DeFI News by Thebittimes.Com

The Bank for International Settlements, in collaboration with several prominent European central banks, is in the process of constructing a sophisticated system designed to monitor the global movements of cryptocurrencies. The Bank for International Settlements (BIS) has recently unveiled a proof-of-concept (PoC) for a cutting-edge system aimed at tracking both on-chain and off-chain transactions originating from cryptocurrency exchanges and public blockchains, including the pioneering Bitcoin network. In a collaborative effort with the Deutsche Bundesbank, De Nederlandsche Bank, the European Central Bank, and the Bank of France, the BIS has proudly announced the successful culmination of Project Atlas, a PoC endeavor geared towards assessing the macroeconomic significance of cryptocurrency markets and de central ized finance (DeFi) protocols. The BIS Innovation Hub has divulged comprehensive details of this groundbreaking concept, which strives to offer invaluable insights, infor...

One of the “Big Four” Banks in Australia , ANZ, will stop allowing deposits and withdrawals from a number of its Australia n branches. The move is an attempt to push users towards ATMs and deposit machines. The decision has drawn criticism from people like Patricia Sparrow, CEO of the Council on Aging. According to Sparrow, the shift may have a disproportionately negative impact on older individuals because they are less technologically savvy. Others have asserted that it would increase the vulnerability of fiat users to technical problems. The action has also stoked new concerns about efforts to replace cash with CBDCs (central bank digital currency). Australia is currently running a CBDC pilot program, with an update due in the middle of 2023. One of the effects noted by the RBA was that a CBDC might replace the Australia n dollar. The potential impact on personal freedom and privacy of CBDCs replacing currency is a significant additional concern. According to an ANZ spokeswoman,...

The total crypto market cap slipped below $1.025 trillion as concerns over Silvergate Bank’s solvency triggered a sharp sell-off in BTC, ETH and altcoins. Cryptocurrency markets experienced a relatively calm month in February as the total market capitalization gained 4% in the period. However, the fear of regulatory pressure appears to be having an impact on volatility in March. Bulls will undoubtedly miss the technical pattern that has been guiding the total crypto market capitalization upwards for the past 48 days. Unfortunately, not all trends last forever, and the 6.3% price correction on March 2 was enough to break below the ascending channel support level. Total crypto market cap in USD, 12-hour. Source: TradingView As displayed above, the ascending channel initiated in mid-January saw its $1.025 trillion market cap floor ruptured after Silvergate bank, a major player in crypto on and off-ramping, saw its stock plunge by 57.7% at the New York Stock Exchange on March 2. Silvergat...

In the statement, Lane also took the opportunity to "set the record straight” about its investment relationship with FTX and the firm's “robust risk management approach.” Silvergate Capital CEO Alan Lane has slammed “short sellers” and “other opportunists” for spread ing misinformation over the last few weeks — just to score themselves a quick buck.  In a Dec. 5 public letter, Lane said there was “plenty of speculation – and misinformation ” being spread by these parties to “capitalize on market uncertainty” caused in part to FTX’s catastrophic collapse in November. His crypto-focused bank was recently forced to deny one of these so-called FUD (fear, uncertainty and doubt) campaigns last week when there was speculation that the firm was exposed to the bankrupt crypto lender BlockFi. Lane also used the latest letter to the public as an “opportunity to set the record straight” about its investment relationship with FTX, as well as the company’s “robust risk management approa...