BTC NEWS

Bitcoin consolidated recent gains on March 21, as markets await the upcoming Federal Open Market Committee (FOMC) meeting. Many expect that the Federal Reserve will maintain rate hikes, however at a slower pace of 25 basis points. This comes after the U.S. announced it will explore measures to guarantee client deposits at embattled banks following a recent crisis.

Bitcoin

Bitcoin (BTC) was once again trading below $28,000, as traders consolidated recent gains ahead of the upcoming FOMC meeting.

Following a high of $28,352.76 to start the week, BTC/USD fell to an intraday low of $27,439.65 earlier today.

The move sees bitcoin move away from its recent nine-month high, ahead of tomorrow’s rate decision, which will likely lead to increased market volatility.

One sign of this uncertainty comes as the 14-day relative strength index (RSI), which failed to move beyond a ceiling of its own.

As of writing, the index is tracking at 71.47, which is marginally below a resistance level at 72.00.

BTC has since risen back above $28,000 however, with price swings likely to persist throughout the course of the day.

Ethereum

On the other hand, ethereum (ETH) remained below $1,800 for the second straight session, following a recent climb into overbought territory.

ETH/USD fell to an intraday low of $1,725.01 on Tuesday, a day after trading at a peak of $1,788.13.

Despite a recent upward crossover of the 10-day (red) and 25-day (blue) moving averages, it appears that momentum has shifted.

From the chart, it appears that this coincides with the RSI falling back below a point of support at 61.00

At the time of writing, the index is tracking at 60.74, with ethereum slightly higher, and the asset is currently trading at $1,762.33.

In order for bulls to recapture the $1,800 mark, this ceiling on the RSI must first be broken.

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Will the Federal Reserve increase interest rates on Wednesday? Leave your thoughts in the comments below.

With the Federal Open Market Committee convening on Wednesday and the recent financial troubles facing the U.S. banking system, White House press secretary Karine Jean-Pierre said President Joe Biden has “confidence” in Federal Reserve chair Jerome Powell. Meanwhile, according to the CME Group’s Fedwatch tool, the target rate probability suggests the Fed will raise the federal funds rate by 25 basis points (bps) this week. There’s also a 26.9% chance the U.S. central bank won’t raise the rate this month.

Market Laser-Focused on Upcoming Fed Meeting; Biden Administration Confident in Powell’s Leadership

It has been a tumultuous week in the U.S. banking industry as three major banks collapsed, and the Federal Reserve announced that it would fully bail out two of them. Additionally, the U.S. central bank created the Bank Term Funding Program (BTFP) to assist failed banks and their depositors. Moreover, the Fed loaned the banks $164.8 billion to strengthen liquidity and collaborated on March 19 with five other major central banks to boost U.S. dollar liquidity.

To make matters worse, a recently published paper indicates that roughly 186 U.S. banks are grappling with the same problems as Silicon Valley Bank, and First Republic Bank’s stock plummeted on March 20, losing more than 40% of its value in a single day. In the meantime, on March 22, the Federal Open Market Committee (FOMC) and Fed chair Jerome Powell will determine the fate of the federal funds rate.

Prior to the banking industry fallout, the U.S. central bank had been raising the benchmark rate rapidly every month since this time last year, following the significant monetary expansion in response to the Covid-19 pandemic, which saw the institution keeping rates suppressed at zero. When inflation began to soar, Fed members, including chair Powell, referred to it as “transitory” and predicted it wouldn’t last.

However, the Fed’s swift monetary tightening in response to inflation has caused significant issues with long-duration Treasury notes. During the White House press briefing on Monday, press secretary Karine Jean-Pierre was asked about president Biden’s opinion of the Fed chair’s leadership and whether Powell might be replaced as the Fed’s head. “No, not at all. The president has confidence in Jerome Powell,” Jean-Pierre stated.

Eight days prior, on March 13, president Biden had reassured Americans that the U.S. banking system was secure. “Americans can rest assured that our banking system is safe,” he said. “Your deposits are secure. Let me also assure you that we will not stop here. We will do whatever is necessary,” the U.S. president added.

