Weekly Market Highlights #38: March 13 - March 19
Bitcoin's Dominance is well above 46% for the first time since June 2022.
✨After a tumultuous past week due to the collapse of 3 major banks linked to crypto companies and causing USDC depeg, the crypto market is back strong.
✨Over the past week, the crypto market increased ~$150B (from ~$1028B to ~$1178B) of its total capitalization
✨Bitcoin Dominance Spikes to New Peaks
✅The US banking crisis, in which three banks were closed within days, and the subsequent bailout speculations and US Fed lending $300B to certain banking institutions, pushed BTC north this week.
✅Bitcoin stood just inches above $20K last Sunday but started marching on as the working week began. After several consecutive massive rallies, Bitcoin traded above $26K on Tuesday for the first time in months, and after that, reaching a new 9-month high of $28K
✅Currently, BTC still trades north of $28K. Its market cap is above $547B, while its Dominance over the altcoins has reached its highest levels since June 2022 at over 46% on CMC.
✨Altcoins Turn Red
✅The alternative coins also experienced notable gains in the past few days, but most have retraced today.
✅BSCS is trading at $0,01786: +3,9% from its 7-day all-time low of $0,01718.
✅ETH went to a multi-month high above $1,8K, but a 2% daily drop has pushed it below that level.
✅BNB, ADA, SOL, TRX, SHIB, and DOT have declined by similar percentages. DOGE, MATIC, and LTC are down by even more in a day.
✅Nevertheless, the most significant losses come from ATOM, LDO, STX, FIL, and APT. These assets have plummeted by between 5% and 8%.
✨Bitcoin Fear and Greed Index is 66 - Greed, higher than at the beginning of the week (49)
✨ Dominance:
✅BTC: 46.2%
✅ETH: 18.6%
🌟 BSCStation IDO New Feature: Min - Max Allocation Range Selection 🌟
📣 BSCStation is excited to update our Launchpad platform, which will implement a new feature to the Funds Commit function.
💎 This new feature, called "Min - Max Allocation Range Selection", will give users greater flexibility and control over their investment funds when participating in the Guaranteed Round of an IDO project.
🎯 The new feature provide users more options when joining the IDO Guaranteed Round by selecting a range of funds to commit and users can invest the amount that suits their needs and preferences.
🔶️ The Allocation Range will base on the BSCStation Tier System. You will receive a larger Allocation with more BSCS you stake for the Tier.
✍️ Example: You can select to commit funds in IDO Guaranteed Round with the desired amount in the range
✅ Minimum Commit: $100
✅ Maximum Commit: $1,000
▶ You can commit any amount from $100 to $1,000
🤝 By giving users more control over their participation in IDO projects, we aim to ensure that everyone has a fair and equal opportunity to benefit from the exciting world of blockchain and decentralized finance. We look forward to rolling out this update on the coming IDOs.
💎 BSCStation IDO Rule System Update - Invest with Confidence 💎
🔶 BSCStation will implement 2 IDO Rules, Shielded & Riskless, at the same time to ensure and provide the best investing experience and benefits for our community!
⭐️ Shielded IDO Rule: BSCStation requires the project must adhere to our strict Price Maintain requirements
▶ Check out the Shielded IDO Rule Here: https://docs.bscstation.finance/defi/launchpad/ido/ido-rules/shielded
⭐️ Riskless IDO Rule: BSCStation provides a Refund mechanism for users within 2 hours, starting from TGE
▶ Check out the Riskless IDO Rule Here:https://docs.bscstation.finance/defi/launchpad/ido/ido-rules/riskless
🎯 The BSCStation Due Diligence team will carefully inspect and apply the best suitable IDO Rule for the project to ensure that the best interests of our community are always at the forefront of our decision-making process.
✨ We will categorize the IDO projects launch on our platform depending on the IDO rule they are applied as
🛡Shielded IDO Project and ❇️Riskless IDO Project
🌸 We believe this change will bring out a better investing experience as well as maximize the benefits our community will gain when joining IDOs on BSCStation.
🤝 And as always, thanks for your tireless support and unwavering trust, BSCStation will constantly improve and provide the best services as well as high-success chance investment offers for our community!
👉 Read the full article Here:
🔑 The Key to Success: A Strong Foundation in Security 💪
🔶 BSCStation is a Multi-chain Launchpad and we are confident with our security measures. Our team understands that security is one of the top priorities when providing services in the blockchain world, which is why we have made it a core feature of our platform.
