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⚡️Microstrategy Buys 6,455 More Bitcoin — Now Holds 138,955 BTC Microstrategy has purchased 6,455 bitcoins for approximately $150 million at an average price of $23,238 per coin. With its latest purchase, Microstrategy now holds 138,955 bitcoins acquired at an average of $29,817 per coin. 💲In a filing with the U.S. Securities and Exchange Commission (SEC) on Monday, the company detailed that the 6,455 bitcoins were acquired between Feb. 16 and March 23. Silvergate Bank was among the banks that fell into trouble this month. The crypto-friendly bank announced voluntary liquidation on March 8. A few days before its liquidation announcement, the bank terminated its crypto payments network, the Silvergate Exchange Network (SEN). The two companies entered into a “Prepayment, Waiver and Payoff to Credit and Security Agreement” On March 24 for Microstrategy to pay off the loan. The SEC filing details: 🗣Macrostrategy voluntarily prepaid Silvergate approximately $161.0 million (the ‘Payoff Amount’), in full repayment, satisfaction, and discharge of the Loan and all other obligations under the Credit Agreement. 🗣️“Upon Silvergate’s receipt of the payoff amount, the Credit Agreement was terminated, and Silvergate released its security interest in all of Macrostrategy’s assets collateralizing the loan, including the bitcoin that was serving as collateral,” Microstrategy clarified.

🇪🇺Digital Euro Key for European Payment Autonomy, ECB President Lagarde Says 🟢The digital euro has an important role in preserving the payment autonomy of Europe, the head of the eurozone’s monetary authority emphasized. The new currency, which is still under development, is meant to be sovereign and safe, cheap and widely available, Christine Lagarde assured during a discussion devoted to central bank digital currencies. 🔑A digital euro has a key role to play in safeguarding Europe’s payment autonomy, President of European Central Bank (ECB) Christine Lagarde was quoted as saying during a virtual panel devoted to central bank digital currencies (CBDCs), which was hosted by the Bank for International Settlements (BIS). 🗣“When you look at your wallet and you look at your telephone and see the applications that you use for payments or the cards that you use for payment, you very soon realize that those means of payments are not necessarily European,” Lagarde elaborated, quoted by Bloomberg. During the discussion held and recorded earlier in March but posted on Tuesday, the top ECB executive warned against relying on a single source for critical aspects of daily life, referring to Russia’s decision to weaponize energy supply following its invasion of Ukraine as an example, and adding: 🗣So we just have to be careful. Some people will call it sovereign autonomy, I prefer to call it resilience because that’s really what it is. The project to issue a digital version of the euro is still in its investigation phase which started in mid-2021. In December 2022, the ECB released a second report on the advance made during this stage, and in January, 2023, the finance ministers of the eurozone countries pledged support for the initiative.

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📈Bitcoin, Ethereum Technical Analysis: BTC Consolidates, Ahead of Pivotal FOMC Meeting 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 (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. 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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💫Bitcoin, Ethereum Technical Analysis: ETH Moves Above $1,800 as BTC Nears $28,000💫 Ethereum rose above $1,800 for the first time since August, as markets continued to react to the Fed’s decision to inject $300 billion into the economy. This comes following the recent banking crisis, which saw the likes of Silicon Valley Bank collapse. Bitcoin neared $28,000 in today’s session. Bitcoin (BTC) closed in on the $28,000 level to start the weekend, as markets continued to react to the Federal Reserve’s decision to pump liquidity into the U.S. economy. BTC/USD jumped to an intraday high of $27,787.81 earlier in the day, which comes after falling to a low of $26,209.29 on Friday. As a result of the move, bitcoin climbed a fresh nine-month high, which is its strongest point since June 2022. Looking at the chart, the surge took place as the 10-day (red) moving average crossed its 25-day (blue) counterpart. In addition to this, the 14-day relative strength index (RSI) continues to gain traction, moving deeper into overbought territory. At the time of writing, the index is tracking at 72.53, which is the strongest reading for the index since February 2. Additionally, ethereum (ETH) continued to climb higher on Saturday, as prices surged above the $1,800 mark. ➡️Following a low of $1,707.95 on Friday, ETH/USD raced to a peak of $1,821.31 earlier in today’s session. The move saw the world’s second largest cryptocurrency move to its highest point since August 19. Overall, ethereum is now up nearly 27% in the last seven days which, like with BTC, has resulted in an upward cross of moving averages. ❎Additionally, price strength is now firmly in bullish territory, with the RSI currently tracking at 67.11. This is slightly above a ceiling at 67.00, with the next visible point of resistance at the 75.00 mark.

