"Breaking News in Crypto: US Banks Causing Market Decline, DOJ Appeals Voyager-Binance Deal, & More"
Hey there! Let's talk about some recent developments in the world of cryptocurrencies.
It seems that the digital asset industry is experiencing some selling pressure due to concerns about US-based banks. Silicon Valley Bank's stocks have dropped by a staggering 60%, which caused the crypto market to decline by $60 billion in just 24 hours. Experts are warning that this is a critical time for the crypto industry, with some even suggesting a potential crisis similar to that of 1929.
Another big news is that the U.S. Department of Justice has filed an appeal against Judge Wiles' decision to approve the sale of Voyager Digital assets to Binance US for $1 billion. The Voyager Creditors Committee plans to challenge any appeal against the deal and will work with Debtors to oppose it. Despite this, Voyager Digital continues to sell crypto assets, selling over $56 million worth to Binance US, Coinbase, and Wintermute Trading on Thursday.
Moving on, investors are currently cautious ahead of the release of nonfarm payrolls and unemployment rate data for February by the US Bureau of Labor Statistics. Wall Street firms have mixed estimates on nonfarm payrolls, with some predicting over 250K jobs and others at 200K. The crypto market may continue to fall if the data comes in as expected, but an unemployment rate above 3.4% could move the market upward.
In other news, Thailand's SEC is proposing a ban on staking and lending services by virtual asset service providers (VASPs) and has invited feedback from stakeholders and interested parties via its website or email. The proposed regulation aims to provide greater protection to investors, reduce associated risks, and prevent a misunderstanding that deposit taking and lending services are under the same supervision as regulated digital asset businesses.
Finally, Bitget, the largest crypto copy trading platform, has announced that it will list CryptoGPT (GPT) on its spot market's AI Zone. CryptoGPT is an Ethereum-based blockchain protocol designed for the AI revolution and aims to monetize data using encrypted zero-knowledge-proof technology. Bitget has listed over 50 promising blockchain projects in the last two months and supported about 450 coins with over 580 trading pairs as of February 2023.
So, these are some of the latest developments in the world of cryptocurrencies. We'll keep you updated as more news emerges.