✨ One of the main advantages of BSCStation is our rigorous security measures. Our BSCS token have been audited by three reputable companies
👉 Check the Certik audit report:
https://www.certik.org/projects/bscstation
👉 Check the PeckShield audit report:
https://github.com/peckshield/publications/blob/master/audit_reports/PeckShield-Audit-Report-BSCStationStartPools-v1.0.pdf
👉 Check the Quillhash audit report: https://github.com/Quillhash/Audit_Reports/blob/master/BSCS%20Smart%20Contract%20Audit%20Report%20-%20QuillAudits.pdf
🤝 In addition, we also partnered with 🛡Lossless, a leader in Web3 security architecture and exploit mitigation tools, to help us develop and enhance our security.
This collaboration has enabled BSCStation to stay ahead of potential security threats and stay up-to-date with the latest security best practices.
🎯 BSCStation's security measures benefit both project developers looking to launch IDO and the users using our services.
💎 The project team can rest assured that their product is launching on a secure platform that has undergone multiple audits and is constantly improving security.
💎 Users can have peace of mind when investing in projects on our platform, knowing their funds are secure and protected.
🚀 BSCStation understands that security is not a one-time task, but an ongoing process, and we are committed to continually improving our security to ensure the safety of our users.
🙌 Come to BSCStation and experience one of the most secure launchpads!
▶ Apply to Launch your project on BSCStation Here
▶ Join the BSCStation IDO Builders Program Here
Binance Will Convert $1B Into BTC, BNB, ETH, Bitcoin Price Skyrockets to $24.4K
CZ said Binance will convert the remainder of the $1B from the Industry Recovery Initiative into BTC, BNB, and ETH as a response to the ongoing fiasco with banks and stablecoins.
💥The past week has been wild, not just in the cryptocurrency market. A major bank in the US – Silicon Valley Bank – experienced what was essentially a bank run and was forced to shut down by authorities to prevent further panic.
🏦The government, in the face of the Federal Reserve and the Treasury, as well as the FDIC, were quick to come up with a rescue plan, but at the same time, also shut down Signature Bank – the last one of the three crypto-facing financial institutions in the US.
⭐️Amid all of the above, Binance – Changpeng Zhao's CEO took to Twitter to reveal that they plan to convert the remainder of the $1B Industry Recovery Initiative funds from BUSD to native crypto.
⭐️Given the changes in stablecoins and banks, Binance will convert the remaining $1B Industry Recovery Initiative funds from BUSD to native crypto, including BTC, BNB, and ETH.
⭐️Perhaps somewhat expectedly, the cryptocurrency market took to the sky. Bitcoin’s price hit an intraday high of ~$24,400 (on Binance) and is currently up 9% on the day.
⭐️ETH is up around 8% on the day, while BNB soared by roughly 10%.
⭐️The Industry Recovery Initiative was announced by CZ back in November 2022.
Japanese Automaker Nissan Files 4 Web3 Trademarks for Infiniti, Nismo, Nissan Brands
Nissan also plans to focus on metaverse advertising services.
⛩Japanese multinational automobile manufacturer – Nissan – has reportedly filed for four Web3-related trademarks at the United States Patent and Trademark Office (USPTO) last week. The applications are for its Infiniti, Nismo, and Nissan brands.
According to the filing, Nissan intends to strengthen its foothold in the web3 space by creating virtual clothes, cars, headgear, trading cards, toys, tickets, and an online NFT marketplace for trading and minting NFTs.
⭐️The filing covers “entertainment services” such as online video, images, artwork, tickets, audio, sounds, music, and trading cards. Nissan’s application covers software for creating, minting, sending, receiving, accepting, trading, storing, tracking, authenticating, and submitting NFTs and videos.
⭐️The company also intends to provide “temporary use of software as a digital wallet.”
⭐️The latest development follows Nissan Japan’s announcement regarding the beginning of trials in its virtual store called – “Nissan Hype Lab.”
⭐️With this, the company became the first Japanese automaker to launch a metaverse auto sales project. The aim is to use the virtual space to lure in more customers when the figures at the real outlets are declining.
⭐️Besides Nissan, Toyota is yet another automotive giant to have announced its entry into the Metaverse last year.