🇺🇦Binance to Restrict Ukrainian Hryvnia Operations Via 2 Payment Providers Crypto exchange Binance will stop processing transactions with Ukrainian hryvnia through two payment platforms later in March. The move follows an earlier suspension of deposits and withdrawals using bank cards in the national currency of Ukraine. The world’s leading digital asset exchange in terms of trading volume, Binance, said on Monday that Ukrainian hryvnia purchases through the digital wallets Settlepay and Advcash will be unavailable, starting from March 21. “Settlepay withdrawals are currently open and you can withdraw fiat currency to your wallet, the withdrawal fee is 0%,” the platform noted in an announcement to its Ukrainian users published on Telegram and Twitter. Fiat deposits and withdrawals via bank cards and other payment services have been suspended throughout Ukraine, the exchange reminded. The measures are related to restrictions imposed by the National Bank of Ukraine, its representatives explained earlier in March. 🟢Besides Binance, a leading Ukrainian crypto exchange, Kuna, also acknowledged the interruptions. Its founder Michael Chobanian commented that these could be linked to efforts by the government in Kyiv against money laundering and tax evasion through online gambling sites. “This decision is related to the fight against the illegal gambling business, and unfortunately, it also affected cryptocurrency exchanges,” Binance confirmed in its latest statement. 🟢The global crypto company also informed Ukrainian traders that they can sell hryvnia in spot pairs or convert it to any asset free of commission. It further suggested that they use its peer-to-peer platform to exchange crypto and fiat money directly with other Binance users.

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🌍South African Rand Plunges to New 2023 Low Versus the US Dollar 📌Just a few weeks after tapping its best exchange rate versus the greenback in 2023, the South African rand fell to a new 2023 low of 18.636 local currency units for every dollar on March 7. South Africa’s power shortages as well as the country’s recent grey-listing by the Financial Action Task Force (FATF) are believed to be fueling the rand’s slide. The exchange rate of the South African rand versus the U.S. dollar recently plunged to a new 2023 low of 18.636 units for every dollar on March 7, 2023, the latest data has shown. Before the latest plunge, the rand soared to 16.721 per dollar on Jan. 12, 2023, the currency’s best performance since the start of the year. However, since then, the rand has depreciated by almost 10% making it one of the worst-performing African currencies in 2023. According to reports, the rand’s slide is blamed on South Africa’s unending electricity woes which have seen many homes and businesses go for more than 10 hours without power. The debilitating blackouts have since prompted South African president Cyril Ramaphosa to appoint the country’s first minister of electricity. Besides dealing with the crippling power cuts, president Ramaphosa said the new minister, Kgosientsho Ramokgopa, is expected to help facilitate the coordination of entities that are working towards finding a solution. 🗣“The Minister will be expected to facilitate the coordination of the numerous departments and entities involved in the crisis response, work with the Eskom leadership to turn around the performance of existing power stations, and accelerate the procurement of new generation capacity,” president Ramaphosa reportedly said. Meanwhile, some South African commentators have argued that the recent addition of South Africa to the Financial Action Task Force (FATF)’s greylist could be one of the reasons why the rand has recently performed poorly against major global currencies.

