• BNB, the cryptocurrency that powers the Binance Smart Chain, has seen a 25% surge from last week’s lows due to news of Uniswap deploying on the chain.
• Technical analysis suggests that BNB is likely headed for a test of February’s highs in the $330s and could rally to November highs near $400.
• The broad cryptocurrency market stabilization may prevent a further 20% surge in the short term as BNB’s 14-day RSI is close to hitting overbought territory.

Binance Coin Price Prediction

It’s been a big week for BNB, the cryptocurrency that power’s the Binance Smart Chain. After tumbling to two-month lows late last week in the mid-$260s amid generalized risk-off across asset classes amid concerns about US bank failures, BNB has seen a stunning rebound.

Reasons for Rally

At current levels around $330, BNB/USD is changing hands close to 25% up versus last week’s lows. Part of the rally can be explained by the crypto market’s broader recovery on a mixture of 1) optimism that the response from US authorities to bank troubles will be sufficient to prevent a crisis, 2) that, in the face of a fragile banking system, the Fed won’t do too much more tightening and 3) a growing narrative that crypto is a safe haven against trouble in the traditional financial system.

Uniswap Deployment Boosting Prices

But while the rest of the crypto market has been consolidating in the last few days, BNB has continued pumping and was last up 8% in

• Binance has expanded its Proof-of-Reserve (PoR) system to include 11 new tokens, bringing the overall amount of funds verifiable via the exchange to over $63 billion.
• Crypto executives started sharing proof of reserves in response to concerns about the reliability of centralized players following FTX’s collapse.
• Binance incorporated zk-SNARKs into its PoR system earlier this year, affirming that user funds held on the platform are backed 1:1 while preserving user data privacy.

Binance Expands Proof of Reserves Report

Binance has expanded its Proof-of-Reserve (PoR) report to include 11 more tokens, bringing the overall amount of funds verifiable via the exchange’s PoR system to over $63 billion. The report now allows users to verify the amount of funds on the exchange across 24 different cryptocurrencies.

FTX Collapse Prompts Concern

The unprecedented collapse of FTX, once the third-largest cryptocurrency exchange, stirred up a lot of concerns within the crypto industry over the reliability of centralized players. In a bid to address this skepticism, crypto executives started to share proof of reserves.

Binance Shares Initial Audit Report

Binance was among the very first platforms to share its Proof of Reserves report. Initially, it shared a list of how many tokens it holds but noted that it was “not a complete set” and that further details will be shared in an upcoming full audit report. Later in December, Binance shared its PoR report audited by Mazars, which claimed that Binance’s bitcoin reserves have a 101% collateralization ratio.

Kraken’s Jesse Powell Finds Flaws in Audit

However, some crypto experts were quick to find some holes in this audit. More specifically, Kraken co-founder Jesse Powell noted that figures essentially state Binance’s bitcoin is 97% collateralized. The revelation led withdrawals as rumors about alleged problems at the platform drove users away.

Binance Incorporates zk-SNARKs Into Its System

In a bid to address this skepticism, Binance incorporated zk-SNARKs into its proof-of-reserves verification earlier this year, affirming that funds held on the platform are backed 1:1 while preserving user data privacy. Aside from Biance other crypto platforms have completed their Proof Of Reserves audits including Kraken , Crypto . com , Bitmex , Coinfloor , Gate . io , HBTC and WazirX .

• The second most popular meme coin, Shiba Inu has fallen from its recent 2023 high of $0.00001590 to trade at $0.00001235 as regulatory pressure bites
• SHIB’s short-term outlook reveals the possibility of a trend reversal in the coming days, especially if support at $0.000012 continues to stay firm
• Investors should be ready to buy and fill their bags the moment SHIB begins its rebound with a green candle, possibly above $0.000012

Shiba Inu Price Prediction

The second most popular meme coin, Shiba Inu (SHIB) has recently seen its price fall from its 2023 high of $0.00001590 to trade at $0.00001235 due to increased regulatory pressure. However, SHIB’s short-term outlook suggests that there may be a potential trend reversal in the near future if support at $0.000012 holds strong.

Listing on BinanceUS

On February 24th, SHIB was listed on BinanceUS – a subsidiary of Binance – allowing US-based customers to buy and sell the cryptocurrency using the SHIB/USD pair. While this announcement did not lead to an immediate increase in price as expected by investors, it could still have long-term implications for SHIB’s value growth over time.