Additionally, market strategists and economists are curious about the Fed’s plans for Wednesday, with some speculating that the central bank will be dovish. For example, last week, Goldman Sachs chief economist Jan Hatzius revised the bank’s U.S. federal funds rate forecast and stated that he does not expect a hike on Wednesday.

Other market analysts anticipate that the Fed will raise the rate by 25 basis points (bps) this week. At the time of writing, the CME Group Fedwatch tool indicates a 73.1% chance that the 25bps rate increase will occur. The Fedwatch tool also indicates that 26.9% of analysts predict no rate hike this month.

What do you think the Fed’s decision will be this coming Wednesday? Share your thoughts about this subject in the comments section below.

Main Takeaways

Binance Oracle VRF is a Verifiable Random Function (VRF) solution that enables blockchain developers to generate random numbers.
Binance Oracle VRF can be used for an extensive selection of use cases, including GameFi projects and other blockchain products built with smart contracts.
Keep reading to learn more about how VRFs work, why blockchain applications need randomness, and how Binance Oracle VRF could benefit your project or business.

Powered by Binance Cloud and based on the latest Verifiable Random Function (VRF) standard, here’s everything you need to know about Binance Oracle VRF.

What Is a Verifiable Random Function (VRF)?

Verifiable Random Functions (VRF) are random number generators (RNG) whose outputs can be cryptographically proven as random. Here’s a quick summary of how it works.

A series of inputs are passed into a VRF.
The VRF computes the inputs and generates pseudorandom outputs.
Anyone, at any time, can cryptographically verify that the output is random.
All proof is published and verified on-chain before applications can use the output.

Why Do Blockchains Need Random Numbers?

There are various scenarios where blockchain applications require randomness. A few examples include:

Building a blockchain-based game.
Allocating tasks and resources.
Picking samples for a consensus mechanism.

To illustrate, let’s examine how randomness can help a GameFi developer build a blockchain-based poker game.

The developer must convince its users that the poker game uses a fair and unbiased algorithm. For example, the deck of cards is shuffled randomly, and no party, including the developer, can manipulate the game.

Rather than using a black box algorithm that hides the game’s inner workings from its users, blockchain developers can effectively prove randomness by showing how their numbers are generated through a trustworthy oracle provider. This way, users can be sure that their game is fair and unbiased.

The Challenge of Generating Randomness

When generating randomness, a good output must fulfill four criteria: unbiased, unpredictable, verifiable, and instantly available.

Many blockchain developers find it challenging to produce on-chain randomness in their applications due to the deterministic nature of the blockchain. The on-chain generated randomness usually can’t satisfy the unpredictability.

On the other hand, purely relying on a simple off-chain oracle provider could force developers to compromise on availability or, even worse, security. In certain contexts, if a malicious provider feeds some predictable randomness, bad actors can exploit the situation to ensure they receive a favorable result. Imagine a loot-based game where players could try to open a treasure chest multiple times until they get an item they’re happy with. Or a card game where players could draw their hands numerous times until they get a good one.

What’s Under the Hood

VRF combines these two independent sources for seed generation. The randomness constructed by the off-chain provider with its private key is generated from the two parameters block-hash and preSeed. This ensures the unpredictability of the proof, as you cannot predict the block hash until the block is generated.

The proof provided off-chain ensures that the randomness is generated from block-hash and preSeed rather than something that a malicious provider could make up. That makes this randomness verifiable.

In simple terms, developers can generate random numbers fairly and securely.

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Further Reading

Binance Oracle: Enriching the BNB Chain Ecosystem
Binance Oracle Docs
Binance Cloud Homepage

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Taiwan’s Financial Supervisory Commission is set to be announced as the body that will oversee and regulate the virtual asset industry. According to a report, the collapse of crypto exchanges like FTX prompted Taiwanese officials to seek ways of protecting users against similar events should they recur.

Virtual Asset Industry’s Self-Regulation

According to Taiwanese government officials, the country’s financial sector regulator — the Financial Supervisory Commission (FSC) — is set to become the body overseeing and regulating the country’s virtual currency industry. As per a CNA report, an announcement to this effect is set to be made in late March or early April.