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🌖Coinbase Launches Wallet-as-a-Service to Bring Millions to Web3 🔈On March 8, Coinbase announced the launch of its Wallet-as-a-Service (WaaS) product. The WaaS product aims to “bring the next hundred million consumers into Web3 through a seamless wallet-onboarding experience.” The Coinbase WaaS offers wallet infrastructure application programming interfaces (APIs) to companies, enabling them to build their own custom Web3 crypto wallets. Coinbase Global (Nasdaq: COIN) has revealed a new addition to its suite of offerings and services: Wallet-as-a-Service (WaaS). In a Twitter thread, Coinbase stated that the WaaS “is a scalable and secure set of wallet infrastructure APIs, enabling companies to create and deploy fully customizable onchain wallets.” Additionally, the Coinbase wallet infrastructure provides “multi-party computation (MPC)” cryptography, which removes the need to manage a complicated 24-word recovery phrase. ➡️Coinbase detailed that crypto firms such as Tokenproof, Floor, Thirdweb, and Moonray are already using its Wallet-as-a-Service (WaaS). Coinbase believes that the WaaS will aid in bringing the “next hundred million consumers into Web3.” “More and more companies are realizing that Web3 will generate a massive industry of new decentralized applications and services, and they want to empower their customers to access it,” Coinbase stated in the announcement. “When users download the Tokenproof app, we’ll create their first wallet, powered by Coinbase, to welcome them into Web3,” said Fonz, the founder of Tokenproof, in a statement. “This is a significant step towards making the space more approachable and accessible, and we’re excited about the opportunity to work with such a highly trusted partner.” Besides the WaaS, Coinbase provides developers with a wallet software development kit (SDK), a payments SDK, the commerce API, and other blockchain integrations.

​Nigeria Fintech Flutterwave Denies Client Account Hacking Reports 🇳🇪The Nigerian fintech Flutterwave has rejected reports suggesting that hackers have stolen as much as $6.3 million from user accounts. The fintech firm said a routine check of its transaction monitoring system helped to uncover “an unusual trend of transactions on some users’ profiles.” The Nigerian fintech unicorn, Flutterwave, has said reports suggesting that hackers stole approximately $6.3 million from client accounts are not true. In a statement issued on March 5, the fintech insisted that no user lost any funds and that corrective action taken had in fact enabled it to “address the issue before any harm could be done to our users.” Flutterwave’s statement denying the hacking claims followed a Techpoint report which suggested that as much as $6.3 million (2.9 billion naira) had been siphoned from users’ accounts. According to the report, the hacking incident is thought to have occurred in early February and Flutterwave is believed to have reacted to this by filing a motion to freeze accounts in as many as 27 financial institutions. While the statement suggested that Flutterwave is working with “other financial institutions and law enforcement agencies to keep our ecosystem safe and secure,” the fintech firm however insisted it only took action after detecting anomalies on some users’ accounts. 🗣“During a routine check of our transaction monitoring system, we identified an unusual trend of transactions on some users’ profiles. Our team immediately launched a review (in line with our standard operating procedure), which revealed that some users who had not activated some of our recommended security settings might have been susceptible,” the fintech firm explained. ▪️ Flutterwave added that the preemptive steps it took helped it to address the issue before “any harm could be done to our users.” 🗣You are popular I will post evidence here, A hack confirmed by a flutterwave staff, my bank confirming flutterwave contacted them, flutterwave submitting a petition with a lawyer whose seal has expired since 2017. Their statement and Affidavit swearing this true. Meanwhile, on Twitter, some users rejected Flutterwave’s version of what transpired and have insisted that the hacking incident is true. One user, known as Alex Onyia, tweeted that Flutterwave had been hacked by Omar Edewor Trades and that millions of naira had been stolen from customer accounts. Another user, Ufedo, shared “evidence” which proved that the hacking incident did occur.

