Silvergate plunges after crypto meltdown triggered deposit run

  • Silvergate held deposits for FTX units and Alameda Research
  • Silvergate appears to be most at risk from what happened to FTX  
  • Shares plunged by more than 40%  

Shares of crypto bank Silvergate Capital Corp. have plummeted. The company says the crypto industry’s breakdown caused a run on deposits, prompting it to fire 40% of its staff and sell assets at a major loss. 

Silvergate held deposits for FTX units and Alameda Research, the company at the core of the crypto exchange’s collapse. Su Keenan reports on Bloomberg Television.

The FTX collapse continues to have ramifications

The bank Silvergate is reeling. It appears to be most at risk from what happened to FTX. They made a big bet on crypto, but the FTX collapse put it in crisis. It’s down 42% in the latest session. It was holding funds and assets for many of these crypto entities, Bloomberg TV reported. 

Shares plummeted by over 40% 

Shares plunged by more than 40% after customers withdrew the equivalent of $1.1 billion of these digital assets deposits in the fourth quarter. That forced Silvergate to load off assets and fire 40% of staff, which put the bank in further crisis. 

Regulators are also eyeing the bank 

Lawmakers are scrutinizing the bank itself due to its affiliation with FTX and some of its deposits. Meanwhile, crypto broker Genesis has laid off 30% of its staff and the former CEO of bankrupt crypto lender Celsius is being sued by the New York Attorney General for defrauding investors. 

All of this news is tarnishing the space even further and dispersing gloom throughout the industry. 

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The TON Foundation launches file-storage solution

  • TON Storage is a new file sharing and data storage platform on the TON blockchain.
  • An incentivised node ecosystem means users can file and store data for perpetuity.
  • Users will utilise smart contracts to pay nodes using Toncoin, the native token on the TON blockchain.

The TON Foundation, the group behind the development of The Open Network (TON) blockchain, has launched a new decentralised file sharing and data solution dubbed TON Storage.

TON Storage works similar to available peer-to-peer file sharing platforms where “torrents” are used. However, it employs the TON blockchain to allow for the decentralised transfer of data and files of any size, doing away with the need for users to utilise centralised servers.

The storage system also means users can enjoy automatically backed up and encrypted file sharing, with an added layer of security provided by the blockchain.

Step towards open internet

According to Anatoly Makosov, a TON Foundation founding member, the official launch of TON Storage has been long overdue.

“This technology can be used by both individual users and services with a multimillion-dollar audience,” he said in a statement. TON Storage is a step towards actualizing the vision of having a decentralised, open internet, he added.

As traditional torrents do not offer guarantee of storage, but with TON Storage, that changes. This is because of an incentivized ecosystem that allows for files to exist virtually forever. To achieve this, the new file sharing and data storage technology will deploy a smart contracts-based node system.

An agreement between a user and a node will see the user pay for file storage using Toncoin – in essence making it possible to store files for as long as possible. Toncoin is the native cryptocurrency of the TON blockchain.

“Anyone can become a node operator on the TON network and receive payments from other users for hosting files – even if operating just one node. The accessibility of this new product will incentivise new, independent users to join the TON network, helping to grow the TON ecosystem even further,” TON Foundation team noted.

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Monero (XMR) Price Prediction 2025 – Here’s why investors prefer Metacade (MCADE)

According to leading industry experts, GameFi and play-to-earn (P2E) are set to explode in 2023-2025. New market entrants in this sector are already gaining significant traction with investors, often at the expense of more established players in the wider market. The Monero price prediction 2025 illustrates this trend. It’s clear that many investors are now choosing crypto gaming stars such as Metacade over Monero. Read on to understand why.

Metacade is set to star

In just a short time, rising star Metacade has become one of the most talked about players in the GameFi sector. Metacade stands to lead well, at the convergence of 3 key areas: metaverse, arcade games, and cryptos. The platform’s goal is to become the #1 Web3 community hub for gamers, developers, investors and crypto fanatics. 

Metacade is proving hugely popular with investors, because it offers something of real value to crypto gaming. Blockchain gamers will enjoy an unrivalled choice of games with genuine P2E potential. Developers benefit from a platform where they can test and market their games, run competitions, and find new staff. And investors and crypto fans can generate income through profitable investment and staking opportunities. 

How Metacade Works

Mark Twain once famously said “Find a job you enjoy doing, and you will never have to work a day in your life.” That sentiment definitely applies to Metacade gamers, who can earn income through its Play2Earn games, Compete2Earn contests and tournaments, Create2Earn content creation, and Work2Earn testing and employment. Metacade directly connects players and developers, opening up opportunities for market research, new games and recruitment. 

Underlining its commitment to its members, Metacade is creating exciting potential with its Metagrants initiative. Metagrants provide funding for designers to develop exciting new games on the platform. Factor in Metacade’s community-based model – ultimately leading to the creation of a full DAO – and it’s clear that all parts of the Metacade hub will benefit from the synergies across the group.

Monero’s secret

The premise behind Monero (XMR) is simple: it offers peer-to-peer currency transactions that are secret, anonymous and untraceable. That smart functionality is Monero (XMR)’s greatest strength – and its greatest weakness. There are plenty of people who have legitimate reasons for wanting to keep their businesses private. But there are also others who want to make secret transactions in order to cover up illegal activities like drug dealing, corruption or fraud.