Explaining the rationale behind the government’s decision to appoint FSC as the body that oversees virtual assets in Taiwan, the report suggested that FTX’s collapse played a part in convincing officials to look for ways of protecting users in the event of another major collapse. The officials also reportedly made reference to countries such as Singapore, Japan, South Korea, and Israel where the virtual currency space is controlled by financial regulators.

While officials are said to be keen on having the FSC assume control of the virtual assets space by end of March 2023, they nevertheless still want the industry to take the lead in formulating the guidelines. Taking the lead also includes developing “self-regulatory norms.” According to the report, such norms are needed when establishing internal control points.

Once the proposals on regulating the virtual assets space have been submitted, Taiwan’s so-called executive yuan will be tasked with approving them.

Meanwhile, the report said while the FSC is expected to oversee virtual currencies and crypto exchanges, other assets such as non-fungible tokens (NFT) will likely fall under the purview of a different regulating entity. Stablecoins, on the other hand, are likely to be supervised by the country’s central bank, the report added.

What are your thoughts on this story? Let us know what you think in the comments section below.

Joselit Ramirez, head of the Venezuelan cryptocurrency authority Sunacrip, was arrested on March 18, according to reports from local media. Ramirez, who led the institution from its creation in 2018, was arrested for being allegedly involved in corruption schemes, including the embezzlement of $3 billion related to unregistered oil sales.

Sunacrip Boss Joselit Ramirez Arrested

Joselit Ramirez, head of the Venezuelan cryptocurrency authority Sunacrip, was arrested on March 18 on alleged corruption charges. According to reports from the local newspaper Ultimas Noticias, the arrest of Ramirez is part of a national special operation against corruption, that also encompassed the capture of more high-profile individuals, including Cristobal Cornielles, president of the judicial circuit of Caracas, and Pedro Hernandez, a city mayor.

While details of the investigation have not been disclosed, local outlets suggest that the arrest is linked to the disappearance of $3 billion obtained from the sales of Venezuelan oil that did not enter the state accounts.

Sales of Venezuelan oil paid with crypto have been detected before by the U.S. government, which has PDVSA, the state oil company, as a sanctioned entity since January 2019. In October, two oil brokers were charged with brokering illicit oil deals for PDVSA, using cryptocurrencies and shell companies to avoid detection.

Ramirez, who led the institution from its inception back in 2018, also figures as one of the officials of the Venezuelan government charged by the U.S. Department of Justice on narco-terrorism and corruption charges on March 26, 2020. Venezuelan President Nicolas Maduro was also charged at the time.

Restructuring Commission Designated

As a result of the arrest, President Maduro signed an executive order that arranges the restructuring of Sunacrip and the removal of Ramirez. The measure, effective from March 17, will have a duration of six months and will be executed by a restructuring commission, that will examine the current status of the institution and propose changes to the rules and procedures to “contribute with the goals and objectives” of the country.

As part of this executive order, Maduro stated this measure was taken to “protect the Venezuelan people from the negative effects of the multiform aggression that is taking place against the country.” The restructuring commission will be presided over by Anabel Pereira Fernández and three main directors: Hector Obregon, Luis Perez, and Julio Mora. Also, another three substitute directors were also designated.

What do you think about the arrest of Sunacrip’s former head Joselit Ramirez and the upcoming restructuring of the institution? Tell us in the comments section below.

The Argentine tax authority (AFIP) is increasing its scrutiny when it comes to digital wallets. The institution recently revealed it found irregularities in at least 184 tax statements that include digital wallets and cryptocurrencies. These taxpayers did not include their wallet holdings as part of their 2021 tax statements, leaving close to $7.6 million in such assets undeclared.

Argentine Tax Authority AFIP Finds Irregularities

The Argentine tax authority has ramped up its vigilance for digital and cryptocurrency taxes. Recently, the institution announced that it had discovered a series of irregularities that involved at least 184 taxpayers, who failed to refer to their digital and cryptocurrency holdings in their tax statements.

