• The Bitcoin price experienced a drastic downward movement in the early morning hours of March 3, causing it to drop to around $22,000 in a very short time.
• Over $62 million in long BTC positions were liquidated in a matter of hours.
• Analysts see both positives and negatives that can affect price. Investors should therefore follow developments closely and adjust their investment decisions accordingly.

Overview of Recent Developments

The Bitcoin price experienced a drastic downward movement in the early morning hours of March 3, causing it to drop to around $22,000 in a very short time. This confirmed one forecast in particular: namely the forecast that the Bitcoin course was about to make a directional decision. The cryptocurrency has trended about 4 percent weaker over the past 24 hours of trading, marking the biggest bitcoin sell-off so far this year. Over $62 million in long BTC positions were liquidated in a matter of hours. This was the third liquidation cascade within the last 12 months: after the Terra crash and the FTX bankruptcy in 2022.

Forecasts are Difficult

Forecasts are extremely difficult. Some talk of a clear oversell, which should level off again. On the other hand: Negative funding rates currently give

CryptoUnity Exchange Targets Beginners in the Crypto Ecosystem

• CryptoUnity is a Slovenian start-up that is building a beginner-focused crypto exchange.
• The user-friendly interface and comprehensive educational resources on CryptoUnity are designed to make the world of cryptocurrency more accessible and less intimidating to beginners.
• CUT is the utility token that powers the CryptoUnity ecosystem, providing holders with many different benefits and utility cases on the platform.

Introduction to CryptoUnity

CryptoUnity is a cryptocurrency exchange that seeks to make it easier for beginners to navigate the crypto ecosystem. The exchange doesn’t hold its users‘ funds but stores them with an independent, highly regulated custodian. The comprehensive research and educational resource section empowers users to learn more about cryptocurrencies.

Targeting Beginners in the Crypto Ecosystem

CryptoUnity is targeting beginners in the ecosystem by creating a user-friendly interface and comprehensive educational resources. The company has implemented a cold wallet with an NFC card, providing its users with secure fund storage. Its partnership with Lenovo also serves as a positive for the company, while audits from QuilAudits and CertiK demonstrate their commitment to transparency.

The CUT Token

CUT (Crypto Unity Token) is the utility token that powers the CryptoUnity ecosystem. It has a total supply of one billion tokens and provides holders with many different benefits and utility cases on the platform. These include lower fees; access to further education; holder rewards; advantages on giveaways; and airdrops.

Conclusion

CryptoUnity is making it easier for beginners to navigate the crypto ecosystem by providing them with a user-friendly experience, comprehensive educational resources, secure fund storage options, transparency via audits from QuilAudits and CertiK, as well as numerous benefits through their CUT token system.

• On Thursday, the native token of Huobi Exchange, HT, crashed by over 90% dropping to $0.31 from $4.6 in a matter of minutes.
• It is reported that more than $2 million HT tokens were sold on Huobi prior to the crash and Tron’s founder Justin Sun is the largest holder of HT tokens.
• Justin Sun dismissed the price drop as a normal market occurrence and assured the Huobi community that Huobi operations are safe, even creating a $100 million liquidity fund for those impacted by the leveraged liquidation.

HT Price Drop Causes Alarm

On Thursday, HT, the native token of Huobi Exchange, crashed by over 90% dropping to $0.31 from its initial price of $4.6 in just 10 minutes causing alarm among investors and traders alike.

Transaction Data Revealed

According to transaction data from Kaiko’s research analyst Riyad Carey, more than $2 million HT tokens were sold on Huobi prior to this drastic price change in an effort to offset losses caused by leveraged liquidations. Additionally, it has been reported that Tron’s founder Justin Sun is the largest holder of HT tokens and serves as an advisor for the crypto exchange in question.

Justin Sun Assures Community

In response to this price plunge Justin Sun offered reassurance via Twitter saying “We will continue to improve the liquidity depth of main cryptocurrencies and HT token…” He also said he will create a $100 million liquidity fund for those affected by forced liquidations which he followed through with transferring USDC stablecoin into Huobi’s wallets..

