fuelled optimism.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView
The BTC buys keep coming
Data showed BTC/USD attempting to crack and secure its highest levels in weeks Thursday.
The pair had consolidated day before, the sideways action on lower timeframes giving way to a "grind" upwards, which took Bitcoin to $43,492 — a price last seen March 3.
Terra, which had become a focus of attention over plans for a giant $10 billion BTC allocation, had sent Tether (USDT) from its alleged wallet worth almost $750 million at the time of writing.
Terra co-founder, Do Kwon, had at first given a $10 billion target for backing the firm's new U.S. dollar stablecoin, followed by $3 billion in an interview at the weekend, but on Tuesday reconfirmed that the ultimate goal was $10 billion.
With liquidity seemingly pouring in, however, the mood among traders was edging towards confidence along with spot price.
Popular Twitter account Credible Crypto in particular took aim at those hoping to buy in at levels below $40,000.
"2.5-3k $BTC per day of supply removed over a long period of time = huge impact," trader Pentoshi added about the Terra buy-ins versus Bitcoin's fixed supply.
Pentoshi continued that such a move could reawaken attention among would-be investors in an atmosphere where mainstream consumer interest in Bitcoin is at macro lows. He summarized:
"Those who are short have to cover higher at some point as supply itself dissipates. What is scarce, becomes more so. This clip can bring back the apes, in which (Kwon) is the lord of the Apes."
El Salvador president comes out fighting amid U.S. threat
Elsewhere, news that El Salvador had reportedly pushed back the release of its so-called "Volcano bonds" with Bitfinex to September did not seem to sour the mood.
With $1.5 billion of interest rumored to be vying for the $1 billion ten-year bond offering, El Salvador President Nayib Bukele remained vocal on social media as U.S. lawmakers escalated measures to investigate the country's Bitcoin adoption.4y Crypto Banter Krafton Inc, the company behind the popular video game, announced today that it has signed a long-term partnership with Solana Labs, a move that will see the duo cooperate and develop blockchain-based games.
Under this partnership, both Solana and Krafton will cooperate and develop blockchain and NFT games and services. The partners will also market and design not only blockchain games, but other innovative technologies in the nascent industry.
Krafton has been looking for diverse ways to explore its game building capabilities in web3 technologies, and its partnership with Solana is tipped to offer such opportunities.
Hyungchul Park, Lead of Web 3.0 Roundtable at KRAFTON, Inc., noted that the company will take advantage of the opportunity presented by the partnership to effectively build its Web 3.0 ecosystem, adding:
“Through this cooperation, KRAFTON will acquire the insight needed to accelerate its investment in and output of blockchain-based experiences.”
Solana Considered Favorites Among Developers
Solana has been widely adopted by developers looking to launch different blockchain projects like decentralized applications and play-to-earn (P2E) games, among others.
The massive adoption of Solana by developers is because of its network’s strength, high speed, and lower transaction fees.
The widespread adoption of Solana puts the network’s native cryptocurrency as the ninth-largest coin, with a market capitalization of nearly $30 billion.
Commenting on the company’s recent partnership, Johnny Lee, Head of Games Business Development at Solana Labs, said:
“We are seeing gamers increasingly seek out on-chain games and gaming companies who respond quickly to this demand will set themselves up well for ongoing success.”4y Crypto Banter A digital extortion gang with a murky background and unconventional methods -- one researcher called them “laughably bad” at times -- has claimed responsibility for a string of compromises against some of the world’s largest technology companies.
The group, known as Lapsus$, said in a series of public posts on the messaging app Telegram this week that it had accessed Okta Inc., the San Francisco-based identity-management firm that provides authentication tools for an array of business clients. Okta said Tuesday that attackers may have viewed data from approximately 2.5% of its customers after breaching the laptop of an engineer at a third-party vendor.
Lapsus$ previously claimed to breach organizations including Nvidia Corp., Samsung Electronics Co., and the gaming company Ubisoft Entertainment SA. The group said it also accessed data from Microsoft Corp., saying it had gathered source code from the company’s Bing search engine, Bing Maps and the Cortana digital assistant. Microsoft said attackers gained “limited access” to its systems, and that attackers had compromised a single account to gather data.
In recent years, most hacking groups have used malware to encrypt a victim’s files, then demanded payment to unlock them, so-called ransomware. Sometimes the groups steal sensitive data and threaten to make it public unless they are paid.
Lapsus$ functions as a “large-scale social engineering and extortion campaign,” though it does not deploy ransomware, Microsoft said. The group uses phone-based tactics to target personal email accounts at victim organizations and pays individual employees or business partners of an organization for illicit access, according to Microsoft.