The scrutinized tax statements, corresponding to fiscal year 2021, involve a difference of close to $7.6 million in assets undeclared, which will have to be paid according to rules for existing estate taxes.

The AFIP explained this was the result of cross-referencing the data provided by taxpayers with the information available in the databases of the institution, which let it know some individuals underreported their holdings in crypto and digital wallets, while others did not report their holdings in their entirety.

How Exchanges Help

The findings of the Argentine tax authority are possible due to the information that both digital wallet providers and cryptocurrency exchanges must deliver to the institution in order to comply with national laws. Part of this information delivered includes the ID data of the owners of the accounts, their account balances, and a detailed list of movements, including the destination of the transacted funds.

While some users have moved their transactions to P2P exchanges, the common movement of funds, and the amounts moved can also bring the attention of the AFIP to them, according to national analysts. Roberto Sanchez, of PWC Argentina, told Iproup about the rise in this kind of transaction. He stated:

Throughout the year, as a result of the increase in transactions and variations in their valuation, users who choose to operate through P2P platforms (person to person) have visibly multiplied.

This is not the first time that the AFIP has notified taxpayers about irregularities in their statements. The institution notified almost 4,000 citizens about discrepancies related to crypto holdings in October, giving them the opportunity to amend their statements.

Also, the government of Argentina signed an automatic tax data-sharing agreement with the U.S. in December, with the objective of pushing tax collection related to goods held in other countries, including crypto.

What do you think about the actions of the AFIP regarding digital wallets and cryptocurrency taxes? Tell us in the comments section below.

Famed economist David Rosenberg has warned of a “crash landing” and an impending recession for the U.S. economy. Referring to the Philadelphia Fed’s manufacturing index chart, he stressed: “Take a good hard look at this chart and tell me we are heading into a ‘soft’ or ‘no’ landing. More like a ‘crash’ landing.”

Economist Expects a Crash Landing

Famed economist David Rosenberg warned that the U.S. economy may be headed for a crash landing in a tweet last week. Rosenberg is the president and chief economist of Rosenberg Research. He was previously chief economist and strategist at private wealth management firm Gluskin Sheff and chief North American economist at Merrill Lynch in New York.

Sharing a chart on Twitter Thursday showing the Federal Reserve Bank of Philadelphia’s manufacturing business outlook since 1968, he wrote:

Take a good hard look at this chart and tell me we are heading into a ‘soft’ or ‘no’ landing. More like a ‘crash’ landing.

Rosenberg further noted that the Philadelphia Federal Reserve (Philly Fed) has accurately predicted recessions in the United States with 100% accuracy in the past. He wrote:

Philly Fed at a level that is 8 for 8 on the recession call and with no head fakes.

The Philadelphia Fed Manufacturing Index is based on the monthly Business Outlook Survey of manufacturers in the Third Federal Reserve District, which is home to over 13.3 million people in Delaware, southern New Jersey, and eastern and central Pennsylvania. The survey has been conducted each month since May 1968. The index in the U.S. ticked up 1 point to -23.2 in March.

Charlie Bilello, chief market strategist at wealth management firm Creative Planning, similarly explained on Twitter in February how the Philly Fed Manufacturing Index accurately predicted recessions in the past, stating:

In the past (data since 1968), every time this indicator was at or below current levels the U.S. economy was either in or approaching a recession.

A number of prominent voices in the financial industry are predicting a crash and a severe recession for the U.S. economy. Rich Dad Poor Dad author Robert Kiyosaki recently warned of a “crash landing ahead.” The “Big Short” investor Michael Burry compared the current banking turmoil to the Panic of 1907. Economist Peter Schiff expects the current financial crisis to be worse than in 2008. Meanwhile, venture capitalist Balaji Srinivasan said Friday that hyperinflation is happening now, expecting the price of bitcoin to jump to $1 million in less than 90 days.

Do you agree with economist David Rosenberg that the U.S. economy is on a trajectory toward a crash landing and a recession? Let us know in the comments section below.

