EU introduces crypto regulations

The capital requirement for holding digital assets has been toughened by the Parliament’s Economic and Monetary Affairs Committee. Allegedly, for every euro in cryptocurrency a bank holds, they will need to hold one euro in capital. The high capital requirements should help keep the crypto sector stable and prevent it from damaging the economy.

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Binance donates $5 million to Turkey

Binance pledged to donate $100 in BNB tokens to every user affected by the 7.8 magnitude earthquake that happened in Turkey. This would be roughly $5 million in total, according to CZ, the CEO of Binance.

Genesis reaches a bankruptcy deal

Genesis Global Capital (GGC), Digital Currency Group, Gemini, and other creditors have come to a bankruptcy agreement to recover assets. There are over $2 billion in claims against GGC.

Sberbank plans to launch DeFi platform

Russia’s Sberbank allegedly plans to launch a DeFi platform in May 2023. MetaMask users will initially be able to access the platform via the Ethereum network. It’s worth noting that a DeFi platform made by a bank is like know-your-customer (KYC) process for Metamask.

Logan Paul sued over Crypto Zoo

Don Holland has sued CryptoZoo and Logan Paul, claiming he perpetrated a rug pull and stole money from investors. Paul lured investors by claiming they would receive benefits, rewards, exclusive access to other crypto assets, etc. This lawsuit comes even though Paul unveiled a $1.5 million recovery plan for past investors on January 13th.

BonqDAO and AllianceBlock got hacked

Approximately $88 million was stolen from the crypto protocols BonqDAO and AllianceBlock through an exploit in one of BonqDAO’s smart contracts. However, the hacker is having problems turning it all into stablecoins or ETH because of low liquidity.

Alameda failed to withdraw funds

Alameda Research attempted to recover almost half a billion in loan repayments from Voyager Digital. According to court documents, both the creditors’ committee and Voyager Digital have rejected an attempt by Alameda Research to recover $446 million.

More market movers

Binance donates $5 million to Turkey

Binance pledged to donate $100 in BNB tokens to every user affected by the 7.8 magnitude earthquake that happened in Turkey. This would be roughly $5 million in total, according to CZ, the CEO of Binance.

Adani’s stock up after massive turmoil

After falling approximately 75% in just a few weeks, Adani Group’s stock surged 15.28% on Tuesday. The positivity around the company was influenced by the founders prepaying nearly $1.1 billion in loans.

RBA lifts interest rates by 25 bps

The Reserve Bank of Australia increased interest rates by 25 bps from 3.1% to 3.35%. The interest rates were raised for the ninth time in a row, bringing borrowing costs to a level not seen more than a decade.

Genesis reaches a bankruptcy deal

Genesis Global Capital (GGC), Digital Currency Group, Gemini, and other creditors have come to a bankruptcy agreement to recover assets. There are over $2 billion in claims against GGC.

Janet Yellen doesn’t see a recession

“I envision a scenario in which inflation is dropping significantly and the economy is continuing to be strong,” Treasury Secretary Janet Yellen has remarked. “Having the lowest unemployment rate in more than 50 years and creating 500,000 new jobs doesn’t seem like a recession to me,” she added.

DXY jumps above 103

After almost falling to 100, the dollar index (DXY) surged above 103. This is for the first time since early January on rising hopes that the Fed will continue to hike interest rates. It was affected by the better-than-expected US jobs report.

News

Stablecoins are being adopted on a global scale

Stablecoins are gaining a lot of popularity due to their notable benefits compared to traditional payment systems.
GBP/USD falls below psychological 1.20 amid USD strength
GBPUSD
-0.25%

GBP/USD falls below psychological 1.20 amid USD strength

Traders bought the USD broadly today, sending the GBP/USD pair lower.

Norwegian Cruise: Stock dilution possible due to ruined balance sheet

Norwegian Cruise Line Holdings (NCLH) was a great company until COVID-19 changed the business model dramatically. Now it poses a threat to investors.
EUR/USD touches 2-week lows ahead of Powell’s speech
EURUSD
-0.62%

EUR/USD touches 2-week lows ahead of Powell’s speech

Volatility could be highly elevated today as investors will react to Jay Powell's speech.