Support Levels

An analysis of Shiba Inu’s daily chart reveals support levels provided by both a lower ascending trend line and 50-day Exponential Moving Average (EMA), as well as a seller congestion zone located in the lower yellow band which prevents further downside movement for now. Additionally, the Stochastic oscillator is close to being oversold, suggesting that SHIB is nearing exhaustion of its pullback and could potentially begin rebounding soon if green candles appear above $0.000012.

100-Day EMA

In case declines intensify further than expected, investors can look towards another key support level provided by the 100-day EMA currently holding ground at $0.00001138 – which would help absorb any remaining selling pressure before an uptick in price can occur once again..

Conclusion

Overall, while Shiba Inu has faced significant headwinds over the past several weeks due to increasing regulations across cryptocurrencies worldwide, there remains potential for recovery if certain support levels hold strong and allow for upward momentum once more following a potential trend reversal in days ahead

• The Federal Reserve Bank of San Francisco has posted a vacancy for a CBDC developer to explore the cost and benefits of the potential technologies for central bank digital currencies.
• The job description requires experience in designing and maintaining digital payments, cryptocurrencies, or CBDCs as well as knowledge of cryptographic protocols such as zero knowledge proofs, consensus algorithms, and security.
• Japan and Russia have also announced upcoming pilots for their own central bank digital currencies.

Federal Reserve Bank Seeks CBDC Developer

The Federal Reserve Bank of San Francisco has announced a vacancy for a CBDC (Central Bank Digital Currency) developer to explore the cost and benefits of potential technologies related to the currency. The job requirements include experience in designing and maintaining digital payments, cryptocurrencies, or CBDCs as well as knowledge of cryptographic protocols such as zero knowledge proofs, consensus algorithms, and security.

Job Description

The job description said the candidate is expected to aid the bank in designing and implementing systems critical to CBDC research. Key responsibilities include developing systems related to CBDCs, identifying improvements, and mitigating risks. At the time of writing, a total of 46 individuals have applied for this position with a base salary ranging from $110,300 to $176,300.

More Countries Join the Race

Japan and Russia have become two more countries that are joining the race by announcing upcoming pilots for their own central bank digital currencies. On Friday, Japan’s central bank said it would roll out a pilot program to run experiments on the use of a Digital Yen while on Saturday the Bank of Russia announced it is preparing to launch its own pilot on April 1st. According to data by Atlantic Council think tank over 95% of global GDP is represented by countries exploring national digital currencies.

Benefits & Risks

CBDCs could provide several advantages like increased financial access as well as faster processing times compared with traditional payment methods while also reducing costs associated with cross-border transactions. However they may also present potential risks such as privacy concerns or cyber-security threats due to lack of familiarity with cryptocurrency technology among consumers or businesses alike.

Conclusion

The development around central bank digital currencies is quickly gaining momentum around the world with many countries exploring different use cases for them in their economies; from increasing financial access among citizens to reducing costs associated with international transactions – only time will tell how far these initiatives can go towards revolutionizing our economic system in years ahead!

• The IRS is targeting Kraken, a major crypto exchange, for failing to provide information regarding its US customers who conducted crypto transactions worth $20,000 or more between 2016 and 2020.
• A recent filing petitioned the US District Court for the Northern District of California for an order that would enforce the IRS’ summons on Payward Ventures, a company within Kraken.
• If granted, this order would allow the IRS to access records concerning all cryptocurrency users in the United States and their federal tax liabilities.

IRS Investigation Targets Kraken Crypto Exchange

The Internal Revenue Service (IRS), the American tax authority, has taken action against Kraken, one of the world’s largest cryptocurrency exchanges. According to Law360,”Cryptocurrency exchange Kraken Inc. hasn’t complied with a court-approved IRS summons seeking records on customer identities and transactions and should be forced to furnish the records.” As reported in May 2021, a branch of the California District Court granted permission to issue a John Doe summons on Kraken in an effort to discover information about US residents who had conducted high-value crypto transactions over 2016-2020.

What Is A John Doe Summons?

A John Doe summons is used by the IRS when they need to obtain names and requested information from taxpayers belonging in certain groups. In this case, it is intended for taxpayers who have done USD 20,000 or more worth of crypto transactions within that period. The filing argued that this information was already in possession of the IRS and could potentially reveal identities and federal tax liabilities of those involved in cryptocurrency activities who may not have been compliant with their obligations.

Kraken’s Response

Kraken responded stating that they had not yet been served with this petition but that they are “committed to engaging constructively with regulators” when necessary. They further stated that “Kraken does not tolerate criminal activity on its platform…[and] takes its compliance responsibilities seriously” as part of their commitment towards customers as well as legal compliance worldwide.

