• Balaji Srinivasan, former Coinbase CTO and venture capitalist, has predicted that Bitcoin will reach $1 million within 90 days and explained that his $2 million gamble is not about making money, but settling an ideological matter surrounding U.S. dollar inflation.
• The prediction was not initially proposed by Balaji, but by James Medlock on Twitter who called it „the most profitable shitpost in history“.
• Balaji’s theory about „hyperbitcoinization“ involves the idea that Bitcoin could eventually replace the U.S. dollar as a global reserve currency and become the world’s first truly global currency.

Ex-Coinbase CTO Proposes Bet

Former Coinbase CTO and venture capitalist Balaji Srinivasan has recently proposed a bold bet: that Bitcoin will moon to $1 million within 90 days. His $2 million gamble isn’t about making money, but settling an ideological matter surrounding U.S. dollar inflation. The prediction was not initially proposed by Balaji himself, but by James Medlock on Twitter who called it „the most profitable shitpost in history“.

The Simon-Ehrlich Bet

Balaji clarified that last week’s bet was similar to the famous Simon-Ehrlich bet which resolved a difference of opinion between libertarians and progressives back in 1980. The bet between professors Julian Simon and Paul Ehrlich aimed to settle their conflicting theories around human overpopulation and resource scarcity; with Simon ultimately winning the bet when Ehrlich sent him a cheque for $576 in October 1990.

Hyperbitcoinization Theory

Balaji’s theory about „hyperbitcoinization“ involves the idea that Bitcoin could eventually replace the U.S. dollar as a global reserve currency and become the world’s first truly global currency – essentially becoming too big to fail or be regulated by any single nation state or government authority.. This would result in hyperinflation for any other fiat currencies used around the world – including traditional institutions such as banks – rendering them obsolete due to their lack of value compared to Bitcoin’s increasingly powerful buoyancy against economic downturns or governmental interference from central banking authorities .

Motivation Behind Bet

Essentially, this bet is less about making money off of crypto investments than it is proving a point regarding how valuable cryptocurrency can be going forward as a global store of wealth if allowed to reach its full potential despite governmental opposition or market volatility; something many advocates (including Balaji) believe will happen sooner rather than later given current trends with blockchain technology adoption worldwide .

Conclusion

Whether or not Balaji will win his bet remains to be seen; however his motivations behind it are quite clear – this wager isn’t just financial speculation but an attempt at demonstrating what he believes is both achievable and indeed inevitable should governments allow crypto technology to flourish without interference .

Summary

• Charles Hoskinson, the founder of Cardano, believes that cryptocurrency industry should differentiate itself from the unstable and volatile banking sector.
• Three leading financial institutions – Silvergate Capital, Silicon Valley Bank and Signature Bank – were shut down by regulators recently, causing losses for several crypto-focused firms.
• Hoskinson predicted a „game over“ scenario for banks when „we can digitize treasuries.“

Cardano Founder Charles Hoskinson Says Crypto Should Cut Ties With Banks

Charles Hoskinskon, the founder of Cardano, believes the cryptocurrency industry should differentiate itself from the „unstable and volatile“ banking sector. This statement comes after three of America’s leading financial institutions – Silvergate Capital, Silicon Valley Bank, and Signature Bank – were shut down by regulators earlier this month.

The Impact on Cryptocurrency Firms

The collapse of these banks caused severe losses for numerous crypto-focused firms. Circle revealed significant exposure to Silicon Valley Bank with $3.3 billion stuck in it. The asset plunged to as low as $0.87 (CoinGecko data) shortly after that but restored its $1 value in the following days.

In addition, Coinbase said it held $240 million in corporate cash at Signature Bank while Paxos had $250 million held there.

„Game Over“ For Banks?

In response to these events, Charles Hoskinson posted a tweet saying that crypto should stay away from traditional banking since the sector is full of „unstable and volatile“ institutions. He also predicted a „game over“ scenario for banks once „we can digitize treasuries.“

What’s Next for Crypto?