Governor Ron DeSantis of the U.S. state of Florida has proposed legislation to prohibit the use of central bank digital currency (CBDC) as money in his state. “The Biden administration’s efforts to inject a centralized bank digital currency is about surveillance and control,” the governor warned.

Governor Ron DeSantis Proposes Law to Prevent Financial ‘Weaponization’ Through a CBDC

Florida Governor Ron DeSantis announced “comprehensive legislation” Monday to protect consumers and businesses in his state “from the Biden administration’s weaponization of the financial sector through a central bank digital currency (CBDC).”

Governor DeSantis warned:

The Biden administration’s efforts to inject a centralized bank digital currency is about surveillance and control.

He added that the proposed legislation will protect consumers and businesses in his state “from the reckless adoption of a ‘centralized digital dollar’ which will stifle innovation and promote government-sanctioned surveillance.” The governor also noted that CBDCs are not the same as decentralized cryptocurrencies, such as bitcoin (BTC).

The legislative proposal prohibits the use of a federally adopted central bank digital currency as money within Florida’s Uniform Commercial Code (UCC), the announcement details, adding that it also prohibits any CBDCs issued by a foreign reserve or foreign-sanctioned central bank.

Foundation for Government Accountability CEO Tarren Bragdon noted that this proposal pushes back on “an overreaching federal government,” elaborating:

Our money says In God We Trust. The central bank digital currency changes that to In Government We Trust. That’s wrong and I am grateful for the governor’s continued pushback of an out-of-control DC bureaucracy.

Earlier this month, South Dakota Governor Kristi Noem vetoed a bill that was disguised as an update to the UCC guidelines but paves the way for a CBDC while disallowing the use of cryptocurrencies, such as bitcoin, as a form of currency. She urged 20 other states, including Florida, that are about to consider a similar bill to “block this legislation from passing.”

Like Noem, Governor DeSantis is calling for other states to fight back against the UCC guideline update that paves the way for a CBDC. In his Monday announcement, DeSantis called on “likeminded states to join Florida in adopting similar prohibitions within their respective Commercial Codes to fight back against this concept nationwide.”

Noting that “A central bank digital currency is the cornerstone of a federal government that could track each and every transaction that happens in the world,” State Chief Financial Officer Jimmy Patronis emphasized:

There would be no privacy, and if there is no privacy, there are no rights. In the same way Florida is fighting back against the IRS, we need to fight back against this program. It’s how we protect freedom, liberty, and prosperity.

Several CBDC-related bills have been introduced in the U.S. Congress. Last month, U.S. Rep. Tom Emmer (R-MN) introduced the Central Bank Digital Currency (CBDC) Anti-Surveillance State Act “to halt efforts of unelected bureaucrats” from “stripping Americans of their right to financial privacy.” Last year, U.S. Senator Ted Cruz (R-TX) introduced legislation “to prohibit the Federal Reserve from issuing a central bank digital currency directly to individuals.”

What do you think about Governor Ron DeSantis proposing a ban on central bank digital currency use as money? Let us know in the comments section below.

On Monday, about a week after the collapse of Signature Bank, the Federal Deposit Insurance Corporation (FDIC) announced that Flagstar Bank, a wholly owned subsidiary of New York Community Bancorp, acquired 40 former branches of Signature and its assets. Flagstar assumed nearly all of Signature’s deposits, except for $4 billion of deposits related to the bank’s crypto banking business.

FDIC Expects $2.5 Billion Loss from Signature Bank Failure, Extends Bid Window for Silicon Valley Bank

The FDIC has announced that Flagstar Bank, a subsidiary of New York Community Bancorp, has acquired the assets and bank branches of Signature Bank as of March 20, 2023. The branches will continue to operate during regular business hours. With the exception of depositors related to the digital banking business, depositors of Signature Bank will automatically become depositors of Flagstar Bank.

I really hope we will understand how Signature Bank was selectively stripped of its digital assets business before being acquired.

