🦎🚀 The Silver Gate Crumbles 💀

Thursday, March 9, 2023

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Silvergate Crashing Down

After regulatory headwinds and the bear market turbulence, crypto-friendly bank Silvergate has announced plans to wind down its operations.

Silvergate Capital, parent company of Silvergate Bank, issued a statement on Wednesday that claims its voluntary liquidation was the best path forward for the Bank, citing that full repayment if all deposits were included in the liquidation plans.

The liquidation follows a slew of exits from crypto companies terminating their partnership with the bank, including Coinbase, Paxos, Gemini, BitStamp and Galaxy Digital, all following the investigations into the company.

In today's news, Celsius issue $25 million for customer withdrawals, Mutant Apes as villains and ether to be a commodity?

Read on!

Which is the Most Popular NFT Marketplace?

Blur and OpenSea's competition for market leadership has crowded out the other top marketplaces. Former market leader OpenSea's market share fell to 36.4% last month, despite trading volume increasing to $0.69 billion, from $0.41 billion the month before. On the contrary, newcomer Blur has become the most popular NFT marketplace, with its market share at 56.8% after trading volumes surged to $1.07 billion in February 2023.

More on the Top 6 NFT marketplaces market share breakdown

24h Hot Searches Worldwide

Access Protocol (-25.6%)
GNY (+28.3%)
Blur (-11.4%)
Optimism (-1.1%)
ZigZag (-6.2%)
Kava (+6.2%)
Mina Protocol (-7.2%)

Happy International Women's Day! Let's hear it from the women of CoinGecko, and their stories on what it's like working in crypto!

Tap here to watch!

Starting to Make Things Right

Bankrupt crypto lender Celsius Network has set up $25 million of digital assets for the lender's custodial account holders to withdraw; with $17.7 million said to have been withdrawn already.

The composition of the withdrawal funds were $10.4 million of USDC, $8.8 million of ETH, $4.3 million of altcoins and $1.6 million of other stablecoins, including Binance USD, DAI, Paxos dollar and Gemini USD.

Celsius' downfall was one of the high-profile collapses last year. The lender has burned $500m wBTC which could be a maneuver to satisfy customer withdrawals.

CoinDesk

Evil Monke

Mutant Ape Yacht Club (MAYC) characters would be making an appearance in the Dungeons & Dragons-inspired Web3 game, The Glimmering.

Game developer Gripnr announced a partnership with notable collector and Web3 entrepreneur Jimmy "j1mmy" McNelis to bring several MAYC characters as villains into the game.

The Glimmering would be the gaming studio's first launch, having successfully raised $2.5 million in funding in 2022.

Decrypt

US Regulators Dispute for Control

Chairman of Commodities and Futures Trading Commission (CFTC) has reaffirmed a strong stance against the Security and Exchange Commission (SEC)'s creeping push for control over digital assets.

CFTC chair Rostin Benham issued a statement categorizing stablecoins and Ether as commodities, which falls under his purview.

The chairman's stance directly contradicts that of SEC chair Gary Gensler, who last month stated that "everything other than Bitcoin" falls under securities law.

Decrypt

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Continue reading at: https://gcko.io/3tuyi43

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