• Marathon Digital Holdings announced a 58% year-on-year decline in revenue for Q4 2022 to $28.4 million.
• Bitcoin production increased by 42% to a record 1,562 in the fourth quarter and 30% to 4,144 annually in 2022.
• The company paid off its term loan and terminated its credit facilities with Silvergate Bank freeing up 3,132 Bitcoin held as collateral for the loan worth over $68 million.

Marathon Digital Holdings Revenues Drop

Bitcoin miner Marathon Digital Holdings has reported that its revenue for the fourth quarter of 2022 fell 58% year on year to $28.4 million compared to an expected $38.4 million. Annual revenues for 2022 also declined 26%, amounting to $117.8 million from a restated $159.2 million in 2021 resulting in a net loss of $686.7 million compared to a loss of $37.1 million in 2021 due mainly to impairment charges related to digital assets and mining rigs as well as advance payments made to vendors.

Record Production Levels

Despite the drop in revenues, Bitcoin production at Marathon saw impressive increases during this period with production increasing 42% to a record 1,562 in Q4 2022 and 30% overall in the year at 4,144 coins produced annually.

Credit Facilities Terminated with Silvergate Bank

In light of news that Silvergate Bank was closing down operations on 8 March, Marathon Digital announced that it had paid off its term loan and terminated its credit facilities with the bank releasing 3,132 bitcoin which were previously held as collateral valued at over $68 million at the time resulting in a reduction of debt by around $50million and annual borrowing costs by around$5million . The company is also pursuing alternative banking relationships following developments with Signature Bank .

Impact on Stock Price

On 16 March Marathon shares declined 0.13 %to$7 .5in post-market trading but were trading back at$7 .63at press time .

Conclusion

Overall despite reduced revenues due mainly to impairment charges , Marathon Digital was able manage successful Bitcoin production levels reaching a record high during Q4 2022 while successfully paying off their term loan and terminating credit facilities freeing up 3,132 bitcoin held as collateral .

• The US Federal Reserve is creating a specialized team of experts to stay updated on cryptocurrency developments in order to find a balance between over-regulation and under-regulation.
• Vice Chair for Supervision Michael Barr spoke about the potential transformative effect cryptocurrency could have on the financial system, but also raised concerns about unregulated stablecoins.
• Custodia Bank CEO Caitlin Long noted the irony and risk associated with liquidity issues caused by bank runs and Silicon Valley Bank’s forced sale of assets.

US Federal Reserve Forming Crypto Team

The U.S. Federal Reserve is planning to form a specialized team of experts to keep up with developments in the cryptocurrency industry, in response to the central bank’s concerns about „unregulated“ stablecoins. Vice Chair for Supervision Michael Barr admitted at the Peterson Institute for International Economics in Washington on 9 March that crypto could have a transformative effect on the financial system, but added that the benefits of innovation can only be realized if adequate safeguards are in place.

Finding Balance Between Over-Regulation & Under-Regulation

Barr stated that regulation must be a deliberative process in order to strike a balance between over-regulation, which stifles innovation, and under-regulation, which allows for significant harm to the entire financial system of the U.S. The main source of concern, according to Barr, remains stablecoins; their illiquid asset backing makes them difficult to liquidate for cash when needed.

Criticism from Custodia Bank CEO

Custodia Bank CEO Caitlin Long noted the irony in Barr’s comments given her belief that Silvergate Bank failed due to liquidity issues caused by a bank run; Custodia Bank has been repeatedly denied membership in the Federal Reserve System. She also mentioned Silicon Valley Bank’s situation; its shares dropped after its financial update revealed it had sold $21 billion in holdings at a loss of $1.8 billion raising concerns it was forced to sell these assets to free up capital.

Benefits With Right Safeguards In Place

Barr believes widespread adoption of stablecoins unless regulated by the Fed could jeopardize households, businesses and broader economy; however he also believes appropriate safeguards need to be put into place so that any benefits resulting from cryptocurrency innovation can be realized safely.