💲Spanish Tax Agency Puts Crypto in Its Sights for the Upcoming Tax Season The Spanish tax agency has included crypto as part of its new guidelines for this year’s upcoming tax collection season. Apart from boosting the channels for voluntary tax applications, the agency will potentiate the investigation of cryptocurrency in digital payments The Spanish tax agency is preparing its crypto strategy for the upcoming tax collection season. On Feb. 27, the agency revealed several guidelines to increase the collection of taxes related to the use of cryptocurrency in digital payments, and also to curb criminal activity. In the document, the agency declares that “this year, the intention of the collection area to promote actions to locate crypto assets subject to seizure is underlined.” This could mean that tax debtors will be tracked and have their cryptocurrency seized to amend their debts. However, the document does not offer more details about how the agency aims to do this, or the tools that it will use for this purpose. In the same way, the institution indicates that it will develop “an investigation plan associated with the use of cryptocurrencies in the field of the digital economy in order to detect assets whose origin may be linked to criminal activities.” Other tax agencies in the world are also including digital wallets and cryptocurrency as an important part of their investigative and seizure processes. For example, the Argentine tax authority has been able to confiscate funds from digital wallets since February 2022, when the organization included this kind of structure, very popular in Argentina, as part of the assets susceptible to seizure. ➡️However, the Spanish tax agency has historically not been so successful when targeting the growing cryptocurrency investment crowd. Reports indicate that it only managed to warn 5.3% of the cryptocurrency investors in the country about their duty of paying crypto taxes in 2022.

​Bitcoin-Based NFTs Cross 200,000 Ordinal Inscriptions, Yuga Labs Launches Twelvefold Collection On Monday, Feb. 27, 2023, the number of Ordinal inscriptions on the Bitcoin blockchain crossed 200,000 at 1:02 p.m. Eastern Time. In addition to the 200,000 inscriptions, Yuga Labs, creators of the Bored Ape Yacht Club (BAYC) non-fungible tokens (NFTs), revealed that the team had created a collection of 300 generative ordinal NFTs called Twelvefold. ➖Ordinal inscriptions continue to be minted on the Bitcoin blockchain and on Monday afternoon at 1:02 p.m. (ET), the number of Ordinals surpassed the 200,000 mark. It took approximately 72 days to reach the 200,000 range, as the first Ordinal inscription was minted on Dec. 16, 2022, at block height #767,753. The second Ordinal inscription, #2, was embedded into the chain three days later on Dec. 19 at block height #768,094. It took 45 days to reach the 1,000th inscription, which was minted on Feb. 2, 2023. Since then, the rate of Ordinal inscription growth has increased by 19,900% up until Feb. 27. ➖At the time of writing, there are approximately 212,793 Ordinal inscriptions on the chain. Essentially, an Ordinal inscription is a non-fungible asset (NFT) produced by inscribing data on the smallest denomination of bitcoin (satoshis). So far, people have inscribed images, videos, text, and software applications to the blockchain. Images are by far the most common, but text inscriptions are also well-liked, and applications are becoming popular as well. Similar to the well-established blue-chip NFT collections on the Ethereum blockchain, Bitcoin-based NFT collections are attempting to become fashionable. In fact, there is a significant number of collections within the first 6,900 Ordinal inscriptions. Now, Yuga Labs, creators of the Bored Ape Yacht Club (BAYC) NFTs, are entering the world of Bitcoin-based digital collectibles with a new compilation of NFTs called Twelvefold. The collection consists of 300 generative creations inscribed by the Yuga Labs team. “The Twelvefold auction will launch later this week. There will be a 24-hour notice with auction details and exact timing,” Yuga Labs explained on Twitter. In a blog post about the collection, Yuga Labs said, “Twelvefold is a base 12 art system localized around a 12×12 grid, a visual allegory for the cartography of data on the Bitcoin blockchain. The collection includes highly rendered 3D elements, as well as hand-drawn features, which serve as an homage to the Ordinal inscriptions currently done by hand.” In addition to Bitcoin, people have also been minting ordinal inscriptions on the Litecoin (LTC) blockchain. To date, more than 56,000 LTC-based inscriptions have been minted on litoshis.