Lapsus$ also is known for hijacking individual accounts at cryptocurrency exchanges to drain user holdings.
In a March 10 post on its Telegram channel, the group urged followers to provide access to a virtual private network inside their employers’ systems, or share details on how to access remote work tools. In addition, they sought access to telecommunication companies, software and gaming corporations and Latin American phone service providers.
Joshua Shilko, a senior principal analyst at the cybersecurity firm Mandiant Inc., said Lapsus$ may have been active as early as mid-2021 when group members were posting in underground forums. “They’re into the notoriety. They’re interested in being in the spotlight,” he said, adding that the evidence shows they are financially motivated.
In a Twitter post responding to the Lapsus$ allegation, Okta Chief Executive Officer Todd McKinnon said the matter dated back to a January security incident.
Okta Chief Security Officer David Bradbury on Tuesday revealed a five-day window in January when an attacker gained access to a laptop for a support engineer who worked for a third-party vendor. Bradbury also said the company had detected an unsuccessful hacking attempt in January. Okta shares fell by more than 8% before recovering almost all the loss Tuesday.
The group’s Telegram channel posted a series of screenshots that it claimed were evidence of the hack and said that Okta wasn’t the ultimate target. “BEFORE PEOPLE START ASKING: WE DID NOT ACCESS/STEAL ANY DATABASES FROM OKTA - our focus was ONLY on okta customers. ????.”
Brett Callow, a threat analyst at the cybersecurity firm Emsisoft, called the group’s tactics “quite bizarre.” Their actions, he said, “suggest that they may be kids who’re in it for the lulz as much as they are the bucks.” (“Lulz” is a variation of LOL, for laugh out loud).
Initial activity from the group suggested that at least some of its members were in Brazil, as that was the home nation of many of the companies first targeted, said Allan Liska, intelligence analyst at the threat-intelligence firm Recorded Future. Membership in hacking collectives is fluid, Liska said. Recorded Future hasn’t observed any activity from apparent Lapsus$ members on popular Russian-speaking forums, he said.
“They seem laughably bad at times, but then here they are publishing Microsoft source code,” he said. “This may be that same mix of really talented members and some idiots. Even idiots stumble into success once in a while.”4y Crypto Banter - Cypher Capital has set aside $40 million of its seed fund towards Indian cryptocurrency and blockchain startups.
- The private venture capital firm says it has already invested in fifteen Indian companies, including SolRazr and Safle.
- Business Insider caught up with the company at the 2022 AIBC UAE Expo to understand the firm's plans for India.
Cypher Capital, a private venture capital firm, announced the launch of a $100 million blockchain fund, and it aims to invest 40% of it in Indian cryptocurrency and blockchain startups.Cypher Capital is a UAE-based venture capital firm and it has made investments in fifteen Indian blockchain startups like SolRazr and Safle. While SolRazr is a new Solana-based decentralised platform, Safle offers storing digital identities and over 500 digital assets, protected using a master key.There is a reason the firm has reserved a $40 million seed fund for Indian startups – India has over 100 million cryptocurrency users, and despite the regulatory uncertainty and adverse comments, Cypher Capital’s Vineet Budki is confident that the policies will normalise over time.And it’s not just Cypher Capital that is bullish on the Indian market – in 2021 alone, Indian cryptocurrency and blockchain startups saw funding worth $638 million, according to industry tracker Tracxn. This includes some big names like Andreessen Horowitz, Sequoia India, Kalaari Capital and Antler India.“India with its 100 million crypto users is the next big market for cryptocurrency adoption and we believe in educating people on the use cases like DeFi (Decentralised Finance) lending and borrowing, play to earn, etc., and handholding blockchain startups to build valuable companies,” said Vineet Budki, managing partner of Cypher Capital.Business Insider caught up with Vineet Budki at the 2022 AIBC UAE expo, to understand why his company is bullish on the prospects of cryptocurrency and blockchain in India. Here’s what he had to say:
Looking beyond the speculative strain of crypto trading
Blockchain has multiple use cases, theoretically, but not all of them can or are needed to be implemented in the real world, as things stand today.However, one of the areas where blockchain can help is the tokenisation of physical assets, allowing investors to own assets that they otherwise wouldn’t be able to due to the amount of capital needed.This way, large assets can be divided into smaller fractions, bringing down the required capital outlay so more people can afford to purchase those assets.Apart from this, Budki also stated that the recent policy clarifications regarding prohibiting set-off of losses across various cryptocurrency coins, the 1% TDS on every crypto trade and the 30% tax on gains are not causes for concern to the firm.He justifies this stance by saying that over a longer period of time, these regulations will stabilise and there will be certainty as mass adoption of cryptocurrencies and blockchain will drive regulation and help it evolve.4y Crypto Banter - Thailand will ban the use of cryptocurrencies as a means of payment for goods and services.