New Crypto Group To Aid Fed

The new crypto group will aid The US Federal Reserve in learning from new developments and staying updated on innovation within this sector – aiding them find an appropriate balance between over-regulation & under-regulation so as not too stifle or allow unknown harms against citizens & business alike from unstable asset backing of cryptocurrencies .

• Bone ShibaSwap [BONE] was recently in the limelight for entering the list of the top 100 cryptocurrencies in terms of market capitalization.
• Its rank, however, kept declining and at press time it was at the 104th position in the market cap table.
• Despite an increase in adoption, BONE’s overall health doesn’t seem to be in a good state with bearish sentiments prevailing in the market.

Bone ShibaSwap [BONE] Makes It To Top 100 Crypto List

Bone ShibaSwap [BONE], a token in the Shiba Inu [SHIB] ecosystem, recently made its way into the list of top 100 cryptocurrencies by market capitalization. This development further got a push when Crypto.com announced that it had listed BONE on its platform.

BONE Loses Its Spot On The List

Despite this development, BONE’s rank kept declining and at press time it was at 104th position in terms of market capitalization. CoinMarketCap data revealed that BONE registered a decline of more than 19% in last seven days and was trading at $1.58 with a market capitalization of over $363 million. Furthermore, BONE’s on-chain performance did not show any promising signs either as gas used by its contract went up while whales‘ confidence seemed to have declined due to decreased supply held by top addresses.

Is SHIB Investors Worried?

SHIB investors also had similar concerns as their meme coin registered a price decline due to bearish sentiment prevailing in the current crypto market situation. At press time, SHIB was down by more than 4% compared to previous week’s closing prices and had a total market capitalization of above $21 billion USD worth Bitcoin (BTC).

What Does The Future Hold For BONE & SHIB?

The future for both these tokens looks uncertain as both have been affected by bearish sentiment even though they have seen some success recently with increased adoption rates and better on-chain metrics respectively. The only thing that could be said right now is that investors should remain cautious while investing as these trends are subject to change any moment due to external factors such as news announcements or regulatory developments etc., which could cause sudden shifts in prices or demand for either token anytime soon.

Conclusion

In conclusion, Bone ShibaSwap [BONE] may have lost its spot on the list of top 100 cryptocurrencies, but SHIB still looks bullish based on its on-chain metrics despite being affected by bearish sentiments prevailing currently across crypto markets globally . However, investors should remain cautious and keep an eye out for news announcements or any other events which could affect prices positively or negatively anytime soon before making any investment decisions related to these tokens .

• 1inch Network [1INCH] announced an update for its RabbitHole on 23 February.
• Market indicators and on-chain metrics were bearish and initiated the price decline.
• However, 1INCH’s popularity is still maintained despite the price decrease.

Overview of 1INCH

1inch Network [1INCH] is a decentralized exchange (DEX) aggregator that provides users with access to the best prices for Ethereum tokens across multiple DEXs. It was the second most traded DeFi project on the Binance Smart Chain (BSC) in the last 24 hours, according to CoinGecko data. Despite this, market indicators and on-chain metrics have been bearish, which has caused a decline in its price.

RabbitHole Update

On 23 February 2021, 1inch Network released an update for its RabbitHole feature that protects Metamask users from front-running directly within their user interface. The new update extends user protection to Uniswap liquidity providers in addition to 1INCH swaps. This update has helped maintain 1INCH’s popularity despite a decrease in its price.

Price Decline

According to CoinMarketCap data, 1INCH’s price decreased by 2% over the last 24 hours and was trading at $0.6175 at press time with a market capitalization of over $489 million. The volume also registered a 40% decline during this period as well as concerns remaining for 1INCH due to CryptoQuant’s data indicating increasing exchange reserves and decreasing active addresses which indicate less network users utilizing it .