Implications Of This Action

This news has raised several questions among crypto enthusiasts including what could happen if these requests are enforced and how it might affect other exchanges operating in similar conditions or jurisdictions around them. However, at this stage it remains unclear what will come out from this investigation or if any action will be taken beyond simply issuing subpoenas or requests for information from companies like Kraken.

Conclusion

It is yet unknown how far this investigation will go or what kind of implications it will have both for US based traders as well as other countries where crypto trading is popular but unregulated by law enforcement bodies such as banks or governments . All we can do now is wait until further developments arise from either side before speculating further about potential outcomes from this case study involving Kraken inc., Payward Ventures LLP., and other subsidiaries associated with them .

• The Terra Luna Classic (LUNC) price has surged 18% in the past 24 hours, reaching its highest level since November.
• Momentum indicators suggest that this surge may be followed by more gains in the near future.
• The LUNC community is also proposing ways to reduce its supply and boost its price, including a re-peg of sister stablecoin USTC to $1.

Terra Luna Classic Price Surge

The Terra Luna Classic (LUNC) price has surged an impressive 18% in the past 24 hours, reaching $0.00020387 following gains yesterday for the cryptocurrency market as a whole. Its current price means that it has now risen by 30% in the past 30 days, driven mostly by a decline in market bearishness and a corresponding increase in bullishness.

Bull Market Starting?

LUNC is likely to show more upwards volatility as the market continues to recover throughout the year, with the altcoin benefitting from attempts by its community to reduce its supply. However, with this same community often in conflict with each other over how best to support the Terra Luna Classic ecosystem, LUNC’s recovery cannot be entirely assured.

Momentum Indicators

LUNC’s chart reveals a sharp increase in momentum. Its relative strength index (purple) has jumped from under 30 a couple of days ago to over 70 now, signaling strong buying pressure that could still continue for a little while yet. Promisingly, the coin’s 30-day moving average (red) is just about to ascend over its 200-day (blue), forming a golden cross that may signal a significant breakout. Indeed, this suspicion is supported by the fact that LUNC has passed the $0.0002 mark – its highest level since November before FTX collapse – which could mean it has more gains in store in the near future.

Community Proposal

The Terra Luna Classic community continues striving to propose ways to reduce its supply and boost its price; one such proposal being recently put forward is re-pegging of sister stablecoin USTC at $1 which would have positive impact on LUNCs value due to massive burn of tokens related with it; currently this proposal looks set to pass adding further strength into LUNCs rally today .

Conclusion

• CME Bitcoin Futures Open Interest has surged to near-record highs at 21%, indicating growing institutional participation in BTC futures.
• Institutional participation in BTC futures has been increasing since the start of the year amid a rise in crypto prices.
• Bitcoin surged to over $23,000 over the weekend, a level not seen in more than four months.

The Chicago Mercantile Exchange (CME) has seen its open interest in Bitcoin futures surge to near-all-time highs at 21%, indicating increasing institutional participation in the digital asset. This comes at a time when Bitcoin is rallying, having recently risen to a level not seen in more than four months.

According to a recent report by Arcane Research, institutional participation in BTC futures has been increasing since the start of the year amid a rise in crypto prices. This is evidenced by the fact that Bitcoin futures contracts have started trading at a premium to the spot market, the first time this has happened since the fall of FTX.

CME is one of the largest derivatives exchanges in the world that offers futures and options trading services in many different industry segments. This includes stock market index, currency, real estate, commodities, and cryptocurrencies. Generally, a rise in crypto-related trading volumes on the platform suggests an influx of institutional investors into the digital asset space.

Arcane stated that the strong start to the year has been backed by growing institutional participation in BTC futures. CME’s share of the total open interest in BTC futures currently sits at 21%. This is higher than the level seen in October and December 2021.

The rise in open interest in BTC futures on the CME exchange comes as cryptocurrencies have started the year with a strong rally. Bitcoin surged to over $23,000 over the weekend, a level not seen in more than four months. The flagship cryptocurrency is up by more than 35% YTD. Furthermore, Genesis disclosed that Gemini had sold 30.9 million GBTC shares during its bankruptcy filing, leading investors to purchase the heavily discounted GBTC and hedge through CME futures.

The increased institutional participation in BTC futures is a positive sign for the digital asset space. It shows that more institutional investors are becoming comfortable with the asset class and are willing to invest in it. It remains to be seen if this trend will continue, as the crypto space is still in its infancy and is subject to extreme volatility.

• Several South Korean firms are reportedly preparing to launch security token offering (STO)-related services in 2021.
• The Financial Services Commission (FSC) is expected to make an announcement about STOs on January 19.
• Busan, in particular, is hoping to make STOs a key part of the city-run Digital Assets Exchange project.