As regulations tighten across various parts of the world, it is yet to be seen how much more pressure will be put on traditional banking systems and how this could affect cryptocurrency markets in turn. What remains clear is that Hoskinson’s sentiment represents an increasingly popular opinion among industry professionals: cryptocurrencies need to find ways to de-risk themselves from traditional finance if they are ever going to reach mainstream adoption.

Conclusion

Even though some investors have been burned due to bad decisions or unexpected regulatory actions against certain financial institutions, it looks like digital currencies are here to stay despite all challenges they face along the way — making it even more important for them to distance themselves from traditional banking systems.

• Solana lost its key support at $20 and is now accelerating downwards.
• Trading volume, RSI and MACD all indicate a bearish bias in the short-term.
• The most likely area where Solana can stop this selloff is found at $15.

Solana Price Analysis

Solana lost its key support at $20 and is now accelerating downwards.

Key Support levels: $17, $15
Key Resistance levels: $20, $23

Trading Volume

The sustained sell volume in the past week has pushed Solana into making lower lows.

RSI

The daily RSI is quickly approaching the oversold area at under 30 points.

• Cerus Markets is launching its Mobile Trading App and offering a $10,000 Giveaway.
• The app will allow users to access derivatives with zero fees and leverage up to 100:1.
• To join the giveaway, visit cerus.app, sign up for the waitlist and download the trading app once it becomes available.

Cerus Markets Launches its Mobile Trading App

Cerus Markets is excited to launch its Mobile Trading App and offer traders an opportunity to be the first to access its revolutionary way of trading digital assets. With its Mobile Trading App, traders can access derivatives that allow speculation on major global Stocks, Commodities and Metals trading paired against currencies and crypto – all with zero fees and leverage up to 100:1.

$10,000 Giveaway

To celebrate the upcoming release of its trading platform, Cerus Markets is running a cash giveaway worth $10,000! A total of three winners will be chosen at random; $5,000 is awarded to the first winner, $3,000 to the second and $2,000 to the third. All you have to do is visit cerus.app and sign up for the waitlist in order to take part in this amazing opportunity!

About Cerus Markets

Cerus Markets Limited is a multi-asset broker authorized by Labuan Financial Service Authority which provides access to cryptocurrencies, forex, stocks and commodities all from one trading platform – all without any fees or commissions. Users can access from their mobile device or web browser in order never miss out on any trades or opportunities.

How To Join The Giveaway?

Joining this awesome giveaway couldn’t be easier! Simply follow these steps:

• Visit cerus.app
• Sign up for the waitlist • Download the trading app once it becomes available

Winners Announcement

Winners of this awesome giveaway will be chosen at random via email and social media channels so make sure you keep your eyes peeled!

• New York Attorney General Letitia James has announced the filing of a lawsuit against the Hong Kong-based crypto exchange CoinEx for selling unregistered securities and commodities.
• The AG’s office claims that CoinEx falsely represented itself as a crypto exchange and sold LUNA, AMP, LBC, and RLY tokens without a permit in New York.
• The NYAG is now requesting a geolocation block of CoinEx for all New Yorkers and a ban on their mobile app.

NY Attorney General Sues CoinEx

The New York Attorney General Letitia James has filed a lawsuit against the Hong Kong-based crypto exchange CoinEx for allegedly selling unregistered securities and commodities. According to the press release published by the AGs‘ office, CoinEx falsely represented itself as an exchange and sold cryptos such as LUNA, AMP, LBC, and RLY without obtaining permission from U.S. regulators first.

CoinEx Violates Broker Requirements

The AG’s office was able to purchase these tokens using an IP based in New York – where CoinEx is not licensed as a broker. Therefore, they are now requesting that CoinEx blocks its services to all residents of New York state, as well as prohibiting its mobile app within this region.

Investors at Risk

According to Letitia James, investors are being put at risk due to CoinEx’s lack of registering their business accurately: “Our laws are designed to protect New Yorkers…when companies ignore them they put residents, investors and businesses at risk.“

Increased Regulatory Pressure on Crypto Exchanges

This latest action taken by U.S regulators reflects increased pressure across 2022 due to several cryptocurrency bankruptcies occurring during this period. The SEC is among other regulatory bodies that have recently tightened regulations surrounding cryptocurrencies in order to protect investors from unforeseen risks associated with digital assets trading.

