Gulf Crypto Insight
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The first and only blockchain and cryptocurrency focused news portal in the Middle East.
https://cryptoinsight.ae/

The Content is for informational purposes only, you should not consider any such information or other material as financial or other advice
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Crypto users turned to DEXs, loaded up on USDC after Silicon Valley Bank crash

The collapse of FTX led to a similar exodus from centralized exchanges, as users worried they may lose access to funds during crises.

The collapse of Silicon Valley Bank saw investors loading their bags with USD Coin, along with an exodus of funds from centralized exchanges (CEXs) to decentralized exchanges (DEXs).

Outflows from centralized exchanges…

https://cryptoinsight.ae/crypto-users-turned-to-dexs-loaded-up-on-usdc-after-silicon-valley-bank-crash/

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Collapse of Silvergate and Silicon Valley Bank represent a challenge for crypto

The fire lit by Silvergate Bank and Silicon Valley Bank will make it harder for crypto to find financial partners.

The collapse of Silicon Valley Bank (SVB) and Silvergate Capital, some of the most crypto-friendly banks in the industry, has forced many crypto firms to hold their breath. The loss of a significant banking partner…

https://cryptoinsight.ae/collapse-of-silvergate-and-silicon-valley-bank-represent-a-challenge-for-crypto/

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Bitcoin bears could face $440M loss in Friday’s options expiry

The bailout of Silicon Valley Bank provided a significant advantage to BTC bulls on the weekly $1.2 billion BTC options expiry.

The rejection that followed Bitcoin’s rally to $26,500 may appear to be a victory for bears, but $24,750 on March 14 was the highest daily close in nine months. Furthermore, Bitcoin has gained 26.5%…

https://cryptoinsight.ae/bitcoin-bears-could-face-440m-loss-in-fridays-options-expiry/

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Post-Merge Ethereum: Grayscale extends review of ETHPoW decision

Grayscale will take 180 days at max to decide whether, when and in what manner to sell ETHPoW on behalf of the record date shareholders.

Cryptocurrency investment firm Grayscale Investments is taking more time to decide whether it should acquire and sell post-Merge forked Ethereum tokens.

Grayscale announced on March 16 that the company intends…

https://cryptoinsight.ae/post-merge-ethereum-grayscale-extends-review-of-ethpow-decision/

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Hello there!
Day started from:

The global cryptocurrency market cap today is $1.22 Trillion, a 5.9% change in the last 24 hours

Bitcoin ~ $27,670.75 (6.5%)
Ethereum ~ $1,817.64 (6.0%)
Solana ~ $22.58 (12.4%)
Polkadot ~ $6.65 (6.7%)
Flow ~ $1.10 (6.3%)

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Crypto market cap reclaims $1T, and derivatives point to further upside

Bitcoin’s performance has outpaced Warren Buffett’s Berkshire Hathaway over the past six months, with crypto markets appearing to have turned a corner.

The total crypto market capitalization increased by 26% in seven days, reaching $1.16 trillion on March 17. Bitcoin was the biggest winner among the top 20 coins, up 31.5%, though some altcoins gained…

https://cryptoinsight.ae/crypto-market-cap-reclaims-1t-and-derivatives-point-to-further-upside/

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Microsoft reportedly testing Edge browser web3 wallet integration

The supposed screenshots show a non-custodial crypto and NFT-friendly Microsoft Web3 wallet embedded into Edge.

Microsoft is reportedly working on integrating a crypto and nonfungible token (NFT) friendly Web3 wallet into its Edge web browser.

In a March 17 Twitter thread, software documenter — and occasional info leaker — Albacore shared a series of supposed…

https://cryptoinsight.ae/microsoft-reportedly-testing-edge-browser-web3-wallet-integration/

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More 186 US banks well-positioned for collapse, SVB analysis reveals

Rising interest rates, which brought down the U.S. banking system’s market value of assets by $2 trillion, combined with a large share of uninsured deposits at some U.S. banks, threatens their stability.

The perfect mix of losses, uninsured leverage and a greater loan portfolio, among other factors, resulted in the fall of Silicon Valley Bank…

https://cryptoinsight.ae/more-186-us-banks-well-positioned-for-collapse-svb-analysis-reveals/

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Hello there!
Day started from:

The global cryptocurrency market cap today is $1.2 Trillion, a -1.5% change in the last 24 hours

Bitcoin ~ $27,216.10 (-1.6%)
Ethereum ~ $1,787.07 (-1.8%)
Solana ~ $21.87 (-3.3%)
Polkadot ~ $6.47 (-2.7%)
Flow ~ $1.07 (-2.8%)

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Former Coinbase CTO makes $2M bet on Bitcoin’s performance

Balaji Srinivasan has predicted Bitcoin will reach $1 million within 90 days as a consequence of hyperinflation in the United States.

