The Coinweb Daily Spin

**The Daily Spin. Ramadan Thursday Edition.

**LFG! The FED raises interest rates for the 9th consecutive time, yesterday by 25 basis points, and stands by the narrative that “isolated bank failures” could lead to contagion and that they acted swiftly and decisively – but that the economy is strong, the banking system is strong, unemployment is low – and oh let’s not mention the $300B added to the balance sheet, the BTFP and the stealthy delay of the shit hitting the fan when bailout treasury swaps are due one year later… meanwhile, the report from Biden attacks crypto for speculation and for ESG, paving the way for a US CBDC to reveal itself as the solution – which was shrewdly opposed by Republican leaders in both Texas (Sen. Ted Cruz) and Florida (Gov. De Santis). 

Then, as if with hive mind mentality, the SEC unleashes a barrage of regulation by enforcement attacks aimed at Coinbase who received a Wells Notice, Justin Sun, SushiSwap, and a bunch of other suits at influencers in connection with promoting FTX. You know what, I’ve created an entire new section devoted to this grift with the US Government entitled, “US Coordinated Regulation Failures.” It’s really starting to ratchet up as Bitcoin holders are 72% in profit, dominance approaches 48% and the eye of the storm seems to have just passed over.

As previous cycles have shown in unison with current technical analysis, when BTC hits 48% dominance the ETH/BTC trendline breaks out and then the market takes their profits and fires it into what is affectionately known as “Altcoin Season.” To summarize, the BTC 4-year cycle has come to fruition once again, leading up to the halving, and it is with more confidence that the bottom has passed – but that we’re in a new, bull run with some uniquely differentiating qualities. This time, people are in the green and moving to self-custody. The macroeconomic environment is in the gutter as the global lockdown comes to bear, the banking system is collapsing around us as we speak, and there’s been more division in politics than ever before. There is even the real possibility that the US Dollar loses its status as the world’s reserve currency – Xi, Putin and the leaders of the BRICS nations might have something to say about that. For many who have been in crypto for long enough, who have foreseen these problems come to a head and coined what is known as “The Great Flippening.” It has begun.

Now let’s get to brass tax about the other headlines of the day… Coinbase executives have been running for the door for over a month, selling shares and shouting “the British are here!” at the top of their lungs. Ethereum puts its Shanghai-Capella hard fork upgrade to April 12th. Arbitrum’s token $ARB launches today at Ethereum block 16890400, one of the most anticipated L2 events of the year. Ontology incubates a new layer 2 solution, “The Goshen Network.” A Circle executive (USDC) gets their Twitter account hacked. Crypto firms flock to Swiss Banks (read: UBS) after Silvergate and Signature collapses. The SEC names 6 altcoins they believe to be securities traded on Coinbase’s exchange: AMP, LCX, POWR, RLY, XYO, and DDX. XRPL is rallying in anticipation of a favorable SEC vs. Ripple outcome.

Elsewhere, Hong Kong is to release virtual asset licensing details in June. The South Korean DAXA releases guidelines for listing and relisting crypto assets. France is looking to ban crypto promotion, as their petrochemical workforce sets fire to the infrastructure and mobilizes against Macron. And concerns surface about the Venezuelan Central Bank as they no-show their economic data report, amid allegations of corruption in high political offices around crypto.

In Thought Leadership today, we talk about Bank fuck-ups, Elon Musk chimes in about the current antiquated financial system, and Arthur Hayes writes a beautiful prose on the current day crises in an article appropriately entitled, “Kaiseki”… here is our round-up of curated news and opinions (surely biased) from the world of Blockchain, keeping you informed into the market news with the most trending, in-the-know, and controversial topics. In the name of transparent, dissemination of information to keep you curious, inspired, and clinically sane… 

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Ongoings at Coinweb

Coinweb’s Layer 2 marks 4 million transactions milestone
https://twitter.com/CoinwebOfficial/status/1638125472814092291?s=20

Coinweb Partners With Ceffu for Institutional Crypto Custody
https://www.ceffu.com/blog/coinweb-partners-with-ceffu-for-institutional-crypto-custody?utm_source=twitter&utm_medium=organic_social&utm_campaign=cweb0321

Coinweb’s Fireside Chat Series, digitALL: Innovation and Technology for Gender Equality
https://twitter.com/CoinwebOfficial/status/1636676933361745920?s=20

“A Thread on Refereed Delegation of Computation” by Kawin on Twitter
https://twitter.com/CoinwebOfficial/status/1635952081302589441?s=20

Coinweb to bring cross-chain tokenisation to Layer 2
https://cryptoslate.com/coinweb-to-bring-cross-chain-tokenisation-to-layer-2/