- According to the Bank of Thailand, a ban on crypto payments is necessary to protect the stability of the financial system.
- Despite increasing restrictions from regulators, cryptocurrency adoption in Thailand is flourishing.
Thailand’s Securities and Exchange Commission has banned the use of digital assets as a means of paying for goods and services. Officials stated the need to protect financial stability and the national economy as reasons for the ban.
Thailand Bans Crypto Payments
Cryptocurrency use has been dealt a significant blow in Thailand.
The country’s Securities and Exchange Commission and the Bank of Thailand released a joint statement Wednesday issuing new rules on the use of digital assets as a means of payment for goods and services. From Apr. 1, digital assets such as Bitcoin and Ethereum will no longer be legal to use as a payment method.
The statement asserts that business and crypto exchanges in Thailand must not provide digital asset payment services or encourage using them as a means of payment. While using cryptocurrencies to pay for goods and services will be prohibited, holding and trading digital assets remains unaffected. Those in breach of the new rules have until Apr. 30 to comply.
According to the Bank of Thailand and the country’s SEC, a ban on crypto payments is necessary because it may affect the stability of the financial system and the overall economy. The pair state that the emergence of a unit of account or a pricing unit other than Thailand’s official currency, the Thai baht, will reduce the efficiency of monetary policy transmission. Additionally, in the event of a liquidity crisis in the country, the Bank of Thailand would be unable to provide financial assistance in any form except the Thai baht.
The new rules regarding crypto payments follow previous statements made by the Bank of Thailand. The bank warned that it does not support cryptocurrencies as a valid payment method due to “high volatility and the risk of cyber theft.” However, while Thai regulators crackdown on crypto, they also appear to recognize the benefits of blockchain technologies. The Bank of Thailand plans to launch a pilot for a retail central bank digital currency by the end of 2022 with the aim of reducing financial costs.
Despite increasing restrictions from regulators, cryptocurrency adoption in Thailand is flourishing. According to a report published by Statista Mar. 4, Thailand ranks seventh globally in terms of on-chain value received as a cryptocurrency adoption metric. The country has also attracted institutional investment in the crypto sector, with Thai billionaire Sarath Ratanavadi partnering with Binance to set up a local crypto exchange. 4y Crypto Banter - Credit Kudos becomes the latest European open banking startup to be snapped up by a US acquirer.
- One source said the deal valued Credit Kudos at about $150 million, a significant uplift on its last funding round.
Credit Kudos, a UK open banking startup that helps lenders make better decisions, has been acquired by US tech giant Apple.
The deal closed earlier this week, according to three people close to the deal. One source said it valued the startup at about $150 million, a significant uplift in valuation. A link labeled 'Website Terms of Use' on the Credit Kudos website currently leads to a page outlining Apple’s terms of use. Both Credit Kudos and Apple were contacted for comment but did not respond by press time.
Credit Kudos last raised money at the height of the Covid-19 pandemic in April 2020, bagging £5 million (roughly $6.5 million) in a round led by AlbionVC. TriplePoint Capital, Plug and Play Ventures, Ascension Ventures’ Fair by Design fund, Entrepreneur First and a number of angel backers also invested.
The startup offers insights and scores on loan applicants drawn from bank data — specifically transaction and loan outcome data — sourced via the UK’s open banking framework. Its API can offer lenders faster decision-making, less risk, and increased acceptance rates, according to its website.
Open Banking frenzy
Launched in 2015 by founders Freddy Kelly and Matt Schofield, Credit Kudos becomes the latest in a string of big European open banking acquisitions in the past year — albeit the first to be snapped up by a tech giant.
Up to now, card network operators Mastercard and Visa have been driving consolidation in the sector. In June 2021, Visa paid €1.8 billion (roughly $2.15 billion at the time) for Swedish open banking firm Tink — an acquisition that was finalized earlier this month. In September, Mastercard announced the acquisition of Aiia, a Danish open banking startup.
It is not yet clear what Apple has planned for Credit Kudos. The Silicon Valley-based company currently offers financial products primarily through its mobile wallet Apple Pay, and in the form of a credit card that it began rolling out in August 2019.4y Crypto Banter - The head of the ECB, Christine Lagarde, said that she was very concerned about this and considered that cryptocurrencies pose a threat to the success of the sanctions imposed by the West on the Russian government for the invasion of Ukraine.
