Web3 News: Essentials You Need to Know
Hey everyone! Welcome back to our bi-daily Web3 newsletter. In today’s edition we’re highlighting top news, Bitcoin’s Massive Leap, Dogecoin and Shiba Inu Volatility, and more!
Let´s jump in!
Bitcoin hits $30K!
Bitcoin hits $30,000, propelled by institutional interest, regulatory advancements, and wider adoption. Visa and Mastercard have embraced Bitcoin, and clearer regulations are emerging worldwide. Investor confidence is at an all-time high, and businesses are accepting Bitcoin.
The rise highlights the digital finance landscape’s evolution, and it’s crucial to stay informed as cryptocurrencies gain ground in investments and daily life. Bitcoin leads the charge in this new era of digital finance.
GDAC Exchange Hacked
South Korea’s GDAC cryptocurrency exchange suffers a $14 million hack on its hot wallet system. GDAC has suspended deposits and withdrawals, working with authorities and experts to investigate and reduce potential harm.
The attack highlights the need for strong security measures and constant vigilance in the growing world of cryptocurrencies. Exchanges and users must prioritize investment protection and platform integrity.
Metamask’s Fiat Gateway
Metamask introduces a game-changing feature allowing the direct purchase of cryptocurrencies using fiat money. Users can buy Ethereum, ERC20 tokens, and other coins without navigating a separate exchange.
The update streamlines the user experience, simplifies onboarding for new investors, and potentially boosts mainstream adoption. Metamask solidifies its position as a leading crypto wallet solution.
Dogecoin and Shiba Inu Experience Volatility Amidst Technical Resistance
Dogecoin (DOGE) is volatile after a 30% surge last week, with prices settling down. DOGE/USD hit a low of $0.08204, then peaked at $0.08383 with an RSI nearing a ceiling of 55.00. If the RSI continues, DOGE could trade above $0.0850.
Shiba Inu (SHIB) consolidates with little change, despite a recent upwards cross between the 10-day and 25-day moving averages. The RSI remains below a critical ceiling at 50.00, and bulls need to overcome technical resistance levels to restore market sentiment.
DeFi Regulation Explored
The Banque de France explores DeFi and its regulation approaches in a recent paper. Authors suggest regulating blockchain security through certification and supervising DAOs by incorporating and controlling intermediaries for customer protection.
They also propose expanding the MiCA regulation to cover fully decentralized services and DeFi intermediaries. Stablecoin regulation is essential, and additional rules are needed for stablecoin use in DAOs as the MiCA framework doesn’t apply to fully decentralized services.
This examination contributes to the ongoing conversation surrounding European crypto asset regulation.
Circle, BlockFi Scrutinized
Senators Warren and Ocasio-Cortez express concerns over Circle and BlockFi’s banking relationships with Silicon Valley Bank (SVB) due to potential risk posed to the traditional financial system.
The lawmakers seek clarification on risk management strategies and compliance with regulatory requirements through a joint letter.
The increased scrutiny highlights growing regulatory concerns about crypto companies’ potential impact on traditional financial institutions and the broader economy.
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