Conclusion

CoinEx’s alleged false representation of itself being an exchange could have serious implications if found guilty by the court – especially considering the increasing attention given by authorities towards cryptocurrencies over recent weeks. Nonetheless, it remains unclear what punishment will be imposed if found guilty but one thing is certain: investor protection is becoming more important than ever before when it comes to digital asset trading in the US market today.

• Bitcoin was stopped at $25,000 after skyrocketing by almost $4,000 in two days
• Filecoin (FIL) has stolen the show today with a massive double-digit price surge.
• Most altcoins have also retraced following the latest price gains, with a few exceptions.

Bitcoin Rejected at $25K

Bitcoin had seen a significant jump in its prices over the last two days, rising from around $21,500 to above $24,900. However, when it came close to breaching the $25,000 level it was quickly pushed back down below the mark by bears.

Filecoin Explodes 18%

Despite bitcoin being rejected at $25K and most altcoins suffering from retracements due to recent gains, Filecoin (FIL) has surged by an impressive 18%. This means that FIL is currently one of the biggest gainers amongst all cryptocurrencies today.

US Regulatory Scrutiny Weighs on Crypto Prices

The recent surge in bitcoin prices is partly attributed to scrutiny coming from US regulators towards cryptocurrency exchanges and other crypto-related entities. This news had weighed heavily on the crypto market causing a drop in prices before it reversed course recently.

Price Volatility Remains High

With this sudden price movement in both directions over the past few days it is clear that volatility remains high across all major cryptocurrencies. These large swings can make trading risky but also offer traders large potential profits if they are able to correctly predict market trends.

The Future of Crypto Prices

It remains unclear where exactly bitcoin and other cryptocurrencies will go next as regulations continue to shape the future of digital assets around the world. Analysts remain divided about whether or not we will see more surges like this one or if BTC’s rejection at $25K marks an end of its current bull run for now.

• Binance has introduced zk-SNARKs to its proof-of-reserve system in an attempt to make it easier for users and other entities to verify its solvency.
• This was done as a result of the collapse of FTX in late 2022, leading many cryptocurrency exchanges rushing to prove the assets held on their platforms.
• Binance has made this PoR system open source in order to increase user privacy and transparency of its reserves.

Binance Improves Proof-of-Reserve System

Binance announced today that they have upgraded their proof-of-reserve system with zk-SNARKs, a cryptographic tool allowing them to prove the existence of their reserves without actually disclosing what those reserves are. This upgrade comes after the loud collapse of FTX in late 2022, causing many cryptocurrency exchanges to rush to prove their assets held on their platform. The company found several issues with employing only the Merkle Tree system and decided that zk-SNARKs was a better option for verifying solvency and privacy concerns. Additionally, they have added four new crypto assets to their PoR system.

What Is ZK-SNARK?

Zero Knowledge Succinct Non-Interactive Argument of Knowledge (zk‑SNARK) is a cryptographic tool used by Binance which allows them to prove the existence of their reserves without actually revealing what those reserves are. This tool makes it easier for users or other entities when it comes to verifying Binance’s solvency.

Open Source Code

In order to increase transparency among users, Binance has made this PoR system open source so that industry peers and the community can benefit from this innovative technology. This will allow anyone using the platform or interested in doing so, access into how it works and help ensure trustworthiness among customers when it comes to funds being held on the platform safely.

User Privacy

The introduction of zk‑SNARKS helps solve user privacy issues associated with only employing Merkle Tree while also allowing users more control over how much information they provide when verifying their reserve holdings with third parties if desired. It also improves data accuracy since no actual data needs be revealed before proving solvency is verified by third parties or entities who wish access into such information concerning Biance’s finances or holdings..

New Crypto Assets Added

In addition to introducing zk‑SNARKS into its PoR system, Biance has added four new crypto assets which can be used on its platform as well as verified through its proof-of reserve process through third party verification if needed.

Overview

• On Thursday, Orion Protocol – a liquidity aggregator for both CeFi and DeFi exchanges – saw its core contract hacked on the Ethereum and Binance Smart Chains (BSC).
• The hacker was able to net over 1700 ETH, cumulatively worth over $3 million.
• The hack was made possible by an incomplete reentrancy protection vulnerability.

