Web3 digest at the beginning of this week!
The start of the week brought forth interesting news from the world of finance, particularly cryptocurrency. We present the key news in our weekly roundup. Wishing you a wonderful week!
Twitter’s New CEO
Following Elon Musk’s departure, NBCUniversal veteran Linda Yaccarino is set to take over as Twitter’s CEO. Musk announced the transition in a recent tweet, highlighting Yaccarino’s experience in global advertising and partnerships. As the incoming CEO, she will prioritize business operations while Musk continues to oversee product design and technology.
Fed’s New Faces
President Joe Biden has nominated economist Philip Jefferson as vice chair and Adriana Kugler for a vacant governor seat at the Federal Reserve. Jefferson, presently a Fed governor, is set to replace Lael Brainard, while former Labor Department chief economist Kugler will fill an empty board seat. The nominations, which also include a full-term renomination for Fed governor Lisa Cook, now await a Senate vote.
Binance Exits Canada
Binance, the world’s largest cryptocurrency exchange, has decided to proactively withdraw from the Canadian market, citing the country’s new guidance related to stablecoins and investor limits as untenable for its operations.
Ethereum LSDs Surge
In less than two weeks, over 440,000 Ethereum, equivalent to roughly $793 million, has been added to liquid staking derivatives (LSDs), increasing the total value locked (TVL) to $16.101 billion, despite the declining market value of Ethereum.
Coinbase’s Global Council
Coinbase, the prominent crypto exchange, has formed a Global Advisory Council, featuring former U.S. lawmakers and industry leaders to guide the company on crypto policies amid the complex and evolving global crypto landscape.
Meme Coins Stumble
Meme coins Shiba Inu ($SHIB) and Dogecoin ($DOGE) neared multi-month lows on Friday, reacting to the news that Elon Musk has found a new CEO for Twitter.
As the relative strength index (RSI) for SHIB moved deep into oversold territory and DOGE traders seemed to buy the dip, there’s potential for a market reversal in the coming days.
Fiscal Cliff Looms
The U.S. government may face an inability to meet its financial obligations as early as June, according to a recent Congressional Budget Office (CBO) report. Reaching its statutory debt limit of $31.4 trillion in January has put the U.S. at risk of defaulting on its debt. CBO also predicts a larger-than-anticipated federal budget deficit of $1.5 trillion in 2023.
