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<p>Welcome to a brand-new weekly roundup of cryptocurrency news, where we will update you on recent events in the cryptocurrency market. Very negative news and incidents have dominated the previous seven days, and as was to be expected, this has had an impact on the values of Bitcoin (BTC) and other major cryptocurrencies.</p><p>Global firms went into liquidation, exploits rocked the decentralized space, and investors panicked and sold their holdings, all of which mirrored the brutal conditions of 2022.</p><p>Although the global cryptocurrency market cap was able to surpass the trillion-dollar level a few days ago, at the time of writing, it had dropped by nearly $50 billion and was now valued at $951.10 billion, with a 24-hour volume of $51.34 billion. <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a> is worth $20,572, and BTC holds a 41.8% market share. Ethereum is currently priced at $1,470, and it holds a 19.0% market dominance.</p><p>Follow us as we discuss some important events that came into play last week.</p><h2 id="header-0">Silvergate Bank enters voluntary liquidation.</h2><p>Silvergate, a cryptocurrency-focused American lender, is closing its doors after being hammered by client withdrawals following the collapse of crypto exchange FTX.</p><p>As depositors wanted their money back, the California-based bank issued a warning last week that it was &#34;less than well capitalized,&#34; and that it was assessing its capacity to continue as a going concern.</p><p>The bank noted that as part of its wind-down and liquidation process, depositors will be fully repaid. Investors rushed to withdraw more than $8 billion in deposits from Silvergate, causing it to suffer losses when it liquidated assets to meet the cost of the withdrawals, resulting in a $1 billion (£840 million) loss for the fourth quarter of 2022.</p><h2 id="header-1">Regulators have closed down Silicon Valley Bank.</h2><p>The California Department of Financial Protection and Innovation closed the Silicon Valley Bank (SVB), according to the <a href="https://www.fdic.gov/resources/resolutions/bank-failures/failed-bank-list/silicon-valley.html" rel="noopener noreferrer nofollow">Federal Deposit Insurance Corporation (FDIC)</a>. On March 13, qualified bank clients will have access to protected deposits, according to a statement from the FDIC, which also confirmed that it had been appointed as the receiver.</p><p>The FDIC did not provide details on the sequence of events that led to SVB&#39;s closure, but the bank&#39;s failure was brought on by a March 8 sale plan that was intended to offset a $1.8 billion shortfall. Within a day, the company&#39;s share price dropped by 60%, from $267.83 to $106.4.</p><p>The fall of this bank was the biggest in terms of banks since the Great Recession. It was also the 18th-largest bank in the United States by total assets.</p><p>Interestingly, about 125 VCs and investors <a href="https://twitter.com/htaneja/status/1634391256028839936?s&#61;20" rel="noopener noreferrer nofollow">signed a statement</a> supporting SVB to limit the fallout of the bank’s collapse and the subsequent impact on tech companies.</p><h2 id="header-2">Circle’s USDC, DAI, and FRAX crashed by 10%.</h2><p>USDC, the second-largest stablecoin by market capitalization, has depegged from its normal dollar value. This happened after Circle, the stablecoin&#39;s inventor, reported that $3.3 billion was still locked away at <a href="https://www.svb.com/" rel="noopener noreferrer nofollow">Silicon Valley Bank (SVB)</a>, a bank that had just collapsed.</p><p>Circle’s USDC redemptions reached over $2.5 billion in 24 hours, while exchange inflow topped $7 billion. However, when the pressure mounted following the bank&#39;s failure, other stablecoins such as DAI, Paxos dollar, FRAX, and USDD dropped below $0.95.</p><p>The market for USDC lost almost $6,300,000,000, while BlockFi and Avalanche were also affected by the contagion.</p><h2 id="header-3">Shiba Inu’s Layer-2 blockchain, Shibarium, officially launches in a test net</h2><p>The long-awaited <a href="https://blog.shibaswap.com/shibarium-early-beta-test-is-live/" rel="noopener noreferrer nofollow">layer-2 scaling solution</a>, Shibarium, from Shiba Inu (SHIB), is now available in beta form. Shytoshi Kusama, the project&#39;s pseudonymous lead developer, claims his team has turned on the test net so that early beta testers may begin using it.</p><p>A beta testnet is a blockchain that functions similarly to the mainnet. The term &#34;layer 2&#34; describes a collection of off-chain networks developed on top of layer 1 protocols to alleviate scale and data congestion. They combine several off-chain transactions into a single layer 1 transaction, reducing the amount of data and associated costs.</p><p>Therefore, users will be able to test out the platform’s many features and provide the development team with comments on any problems they run into during the beta phase.</p><h2 id="header-4">Hedera shut down its network after suffering an exploit.</h2><p>The Hedera blockchain&#39;s decentralized proof-of-stake ledger said last week that a few of Hedera decentralized apps (dApps) and their users had been impacted by &#34;network irregularities&#34; and consequently terminated network services.