In the aftermath of the FTX crash, people who lost large sums of money are calling for the introduction of tighter and tougher regulations. It’s clear that if organizations like the SEC follow through on regulation, it could make Monero (XMR)’s position challenging at best, and untenable at worst.

Metacade (MCADE) tops Monero (XMR)

While Monero must worry about the impact of new regulations, Metacade has no such fears. It can look forward to being part of a market sector that is only going one way. Metacade’s powerful business model, connecting all sides of the crypto gaming community, has won favor with expert analysts, developers, gamers and investors alike. 

What’s more, some seasoned observers are predicting great things for the company’s share price when it launches – especially when taking advantage of their presale offer. All things considered, it’s easy to see why Metacade is clearly the best investment opportunity when compared to Monero.

Metacade (MCADE) Price Prediction

You can still buy into Metacade at the stage 1 prelaunch price of $0.01. The predicted launch price already looks like it will ensure a favorable return for early investors. But it’s when the P2E market really starts to take off that things could get interesting. 

Investors in The Sandbox (SAND) at launch saw a 100x ROI at the height of the market, and there’s a chance Metacade could replicate that performance between 2023 and 2025, making it a better bet than the Monero price prediction.

But you need to be quick to make the most of the Metacade presale, as the first phase is selling out fast.

Monero (XMR) Price Prediction

When making the Monero price prediction up to 2025, it’s important to factor in a number of considerations. First, if volumes stay low, people will not need to use Monero. Second, if regulators push hard for greater transparency, it could spell trouble for Monero’s secret services. And third, there is always the chance that Monero could be hacked, thereby damaging its reputation. 

For those reasons, the Monero price prediction 2025 is for no increase on the end 2022 price of $145.38. 

Investors Prefer Metacade to Monero

Choosing between Metacade and Monero is not a difficult decision. One is an exciting, innovative newcomer in a booming sector. The other offers a service which could very realistically be outlawed by regulators looking to clean up the crypto industry. It’s no wonder that investors are choosing Metacade (MCADE) over Monero (XMR). You can join them by taking the opportunity to buy at the presale price.

You can buy XMR at eToro here.

You can participate in the Metacade presale here.

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Bitcoin remains close to $17k after FOMC minutes release: Will BTC rally soon?

  • Bitcoin price steadied above $16,800 as US Federal Reserve officials agreed to slow its pace of interest rate hikes.

  • The latest FOMC minutes indicate that US policymakers are focused on controlling the pace of price hikes.

  • Bitcoin could surge past the $17k resistance level soon.

BTC eyes the $17k resistance level

The United States Federal Reserve recently released minutes from the Federal Open Market Committee for December. Fed members agreed that a restrictive policy stance would need to be maintained for now until the incoming data provided confidence that core inflation was on a sustained downward path back down to 2%.

This latest cryptocurrency news saw Bitcoin, the world’s leading cryptocurrency by market cap, maintain its price above the $16,800 level over the last 24 hours. It has lost less than 1% of its value, and the price of Bitcoin now stands at $16,834. 

The broader crypto market is also recovering from its recent slump. At press time, the total cryptocurrency market cap stands at $819 billion, up by less than 1% in the last 24 hours.

Key levels to watch

The BTC/USD 4-hour chart is bullish as Bitcoin has held its ground above the 50-day Exponential Moving Average (EMA) at $16,714 over the last few days. 

The MACD line is above the neutral zone, indicating that the leading cryptocurrency has preserved its downward trend from the standpoint of realised price. The 14-day RSI of 61 also shows that more bulls controlling the market could see BTC enter the overbought region. 

If the bullish momentum increases, BTC could surge past the first major resistance level at $17,145 over the next few hours. However, Bitcoin could struggle to surpass the second major resistance level at $17,485 in the short term, unless it gains support from the broader crypto market. 

Where to buy Bitcoin now

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

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OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

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Ethereum Classic eyes the $20 resistance level after its latest rally

  • Ethereum Classic is the best performer amongst the top 50 cryptocurrencies by market cap today.

  • ETC is up by more than 4% today and has added 21% to its value in the last seven days.

  • The broader crypto market is underperforming after a positive start to the week.

ETC is outperforming the other major cryptocurrencies today

ETC, the native coin of the Ethereum Classic blockchain, is the best performer amongst the top 50 cryptocurrencies by market cap today. It is up by more than 4% in the last 24 hours, and the price of Ethereum Classic now stands at $18.73.

According to the crypto analytics platform Santiment, Ethereum Classic is enjoying a pretty nice rally of its own. Not only is volume high, but ETC is also being shorted big time by traders on exchanges.

This latest cryptocurrency news could be the major catalyst driving ETC higher. The broader crypto market had a positive start to the week but is now retreating. The total crypto market cap stands at $817 billion, down by less than 1% in the last 24 hours. 

Bitcoin and Ether continue to maintain their prices above the $16,800 and $1,250 levels, respectively.

Key levels to watch

The ETC/USD 4-hour chart is bullish as Ethereum Classic has been performing well over the last few days. The technical indicators show that ETC is outperforming the broader crypto market.

The MACD line is deep within the positive territory, indicating that the bulls are in charge of the market. The 14-day relative strength index of 78 shows that ETC could enter the overbought region if the rally continues.

With the bulls in charge, ETC could surge past the first major resistance level at $20.12 before the end of the day. In the event of an extended rally, ETC could trade above the $23 psychological level for the first time since November 2022.

Where to buy Ethereum Classic now

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy ETC with eToro today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy ETC with OKX today

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