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USDC Losses its Peg It’s rare to talk about stablecoins during a market watch, but the landscape is different today. As news came out that Circle holds around $3.3 billion of its USDC reserves in the struggling bank SVB, the second-largest stablecoin began losing its dollar parity. It dropped to $0.93 almost instantly and fell even further to $0.9 as of writing these lines. Its market capitalization has declined by over $5 billion in a day as investors turn to other stablecoins. The altcoins, which are supposed to be a lot more volatile than stablecoins, are in slightly better shape today. ETH has reclaimed $1,400 after a 2.3% increase. BNB is close to $275. ADA, DOGE, DOT, SHIB, and AVAX are with more gains as well. Moreover, MATIC and SOL have soared by between 5% and 6% in a day to above $1 and $17.5, respectively. The total crypto market cap has added around $10 billion since yesterday, but it’s still miles below $1 trillion. @Jaredelypowell

​Coinbase still a buy for Cathie Wood: ARK buys its biggest batch of COIN in 2023 Amid the crypto market facing another wave of panic, Cathie Wood’s ARKK keeps bagging record amounts of Coinbase stock this year. Amid Coinbase, which trades as COIN, tumbling about 8% on Thursday, Cathie Wood’s investment manager ARK Invest bought the biggest amount of the stock since the start of 2023. On March 9, ARK purchased 301,437 Coinbase shares ($17.5 million) for its ARK Innovation exchange-traded fund, known as ARKK, according to an investor notification seen by Cointelegraph. The company has also bought 52,525 Coinbase shares ($3 million) for its ARK Next Generation Internet ETF, referred to as ARKW. ARK’s latest investments comprise the largest single Coinbase stock acquisition in 2023, accounting for roughly 30% of all Coinbase purchases in 2023. The amount significantly exceeds ARK’s total Coinbase stock buys of around $13 million in January. Wood’s investment firm bagged $42 million worth of Coinbase stock in February. In addition to Coinbase, ARK has been actively buying Robinhood stock. On March 9, the company purchased another 265,566 Robinhood shares ($2.5 million) for its ARKK fund. The purchase came shortly after ARK packed similar amounts of Robinhood shares, buying 268,086 ($2.5 million) and 219,883 ($2.1 million) on March 8 and 6, respectively. The news comes amid reports suggesting that ARK has earned more than 70% of its $310 million fees since ARKK’s price plummeted by 76% since its all-time high in February 2021. In 2023, ARK earned an average of roughly $230,000 in fees daily as the fund’s value slightly recovered — surging from around $30 in early January to $37.3 in mid-March. The new Coinbase stock purchase further reaffirms the company’s bullish sentiment toward the cryptocurrency industry and Bitcoin BTC tickers down $20,030. Focused on technology innovations like self-driving cars and genomics, ARK Invest founder Wood is one of the biggest crypto bulls in the world, believing that Bitcoin will hit $1 million in the not-so-distant future due to its promising potential as a risk-on asset. The latest bullish investments came despite the crypto market facing another wave of panic due to Silvergate crypto bank announcing plans to wind down operations and liquidate the bank. On March 10, Bitcoin dipped below $20,000 for the first time since early January.