Former Coinbase chief technology officer Balaji Srinivasan has made a millionaire bet on Bitcoin’s price over the next 90 days, predicting the cryptocurrency price will reach $1 million by June 17.

The wager was…

https://cryptoinsight.ae/former-coinbase-cto-makes-2m-bet-on-bitcoins-performance/

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What are distributed systems, and how do they work?

What is a distributed system?

A distributed system is a collection of independent computers that appear to the user as a single coherent system. 

To accomplish a common objective, the computers in a distributed system communicate with one another. A distributed system’s computers may be housed in one physical place or dispersed across several regions.…

https://cryptoinsight.ae/what-are-distributed-systems-and-how-do-they-work/

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What are the Howey test and its implications for cryptocurrency?

The Howey test’s impact on cryptocurrency, explained — legal implications, compliance requirements and more.
What is the Howey test?
The Howey test is a legal test used in the United States to determine whether a transaction qualifies as an investment contract and, thus, is considered a security under federal law. The test was established by…

https://cryptoinsight.ae/what-are-the-howey-test-and-its-implications-for-cryptocurrency/

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Hello there!
Day started from:

The global cryptocurrency market cap today is $1.21 Trillion, a 0.4% change in the last 24 hours

Bitcoin ~ $27,760.35 (2.1%)
Ethereum ~ $1,773.92 (-0.7%)
Solana ~ $22.43 (2.6%)
Polkadot ~ $6.38 (-1.3%)
Flow ~ $1.07 (0.3%)

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Beware of fake Arbitrum Airdrops, community warns

The community has warned others to stay vigilant after reports of phishing websites and scams offering Arbitrum Airdrop tokens.

Ethereum layer-2 scaling solution Arbitrum’s upcoming “ARB” token Airdrop appears to have become a popular target for scammers, with the community warning of hundreds of phishing scams aimed at tricking crypto users.

Announced in a March…

https://cryptoinsight.ae/beware-of-fake-arbitrum-airdrops-community-warns/

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DefiLlama forked as internal dispute unfolds

A disagreement over the launch of a LLAMA token led core employees to fork DefiLlama blockchain on March 19.

A dispute has taken place within the decentralized finance analytics dashboard DefiLlama, leading the platform to be forked by one of its employees over the weekend.

The dispute centers on the company’s plans to launch a…

https://cryptoinsight.ae/defillama-forked-as-internal-dispute-unfolds/

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Binance’s response to U.S. Senators lacks financial information: Report

Binance’s Patrick Hillman answered a letter from United States Senators requesting information on Binance’s operations in the country and its relationship with Binance.US.

Binance has answered a letter from United States Senators from early March requesting information about the crypto exchange operations in the country, including its balance sheet.

According to a report on March…

https://cryptoinsight.ae/binances-response-to-u-s-senators-lacks-financial-information-report/

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Hello there!
Day started from:

The global cryptocurrency market cap today is $1.2 Trillion, a 0.1% change in the last 24 hours

Bitcoin ~ $27,924.85 (0.5%)
Ethereum ~ $1,749.98 (-1.4%)
Solana ~ $22.46 (-0.0%)
Polkadot ~ $6.18 (-3.1%)
Flow ~ $1.11 (3.4%)

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Crypto Fear and Greed Index hits highest level since Bitcoin’s all-time high

Sentiment toward the crypto market is the most positive its been since around the time Bitcoin hit its all-time high almost 16 months ago.

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

A March 20 update…

https://cryptoinsight.ae/crypto-fear-and-greed-index-hits-highest-level-since-bitcoins-all-time-high/

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Manta Network seeks to bring privacy to nonfungible crypto assets with new NPO platform

The new NFT Private Offering platform will enable users to mint nonfungible tokens and soulbound tokens while maintaining the privacy of their crypto assets.

Zero-knowledge layer 1 blockchain Manta Network announced on March 20 that it had added support for assets, including nonfungible tokens (NFTs) and soulbound tokens (SBTs), to its protocol. The MantaPay protocol,…

https://cryptoinsight.ae/manta-network-seeks-to-bring-privacy-to-nonfungible-crypto-assets-with-new-npo-platform/

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US exploring ways to guarantee the country’s 18T of bank deposits: Report

The current deposit insurance cap under the FDIC is $250,000, but recent banking collapses have seen calls to increase that amount.

U.S. officials are reportedly studying ways to expand the current scope of deposit insurance that would guarantee all U.S. bank deposits should the current banking crisis worsen.

The current deposit insurance cap under the…

https://cryptoinsight.ae/us-exploring-ways-to-guarantee-the-countrys-18t-of-bank-deposits-report/

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