Development Activity Decreasing

The development activity of 1INCH has decreased over the past seven days which is not ideal as it indicates less effort being put into improving the network by developers; however, accumulation appears to be increasing as there is a slight increase in total supply held by top addresses . Despite all of this, demand in derivatives markets have increased as DyDx funding rate has gone up slightly .

Conclusion

Despite market indicators showing bearish sentiment and other concerning metrics such as declining active addresses and decreased development activity surrounding it, 1inch Network [1INCH] still remains popular due to its recent update that now covers Uniswap liquidity providers in addition to their own swaps – helping maintain its position among one of the most traded DeFi projects on BSC chain over the past 24 hours according to CoinGecko data .

• Dogecoin (DOGE) has seen a 3% increase in the past 24 hours, reaching $0.08754. The cryptocurrency’s market capitalization rose from $10.6 billion to $11,616,443,304 over the past week.
• DOGE was created in 2013 by software engineers Billy Markus and Jackson Palmer as a joke to mock crypto maximalists. It quickly gained traction due to its adorable Shiba Inu dog mascot and an enthusiastic following on social media platforms such as Reddit.
• Elon Musk’s support for DOGE has further bolstered its popularity and price in recent months, with its current price of $0.08946 being the highest since May 2022 following the Terra stablecoin debacle.

Overview of Dogecoin

Dogecoin (DOGE) has seen a 3% increase in the past 24 hours, reaching $0.08754 as the crypto market grew by 8%. The cryptocurrency’s market capitalization rose from $10.6 billion to $11,616,443,304 over the past week at press time when it was trading at around $0.08946—its highest since May 2022 following the Terra stablecoin debacle.

History of Dogecoin

Dogecoin was created in 2013 by software engineers Billy Markus and Jackson Palmer as a joke to mock crypto maximalists who thought that this whole crypto affair was being taken too seriously. However, it quickly gained traction due to its adorable Shiba Inu dog mascot and an enthusiastic following on social media platforms such as Reddit who were interested in cryptocurrency but were not too serious about its alleged revolutionary potential or liked this breed of Japanese dogs also bought this memecoin; anyone willing to casually engage with cryptocurrency also participated in the Dogecoin culture .

Elon Musk’s Support

Elon Musk’s support for DOGE has further bolstered its popularity and price in recent months after he wore a Dogecoin T-shirt at Super Bowl and posted a photo of his Shiba Inu dog on Twitter which sparked online discussion about increased usage of cryptocurrencies..

Future Prospects

The vision of the cryptocurrency industry is an on-chain financial order that would not invite governmental intervention; however, it remains to be seen if Dogecoin could be used for more than just jokes or memes going forward into 2023-2024 now that Elon Musk is actively supporting it and other celebrities are beginning to join him..

Conclusion

Despite having been created as a joke initially, Dogecoin has become one of the most popular cryptocurrencies due to Elon Musk’s ongoing support for it which resulted in an increase in its value over recent months despite experiencing some volatility throughout 2022 . It will be interesting to see what effect his continued involvement may have on DOGE moving forward into 2023-2024.

• Polygon (MATIC) is a blockchain scaling solution that provides multiple tools to improve the speed, reduce the cost, and simplify the complexities of transactions on blockchain networks.
• MATIC’s popularity has been driven by its use case as a Layer 2 scaling solution for Ethereum, providing faster and cheaper transactions and increased scalability to the Ethereum network.
• MATIC has seen a price appreciation of more than 28% since the beginning of 2023, due to its growing popularity and adoption.

Introduction

Polygon (MATIC) is a blockchain scaling solution that provides multiple tools to improve the speed, reduce the cost, and simplify the complexities of transactions on blockchain networks. MATIC is used to pay fees on the Polygon network, for staking, and for governance. This means that MATIC holders get to vote on changes to the Polygon network.

Recent Price Appreciation

MATIC was rebranded from Matic Network in early 2021 and started the year with a maximum price of $0.025. According to data from CoinMarketCap, the token was trading at $1.23 at press time, with a market capitalization of $10,769,477,024 and a 24-hour trading volume of $804,812,661. The increase in MATIC’s price could be attributed to the growing popularity of the Ethereum (ETH) network and enthusiasm from companies in implementing their Ethereum-based dApps using Polygon.