“A Thread on L2 Scalability, Network Efficiency and Throughput/TPS” by Anton on Twitter
https://twitter.com/CoinwebOfficial/status/1633424957693915137

The Coinweb Monthly Spin - Coinweb Project's Monthly Round-Up and Curated News & Events From The Bleeding Edge of All Things Web3
https://coinweb.beehiiv.com/p/coinweb-monthly-spin-fifth-edition

A Leading Layer 2 Platform Looking To Tackle Crypto's Interoperability Issue
https://www.benzinga.com/markets/cryptocurrency/23/02/31067514/a-leading-layer-2-platform-looking-to-tackle-cryptos-interoperability-issue

“The Reality of Large-scale Enterprises Adopting Blockchain Technology” an article by Toby Gilbert for CityAM Magazine
https://www.cityam.com/the-reality-of-large-scale-enterprises-adopting-blockchain-technology/

Coinweb Labs is proud to unveil LinkMint ⛓️🍃, our groundbreaking Cross-Chain Tokenisation Platform and DeconX, our integrated native DEX! Live Walkthrough Demonstration for the Community by Toby, Knut, and Alexander. 
https://www.youtube.com/watch?v=CSKA3cAB15U

“A Thread on Guaranteed Liveness and the Coinweb Routing System” by Anton on Twitter
https://twitter.com/CoinwebOfficial/status/1630052477579169793?s=20

“A Thread on Rollups, Monolithic, and Modular Blockchains” by Kawin on Twitter
https://twitter.com/rukawin/status/1616342851507613696?s=46&t=BjBOK3soH3kOMbsWEa_jlg

Coinweb to Deliver Cross-Chain Smart Contract Architecture and Blockchain Loyalty Programme to BMW
https://cryptoslate.com/bmw-to-bring-blockchain-loyalty-program-through-coinweb-and-bnb-chain/

KuCoin Labs launches incubation program to accelerate builders (Coinweb, DoraHacks, Ava Labs)
https://cointelegraph.com/press-releases/kucoin-labs-launches-incubation-program-to-accelerate-builders

Toby’s full presentation at Token2049-London
https://youtu.be/pdtKx3vAs9c

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**On the Radar
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**Arbitrum Airdrop, Mar 23
**Polygon zkEVM Launch, Mar 27 (On-chain)
WOW Summit, Mar 29-30 (Hong Kong)
ASEAN Web3 Summit, Mar 30-31 (Singapore)

Ethereum Shanghai-Capella Upgrade, Apr 12 (On-chain)
Hong Kong Web3 Festival, Apr 12-15 (Wan Chai, Hong Kong)
Consensus 2023, Apr 26-28 (Austin, Texas)

Web3 Weekend, May 8-13 (Jakarta)

AIBC Asia, Jul 19-22 (Manila)

TOKEN2049, Sep 13-14 (Singapore)

**Blockchain Events curated by CryptoNomad
**https://docs.google.com/spreadsheets/d/1KtyFTb_W282bQ1xoVA5rlTwTDz3QfhswWIVpXhpbQIc/edit

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On the Block(chain)

US raises interest rates for the ninth consecutive time despite banking turmoil https://www.bbc.co.uk/news/business-65041649

Bitcoin, DXY suffer the most following FOMC meeting
https://cryptoslate.com/insights/bitcoin-dxy-suffer-the-most-following-fomc-meeting/

Bitcoin is now above the realized price of every year other than 2021
https://cryptoslate.com/insights/bitcoin-is-now-above-the-realized-price-of-every-year-other-than-2021/

Ethereum's next big upgrade Shapella expected to hit mainnet on Apr 12, 2023
https://www.theblock.co/post/220582/ethereums-next-big-upgrade-shapella-expected-to-hit-mainnet-on-april-12?utm_source=telegram1&utm_medium=social

YouTube Influencers Slapped With $1 Billion Lawsuit for Promoting FTX
https://decrypt.co/123810/youtube-influencers-bitboy-1-billion-lawsuit-ftx

CoinMarketCap announces Catalyst, a European Web3 Conference
https://cryptoslate.com/press-releases/coinmarketcap-announces-catalyst-a-european-web3-conference/

Crystal Blockchain Study Reveals $16.7 Billion in Crypto Assets Stolen Since 2011
https://news.bitcoin.com/crystal-blockchain-study-reveals-16-7-billion-in-crypto-assets-stolen-since-2011/?utm_source=OneSignalPush&utm_medium=notification&utm_campaign=PushNotifications

Coinbase CEO dumped over 59k COIN shares over past few weeks
https://crypto.news/coinbase-ceo-dumped-over-59k-coin-shares-over-past-few-weeks/

Coinbase insiders sold $7.4M stocks in the last 30 days
https://cryptoslate.com/coinbase-insiders-sold-7-4m-stocks-in-the-last-30-days/