— David Marcus (@davidmarcus) March 20, 2023

Despite statements from the FDIC to the contrary, Flagstar purchased Signature Bank without acquiring its cryptocurrency operations. Sources familiar with the sale had suggested that divestment of crypto activities was required, but the FDIC insisted last week that it would not be necessary. The New York State Department of Financial Services also stated publicly that Signature’s shutdown was unrelated to cryptocurrency, prior to the FDIC’s announcement. Former politician Barney Frank speculated that the closure of Signature was intended to convey an “anti-crypto” message.

The FDIC’s press release on Monday stated that Flagstar Bank will not assume any of Signature Bank’s cryptocurrency depositors or clients. “Flagstar Bank’s bid did not include approximately $4 billion of deposits related to the former Signature Bank’s digital banking business,” the FDIC announced. The agency also said that it will provide the deposits directly to customers associated with the digital banking business.

The FDIC’s announcement on Monday sparked a discussion on social media, with some speculating that a conspiracy theory had been proven true. Caitlin Long, founder and CEO of Custodia Bank, tweeted about the news: “They indeed kept out the crypto deposits. Investigation time.” In addition to Flagstar not assuming Signature Bank’s cryptocurrency deposits, the FDIC also noted that the government anticipates losses.

The FDIC estimated the cost of Signature Bank’s failure to its Deposit Insurance Fund to be around $2.5 billion, according to the agency’s announcement. “The exact cost will be determined when the FDIC terminates the receivership.” In addition, the FDIC extended the bid window for Silicon Valley Bank (SVB) on Monday. Bids for SVB’s private bank are due on March 22, 2023, and bids for the bridge bank, Silicon Valley Bridge Bank, N.A., will be due two days later.

What are your thoughts on the FDIC’s decision not to include Signature Bank’s cryptocurrency deposits in the acquisition by Flagstar Bank? Share your opinion in the comments section below.

With the crypto economy experiencing significant gains over the past week and the price of ethereum rising 11.9%, the market capitalization of Lido’s staked ether has increased to $10.3 billion. This recent increase has propelled the token’s overall market valuation to the ninth-largest position, according to the crypto market capitalization aggregation website coingecko.com.

Lido Finance’s TVL Dominates Defi with a 21.59% Share

The value of liquid staking tokens associated with ethereum (ETH) has increased significantly over the last week following ether’s 11.9% gains against the U.S. dollar. In particular, Lido’s staked ethereum token, STETH, now has a market capitalization above the $10 billion range, reaching $10.36 billion on Monday, March 20, 2023. According to coingecko statistics, STETH’s market valuation now ranks ninth, with dogecoin’s (DOGE) market capitalization holding the tenth position.

Above STETH is the market valuation of polygon (MATIC) at $10.42 billion. Currently, there is a circulating supply of around 5.8 million STETH, and over the past 24 hours, the token has recorded $22.35 million in global trades. The most active exchanges dealing with STETH on Monday are Bybit, Gate.io, and Huobi. STETH has gained 12.4% this week and 4.6% over the past 30 days.

Currently, Lido Finance’s website estimates that STETH stakers are receiving around a 5.9% annual percentage rate (APR) by staking the token. At the time of writing, Lido is the largest decentralized finance (defi) protocol out of the $49.01 billion total value locked (TVL) on Monday. Lido’s TVL accounts for 21.59% of the entire amount of value locked in defi. In the last seven days, defillama.com statistics show that Lido’s TVL has increased by 8.9%, and over 30 days, it has grown by 17.07%.

Defillama.com explains that on Monday, 7.83 million ETH worth $13.98 billion is staked in liquid staking protocols today. Lido’s STETH represents 74.51% of the aggregate. Coinbase’s Wrapped Ether token protocol has $2.1 billion in total value locked, or 1.16 million Ethereum. It is the second-largest liquid staking project in terms of TVL.

While STETH is shown on coingecko.com as the ninth-largest coin by market cap, this is not the case with other crypto market aggregation sites like coinmarketcap.com. Because it’s a synthetic version of Ether, some crypto market aggregation sites do not include STETH in the top ten, despite its capitalization size.

What are your thoughts on the increasing market capitalization of STETH and its role in the growing liquid staking ecosystem? Do you think STETH will continue to climb up the rankings of the top cryptocurrencies? Share your thoughts about this subject in the comments section below.