Unique Features Of Polygon

The unique features of Polygon have made it an attractive investment opportunity for those looking to invest in blockchain technology. It provides faster transaction times compared to other competing solutions while also reducing costs associated with transactions on blockchains. Additionally, its governance system allows users to vote on changes which can help ensure further development within infrastructure built upon it such as dApps or DeFi projects.

Recent Developments In The Ecosystem

The Polygon network recently underwent a key hard fork – an upgrade that its community had been anticipating – which addressed spikes in gas fees as well as disruptive chain reorganizations experienced by users on previous versions of their protocol layer 2 solution known as „Matic“. Furthermore popular TV Network Starz recently announced plans for integrating their services directly onto polygon via MetaMask wallet making them one of many large companies choosing polygon as their go-to option for decentralized finance applications .

Conclusion

In conclusion given Matics current usage cases , strong community base , recent developments such as Starz integration into polygon coupled with increasing demand for layer 2 solutions there is potential for Matics value increase over time . With more developers building upon it this will only further enhance Matics utility driving up demand even further leading potentially higher prices in future years .

• Sberbank, the largest banking institution in Russia, is set to launch its decentralized finance (DeFi) platform by May.
• The bank was granted a license to operate as a digital asset exchange in March 2022 and also launched an ETF in December 2021.
• Sberbank’s DeFi platform will be integrated with the Ethereum blockchain and support the MetaMask wallet.

Sberbank Launching Decentralized Finance Platform

Russia’s biggest banking institution, Sberbank, is on track to launch its decentralized finance (DeFi) platform by May. Konstantin Klimenko, Product Director of Sberbank’s Blockchain Laboratory stated at the 7th Perm Economic Congress that the Russian majority-owned bank intends to roll out the project in stages.

License to Operate Digital Asset Exchange

In March 2022, the Russian central bank granted the enterprise a license to operate as a digital asset exchange. This would allow the platform to issue its own digital token and provide services such as market making and custody services for cryptocurrency exchanges.

First Blockchain ETF in Russia

Earlier in December 2021, Sberbank’s investment arm announced the launch of first blockchain ETF (Exchange Traded Fund) in Russia. This fund provides investors exposure to leading blockchain companies such as Coinbase and Galaxy Digital while protecting them from severe market volatility of crypto industry.

Integration with Ethereum Blockchain

Sberbank’s DeFi platform would initially support only MetaMask wallet but later on integration with Ethereum blockchain will be possible allowing for seamless transfer of smart contracts and other projects within Ethereum ecosystem.

Open Testing Phase

Beginning 1 March 2021, Sberbank will no longer be in beta testing but instead move into open testing phase where some commercial operations can take place over it .The platform will be fully operational by end of April 2021 .

• Input Output Global (IOG) released its latest edition of the weekly development report, highlighting the major achievements and updated statistics for the Cardano [ADA] network.
• Key metrics such as the total number of transaction and the total number of ADA tokens remained bullish over the last seven days.
• The Plutus, Ledger, Hydra and Mithril teams worked on various projects in the pipeline, with the mainnet upgrade proposed for 14 February 2023.

The Cardano network has seen a surge in activity over the last seven days, according to the latest edition of the Input Output Global (IOG) weekly development report. The report highlighted the major achievements of the Cardano [ADA] network, and the key metrics such as the total number of transaction and the total number of ADA tokens remained bullish.

The Plutus team had a busy week, with the main goals being finalizing the debugger MVP, increasing script capacity, adding property testing with the Plutus intermediate representation generators, and more. Additionally, the Ledger team completed some preliminary groundwork in preparation for CIP-1694 (Voltaire), and the mainnet upgrade is proposed tentatively for 14 February 2023.

