Daily Coin Journal

First Bitcoin Island Retreat in Boracay Featured Venture Capitalists as Keynote Speakers

Bitcoin will be hosted on Boracay's renowned white beach.
BTC $20,573 and global venture capital leaders as the first-ever Bitcoin Island Retreat experience confronts the Philippines' most pro-Bitcoin neighborhood.

The Henann Regency Resort and Spa will host the inaugural event from March 27 to 29, 2023, with a lineup of dynamic, internationally renowned speakers from a variety of industries and crypto-business sectors.

Lead organizer of the Bitcoin Island Retreat, Pouch.ph CEO Ethan Rose, revealed that former Sequoia Capital cryptocurrency investor Augie Ilag, HCM Capital founder and managing partner Jack Lee, Mimesis Capital founder, CEO, and chief investment officer Louis Liu, and Lightning Ventures general partner Mike "Muzz" Jarmuz are among the speakers.

USDD, USDC, DAI Stablecoins Depeg As SVB Crisis Worsens

After a significant sell-off, the worldwide market for digital assets experienced a significant recovery on Saturday morning. The cost of Bitcoin and Ethereum increased by 3% and 5%, respectively. Yet, as the Silicon Valley Bank crisis continues to plague the cryptocurrency market, the major stablecoins USDC, DAI, and USDD experienced a significant depegging.

Silicon Valley Bank Seeing Light; VCs Concur To Once More Support

If Silicon Valley Bank is bought and adequately funded, venture capital firms agree to support and request that portfolio companies continue their banking relationship with Silicon Valley Bank.

On March 11, General Catalyst CEO Hemant Taneja revealed that executives from many venture capital firms had gathered to discuss the general danger of Silicon Valley Bank's failure. The VCs have issued an united statement outlining the requirements for continuing to support the bank.

Among of the VCs are Accel, Altimeter Capital, B Capital Group, General Catalyst, Gil Capital, Greylock Partners, Lightspeed Venture Partners, Mayfield Fund, Redpoint Ventures, Ribbit Capital, and Upfront Ventures.

DeFi Altcoin Reverses Crypto Downtrend, Surges 51% This Week

An unnoticed decentralized exchange (DEX) altcoin increased by 20% on Friday, defying the general downward trend in the cryptocurrency market.

Kwenta (KWENTA) is a derivatives DEX that uses the Synthetix (SNX) protocol to provide exposure to real-world and on-chain synthetic assets.

The value of its native token, KWENTA, increased by more than 51% from a low of $400.96 on March 10 to its current value of $609.05 at the time of writing.

The 262nd-ranked cryptocurrency asset by market cap originally went online in November of last year and just four days ago reached an all-time high of $680.80. From the beginning of the year, the token, which is used for staking and governance, has increased in value by almost 373%.

Blockchain Financial Services Used XRP As Converting Funds Solution During USDC Depeg

Reaper Financial, an Austin, Texas-based blockchain financial firm that specializes in buying and burning digital assets, has stated that it is changing the USDC in its Permanent DRIP Fund to XRP in the wake of the USDC depeg event.

A recent tweet from USDC issuer Circle disclosed that $3.3 billion of its $40 billion in USDC reserves are held by the troubled Silicon Valley Bank (SVB). In addition, The Bank is one of Circle's six banking partners that it employs to manage roughly 25% of its cash-based USDC reserves.

Which Cryptocurrencies Are To Be Avoided For Next Week?

Tens of thousands of cryptocurrencies of all kinds have emerged since the early days of the cryptocurrency industry, when Bitcoin (BTC) was the sole digital asset in use. But, not all of them are equally worthwhile dealing with, at least not right now.

To come up with a list of the cryptos that traders and investors in the space should steer clear of, at least this week, the Coin Aquarium team has studied the cryptocurrency market, taking into account the ratings given by reputable organizations like the Weiss Crypto Ratings, the historical performance of the assets, and recent developments.

After Two American Banks Fail in a Week, Binance CEO Mocks Critics

The largest cryptocurrency exchange's CEO, Changpeng Zhao, mocked US critics on Twitter while two important US banks went bankrupt and were unable to process customer withdrawals.

Zhao tweeted, "They FUD us, and banks fail," alluding to the fact that Binance survived despite relentless negative messaging from US organizations who wanted the exchange to fail. The failure, though, was on the part of US-based companies.

According to rumors, Meta is developing a cutting-edge alternative to Elon Musk's Twitter. The Meta team is looking towards creating a stand-alone, decentralized social network.

Sources with knowledge of the situation claim that Meta is now planning a strategy for creating a text-based content application that will support ActivityPub, the decentralized social networking protocol that powers Mastodon, a competitor of Twitter.

Kiyosaki And Schiff Predict Impending Financial Collapse Of 3rd US Crypto Bank

Given the current state of economic instability, the simultaneous failure of Silicon Valley Bank (SBV) and Silvergate Bank has shaken the US financial sector. As a result, some participants in the financial sector predict that things will probably get worse over the next few days.

Robert Kiyosaki, the best-selling author of the personal finance book "Rich Dad Poor Dad," has specifically cautioned that a third lender will probably follow suit. In a tweet on March 10, he emphasized that the circumstance will have a good effect on precious metals.

Elon Musk Taunts Crypto Critics As Two Big Banks Fail

Elon Musk, a well-known proponent of cryptocurrencies, especially the joke coin DOGE, has taken to Twitter to taunt those who frequently label cryptocurrencies as a fraud and advise taxpayers to keep their money in banks. These individuals frequently host well-known podcasts, are well-known in the financial community, and make appearances as guests on CNBC programming.

The problem is that two sizable banks that support cryptocurrency have run into serious difficulties. One is shutting down at a loss, and the other, Silvergate Bank and Silicon Valley Bank, is in talks to buy itself out.

At the end of February and briefly in the first week of March, Monero had some success fending off sale pressure. But, this week has seen a huge price lapse as the bears have finally caught up with it.

Monero's price decreased by almost 14% this week as a result of the week's general unfavorable market conditions.

Prior to that, it twirled about the 200-day moving average before eventually caving in to the bears. At the time of writing, it was circling the $137 above support level and the RSI somehow managed to not to break within oversold territory.

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Thanks for reading,
Mary