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​​JPMorgan to Open Blockchain Innovation Lab in Greece Financial giant JPMorgan has announced it will open a new blockchain innovation lab in Greece. The lab will be focused on the development of applications on top of Onyx, the blockchain platform launched by the bank in 2020, and on digital identity solutions. JPMorgan, the investment bank with millions of customers worldwide, has announced the launch of a new innovation lab in Greece, which will develop solutions using blockchain tools. The lab will focus primarily on building applications that use Onyx, the platform launched by the bank in 2020. This new innovation lab will be part of the Blockchain Launch group, which prepares and develops blockchain-based software for customers of the bank using Onyx’s technology. Tyrone Lobban, head of Blockchain Launch & Onyx Digital Assets at JPMorgan, revealed that the company is looking to fill four new positions for this new initiative including two full-stack software engineers, a mobile app engineer, and a technical manager. The company has been using blockchain-based solutions for some time. Back in 2022, Lobban stated that the bank was settling $1 billion daily using blockchain tech. Lobban also stated that this new group will be core to the research and construction of digital identity solutions, to extend the capabilities that the institution has already piloted before. Digital identity is listed as one of the use cases that is part of the services supported by Onyx’s blockchain launch team. About the significance that digital identity could have in the future, Lobban declared: We believe that Digital Identity is key to unlocking scale for Web3 and can enable entirely new interactions and services for web2 and Web3 alike. The interest of the institution in digital identity could be part of a move to avoid being left behind in the future. A report titled “The Rise Of Digital Identity Wallets” issued in January by the Mobey Forum, a global nonprofit insight group, explains that banks are uniquely positioned to be part of the digital identity structure of the future, adding this service to their already existent digital wallets. In January, reports revealed that JPMorgan was part of a group of banks developing a digital wallet, alongside Wells Fargo, Bank of America, and four other financial institutions.

Paraguay to Become Top Bitcoin Mining Hub in Latam According to Insight Group 🇵🇾Paraguay, one of the smallest countries in Latam, has the conditions needed to become the next Bitcoin mining hub in the region, according to mining insight group Hashrate Index. The company notes there are many elements in favor of Paraguay, including the abundance of clean hydroelectric power sources. However, the stance that the government has taken toward cryptocurrency mining could slow this growth process. 🟢Paraguay, a country not especially known for its crypto affiliations, is now being considered one of the most attractive destinations in Latam for bitcoin miners. According to mining insight company Hashrate Index, the country presents a series of benefits that could help it become one of the biggest cryptocurrency hubs in the region. The first advantage that Paraguay has over other countries in the area, and what made it an attractive location for miners after the Chinese miner exodus, is the abundance of clean, cheap hydroelectric power, that can be used to build large bitcoin mining operations. Most of this power comes from the Itaipu Dam, with Paraguayans reportedly consuming only about 10% of the power produced. While most of this energy gets exported to neighboring countries, it can be sourced to power big mining operations in the future, according to the group. Hashrate Index says there are currently two different disadvantages of choosing Paraguay as a destination for establishing a bitcoin mining operation. One is the climate in the summer, which can reach high temperatures and high humidity, affecting the longevity of air-cooled mining rigs. The other, and perhaps the most significant one, has to do with the unfavorable opinion that the government has of Bitcoin mining activity. The president of Paraguay, Mario Abdo, criticized the industry in the decree used to veto the cryptocurrency law approved by the Paraguayan congress last year.