​Bitcoin NFTs built on Ordinals can be about $4.5b by 2025: Report Bitcoin [BTC] Ordinals have been a topic of discussion since its launch. Interestingly, Ordinals recently crossed the 300,000 mark. At press time, there were a total of 302,076 inscriptions. Ordinals are getting mainstream popularity In this regard, Galaxy Research published a detailed report about the current scenario of ordinals and the direction the market can head towards in the coming years. The report mentioned the top five Bitcoin NFT sales to date. An NFT from the Ord Punks collection topped the list as it was sold for 11.5 BTC, which was worth over $273,000. Ord Rock grabbed the second spot, which was sold at $213,845. Critics had their share On the other hand, Galaxy Research’s report highlighted a few key criticisms of Bitcoin Ordinals. A major criticism was that inscriptions will make the blockchain bigger and harder to download. Another criticism centered around the very fundamental functionality of Bitcoin. The blockchain was made solely for the P2P electronic cash system to make financial transactions and not to serve as a decentralized storage system. A time jump to 2025 The report mentioned that Galaxy Research’s base case for the market size of Bitcoin NFTs built on inscriptions and ordinals would be $4.5 billion by 2025. This was a very ambitious figure considering the current NFT market. As per Statista, revenue in the NFT segment is projected to reach $3,546.00 million in 2023. Additionally. it’s interesting to note that by 2027, 64.45 million users are anticipated to enter the NFT market. However, inscriptions can reach a cumulative market worth of $1.5 billion if the market turns bearish, which was only 13% of the entire Ethereum NFT market at the time of writing. Ordinals state in Q1 2023 Galaxy Research’s projection of the future for Ordinals looked promising, and its current state-backed it. For example, just after reaching the 200,000 mark, Ordinals took only a few days to raise the figure to 300,000. Out of the total Ordinals, image inscriptions led the market, followed by text. Therefore, considering Bitcoin’s market dominance, and Ordinals increasing popularity, it is likely that several collections will move to Ordinals over the coming months, which will increase its market size.

​Public Bitcoin miners release their January 2023 production update We previously examined the state of Bitcoin mining, however, it’s also very important to take look at the new data that is now available. This is courtesy of the public Bitcoin miners who recently published their productivity data for January 2023. While we previously looked into Bitcoin mining from the perspective of reserves, the newly published data focus on production and hash rate. These segments achieved noteworthy growth and expansion in January 2023, compared to December last year. According to the report, 10 of the major public miners averaged higher Bitcoin production in January 2023, than in December 2022. The hash rate findings also reveal an almost similar outcome. At least seven of the 10 public miners in the list had a higher self-mining hash rate in January compared to December. There are multiple possibilities for the outcomes highlighted above. The main one is that Bitcoin bulls were dominant in January, contrary to the situation in December. This means there was more market activity, hence more transactions. Miners may have adjusted or increased the number of mining rigs to try and meet the higher demand for Bitcoin in the market. As for the hash rate, the report revealed that some of the mining company’s operations were affected by factors such as weather. What about the overall Bitcoin hash rate performance? A look at Bitcoin’s hash rate in the last 12 months reveals an upward trajectory. It went from as low as 164.47 TH/S in March 2022 to 310.87 TH/S in January 2023. This also means that the Bitcoin network achieved higher levels of decentralization and efficiency last month. Miner revenue demonstrates an entirely different picture. The lowest miner revenue was recorded on 24 December last year. This is around the holiday period during which the price hovered near its 2022 lowest levels. Miner revenue performance in January was also peculiar given that it dropped sharply during the month. The decline in miner revenue in January may have a lot to do with the hash rate. The latter increased during the month, as more miners went live to capitalize on the bulls. Fees are bound to be lower with more competition as more Bitcoin miners come on board.

​Brazil’s oldest bank allows residents to pay their taxes using crypto The move will allow Brazilian taxpayers to easily settle their tax liabilities while expanding “access” to the digital asset ecosystem. A major Brazilian bank is offering a new and convenient option for taxpayers to settle their dues using cryptocurrencies. According to a statement published by Brazilian bank Banco do Brasil on Feb. 11, it is now “possible” for Brazilian taxpayers to pay their tax bill with crypto in a joint initiative with Brazilian-based crypto firm Bitfy. It is available to Brazilians with crypto under the custody of Bitfy, which will act as a “collection partner” for the major Brazilian bank. It noted that besides the convenience it brings to customers, it could “expand” the use and access to the digital asset ecosystem with “national coverage” while having the comfort of a reputable bank providing consumer protection. Lucas Schoch, Bitfy’s founder and CEO, added that the “new digital economy is a catalyst for a future full of advantages.” The statement said crypto users would experience a straightforward process, with the tax details displayed along with the amount of reals, the official currency of Brazil, that should be converted into the chosen cryptocurrency to pay the bill. Taxpayers will access their tax bill by scanning a barcode, similar to how they pay a “boleto,” meaning ticket, a popular payment method in Brazil. This move comes after the Brazilian city of Rio de Janeiro started accepting cryptocurrencies as payments for taxes in October 2022. In December 2022, Brazil passed a regulatory framework that legalizes the use of cryptocurrencies as a payment method within the country. The law will likely come into effect in June of this year. Brazil’s citizens were previously told, in May 2022, that they would be required to pay taxes on like-kind crypto trades, for example, swapping Bitcoin BTC tickers down $21,852 for Ether ETH tickers down $1,519. However, not all crypto investors in Brazil need to declare their trades. The regulator establishes that only investors who trade more than 35,000 reals (around $6,711) in crypto should pay income tax.