The Hydra team focused their efforts on the Hydra Head V1 specification, which is currently being reviewed and completed. Meanwhile, the Mithril team completed the implementation of the backward/forward compatibility. Furthermore, 113 projects have been launched on the Cardano network, showing its increasing popularity and usability.

Overall, the progress recorded over the last seven days indicates that the Cardano network is making steady progress towards its goals. This is further evidenced by the bullishness of the key metrics, with the total number of transactions and tokens both rising over the last week. With the proposed mainnet upgrade planned for next month, the Cardano network is likely to see further growth and development in the near future.

• Ethereum (ETH) total value staked has surpassed 15.9 million.
• The total number of ETH staked has reached a new all-time high, accounting for more than 13% of the total ETH supply.
• Staking Inflow Total chart and New Depositors chart reveal some intriguing findings, with higher stake inflow than December of the prior year overall.

Ethereum (ETH) has seen a surge in value staked recently, surpassing 15.9 million. According to Crypto Quant, over 15.9 million ETH have been staked on the Ethereum Beacon Chain, representing more than 13% of the total ETH supply. This is an astonishing feat, given that it has only been two years since the launch of Ethereum’s staking contract in 2020, when the network’s proof-of-stake Beacon Chain was introduced.

Furthermore, closer inspection of several other charts, such as the Staking Inflow Total chart and the New Depositors chart, revealed some intriguing findings. The documented staking influx increased significantly at the beginning of the week, reaching over 69,000, which was the highest level since November 2022. January had a higher stake inflow than December of the prior year overall, which is a sign of continued activity and interest in staking ETH.

Given the high value staked and the consistent activity, it appears that Ethereum is on the right track to becoming a secure and reliable blockchain network. The increasing value staked is a testament to the trust that users have placed in the Ethereum network, and it is likely that more ETH will continue to be staked as the network continues to mature. In addition, the increasing influx of new depositors is a sign of the growing confidence in the network, and further validates Ethereum’s place as a leading blockchain platform.

 

A new lawsuit has been initiated against the parent company behind Bitcoin company BitMEX. The management, including CEO Arthur Hayes, is alleged to have systematically „plundered“ the company accounts of HDR Global Trading Limited.

The amount involved is huge: $440 million, or more than 31,400 Bitcoin, which would have been embezzled.

According to this new indictment (PDF), filed by trading firm BMA LLC, Yaroslav Kolchin and Vitaly Dubinin, that investigation led to action and thousands of Bitcoin being swept away. They demand a direct seizure of the assets on HDR’s balance sheet.

They suspect that Hayes & co deliberately siphoned off several hundred million dollars before the authorities seized the Bitcoin.

The indictment does not specify in detail where the funds went. HDR is formally registered in the Seychelles, but its corporate structure consists of a Christmas tree of private limited companies.

The figure of over 31 000 Bitcoin does not come out of the blue. BitMEX kept a war chest to cover possible (future) trade losses.

CFTC and FBI investigations
The indictment is in addition to ongoing investigations by the CFTC, the Ministry of Justice and the FBI. The authorities filed both criminal and civil indictments against the derivatives exchange on 1 October.

This is a substantial list of imputations. They have been civilly charged with facilitating money laundering in violation of the Bank Secrecy Act. There is a maximum term of imprisonment of 5 years per person.

In addition, the CFTC suspects that it has served US investors without a valid license and other registration.

Indeed, BitMEX offers high-risk investment products (revolving futures), allowing speculation on the future Bitcoin price.

For years, it has been the place to gamble on the price. Meanwhile, competitors such as Binance and Bybit are eating up BitMEX’s market share. Investors may not wait to be seized by the FBI and take Bitcoin off the stock market.

„Incorrect“
According to a spokesman for the HDR, the new allegations are incorrect.

„We are familiar with Mr Pogodin who has already made a series of false claims against us and others in the Bitcoin industry. We will deal with them formally and look forward to a court ruling with confidence“.

The price of Bitcoin was shot through the EUR 12 000 mark this weekend, the highest since January 2018.