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Competitive Landscape

Traders Bet Arbitrum Will Have the Second-Biggest Layer 2 Token
https://thedefiant.io/traders-bet-arbitrum-will-have-the-second-biggest-layer-2-token

Ontology Foundation Incubates New Layer 2 Solution: Goshen Network
https://medium.com/ontologynetwork/ontology-foundation-incubates-new-layer-2-solution-goshen-network-dc4b03258cdc

USDC issuer Circle issues warning about hacked executive account
https://cryptoslate.com/usdc-issuer-circle-issues-warning-about-hacked-executive-account/

Aave Community Rallies Behind Proposed Metis Deployment
https://thedefiant.io/aave-v3-metis-proposal

Crypto firms turn to Swiss banks following Signature, Silvergate collapse
https://crypto.news/crypto-firms-turn-to-swiss-banks-following-signature-silvergate-collapse/

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US. Coordinated Regulation Failures

Coinbase receives Wells Notice from US SEC
https://www.sec.gov/Archives/edgar/data/1679788/000167978823000051/coin-20230322.htm

6 Ethereum Altcoins Targeted By SEC Ahead of Coinbase Wells Notice
https://dailyhodl.com/2023/03/22/6-ethereum-altcoins-targeted-by-sec-ahead-of-coinbase-wells-notice/

SEC Sues Tron Founder Justin Sun for Market Manipulation and Offering Unregistered Securities
https://news.bitcoin.com/sec-sues-tron-founder-justin-sun-for-market-manipulation-and-offering-unregistered-securities/?utm_source=OneSignalPush&utm_medium=notification&utm_campaign=PushNotifications

Texas Lawmaker Launches Resolution to Protect Bitcoin Investors, Support BTC Economy
https://news.bitcoin.com/texas-lawmaker-launches-resolution-to-protect-bitcoin-investors-support-btc-economy/?utm_source=OneSignalPush&utm_medium=notification&utm_campaign=PushNotifications

US Senator Introduces Bill to Ban Direct-to-Consumer Central Bank Digital Currency
https://news.bitcoin.com/us-senator-introduces-bill-to-ban-direct-to-consumer-central-bank-digital-currency/?utm_source=OneSignalPush&utm_medium=notification&utm_campaign=PushNotifications

Former Coinbase CTO urges ‘get to Bitcoin’ before CBDC digital lockdown
https://cryptoslate.com/former-coinbase-cto-urges-get-to-bitcoin-before-cbdc-digital-lockdown/

Ripple’s XRPL account near 5M despite legal issues with SEC
https://cryptoslate.com/ripples-xrpl-account-near-5m-despite-legal-issues-with-sec/

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World

Putin, Xi Vow to Use Yuan as Russia and China Move to Settlements in National Currencies
https://news.bitcoin.com/putin-xi-vow-to-use-yuan-as-russia-and-china-move-to-settlements-in-national-currencies/?utm_source=OneSignalPush&utm_medium=notification&utm_campaign=PushNotifications

Hong Kong To Release Licensing Details For Virtual Asset Businesses In June
https://thedefiant.io/hk-vasp-licensing-june

Korean DAXA releases guidelines for listing and relisting crypto assets
https://crypto.news/korean-daxa-releases-guidelines-for-listing-and-relisting-crypto-assets/

France looks to ban influencers from promoting crypto products, projects
https://cryptoslate.com/france-looks-to-ban-influencers-from-promoting-crypto-products-projects/

Central Bank of Venezuela Lags in Delivering Economic Data, Experts Fear Upcoming Hyperinflation
https://news.bitcoin.com/central-bank-of-venezuela-lags-in-delivering-economic-data-experts-fear-upcoming-hyperinflation/?utm_source=OneSignalPush&utm_medium=notification&utm_campaign=PushNotifications

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Thought Leadership

When Will Crypto Learn From the Mistakes of Banks?
https://www.coindesk.com/consensus-magazine/2023/03/15/when-will-crypto-learn-from-the-mistakes-of-banks/?utm=red

Cryptocurrency: World’s 2nd Wealthiest Person Says Our Fiat Money System Is an Antiquated Embarrassment
https://levelup.gitconnected.com/worlds-2nd-wealthiest-person-says-our-fiat-money-system-is-an-antiquated-embarrassment-40b0404a3d40

A New Chapter of Capitalism Emerges From the Banking Crisis https://www.bloomberg.com/opinion/articles/2023-03-22/global-banking-crisis-opens-a-new-chapter-of-capitalism

Kaiseki by Arthur Hayes
https://entrepreneurshandbook.co/kaiseki-b15230bdd09e

Daily Market Summaries Tracker (source: Cryptoslate)

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