Insights from crypto experts, Flybondi’s NFT tickets, Bitcoin’s third positive month, Novogratz highlights enthusiasm amid pressure and more
Experts analyze the crypto market’s low liquidity risk after the US bank failure
> The root cause of the decline in March continues to cause concern for the market.
> A major issue is the low liquidity risk exposed by the closure of Silvergate’s SEN network and Signature’s Signet network in early March.
> Liquidity is a crucial aspect of the trading world and its importance can be summed up by the saying “Liquidity is king”, which refers to the market’s ability to easily convert an asset into fiat currency. Full report here.
Flybondi takes the skies by storm with NFT Ticketing
> This new integration, called Ticket 3.0, is a continuation of Flybondi’s partnership with NFT ticketing company TravelX, which was established in September 2022.
> The NFT ticketing technology, built on the Algorand blockchain, gives passengers the ability to rename, transfer or sell NFT tickets independently.
> According to Flybondi, the NFT ticket “provides a more flexible travel experience by allowing passengers to buy tickets in advance without having to specify their travel plans or who the travelers will be.”
> This new integration not only offers convenience to passengers, but also reduces customer service costs for the airline and increases revenue through merchant fees. More here.
UNICEF’s Blockchain Revolution: Embracing DAOs for Digital Public Goods
> “We are in the process of creating a DAO prototype to ensure fair distribution of power and communication in the realm of globally distributed digital commons,” said Arun Maharajan, UNICEF’s blockchain lead, during a recent interview at Paris Blockchain Week.
> Digital Public Goods (DPG) consist of open source software, models and standards that countries can use to develop digital infrastructure as an alternative to private, proprietary solutions.
> Built on the Layer 2 solution Polygon, this pilot project aims to facilitate communication between DPG stakeholders when considering potential new features. Continue reading.
Novogratz’s Take: Investor Enthusiasm Counters US Crackdown
> “Despite the extensive international activity and domestic government attempts to suppress the industry, cryptocurrency prices continue to rise,” Novogratz said at the FII Institute’s PRIORITY Summit in Miami Beach on Thursday.
> He acknowledged that the inflow of institutional capital has slowed down, but remains optimistic due to the unwavering commitment of the crypto community.
> “Cryptocurrency began as a grassroots revolution driven by people who lacked trust in governments.
> Challenging this passionate and devoted crypto community is like taking on a group with an almost religious belief in the technology,” he explained. More here.
BRICS Currency Evolution: Pioneering a Digital Revolution in Emerging Economies
> “He noted that transition to domestic currency transactions is a first step, followed by the introduction and circulation of a digital or alternative form of a pioneering currency in the near future.
> Babakov expects that the BRICS leaders’ summit will reveal their readiness to implement this initiative, with ongoing work on the project.
> Babakov did not dismiss the potential emergence of a single currency within the BRICS alliance.
> This proposed currency can be backed not only by gold, but also by other product categories, rare earth elements or even land. Continue reading.
Silk Road Connection: US Government Will Sell 41.5k Bitcoin in 2023
> The US government currently holds more than 205,000 BTC as of March 27, making it the largest holder of BTC, due to its long history of seizures.
> The government initially seized 69,369 BTC from an individual, X, who was connected to the Silk Road marketplace. This was followed by the seizure of 50,000 bitcoins from James Zhong, who was also linked to the Silk Road.
> The latest court documents now reveal that the government plans to sell 41,500 bitcoins linked to the Silk Road. More here.
Grenada ends Justin Sun’s role as WTO representative in wake of SEC lawsuit
> In a series of tweets, Sun expressed his gratitude for the experiences and support he received during his tenure and stated that he intended to focus on digital economy and crypto regulation in his future career as a public official.
> Sun had served as Grenada’s representative to the WTO since November 2021 and had achieved significant progress on various fronts during his tenure.
> He served as head of Grenada’s delegation to the 12th Ministerial Conference and had the opportunity to address the conference and discuss trade issues with representatives from around the world. More here.
Cryptocurrency Surge: Bitcoin, Ether and Altcoins Rally Amid Binance’s Legal Troubles
Cryptocurrency values appeared unaffected by the Commodity Futures Trading Commission’s lawsuit against Binance earlier this week, with bitcoin experiencing its most successful quarter since 2021.
> Over the past week, Bitcoin’s value increased by about 2.6%, reaching $28,200, according to Coinbase data obtained from TradingView. In the first quarter, Bitcoin’s value surged over 70%, marking its strongest performance since the start of 2021, driven by a surge in risk assets.
>The CFTC is suing Binance and its CEO, Changpeng Zhao, for allegedly violating federal regulations and failing to register the exchange in the United States.
> This legal action initially caused a drop in cryptocurrency prices at the beginning of the week, but the market quickly recovered. BNB coin experienced a 3% drop to $314 during the week.
> Over the past seven days, Ether’s value has increased by around 3.2%, trading at approximately $1,800. Ripple’s XRP saw an 18% gain following updates on the SEC lawsuit, although a final decision is pending.
> Cardano’s ADA increased by over 8%, and Dogecoin’s value increased by 7.5% during the same time frame.
> ARB’s price fell by 7.2% in the last 24 hours, falling to $1.18, according to CoinGecko data. This decline occurred after the Arbitrum Foundation began selling ARB tokens in exchange for stablecoins, before the community formally approved the budget.