​​Sony and Astar Network Launch Web3 Incubation Program for NFT and DAO-Focused Projects On Feb. 17, 2023, Tokyo-based Sony Network Communications announced that it is co-hosting a Web3 incubation program with the multichain smart contract platform Astar Network. The program has started accepting applications, and Sony and Astar will jointly mentor Web3 projects “focused on the utility” of NFTs and DAOs. A Web3 incubation program is planned for mid-March to mid-June with Astar Network and Singapore-based Startale Labs to bolster relevant Web3 solutions. Startale was founded by Astar Network CEO Sota Watanabe. ➖“We are pleased to launch the Web3 incubation program with Sony Network Communications, one of the Sony Group’s companies, which has been involved in the NFT sector and other Web3 initiatives within the Group” ➖ “We hope to share the knowledge and resources of both companies to provide value to the participants selected for the program and create new use cases and projects,” Sota Watanabe, CEO of Startale Labs and Astar Network, said in a statement. Sony has been exploring the metaverse, NFTs, and crypto for some time. In May 2021, the company unveiled a patent that could enable it to incorporate a bitcoin-based betting system into its consumer electronics, such as the Playstation gaming system. In November 2022, Sony filed a patent for using non-fungible token technology for in-game assets, and that same month, it acquired the 3D animation company Beyond Sports.

​Berkshire’s Charlie Munger Says ‘Ridiculous’ Anybody Would Buy Crypto — ‘It’s an Absolute Horror’ Warren Buffett’s right-hand man and the vice chairman of Berkshire Hathaway, Charlie Munger, says people who oppose banning cryptocurrencies are “idiots,” adding that it’s “just ridiculous” anybody would buy crypto. He also likened replacing national currencies to replacing air, stating that “It’s massively stupid.” Berkshire Hathaway Vice Chairman Charlie Munger continued his insults against cryptocurrency and its supporters Wednesday during a live-streamed interview with CNBC at the Daily Journal’s annual shareholders meeting. Referencing his recent opinion piece in the Wall Street Journal stating that cryptocurrency should be banned, the 99-year-old executive insisted there is no “rational” argument against his position of banning crypto. He opined: I think the people that oppose my position are idiots … It’s just ridiculous that anybody would buy this stuff. “You can think of hardly nothing on Earth that’s done more good to the human race than currency — national currencies. They were absolutely required to turn man from a goddamn successful ape into modern successful humans and human civilization, because they enabled all these convenient exchanges,” Munger described, elaborating: So if anybody says I’m going to create something that sort of replaces the national currency, it’s like saying I’m going to replace the national air … it’s massively stupid. “And of course, it’s very dangerous, and of course, the governments were totally wrong to permit it, and of course, I’m not proud of my country for allowing this crap,” he stressed. “It’s worthless, it’s no good, it’s crazy, it’ll do nothing but harm, it’s antisocial to allow it.” The Berkshire executive continued: “The guy who made the correct decision on this is the Chinese leader. The Chinese leader took one look at crypto, and he says ‘not in my China,’ and boom … there isn’t any crypto in China. He’s right and we’re wrong.” While he believes that one should be able to state the arguments both for and against a particular subject, the Berkshire vice chair said crypto is an exception. “When you’re dealing with something as awful as crypto s*** … There’s only one correct answer for intelligent people — just totally avoid it and avoid all the people that are promoting it.” He emphasized: It’s just unspeakable, it’s an absolute horror, and I’m ashamed of my country that so many people believe in this kind of crap, and the government allows it to exist. “It’s totally, absolutely, crazy, stupid gambling with enormous house odds for the people on the other side, and they cheat … It’s just crazy,” he concluded. Munger has slammed cryptocurrency many times in the past. He previously called BTC “rat poison” and likened crypto trading to “trading turds.” The Berkshire executive said in 2021 that he wished crypto had never been invented and praised China for banning cryptocurrencies. He also called bitcoin “disgusting and contrary to the interest of civilization.” In February last year, he urged the government to ban bitcoin and called crypto “venereal disease.” In July, he advised everybody to avoid crypto as if it were an “open sewer, full of malicious organisms.”