Hacking Explained

The hack was enabled by a reentrancy bug in the swapThroughOrionPool function, which allows users with crafted tokens to hijack their transfer into re-entering the deposit asset function. This lets users increase their balance without any actual cost of funds. In this case, the hacker used a newly constructed token called ATK and a self-destructing smart contract to manipulate Orion’s pools.

Initial Funds Used

The hack began first on BSC with initial funds of 0.4 BNB from TornadoCash and 0.4 ETH from SimpleSwap_io. After the attack, 1100 ETH was deposited into TornadoCash while 657 ETH remained in the hacker’s account.

Response From Orion Protocol

Alexey Koloskov, CEO of Orion Protocol, published an open letter shortly after becoming aware of the attack: “We are currently working directly with all exchanges involved to ensure that no user funds are affected… We are already making sure our code is secure against similar attacks in future.“

Conclusion

This hack serves as another demonstration that smart contracts remain vulnerable to attacks despite improved security measures and practices being developed within blockchain space. Though no users were exposed to this particular attack, it is important for developers and teams alike to take extra precaution when developing smart contracts in order to protect them from malicious actors.

• Bitcoin initiated another leg up late on Friday and tapped $23,500 but was stopped in its tracks and has returned to familiar ground.
• Most altcoins have charted more impressive gains, led by Avalanche, MATIC, OKB, Dogecoin, and others.
• It was last week when the primary cryptocurrency skyrocketed from $21,000 to a multi-month high above $23,000.

Recently, the price of Bitcoin has been on an upward trajectory as it has risen from $21,000 to a multi-month high of $23,000. This is a 40% increase in value since the start of the year, which is an impressive start for the leading cryptocurrency. Late on Friday, Bitcoin attempted to break through this resistance and tap the $23,500 mark, yet it was pushed back and returned to its familiar ground.

Altcoins have been performing even better over the past 24 hours. Avalanche, MATIC, OKB, Dogecoin and other alternative coins have all seen impressive gains, with Avalanche leading the way with a 14% surge in value. On Wednesday night, Bitcoin experienced a price pump which saw it jump to $23,800 for the first time in over four months. Unfortunately for buyers, the bears quickly stepped in and sent the price back down again.

Overall, Bitcoin has been on a positive streak, yet it has been unable to break through the $23,500 resistance. Whether it can do this in the near-term remains to be seen. Altcoins have been able to perform well in the past 24 hours, which could indicate that there is still more upside potential to be explored in the crypto market.

• The Biden Administration announced a new roadmap to regulate cryptocurrencies and provide clarity to the industry.
• The new legal framework seeks to combat the multiple cryptocurrency scams that impacted the crypto market last year and protect investors.
• It aims to ensure that cryptocurrencies cannot undermine the financial stability of the United States.

The Biden Administration recently announced a new roadmap to regulate cryptocurrencies and provide clarity to the industry in the coming months. The new legal framework seeks to combat the multiple cryptocurrency scams that impacted the crypto market last year and protect investors from fraud and other risks.

The White House stated that “2022 was a tough year for cryptocurrencies,” and that the new framework will help to mitigate the risks associated with them. It will also help to ensure that cryptocurrencies cannot be used to undermine the financial stability of the United States.

The roadmap includes measures to strengthen consumer protection, establish a regulatory framework for the cryptocurrency market, and combat money laundering and terrorist financing. It will also provide clarity to the industry by providing guidance on how to comply with the law and protect investors.

The Biden Administration is also looking to work with other countries and international organizations to ensure that cryptocurrencies are not being used to facilitate illegal activities, such as money laundering and terrorist financing. This will help to ensure that the cryptocurrency market is safe and secure for everyone.

The White House is also looking to work with regulators and industry stakeholders to ensure that the regulatory framework is comprehensive and effective. This will help to ensure that the cryptocurrency market remains an attractive and safe investment for investors.

The Biden Administration is confident that this new framework will help to protect investors and ensure the stability of the cryptocurrency market. It will also help to establish the United States as a leader in the cryptocurrency space and provide clarity to the industry.