- US President Joe Biden and his European allies will announce a new sanctions package against Russia on Thursday, the White House said.
The president of the European Central Bank, Christine Lagarde said that in Russia cryptocurrencies are being used to bypass the sanctions imposed by the West. The statements came on Tuesday, hours before the White House announced new sanctions against the invading country by the US and the European Union.
Lagarde pointed out that there are indications that some Russians may be using digital assets to circumvent sanctions for the invasion of Ukraine, by converting rubles into cryptocurrencies and stablecoins, as well as stablecoins into other digital assets.
In her dissertation at the Bank for International Settlements Innovation Summit, she indicated that the monetary authorities are observing an unusual increase in the volume of transactions with cryptocurrencies involving the ruble, as reported by Bloomberg.
Crypto is “a threat”
However, in her speech Lagarde did not directly single out the Russian government as evading sanctions through the use of cryptocurrencies. She said that it is Russian companies and individuals who are using digital money for this purpose.
Lagarde considers that cryptocurrencies represent a threat for the sanctions to achieve their objective, while taking the opportunity to promote the benefits of the digital euro, the central bank digital currency (CBDC) that the ECB plans to launch soon.
She also warned that cryptocurrencies cannot be left to be a loophole when it comes to sanctions.
On the Flipside
- From the very beginning of the war, it was said that Russia would try to use cryptocurrencies to trade its exports and evade harsh sanctions from the West.
- Crypto Exchanges such as Binance and Coinbase said they did not intend to block their Russian clients, unless ordered to do so by the US and European governments.
New sanctions against Russia during NATO summit
Also Tuesday, the White House said that President Joe Biden and his European allies will hold an emergency NATO summit in Brussels on Thursday. There, too, Biden will meet with the Group of 7 and attend a session of the European Council.
During the meeting with European heads of government, a new package of sanctions against Russia will be announced. According to White House national security adviser Jake Sullivan, the new measures seek to prevent the Kremlin from circumventing current economic sanctions.4y Crypto Banter In a bid to simplify the process of listing new cryptocurrencies, JVCEA is aiming to release a “green list”. The plan is initiated to catch up with foreign crypto trading platforms and to boost the investors in Japan. The green list includes cryptos that are widely handled in the country, such as bitcoin, Ethereum, XRP, and Litecoin.
Green list will ease crypto screening process
According to Nikkei Asia, the Japan Virtual and Crypto Assets Exchange Association (JVCEA) intends to reveal a “green list” of cryptocurrencies by the end of March. Earlier, exchanges needed to go through the screening process to list any currency. Now, digital assets that will fall on the green list will require no screening to be listed.
This initiative will ease the crypto listing process but the conditions in place require a digital token to be listed on three or more exchanges, one of which has listed the currency for at least six months.
Japanese crypto exchanges aim to boost crypto listing
Japanese exchanges have listed only 40 cryptocurrencies till now, on the other side, Coinbase alone has listed more than 150 coins on its platform. As per the report, there were more than 80 applications were waiting to be approved as the exchanges had to go through a lengthy process. Even widely circulated tokens such as Bitcoin and Ethereum have to face the same problems.
Japanese exchanges users are reported held 1.18 trillion yen ($9.8 billion) worth of cryptocurrency as of January. GMO coin handles 20 cryptocurrencies which is the largest number of listings in the country. Some industry executives reportedly said that many traders flocked to exchanges, such as Binance, partly due to the lack of options.
JVCEA’s this decision will hopefully boost the coin listing in the country which will eventually help cryptocurrency adoption.
The new measure will free up JVCEA to spend more resources approving new cryptocurrencies as well as initial coin offerings and initial exchange offerings, an official said, reports Nikkei Asia4y Crypto Banter - Bitcoin price rallied 4%, suggesting a continuation of the uptrend.
- Ethereum retested the $3,000 level while altcoins are rising violently.
- On-chain data shows that this uptick in BTC is due to multiple inflows in stablecoins.
Bitcoin price saw a sudden uptick in buying pressure causing Ethereum and altcoins to surge. This move can be explained from a technical and on-chain perspective, complementing each other.
Bitcoin and its role in the LUNA bet
The ongoing bet between Terra founder Do Kwan, popular traders Algod.ust and GCR could be a key to understanding why Bitcoin is pumping. The traders speculate that LUNA price will be lower than it was on March 14 while Do Kwan argues that the demand for the altcoin will only increase.
TerraLabs' founder is confident and explains that they will further strengthen the fundamentals of LUNA and stablecoin (UST) by involving Bitcoin. As an explanation, Do Kwan stated in a recent discussion with Udi Wertheimer that they will be buying $3 billion worth of BTC using UST.