TRX Price Drop

Interestingly enough during this time when HT was experiencing its sudden decrease TRX (Tron’s native token) saw a 12% drop in its own value falling from 0.057 USDT down to 0.066 USDT within 24 hours at press time..

Conclusion

As it stands now after having recovered somewhat from its initial loss one can only assume what other effects this might have had or will have on not only these two coins but also other cryptocurrencies included in similar trades on other exchanges around the world as well..

• Sweat Economy is a web3 project that seeks to unlock the economic value of movement.
• They have an existing Web2 app called Sweatcoin app and launched a native token, SWEAT, alongside their Web3 wallet application, Sweat Wallet in September 2022.
• US customers were unable to receive their SWEAT allocations or start generating new SWEAT tokens by walking but this will change on September 12, 2023 when the app launches in the US.

Sweat Economy Re-Launches in US

Sweat Economy is a web3 project that seeks to unlock the economic value of movement through its applications and native token, SWEAT. The venture had previously launched its Web3 wallet application and native token in September 2022, however US customers were unable to access these services due to regulatory barriers.

Web2 App Available Since 2016

The venture also operates a Web2 application called Sweatcoin app which rewards users with loyalty points known as ‘Sweatcoins’ for every step they take when walking. The app has been available in the US market since 2016 and will be relaunching its Web3 wallet application and native token later this year on 12th September 2021.

SWEAT Token Distribution

Starting from the launch date, all Sweatcoin app users from the United States will receive their allocations of SWEAT tokens proportional to their current ‘Sweatcoin’ holdings so they can start earning more tokens for taking steps right away. These tokens will not come from additional emissions but from existing allocations.

Founder Comments

Commenting on this development, Founder of Sweat Economy Oleg Fomenko said: “It is a great pleasure to finally give our US userbase access to our platform after having fulfilled all the necessary legal requirements.“ He further added that they are looking forward to providing American users with an entirely new way of participating in digital economy through rewarding physical activity with cryptocurrency rewards.

Conclusion

In conclusion, Sweat Economy is set to re-launch its Web3 wallet application and native token SWEAT in the United States later this year on September 12th where American users will be able access these services at last after meeting all necessary legal requirements.

• Bitcoin supply on exchanges is at its lowest since the 2017 bull market, with 11.8% of the total supply currently held there.
• This trend has been consistent since March 2020, when crypto bottomed ahead of a rally due to the pandemic.
• The movement of coins off exchanges could be attributed to security concerns after FTX collapsed, as well as people withdrawing coins to participate in crypto activities and yield opportunities.

Bitcoin Supply on Exchanges Falls to Lowest Level Since 2017

The balance of bitcoins on exchanges is now down to 2.27 million – that is the lowest mark since March 2018, with 11.8% of the total Bitcoin supply currently held there, representing the lowest mark since December 2017.

Reason for Decrease in Exchange Balance

The decrease in Bitcoin balance on exchanges may have multiple causes; originally people pulled Bitcoin from exchanges to participate in vibrant crypto ecosystem with high volumes and activity and much scope for yield however, recent withdrawals may be attributed to fears over security and transparency heightened after FTX collapsed.

Pandemic Bull Run

Crypto fans will remember December 2017 as the month that Bitcoin went absolutely bananas, breaching $20,000 for the first time; it marked the top however with Bitcoin at $7,500 seven weeks later and not far above $3,000 within a year. It was a long bear market until COVID hit in 2020 sparking a pandemic bull run which saw fortunes turning around once again.

„Not Your Keys Not Your Coins“

This phrase highlights why people choose take their funds off exchange and store them themselves in wallets or other secure locations; so they are able retain full control over their assets rather than leaving them vulnerable by storing them in an exchange wallet controlled by third-parties who have access to user funds and private keys – something made abundantly clear after FTX collapse exposed its customers‘ vulnerabilities when it came to asset security .

„Don’t Be Too Greedy“ Despite Bitcoins meteoric rise during this bull run many investors have chosen not become too greedy by selling off too much too quickly instead taking steady profits throughout this surge rather than waiting until prices peak again before cashing out completely meaning fewer coins are actually entering circulation right now increasing scarcity driving up demand overall when more investors start looking into bitcoin as an investment vehicle once again after this cycle winds down

• YGG has announced that it raised $13.8 million in a token sale round, led by A16Z Crypto and DWF Labs.
• The funds will be used to accelerate the development of its soulbound reputation token (SBT).
• SBT tokens are unlike other cryptocurrencies as they are permanently linked to a person’s wallet, ensuring that they remain non-transferable.

