DeFi News Today TheBitTimes.com

Join Our Telegram channel to stay up to date on breaking news coverage The Avalanche Foundation, the team behind the popular public blockchain Avalanche, has launched a new crypto program to spur Avalanche non-fungible token (NFT) growth through specialized mentorship and financial support. Avalanche Launches Avaissance NFT Initiative In a March 29 press release, the Avalanche Foundation confirmed launching a new crypto program dubbed Avaissance. The new initiative aims to support upcoming digital artists and drive the growth of the Avalanche NFT ecosystem. Avaissance begins! The Avalanche Foundation is launching the Avaissance initiative to grow the #AVAX NFT ecosystem and support its budding artists. The program aims to usher in a rebirth of creative activity on Avalanche. So, what’s the plan?⬇️🧵 pic.twitter.com/mNhDoQqDhD — Art on Avalanche (@ArtOnAvax) March 29, 2023 Launched in September 2020, Avalanche is a smart contracts platform...

Narwhal Finance secures $1M in Seed Funding led by Animoca Ventures. Narwhal Finance is a decentralized cross-market perpetual trading platform built on BNB Chain and Arbitrum. It announced a $1 million seed round of funding led by Animoca Ventures. With participation from Hailstone Ventures and various angel investors. Furthermore, Narwhal Finance empowers users to engage in leveraged trading across an extensive array of pairs. It includes crypto, forex, indexes, and stocks, with leverages up to 1000x. Through its copy trading function, users can seamlessly follow top traders. Earn substantial profits even with limited market knowledge, and enjoy an exceptional trading experience. With the vision of becoming the #1 decentralized cross-market trading platform, Narwhal Finance combines the best of DEX experience and social trading. This is to offer users full transparency, confidence, and an effortless trading experience. “We are thrilled to have received such strong support from our in...

The MAGIC price Analysis is showing a positive trend in the market today, with bullish indicators continuing to dominate. The token is currently trading at $1.43, with a 24-hour surge of 7.37%, indicating a strong market sentiment. The bulls have taken control of the market, and it looks like they are ready to push the MAGIC price further up. MAGIC/USD daily chart: Coin market cap The previous day the market was in a bearish trend, and the price of MAGIC was at $1.29. However, with strong buying pressure from investors and traders, the price moved up to $1.42 in a short span of time. This is likely due to the increasing demand for MAGIC coins and a lack of selling pressure from sellers. The current resistance level stands at $1.45, which is expected to be broken with the bullish momentum that has taken over the market. The last few hours of trading have been relatively positive for the bulls, with the daily trading volume reaching up to 29.1 million dollars, an increase...

Galaxy Digital CEO Mike Novogratz believes regulators have got it "completely upside-down" on crypto vs AI regulation. Mike Novogratz, the CEO of digital asset investment firm Galaxy Digital told investors he is shocked over the amount of regulatory attention for crypto rather than artificial intelligence (AI), a technology he believes will trigger a “deep fake” Identity crisis. The chief executive explained at the firm’s fourth-quarter conference call on March 28 that the U.S. government has it “completely upside-down” in choosing to focus so much on crypto regulation and yet turn a blind eye to AI: “When I think about AI, it shocks me that we’re talking so much about crypto regulation and nothing about AI regulation. I mean, I think the government’s got it completely upside-down.” This concern appeared to stem from Novogratz’s fear that AI will trigger a “deep fake” Identity crisis. “In lots of ways, one of the best use cases for crypto is going to be identity around AI,...

Earlier this month Euler, a DeFi lending platform was hit by a $200 million flash loan attack. The hack occurred over four transactions in dai (DAI), wrapped bitcoin (wBTC), staked ether (sETH), and USD coin (USDC). Flash loans have become more and more prevalent in the cryptocurrency space. Now, in a sudden change of heart, the attacker behind the Euler hack has come out and apologized to the community. As per a message encoded in a transaction, the Hacker said, “Jacob here. I don’t think what I say will help me in any way but I still want to say it. I f**** up”  Source: Etherscan.io In the last 12 hours, the Hacker has returned another 7000 ETH, worth around $12 million, and $10 million worth of DAI. Will the hacker return the remaining cryptocurrency to Euler? In exchange for the stolen cryptocurrency, Euler had already threatened to sue and promised the Hacker a $1 million reward, if 90% of the funds were returned. This would have allowed the Hacker to ...

Computer entrepreneur and CEO of the digital currency company Circle Jeremy Allaire shared a Twitter thread in the early hours of March 13 updating the current status of the company’s USDC reserves and Silicon Valley Bank’s deposits. He claimed that the whole deposits at the bank are safe and would be available for banking the next day itself, with reference to the debacle of SVB on March 10.  Notably, Allaire tweeted sharing his happiness in witnessing the US government and regulators taking “crucial steps to mitigate risks extending from the fractional banking system”: Update thread on USDC We were heartened to see the US government and financial regulators take crucial steps to mitigate risks extending from the fractional banking system. 100% of deposits from SVB are secure and will be available at banking open tomorrow. — Jeremy Allaire (@jerallaire) March 12, 2023 In a following tweet, he assured that “100% of USDC reserves are also safe and secure.” Ad...