⭐️Nissan’s focus lies in creating virtual reality rooms for its customers. On the other hand, Toyota developed a metaverse-style virtual workspace for some branches and subsidiaries that includes substantial interaction from the employee avatars.
Payment Giant Stripe Clinches $6.5B Funding at $50B Valuation
Stripe said that it doesn’t need the capital to run its business.
📢Payment processing company Stripe announced signing agreements for a Series I fundraising of over $6.5 billion at a valuation of $50 billion.
Andreessen Horowitz, Baillie Gifford, Founders Fund, General Catalyst, MSD Partners, and Thrive Capital will participate in the Funding round alongside new investors such as GIC, Goldman Sachs Asset and Wealth Management, and Temasek.
The Funding
✔️Stripe intends to deploy the freshly raised funds to provide liquidity to current and former employees and address staff withholding tax obligations related to equity awards, resulting in the retirement of company shares that will offset the issuance of new ones to Series I investors.
✔️In a press release, Stripe said it does not require this capital to run its business. Talking about the latest fundFundinghn Collison, co-founder, and president of the payment processor, weighed in on how employees, both current and former, helped the foundational economic infrastructure for more than a decade and added,
“And this transaction allows them to access the value they’ve helped create. But the internet economy is still young, and the opportunities of the next 12 years will dwarf those of the recent past. There’s so much to discover and to create. For us, it’s now back to work.”
✔️The latest development comes amidst a difficult funding environment. Stripe has its share of pitfalls due to last year’s dwindling tech stocks. The startup slashed its team by 14%, citing “stubborn inflation, energy shocks, higher interest rates, reduced investment budgets, and sparser startup funding.”
Tryst With Crypto
✔️The internet payment company’s tryst with the digital asset industry dates back to 2015 when it announced its plans to accept Bitcoin.
Big Banks Help Stabilize First Republic With $30 Billion Cash Injection
While deposit outflows at First Republic have somewhat stabilized, the bank has opted to suspend dividend payments to shareholders as it recovers.
A consortium of 11 major U.S. banks has agreed to invest $30 billion into First Republic Bank – a regional U.S. bank showing signs of destabilization following the collapse of Silicon Valley Bank (SVB) this week.
The uninsured deposits come from Bank of America, Citigroup, JPMorgan Chase, Wells Fargo, Goldman Sachs, Morgan Stanley, Bank of New York Mellon, PNC Bank, State Street, Truist, and U.S. Bank.
⭐️As reported by Yahoo Finance the former four banks each contributed $5 billion each, with Goldman and Morgan Stanley depositing $2.5 billion each.
⭐️“This support from America’s largest banks reflects confidence in First Republic and its ability to continue to provide unwavering exceptional service to its clients and communities,” said First Republic in a press release Thursday.
⭐️First Republic was one of many regional banks whose stock crumbled this week after SVB failed on Sunday – despite the Fed’s confirmation that it would fully bail out the latter’s depositors.
⭐️While still down 73% from earlier this month, First Republic (FRC) shares are back up 10% on the day following its announcement.
⭐️First Republic held a cash position of $34 billion as of yesterday, before which it said bank borrowing from the Federal Reserve “varied from $20 billion to $109 billion at an overnight rate of 4.75%.”
⭐️“Insured deposits from close of business on March 8, 2023 to close of business on March 15, 2023 have remained stable,” it continued. “Daily deposit outflows have slowed considerably.”
⭐️The bank added that it would reduce its borrowings and suspend dividend payments to stockholders.
⭐️SVB and Signature faced billions of dollars in withdrawals this weekend before ultimately being seized by the FDIC.
📣Stay tuned! The market's highlights will be updated by BSCStation 😎
About BSCStation
BSCStation - The fully decentralized protocol for launching new ideas. An all-in-one Incubation Hub with a full-stack Defi platform across all main blockchain networks. We provide exclusive services including IDO/INO Launchpad, Yield farming, NFT Auction, Marketplace, and BSCSwap
BSCStation operates on top of the all main blockchain networks and is designed to offer maximum value to consumers and institutions.
BSCStation platform uses the Sharing Economy Model for the purpose of profit-sharing, helping users to access DeFi platforms in the easiest, safest, and most cost-effective way. BSCStation is the most convenient bridge to connect users and application products on all main blockchain networks.