Do Kwan stated the purchased BTC will be used as reserves for the company stablecoin UST. In a recent tweet, the founder bumped the number from $3 billion to $10 billion.
While the bet set a premise, the idea of purchasing billions worth of BTC is bullish no matter how you see it. Although unconfirmed, a closer look at on-chain data reveals unusual inflows to exchanges, which could be a result of TerraLabs buying Bitcoins.
Etherscan data shows a $125 million worth of stablecoin being transferred, opening up speculation among traders.
A popular trader with a screen name "Sisyphus" tweeted,
Pretty sure terra bought the entire $125mm they moved in one candle.
On-chain metric reveals massive inflows
Taking a look at the inflow of stablecoins shows multiple spikes, i.e., from March 21, four major inflows were noticed totaling up to $385 million. As a result Bitcoin price has spiked from $41,100 to 42,500, denoting a 3.4% surge.
Interestingly, the last time stablecoin inflow spiked to $99 million, BTC also saw a similar uptick in its price. While the current move is not a lot in the crypto ecosystem, it has caused altcoins to rise uncontrollably.
Ethereum price, in particular, has rallied 5% and tagged the $3,000 psychological level.
BTC/USD vs stablecoin inflows
Bitcoin price shows the possibility of a move high as it is currently consolidating inside a symmetrical triangle. This technical formation forecasts a 26% move obtained by adding the distance between the first swing high and swing low to the breakout point.
If the run-up produces a daily candlestick close above the triangle’s upper trend line at $43,300, it will signal a bullish breakout. This move will forecast a 26% upswing to $54,381, which will create a higher high and indicate the start of a bull run.
In such a case, investors can expect a continuation of this uptrend to produce a higher low and eventually a move back to the $60,000 psychological level.
BTC/USDT 1-day chart
However, if BTC produces a daily candlestick close below the triangle’s lower trend line at $35,000, it will indicate a bearish breakout and trigger a crash to $30,000 or lower4y Crypto Banter The United States Securities Exchange Commission is attempting to delay the XRP lawsuit further.
The regulator filed yet another motion requesting the federal judge for a brief time extension in the courtroom battle that has been drawn out for more than a year now. Interestingly, the SEC’s new letter had a footnote indicating that Ripple recommended initial summary judgment briefs be filed as early as mid-May.
Ripple: The SEC Has Delayed Resolution Of Case “Long Enough”
Trouble in Ripple paradise began when the SEC filed a lawsuit against the San Francisco-based blockchain payments startup and two of its top officials back in December 2020. The agency alleged that they unlawfully sold XRP for eight years through an unregistered securities offering. Ripple and the SEC have been battling it out in court since then, with neither party opting for settlement.
The SEC recently requested a one-week extension to advise the court about its position regarding carrying out any additional discovery.
The individual defendants in the case are seeking to conduct discovery after the judge announces her ruling on the summary judgment motions. They have not specified the degree of the discovery they will be conducting, which explains why the SEC is asking for more time to establish whether it’s necessary. The SEC argues that the briefing schedule proposed by Ripple is premature.
However, Ripple says the securities watchdog has delayed the resolution of the misguided lawsuit “long enough”. The company is strongly opposed to the extension of the March 23 deadline to file a motion about any additional discovery, adding that “nothing should further delay Ripple from moving for summary judgment and demonstrating to the Court that XRP is not a security.”
Can XRP Reach A New All-Time High After The Positive Developments In The Case?
While Ripple wants to expedite the litigation process, the SEC is clearly hell-bent on delaying the case as it edges towards its final stages.
“The Court should deny the SEC’s motion for yet another extension of time. The parties will then identify by March 23 any additional discovery that is needed. Once those letters are filed, the parties can then propose to the district court appropriate schedules for summary judgment and Daubert briefs,” Ripple’s letter to Magistrate Judge Sarah Netburn reads.
All in all, Ripple has enjoyed momentous success in recent months as bullish XRP sentiments continue to grow. Most recently, US District Judge Analisa Torres denied the SEC’s motion to stop Ripple from citing its key fair notice defense. Ripple CEO Brad Garlinghouse was pleased with the ruling, as ZyCrypto reported. He believes the “huge win” was not just for Ripple but for the whole cryptocurrency industry as well.
Garlinghouse is also confident the cases against him and executive chairman Chris Larsen will be dismissed ultimately.
It remains to be seen whether XRP can retake its previous all-time high on the back of these bullish developments. The Ripple-affiliated token is changing hands at around $0.8493 at press time, a 4.02% increase in value over the last day.4y Crypto Banter 
