Crypto News Headlines (21-Mar-2023)

Digital assets trading platform Talos said it will provide clients with a deeper pool of liquidity by working with crypto market maker Keyrock as it extends its expansion into Europe.

The agreement will give New York-based Talos’ clients more efficient markets, the company said Tuesday.

The tie-up with Keyrock, based in Brussels, “helps provide our clients with deeper liquidity as the institutional adoption of digital assets continues to grow,” said Frank van Zegveld, head of Europe, Middle East and African (EMEA) sales at Talos.

Solana (SOL) moved closer to a one-month high to start the week, as prices surged by as much as 10% in today’s session.

Following a low of $21.59 on Sunday, SOL/USD raced to an intraday peak of $23.83 earlier in the day.

As a result of Monday’s move, solana has now moved to its strongest point since late-February.

Overall, the token is now trading nearly 10% higher from the same point last week, when price was below $20.00.

Today’s surge has come following a breakout of a ceiling on the 14-day relative strength index (RSI).

As of writing, the index is tracking at 58.85, which is marginally higher than its ceiling at the 57.00 mark.

Crypto enthusiasts say a “paradigm shift” could bolster Bitcoin’s status as a safe haven asset, as the cryptocurrency gains ground in the fallout of the latest banking crisis.

Following the collapse of Silicon Valley Bank and Signature Bank, as well as the sale of Swiss banking giant Credit Suisse to its rival UBS on Sunday, the world’s first and largest cryptocurrency has reached its highest level since June last year.

At the time of writing, Bitcoin was up 17% in the past week according to data from CoinGecko, with a price tag of $28,121.

EOS Network plans to invest $20 million to launch an Ethereum Virtual Machine (EVM) and GameFi next month. The open-source blockchain platform formally pledged its devotion to the project in a tweet on Monday morning.

EOS Gearing Up for April’s EVM Launch

According to the tweet, EOS’s EVN will be the fastest and have the most money available for developers.

The Ethereum Virtual Machine is a computation engine that acts like a decentralized computer with millions of executable projects. EVM is a core feature of Ethereum that runs executions and deploys smart contracts.

“Launching on April 14th, EOS EVM will redefine the limits of what’s possible with an EVM. With $20M of funding available, why wouldn’t you build on the industry’s best EVM? This $20M commitment from ENV has the goal of quickly establishing #EOS EVM as the market leader. We want to attract the industry’s best developers and teams to build on EOS EVM,” Yves La Rose, EOS CEO, tweeted.

Australia’s prudential regulator has reportedly asked local banks to report on cryptocurrency transactions amid the ongoing contagion of Silicon Valley Bank’s (SVB) collapse.

The Australian Prudential Regulation Authority (APRA) has started requesting banks to declare their exposures to startups and crypto-related companies, the Australian Financial Review reported on March 21.

The regulator has ordered banks to improve their reporting on crypto assets and provide daily updates to the APRA, the report notes, citing three people familiar with the matter. The agency is aiming to obtain more information and insight into banking exposures into crypto as well as associated risks, the sources said.

The U.S. Supreme Court will hear arguments in its first-ever crypto-related case on Tuesday, when lawyers for San Francisco-based crypto exchange Coinbase will attempt to convince the nine Justices to pause a pair of class-action lawsuits against the crypto exchange.

Though the case the high court will hear Tuesday involves crypto, it is not itself a crypto case. Instead, this case is a fairly esoteric, procedural argument over whether a lawsuit can proceed in federal court while one party – in this case, Coinbase – is attempting to send the dispute to arbitration.

Coinbase is in the process of appealing an earlier decision by a federal court in California allowing the two lawsuits, Bielski v. Coinbase and Suski v. Coinbase, to continue, in contrast with Coinbase’s user agreement, which requires disputes to be sent to arbitration. Arbitration is an out-of-court method of dispute resolution in which the odds are often unfairly stacked against consumers.

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.

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.

After smashing through the $28,000 mark on Sunday, Bitcoin (BTC) hit the year’s high of $28,503 on Monday morning before a slight correction to $28,375 at the time of writing, according to data from CoinGecko.

The latest price action means the leading cryptocurrency is up 4% in the day, and as much as 28.4% over the last week, making it one of the best performers in the market.

Bitcoin last changed hands at these levels in June last year amid the collapse of the Terra ecosystem and the contagion starting to spread across the crypto industry to claim the scalps of several key players, such as Celsius Network and Three Arrows Capital, among others.

The Crypto Fear and Greed Index has hit its highest index score this year, reaching levels not seen since Bitcoin (BTC) posted its all-time high in November 2021.

A March 20 update of the Index showed a score of 66, placing it firmly within the “Greed” territory.

The Crypto Fear and Greed Index aims to numerically present the current “emotions and sentiments” towards Bitcoin and the cryptocurrency market, with the highest score being 100.

The last time the index recorded a score above 66 was on Nov. 16, 2021, just days after Bitcoin’s all-time high of over $69,000 was recorded on Nov. 10, 2021, according to Coingecko.

Self-custody cryptocurrency purchases are becoming more accessible in Nigeria as major crypto wallet MetaMask expands direct on-ramps with local banks.

On March 21, MetaMask’s parent firm ConsenSys announced a new integration with crypto fintech MoonPay, enabling users in Nigeria to purchase crypto via instant bank transfers.

The new feature is available within the MetaMask mobile and Portfolio DApp, significantly simplifying the process of buying crypto without using credit or debit cards in Nigeria.