Ethereum Financial News

Contagion from the Dec. 12 flash loan attack against Euler has spread far and wide, resulting in frozen or lost funds for 11 different decentralized finance (DeFi) protocols, according to Dec. 13 reports from each of them on Twitter. Balancer, an Ethereum protocol with over $1 billion total value locked (TVL), is among the affected protocols. Below is a rundown of the major exploits and what we know so far.

Binance CEO Changpeng Zhao announced on 13 March that the exchange would stop keeping the rest of the $1 billion recovery fund in stablecoin.

Bitcoin (BTC) and Ethereum (ETH) managed to reclaim the $22,000 level on Monday, suggesting some stability in the cryptocurrency market. After dropping to its lowest level since January, Bitcoin has surpassed the $22,000 mark and has seen a 10% increase in value on the day. 

Polkadot Insider recently revealed a major bullish signal for DOT as it was found that the coin was only behind Ethereum [ETH] on the list of blockchains in terms of Altrank.

Within a few weeks, the $28 billion worth of staked ether (ETH) will start to become available thanks to Ethereum’s Shanghai upgrade.

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Three banks, Silvergate, Silicon Valley Bank and Signature collapsed within a span of a few days. That increased demand for United States government bonds, which sent the yield on the 2-year Treasury tumbling to 4.06%, a fall of 100 basis points since March 8.

Filecoin [FIL], at the time of writing, was one of the crypto-market’s top performers after it jumped by 22% in a 24-hour period. That wasn’t all either, however, as its trading volume also surged by nearly 83%. The latter development implied that there has been significant demand for the coin of late.

Binance has confirmed plans to convert $1 billion worth of Binance USD (BUSD) from its Industry Recovery Initiative to native crypto assets, including Bitcoin, Ethereum, and BNB.

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Chris Burniske, a partner at venture capital firm Placeholder, recently appeared on a Real Vision podcast with Raoul Paul. The podcast revolved around valuation techniques of cryptocurrencies, Ethereum and Solana in particular. 

Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.

Love Hate Inu is transforming the online survey sector by launching the first blockchain-powered voting platform. This project uses distributed ledger technology to record immutable results and incorporates crypto memes' potent community and social power.

Ethereum-based lending protocol Euler Finance has fallen victim to a flash loan attack resulting in around $200 million worth of digital assets stolen from the project. 

Hedera Hashgraph is a distributed ledger technology that offers faster transaction times and lower fees than traditional blockchains. Its mainnet supports smart contracts and decentralized applications, and it has gained popularity among enterprise clients due to its scalability and security features.

Privacy-oriented blockchain platform Aztec is preparing to shut down Aztec Connect, the network’s privacy infrastructure serving as the encryption layer for Ethereum.

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Bitcoin Cash [BCH] has been overshadowed by its more popular counterparts for the major part. Nevertheless, it has managed to retain a sizable following, and it is perhaps the most underrated cryptocurrency as far as decentralization is concerned.

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Bitcoin, which began trading at the US$22,000 level on Monday, dropped to its lowest point since January 2021, reaching US$19,000. Similarly, Ethereum, the second-largest cryptocurrency, also experienced a drop, falling to the US$1,300 level. As a result, both of these cryptocurrencies experienced significant losses in their weekly gains. However, following the release of the US jobs data on Friday, Bitcoin and other cryptocurrencies experienced a rebound, as the US added 311,000 jobs in February, surpassing predictions. Over the past 24 hours, both Bitcoin and Ethereum gained 3%. Investors and traders reacted to the recent statement by US Fed Chair Jerome Powell regarding potential interest rate hikes, resulting in sell-offs and increased concerns over aggressive interest rate policies. However, the decline in the crypto market may also be attributed to uncertainties surrounding Silvergate Bank broadly this week. In November, the bank faced significant withdrawals of $8.1 billion from investors following the FTX incident, leading to a chain reaction of negative consequences, including the sale of debt at a loss of $718 million. The bank's latest financial report showed staggering losses of $1 billion for Q4 and $949 million for the entire year of 2022, in contrast to the $76 million profit recorded in 2021. The bank's announcement of liquidation this week has also significantly impacted the crypto market.

Decentralized exchanges (DEXes) registered an exponential rise in trading activity in the last 24 hours after the collapse of Silicon Valley Bank (SVB) triggered FUD in the broader crypto market and depegged the USD Coin [USDC].