</p><p>According to Hedera, the hacker targeted precisely liquidity pool tokens on decentralized exchanges (DEXs), whose code was transferred to use on the Hedera Token Service from Uniswap v2 on Ethereum.</p><p>Hashport and Pangolin, two decentralized platforms developed on the network, were among those forced to halt operations during the investigation. The majority of these platforms are again operating normally, though, since the problem has been fixed.</p><h2 id="header-5">The New York attorney general sues the KuCoin exchange for failure to register</h2><p>On March 9, New York Attorney General Letitia James said that she has launched a lawsuit against cryptocurrency exchange KuCoin after being able to buy and sell cryptocurrencies on the exchange, which is not licensed in New York.</p><p><a href="https://ag.ny.gov/press-release/2023/attorney-general-james-continues-crackdown-unregistered-cryptocurrency-platforms" rel="noopener noreferrer nofollow">According to the office</a>, KuCoin trades a number of digital currencies, including Terra (LUNA), TerraUSD (UST), and Ethereum (ETH), that are recognized as commodities or securities. Moreover, it asserts that KuCoin Earn, its financing product, promotes unregistered securities.</p><h2 id="header-6">NEW CRYPTO LISTINGS ON MELEGASWAP</h2><h3 id="a-href-https-cervejahype-com-rel-noopener-noreferrer-nofollow-hype-hypec-a"><a href="https://cervejahype.com/" rel="noopener noreferrer nofollow">Hype (HYPEC)</a></h3><p>Hype (HYPEC) is a crypto asset that combines blockchain financial technology with the beer market in Brazil. This is a promising market, and Hype presents a project to insert beer into the cryptocurrency market. The hype has developed a unique ecosystem that links the crypto token to a physical product.</p><h3 id="phoenixco-token-xphx">PhoenixCo Token (XPHX)</h3><p>PhoenixCo is a blockchain-based investment company, which focuses on ways of income growth, risk and asset management, and financial services such as multichain swap platforms, including liquidity pools, XPHX staking, and multi-currency saving options.</p><h3 id="a-href-https-dogeum-io-rel-noopener-noreferrer-nofollow-dogeum-token-dogeum-a"><a href="https://dogeum.io/" rel="noopener noreferrer nofollow">Dogeum Token (DOGEUM)</a></h3><p><a href="https://coinmarketcap.com/community/articles/640843a7450b951d398b3c69/" rel="noopener noreferrer nofollow">The DOGEUM token</a> is the flagship token of the next-generation blockchain game, which includes the P2E, Metaverse, and NFT Card games. There will be only 5000 exclusive game characters as DogeumNFTs.</p><h3 id="a-href-https-helprewardtoken-io-rel-noopener-noreferrer-nofollow-help-reward-token-help-a"><a href="https://helprewardtoken.io/" rel="noopener noreferrer nofollow">HELP Reward Token (HELP)</a></h3><p>The unique HELP Reward Token, developed by the Self-Psych team, is a functional BEP-20 Utility Learn to Earn incentive reward, a Contingency Management model designed to motivate individuals by employing gamification features that empower users with a cryptocurrency smart incentive system.</p><p><em><strong>Risk warning: </strong>Cryptocurrency investment or trading is subject to high market risk. Hence, you might lose your money in the process. Please do adequate research and plan your investments cautiously. We at MelegaSwap will always make the best efforts to list high-quality and potential coins, but we will not be responsible for your losses.</em></p><p></p><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/b85c6cd2617d49d09559690c64dff8fb.png" /><p></p><h2 id="header-7">Trade with the best decentralized AMM cryptocurrency exchange</h2><p><em>Do you want to buy, sell, and invest in cryptocurrencies and still have 100% control over your crypto assets? If yes, then Melega Finance is for you. <strong>MelegaSwap</strong> is a leading automated market maker (AMM) decentralized exchange that provides users with a variety of options to trade and earn free tokens at extraordinarily high-interest rates and low charges.</em></p><p><em>At Melega, nobody manages your funds for you because you manage them directly from your personal wallet, while smart contracts transparently take care of everything else.</em></p><p><strong>Learn More About the Melega Ecosystem</strong></p><p>Website: <a href="https://melegaswap.finance/" rel="noopener noreferrer nofollow">https://melegaswap.finance</a></p><p>Telegram: <a href="https://t.me/melegacommunity" rel="noopener noreferrer nofollow">https://t.me/melegacommunity</a></p><p>Twitter: <a href="https://twitter.com/meleganza" rel="noopener noreferrer nofollow">https://twitter.com/meleganza</a></p><p>Instagram: <a href="https://www.instagram.com/melega.finance/" rel="noopener noreferrer nofollow">https://www.instagram.com/melega.finance/</a></p><p>YouTube: <a href="https://www.youtube.com/channel/UC_kjHoXOkPSSB4HeHNZMq-Q" rel="noopener noreferrer nofollow">Melega Finance Official </a></p><p>DAPP: <a href="https://melega.finance/" rel="noopener noreferrer nofollow">https://melega.finance/</a></p><p>Crypto Services Hub: <a href="https://melega.space/" rel="noopener noreferrer nofollow">https://melega.space/</a></p><p></p>

Mar 5-11 Crypto Weekly Recap: Silvergate Enters Liquidation, Shibarium Beta Test Launches, Stablecoins Suffer & more

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