Jan Nieuwenhuijs, a gold market analyst, has predicted that gold might exceed prices of $8,000 during the next decade, as the current Ukraine-Russia war, and the worldwide battle against inflation, shift the preference of central banks for foreign currencies to gold. The proposed long-term price model shows that each troy ounce of the metal might touch the $10,000 mark. Analyst Makes Case for $8,000 Gold Prices Jan Nieuwenhuijs, a gold market researcher, has predicted that the price of gold might exceed $8,000 during the next decade, as central banks shift their reserve preferences due to macroeconomic factors and war. Nieuwenhuijs believes that the current conflict between Ukraine and Russia, and the global war against inflation, will trigger a change in the composition of reserves. As part of his Analysis , which considers the historical percentage of gold held by central banks as a key metric, Nieuwenhuijs states: Central banks in aggregate have an unusual faith in foreign excha...

Following the Arbitrum token airdrop, ARB has become a top 40 cryptocurrency as it currently holds the 37th largest market valuation out of more than 23,000 listed digital currencies. Currently, there is a circulating supply of 1,275,000,000 ARB, and the Arbitrum Foundation’s DAO Treasury holds 3.52 million or 35.27% of the airdropped supply. Over the past day’s trading sessions, ARB has decreased by 9.8% against the U.S. dollar. Top Ten ARB Addresses Hold 94.41% of Current Circulating Supply According to statistics recorded on Saturday, March 25, 2023, Arbitrum’s native governance token, ARB, is now the 37th largest cryptocurrency by market capitalization. The governance token for the layer two Ethereum scaling project has a larger market valuation than Optimism’s governance token, OP, which is the 66th largest by market capitalization on Saturday. ARB’s overall market valuation is $1.58 billion, and 24-hour trading statistics show a range from $1.19 to...

The entertainment industry needs to evolve barriers between creators and the community, and this studio is offering it. The entertainment industry is known for its daunting barriers to entry, with a tiny group of studios and networks dominating the greenlighting process for content. Even when a project does launch, the actual talent involved in its creation rarely gets to claim any ownership of its success. As for the audience, fans have few ways to participate other than consuming content and buying merchandise. All in all, centralized platforms of the Web2 era failed to offer creator s truly direct ways to connect with their target audience. Despite taking the lion’s share of a $100 billion creator industry, leading content creation platforms are often criticized for unfavorable monetization and ownership models for creator s. As a result, many talented creatives are ultimately employees of their own creations. With a user-centric approach that gives power back to the people who u...

Join Our Telegram channel to stay up to date on breaking news coverage With the formal announcement of a listing event on Bybit, attention is increasing rapidly in the play-to-earn gaming platform Tamadoge. Bybit and Tamadoge have teamed up to offer an impressive opportunity. Join the exchange, make your first deposit, and get $50 worth of TAMA tokens. Below, you can find everything you need to know about the competition, such as how to get your free TAMA tokens. The above video contains the complete recent news on Tamadoge as well as a forecast for the price of TAMA. Subscribe to his YouTube channel for more crypto-related videos. Bybit Listing Event Competition By supporting Tamadoge in a ByBit listing contest among two other projects through March 29 you can earn $50 in TAMA. Simply select Tamadoge as your favorite project over the other two by submitting a vote. Users may cast as many as 10,000 votes per project, so cast your first vote for Tamadoge to become registere...

Following the vital decision of the Federal Reserve to raise interest rates by another 25 bps, Fed Chair Jerome Powell says officials “don’t see rate cuts this year.” Moreover, the statements following Powell’s assured commitment to inflation to reach the Fed’s 2% target. Conversely, Powell spoke following the Federal Reserve meetings that indicated yet another increase in interest rates. There, he addressed the budding banking crisis, assuring the safety of the banking sector. JUST IN: Federal Reserve Chair Jerome Powell says FED officials "don't see rate cuts this year." — Watcher.Guru (@WatcherGuru) March 22, 2023 Powell Doesn’t Expect Rate Cuts Today marks a year since the Federal Reserve first set out to combat growing inflation. Subsequently, a plethora of interest rate hikes have been the result of that mission, with the latest arriving today. The Fed faced what was their most crucial meeting in some time, as they debated whether or not t...

Join Our Telegram channel to stay up to date on breaking news coverage Coinbase cryptocurrency exchange has taken a proactive approach to address concerns raised by regulators regarding crypto staking.  In a petition submitted to the Securities and Exchange Commission (SEC), the company explains why staking cannot be categorized as a security. Coinbase published a “Petition for Rulemaking ” on March 20, highlighting how securities laws treat activities related to validating proof-of-stake protocols. The petition responded to the SEC’s actions in February when the agency cracked down on Kraken’s staking program.  The SEC charged Kraken with “failing to register the offer and sale of their crypto-asset staking-as-a-service program” and classified it as a security. In the 18-page document, Coinbase argues that not all staking activities should be treated as securities under the law. They emphasized that the stakeholders’ level o...

Altcoins have been lagging behind the largest cryptocurrency, Bitcoin (BTC) as it closes in on the $30,000. Cardano price has not performed differently from other altcoins, only managing a 12% move since March 1 to trade at $0.33 at the time of writing. However, we must take into account the failed push to $0.3682 on March 14, which culminated in the ongoing correction. If Bitcoin’s dominance continues to rise, altcoins will have lesser room to breathe and consequently stifle their recovery. Bitcoin dominance now sits at 46.4% of the entire crypto market after growing from 42.38% on March 1. Experts expect Bitcoin price to cool off the rally, giving altcoins a leg up following the release of the United States Federal Reserve’s decision on the interest rate hike on March 22. Bitcoin Dominance Chart Cardano Price Eyes One More Dip Before Substantial Trend Reversal The support established at $0.25 is functioning as the Cardano Price downside point of control for medium and...