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The biggest news in Cryptoverse for Feb. 14 was Binance CEO Changpeng Zhao addressing various issues related to Paxos and stablecoin BUSD. Meanwhile, Circle denied that the US SEC served it with a notice from Wells after rumors surfaced. Also, updates on Polygon-based bonds, AI tokens, Sam Bankman-Fried’s VPN usage, Binance’s ChatGPT support, Peter Schiff’s anti-crypto sentiment, and more.
CryptoSlate Top Stories
CZ addresses rumors that Circle has urged regulators to look into Paxos/BUSD
In a wide-ranging Twitter Spaces AMA on Feb. 14, Binance co-founder and CEO Changpeng Zhao addressed the ongoing FUD surrounding stablecoin BUSD, rumors that Circle has whistled to New York regulators, and thoughts of getting its attention away from Binance diverting USD-backed stablecoins to alternatives such as algorithmic coins denominated in euros and yen.
Regarding some of the recent news related to Paxos stopping minting Binance stablecoin (BUSD), CZ said that he welcomes more stablecoin alternatives and that he ultimately supports more proliferation and competition in the market.
He also said he believes recent reports that Circle founder Jeremy Allaire secretly told New York regulators to investigate Paxos and BUSD had no substance.
Circle denies that the SEC sent a notice to Wells
Circle, which issues USDC stablecoin, has denied receiving any communication from Wells. This denial was recorded in a Feb. 14 tweet by CSO Dante Disparte.
Dispart wrote:
“Circle has not received a notification from Wells.”
Unfounded rumors surfaced earlier today suggesting that the US Securities and Exchange Commission had sent a notice from Wells to Circle. Serving such a notice would mean that the regulator plans to start enforcement against the company.
Siemens announces the issuance of the first digital bond on Polygon
Siemens, Germany’s third-largest publicly traded company by market cap, has issued its first €60 million ($64 million) digital bond on the Polygon blockchain.
The bond was issued in accordance with the German Electronic Securities Act, which came into effect in June 2021 and allows for the sale of blockchain-based debt securities.
The AI sector outperforms yield farming again, outperforming the market by 12%
As Bitcoin attempts to hold onto the $22,000 psychological support, the crypto AI sector outperformed yield farming and outperformed Bitcoin with gains of over 12% over the past 24 hours.
The total market cap of the AI sector is currently $4.08 billion, with a volume of $838 million in the last 24 hours.
Data stream aggregator The Graph leads the sector with a market cap of $1.42 billion, while SingularityNET has seen the biggest gains, up 16.2% over 24 hours.
US prosecutors raise concerns about SBF’s use of VPN
According to a Feb. 13 letter to Judge Lewis Kaplan, US prosecutors said that FTX founder Sam Bankman-Fried used Virtual Private Network (VPN) to access the Internet on Jan. 29 and Feb. 12.
Prosecutors said SBF’s VPN use is a concern because the mechanism could hide online activity, conduct data transfers, and access the dark web. They added that some people use VPNs to access foreign crypto exchanges that block US users.
Binance supports ChatGPT to improve crypto education and adoption
Binance sees huge potential for the use of AI in the crypto industry as it shared its views on the current Variant of the Month, ChatGPT.
In a recent blog post, Binance laid out the importance of AI technology in optimizing crypto in the years to come.
Binance CEO Changpeng Zhao (CZ) has previously confirmed that it is using AI in its risk management and customer service departments. However, the crypto giant is now arguing the importance of integrating AI into other areas of the crypto industry, including trading bots, terminals, smart contracts, analyzing market trends and improving security.
Peter Schiff holds Kevin O’Leary, Mark for Cuban crypto sell-off
Goldbug Peter Schiff said Kevin O’Leary and Mark Cuban sold to crypto companies because of the lure of sh*tcoins.
In a recent interview with Anthony Pompilano, the pair discussed several issues including the macro, assets to protect and the debt ceiling. Of particular interest, however, was Schiff’s take on crypto marketing.
When asked about “nefarious acts” hurting investors, Schiff was quick to point out that cryptocurrency’s easy-earned, casino-like environment encouraged scams and get-rich-quick schemes.
research highlight
Research: Self-custody continues to grow as Bitcoin withdrawals outpace deposits
Bitcoin exchange-related deposits and withdrawals are often good indicators of market sentiment.
As the number of exchange deposits grows, the liquid supply of bitcoin grows, showing the market’s willingness to trade. Conversely, as the number of exchange withdrawals increases, investors seem less interested in trading and try to keep their BTC off exchanges.
Comparing these exchange-related transactions to the total number of bitcoin transactions can show if the market is preparing for a bull run.
In February 2023, the total number of Bitcoin transactions surpassed 307,000 and hit a two-year high, data analyzed by CryptoSlate shows,
Previous highs in transaction counts have correlated with Bitcoin price rallies. The 400,000 transactions recorded at the end of 2017 helped fuel the bull run that propelled Bitcoin to its all-time high of $20,000. Around 80% of all Bitcoin transactions were exchange-related at the time, with the majority being exchange accounts.
crypto market
In the last 24 hours, Bitcoin (BTC) has risen 2.42% traded at $22,195.89, while Ethereum (ETH) is up 40.12% at $1,554.54.
Biggest Winners (24h)
- Hash flow (HFT): 27.03%
- SingularityNET (AGIX): 26.19%
- BitGet Token (BGT): 24.01%
Biggest Losers (24h)
- BinaryX (BNX): -13.09%
- GensoKishi Metaverse (MV): -6.57%
- ONE BUT LEO (LEO): -1.6%
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