EddieJayonCrypto
8 Mar 23
• MyAlgo Wallet suffers another security breach• SEC may be facing trouble as XRP decision looms, they suffer a small loss in the Voyager bankruptcy case and Grayscale spot ETF case also raises doubts about the SEC's pattern of tactic of tossing weight around in lieu of bringing strong cases…and it ...
• MyAlgo Wallet suffers another security breach• SEC may be facing trouble as XRP decision looms, they suffer a small loss in the Voyager bankruptcy case and Grayscale spot ETF case also raises doubts about the SEC's pattern of tactic of tossing weight around in lieu of bringing strong cases…and it may be wearing thin in courts• Silvergate Bank is in talks with the FDIC to save the bank, with a focus on liquidity• Shiba Inu's Shibarium is confirmed for this week and could see BONE and SHIB rise; will the hype will last?You have to keep your eye on what can come from the side to affect the markets. Here is what is on my mind today.1. MyAlgo Wallet suffers yet another security breach. This is why I tell people to pay attention to the wallets they use. I do not use wallets that offer me no advantages other than it is closely tied to their preferred coin. No, I am not a user of this wallet. It does not provide any advantages over my current team of wallets, including Ledger, Trust, Coinomi, Coinbase Wallet, Metamask, BinanceUS, MEXC and Blockchain, to name a few. 2. Is the SEC about to take it on the chin? There are many that expect a decision on XRP fairly soon. They have also just been dealt a small loss. Judge Michael Wiles, who is presiding over the Voyager bankruptcy, said, "I cannot put the entire case into indeterminate deep freeze while regulators figure out whether they believe there are problems with the transaction and plan." and has ruled the deal can go through. The SEC may appeal, but it seems rather fruitless to do so. One would think they should have come with their A game to begin with. Then there is the Grayscale spot ETF case. The 3-judge panel is a tad skeptical of the SEC's reasons for not giving approval. This made GBTC shares spike over 9%. None of these are small cases and can really spell trouble for Gary Gensler and his department. If you look closer, you can see the SEC's weakness of trying to toss their weight instead of bring stronger cases. 3. Silvergate Bank is in talks with the FDIC about how the bank can be saved. A key focus seems to be around liquidity. It was suggested they court more crypto investors to help with that. The Federal Reserve, the main governing body of the banking industry, actually authorized the visit by the FDIC examiners. The fall of Silvergate could very well see the rise of Signature Bank and have stablecoins begin to play an even larger role. Signature's recent moves to limit transaction support to only transactions over $100K suggest they are turning their back on retail investors and focusing on institutions. That leaves an opening for stablecoins and alternative off-ramps. 4. We have confirmation from the Shiba Inu team that Shibarium will indeed happen this week, but they gave no specific date. This is why you saw a rise in BONE, the exclusive token to be used in their Metaverse play. That said, you must keep in mind that SHIB will also rise, especially as the burn rate continues to soar. The question is will the people stay on the platform once the luster of the shiny new toy wears?