Kyptos Weekly (March 6 – March 12): Bad news – the most serious USDC depeg in history

Bitcoin lost the $20,000 mark, the crypto market crashed back to mid-January levels because of a series of negative news that flooded the market in just the past 7 days. Then on March 10, the crypto industry fell into a new crisis when the second largest stablecoin in the market was USDC depeg seriously.

Let’s review it all with Kyptos to make sure you don’t miss any important news! ๐Ÿ˜‰

Top Cryptocurrencies Value Movements compared to 7 days ago, screenshot at 10:00 AM on 12/03/2023. Source: Coin360

๐Ÿ“Œ Kyptos Originals โ€“ Must-read articles

โ€“ Kyptos Blog:

๐Ÿ“บ Kyptos TV

โ€“ DeFi Discussion ep.86: Zero-Knowledge Decoding โ€“ Is ZK synonymous with privacy?

โ€“ Weekly news:

โ€“ Knowledge: What are โ€œLayer 0โ€, โ€œLayer 1โ€ and โ€œLayer 2โ€ and why are they important?

๐Ÿ“ฐ News point

Central point ๐Ÿ”ฅ

โ€“ A series of bad news makes Bitcoin Plunge to 7-week low:

โ€“ Stablecoin USDC drops to 0.88 USD, all-time low:

โ€“ MT. Gox continue to postpone the Bitcoin debt payment schedule to April

โ€“ CFTC disagrees with SECsaying stablecoins and Ethereum are not โ€œsecuritiesโ€ โ€“

Big Cap

โ€“ Vitalik Buterin “discharge” the coins that are given for free, collecting $ 700,000

โ€“ Token price HT Huobi’s “crash” 93%, then recovered

โ€“ Token LDO Lido Finance’s share dropped after rumors of receiving “bad news” from the SEC

โ€“ Stablecoin cash flow on layer-2 solutions Ethereum crosses the $2 billion mark

โ€“ Hedera Hashgraph (HBAR) Having technical problems, suspected of being hacked?

DeFi and Layer 2 ๐Ÿฆ„

โ€“ Rollkit support Rollup development on the infrastructure of Bitcoin

โ€“ Solution layer-2 Scroll raise capital 50 million USD

โ€“ Solution layer-2 Shibarium by Shiba Inu (SHIB) coming out this week

โ€“ MakerDAO Proposing to buy an additional $750 million in US bonds

โ€“ Arbitrum-based lending platform hack 1.59 million USD

โ€“ Safeheron discovered the vulnerability “revealing private key” when interacting with dApp on StarkNet

NFT, GameFi and Metaverse ๐Ÿ–ผ๐ŸŽฎ๐ŸŒ

โ€“ Tensor Announcement of airdrop plan for NFT investors on Solana

โ€“ Blur accounted for 84% of NFT transactions on Ethereum in the first week of March

โ€“ NFT collection โ€œreputableโ€ Vitalik Buterin to the top of OpenSea

โ€“ Starbucks “sold out” the first NFT collection in just 18 minutes

โ€“ Yuga Labs will test the second version of the metaverse game Otherside on March 25

โ€“ Yuga Labs Open auction of Bitcoin NFT TwelveFold collection, entangled with criticism from the community

โ€“ The Sandbox (SAND) about to release NFT king chef Gordon Ramsay

Large organizations ๐Ÿ’ฐ

โ€“ Spot trading market share of Binance 4 months in a row

โ€“ Coinbase introduces โ€œWallet-as-a-Serviceโ€ and multi-signature wallet approach

โ€“ FTX/Alameda sue Grayscale and Digital Currency Group

โ€“ Babel Finance want to issue stablecoin to cover the loss of 766 million USD

โ€“ CoinFLEX reached agreement on debt restructuring, clearing the way for 3AC’s OPNX exchange

โ€“ Floor Gemini Denies the loss of US banking partner

โ€“ Bybit suspending USD deposits and withdrawals because of the loss of banking partners

โ€“ Kraken plan to set up their own bank despite the difficult legal situation

โ€“ Dissolution of asset management department

Legal and Reception ๏ธ

โ€“ Singapore Start investigating Terraform Labs by Do Kwon

โ€“ Binance once invited SEC Chairman Gensler as an advisor

โ€“ Thailand Tax exemption for companies issuing tokens to raise capital

โ€“ After FTX, the Esports team TSM chose to cooperate with Avalanche

โ€“ Sui reached a cooperation agreement with Alibaba Cloud

โ€“ Advertising of crypto companies gradually disappears from F1 race

Synthetic Kyptos

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