YGG Raises Funds for Token Sale Round

Yield Guild Games (YGG) has revealed that it raised $13.8 million in a token sale round led by A16z Crypto and DWF Labs. The funds would be used to accelerate the development of its soulbound reputation token (SBT).

What is Soulbound Token?

The SBT token will power numerous activities within the YGG ecosystem. YGG is popular for selling and renting its in-game assets for profits or yield. The company is also the biggest in-game asset manager and investor in the popular NFT game Axie Infinity. Last year, YGG test-launched the tokens, offering them as rewards for in-game activities. SBT tokens are unlike other cryptocurrencies as they are permanently linked to a person’s wallet, ensuring that they remain non-transferable.

Plans for SBT Tokens

YGG co-founder Gabby Dizon told Tech in Asia that the company plans to place the tokens directly into games and reward creators within its ecosystem with SBT tokens for completing selected tasks or quests. The company intends to launch a revamped version of its web app next month, which will feature the native Soulbound Token of the platform as well as additional features such as staking and yield generation opportunities based on player activity.

Previous Investment from A16Z Crypto

This latest cryptocurrency news comes after YGG partnered with ForN to launch its Japan-focused subDAO in March 2022. In July 2021, YGG raised $12.5 million in a token sale round that lasted barely 30 seconds This isn’t the first time A16Z has invested in YGG; the web3-focused venture capital firm invested $4

• SEC ruling on BUSD labels it an „unregistered security“
• Truflation CEO Stefan Rust believes there is a political angle to the action
• Binance announced they will continue to support BUSD, but could look at alternatives as a new main trading pair

SEC Ruling on BUSD

The New York Department of Financial Services (NYDFS) has recently ordered for BUSD issuer Paxos to cease issuing new tokens. The US Securities and Exchange Commission (SEC) has also labeled BUSD an “unregistered security”. This ruling has received criticism from Truflation CEO Stefan Rust who believes that it makes no sense legally and may have been politically influenced.

Binance’s Response

In response, leading cryptocurrency exchange Binance announced that they would continue supporting the Binance USD (BUSD) stablecoin, however they could look at alternatives as a new main trading pair. They also stated that their relationship with Paxos would be terminated due to their compliance with NYDFS order.

Truflation CEO’s Comments

Truflation CEO Stefan Rust claims that the SEC’s action against Paxos does not make sense – legally and looks like a highly politically motivated process. He suggested that this could be due to the decreasing trading volumes of USDC which is favored by US institutions like BlackRock whose balance sheet is worth $10 trillion.

Paxos‘ Response

Paxos – the US-regulated issuer of the stablecoin – announced their compliance with NYDFS order and termination of relationship with Binance but maintained its stance that BUSD is not a security. They further declared their intent to litigate against SEC if possible.

Conclusion

The SEC ruling on labelling BUSD as “unregistered security” received criticism from Truflation CEO Stefan Rust who believes it makes no sense legally and may have been politically influenced. In response, cryptocurrency exchange giant Binance announced their continued support for the stablecoin while looking into alternatives as main trading pairs. Furthermore, Paxos declared its intention to litigate against SEC should they get the chance while maintaining its stance of non-security status for the token.

• Digital Currency Group (DCG) is the parent company of Grayscale Bitcoin Trust, which has been trading at a discount due to concern over its reserves.
• DCG has begun selling off crypto assets at distressed prices following the bankruptcy of Genesis.
• The market appears to have priced this in, but there could be more twists to come.

Background Information

Barry Silbert’s Digital Currency Group (DCG) owns the Grayscale Bitcoin Trust, which has been trading at a sizeable discount following concern around the reserves held. This led to speculation that DCG may not have sufficient backing for its assets and caused further damage when Genesis Markets filed for bankruptcy.