The South Korean crypto sector is abuzz with reports that multiple domestic companies are preparing to launch security token offering (STO)-related services this year. The news follows the Financial Services Commission’s (FSC) announcement that it would make an announcement regarding the “distribution and issuance of security tokens” on January 19, 2021.

An STO, also known as a security token offering, is a form of fundraising that involves issuing digital tokens that represent securities such as stocks and bonds. The FSC has recently outlined new rules for the issuance of digital tokens, which could pave the way for the launch of STOs in the near future.

The news has been welcomed by a number of domestic securities companies, which have reportedly been “busy preparing digital asset platforms” that can handle and/or issue tokens. The City of Busan, in particular, is hoping to make STOs a key part of the city-run Digital Assets Exchange project. The project is being developed in conjunction with a number of top international crypto exchanges, including Binance.

The city has been granted special regulation-free status in the sphere of blockchain technology, and a number of the private-sector projects it has nurtured in its sandbox space are related to STOs, including a tokenized real estate project. The city hopes that its efforts to launch STOs will eventually help it become a global hub for digital assets.

In addition to the launch of STOs, the FSC is also expected to provide guidance on the taxation of digital assets and the management of digital asset exchange operators. The FSC has previously emphasized the importance of protecting investors and preventing money laundering, and it is likely to impose some restrictions on the issuance and trading of digital tokens.

It remains to be seen what the exact details of the FSC’s announcement will be, but it appears that many firms are confident that the FSC will not throw up too many hurdles in their path. If the regulator does indeed give the go-ahead for the launch of STOs, then South Korea could become a major hub for digital assets in the near future.

• The US Securities and Exchange Commission is asking financial firms what diligence policies and procedures they have in place regarding FTX investments.
• New York Attorney General Letitia James has sued Celsius Network co-founder Alex Mashinsky for allegedly defrauding investors out of billions of dollars of digital currency.
• European Central Bank executive Fabio Panetta said that cryptoassets should be regulated under online gambling laws.

The US Securities and Exchange Commission (SEC) is seeking information on the due diligence policies and procedures financial firms have in place when it comes to investing in crypto-asset platform FTX. This inquiry comes as two sources familiar with the inquiry have revealed to Reuters. The SEC wants to know if the firms followed the due diligence policies they have when they chose to invest in FTX.

Meanwhile, New York Attorney General Letitia James has taken legal action against Celsius Network co-founder Alex Mashinsky. According to the Wall Street Journal, the lawsuit filed by James alleges that Mashinsky misled investors about the financial condition of the company and concealed its dire situation after losing hundreds of millions of dollars in risky investments. The Attorney General claims that Mashinsky falsely claimed the crypto lender was safer than a bank and only lent assets to credible entities.

European Central Bank executive Fabio Panetta has also weighed in on cryptoassets and believes they should be regulated under online gambling laws. In a statement, Panetta said that as an investment, cryptos lack any intrinsic value and are essentially a gamble disguised as an investment asset. He went on to say that investors buy them with the sole objective of selling them on at a higher price.

The US Securities and Exchange Commission is currently taking steps to gain more insight into the due diligence policies and procedures employed by financial firms when it comes to investing in FTX, a crypto-asset platform. This inquiry is being conducted to ensure investors are adequately protected and that the firms involved in FTX investments are following the necessary protocols. Meanwhile, New York Attorney General Letitia James is suing Celsius Network co-founder Alex Mashinsky, alleging that he defrauded investors out of billions of dollars of digital currency. The lawsuit also claims Mashinsky misled investors about the soundness of the firm’s financial condition and concealed its dire situation after risky investments had caused losses.

In addition, European Central Bank executive Fabio Panetta has expressed his opinion on the matter, stating that cryptoassets should be regulated under online gambling laws. Panetta believes that as an investment, these assets lack any intrinsic value and are essentially a gamble disguised as an investment asset. Investors purchase these assets with the sole objective of selling them on at a higher price.

Overall, these recent events have highlighted the importance of due diligence policies and procedures when it comes to investing in cryptoassets. It is essential that investors are adequately protected and that the firms involved in crypto investments are following the necessary protocols. As such, the US Securities and Exchange Commission is taking steps to gain more insight into the due diligence policies and procedures employed by financial firms when it comes to FTX investments. Additionally, New York Attorney General Letitia James is taking legal action against Celsius Network co-founder Alex Mashinsky for allegedly defrauding investors out of billions of dollars of digital currency. Finally, European Central Bank executive Fabio Panetta believes that cryptoassets should be regulated under online gambling laws.