​​Tron explores AI-powered oracle services to boost on-chain data accuracy In the last few weeks, we have seen multiple crypto projects align themselves with the AI hype. The Tron network is the latest blockchain project to pursue this path. Its founder Justin Sun recently revealed his plan to tap into AI. According to Sun, Tron needs to embrace AI so it can improve the process of information diffusion. Tron’s key target segments are investment management tools and oracle services. Sun expects the latter to offer more accurate on-chain data when integrated with AI. He also expects the integration of AI with management tools to offer benefits such as boosting smart contract resilience against security risks. The Tron CEO noted that AI may also be integrated into the content creation space through NFTs. But what does this all mean for Tron’s performance? Tron’s native cryptocurrency TRX has been one of the most consistent coins in terms of maintaining its upside. Most top coins have experienced a significant slowdown or even some sell pressure since the start of February. This is not the case for TRX which achieved a new 5-month high of $0.071 this week. TRX’s RSI indicator confirms that the cryptocurrency has maintained healthy relative strength. In other words, TRX managed to outperform investor sentiment so far this month. The weighted sentiment ended January with a surge followed by a strong pullback. The TRX on-chain volume also demonstrated a surge since the start of February contrary to the weighted sentiment. This was mostly bullish volume since the price responded with some upside. This performance may have been boosted by a surge in development activity. The latter bounced back strongly in the first week of February, after previously registering a sharp drop in the last week of January. Can TRX maintain its trajectory? TRX has experienced a drop in volatility since the start of February. This suggests that the market hype previously seen in January is tapering off. This might result in a situation where there is less demand. Such an outcome might trigger a sizable pivot especially if the market conditions allow. Tron’s market cap is already showing signs of profit-taking. It tanked by roughly $258 million between Wednesday and Thursday (8 and 9 February). Traders should thus keep a close watch on the current trajectory especially as the weekend approaches

​Ethereum’s future hinges on validators amidst declining interest and market trends Validators on Ethereum [ETH] could play a significant role in the network’s future. New data on 6 February suggested that the number of new validators added to the network remained constant in 2022, even during the bear market. Thus, there was interest amongst stakers, even in a volatile market. The upcoming Shanghai Upgrade was expected to further incentivize new validators to join the network. Recent validator interest could be driven by the positive developments surrounding Ethereum. Looking at the positives A positive indicator for Ethereum was the declining number of addresses in loss, reaching a five-month low according to Glassnode. However, despite this positive news, whale interest decreased over the last month. If large addresses decided to sell their investments, it could negatively impact retail investors. Having a look at Ethereum, on-chain Ethereum’s declining network growth could be one reason for the decrease in whale interest, as there was a cutback in new addresses transferring ETH for the first time. This suggested that new addresses were not showing interest in the network. Another reason for the lack of whale interest could be the decline in Ethereum’s velocity, meaning that the frequency of ETH trades decreased. Additionally, trader sentiment also turned negative during this period. Short positions against Ethereum increased, according to Coinglass. This surge in short positions increased after 1 February. At press time, the percentage of short positions against ETH was 51.57%. Even though traders were pessimistic about Ethereum, a new development with Visa could improve the network’s odds of success. As per a 6 February tweet, Visa was using the Ethereum network to test USDT transactions. The aforementioned partnership could help increase Ethereum adoption and improve sentiment among traders and whales. Overall, the number of validators on the network and their continued growth, despite market volatility, suggested a promising future. The Shanghai Upgrade and Visa’s partnership are key indicators to watch out for, as they have the potential to positively impact the king altcoin’s adoption and its overall future.