DCG Selling Off Assets

In response, DCG has begun selling off crypto assets at distressed prices in order to recoup some of its losses from the bankruptcy filing. Despite calls for proof of reserves, Grayscale declined to provide assurance, leading many investors to assume that DCG was not properly backed up by cryptocurrency holdings.

Market Reaction

The market appears to have priced this in already, with no significant price movement after news of DCG’s asset sales became public. However, it remains to be seen whether there will be further repercussions down the line as a result of this decision or if other firms will follow suit and start selling off their own crypto holdings.

Contagion Risks

The issue with crypto is that contagion risks can spread quickly and cause widespread damage across different firms in the space. We saw this in both the LUNA crash and FTX going under last year, bringing down multiple other companies as well. Therefore, it is important for investors to pay attention and stay up-to-date on any developments regarding DCG or other major players in the industry so they can make informed decisions about their investments accordingly.

Conclusion

Overall, while it appears that the market has already taken into account DCG’s asset sales into account already, there could still be more twists and turns ahead as we wait and see what happens next with Digital Currency Group and other major players in the crypto space. As always investors should stay vigilant and keep an eye out for any new developments so they can protect their investments appropriately.

• Syntropy (NOIA) price has surged by 168% from its December lows.
• An analyst believes that the bulls are likely to aim for more.
• Syntropy is set to launch its public network in the near future.

Syntropy (NOIA), the native token of the distributed routing protocol for the Internet, has been enjoying a strong rally in the crypto markets recently. The token’s price has surged by 168% from its December lows and one analyst believes that bulls are likely to aim for more.

The positive sentiment for Syntropy has been increasing since the team updated the token’s circulating supply schedule and as the platform edges closer to its public launch. In a recent tweet, the team revealed that the public network launch and revised SyntropyStack website would be unveiled soon. This will also include a knowledge hub designed to help users learn more about Syntropy and NOIA in one place.

The launch of the public network is expected to be a major catalyst for the token as its current price could be just the beginning of a much bigger rally. The analyst believes that NOIA could do another two-fold increase in the near future. This would take the token to new heights and could potentially see it joining the ranks of the top altcoins.

The Syntropy network is powered by its native token, NOIA, which is used to incentivize the network and reward users for contributing resources. The network is designed to be faster, more secure, and more reliable than existing internet protocols. It also allows for applications to be built on top of it, which could be used to create new and innovative use cases for the token.

Overall, Syntropy looks to be a promising project and the recent surge in its token price could be just the beginning of a much longer rally. With the public network launch in the near future, the bulls are likely to aim for even greater heights.

• Doodles, the non-fungible token (NFT) platform, has announced the launch of its highly anticipated drop dubbed Doodles 2.
• The Doodles 2 is a series of collectibles that allows holders to customize their Doodle with wearables, including apparels, accessories, and gadgets.
• Doodles chose Flow for its scalability, composability, security and no gas fees, meaning users can mint their first wearables and create Doodles 2 NFTs on Flow as from 31 January.

Doodles, the non-fungible token (NFT) platform that has been one of the hits of the NFT ecosystem, has announced the launch of its highly anticipated drop dubbed Doodles 2. The launch has been anticipated by the entire NFT community and is said to be a game-changer in the way people view and interact with collectibles.

The Doodles 2 is a series of collectibles that allows holders to customize their Doodle with wearables, including apparels, accessories, and gadgets. The collection is an offshoot of the core Doodles collection, one of the top NFT collections from last year and which features 10,000 unique NFTs on the Ethereum blockchain.

The team behind Doodles chose Flow for its powerful composability, security, no gas fees, and on-chain scalability. This feature allows for access across social platforms, live events, and gaming worlds. It also means users can mint their first wearables and create Doodles 2 NFTs on Flow as from 31 January.

The Doodles’ team is hoping this launch will further increase the visibility and desirability of the collectibles. Furthermore, they’re hoping to provide users with an improved experience, as the NFTs can be used across multiple ecosystems, including computer, phone and social media.

All in all, the launch of the Doodles 2 is sure to be a massive success, with the potential to revolutionize the way people use collectibles. With the launch on Flow, users can now enjoy the full functionality of the NFTs, allowing them to create unique and highly collectible items.