| Hey Cryptonews, here's our curated daily bundle of crypto news. | | Historical precedents might dictate Bitcoin's [BTC] price action |  | - History suggests 2023 might see BTC surge on the price charts
- Projections based on crypto's market trends over the 2018-19 cycle
Following a very bullish start to the year, Bitcoin's [BTC] momentum on the charts has stalled somewhat. Even so, there is reason to cheer, with many expecting the world's largest cryptocurrency to hit newer heights later in the year. In fact, according to CryptoQuant's analysts, these projections are based on historical precedents - Specifically, the 2018-19 cycle.
The aforementioned analysts found that BTC's on-chain active address data for 2018-19 revealed three individual bottoms as part of the reversal process. As per their observations, the 2021-2023 cycle has also shown a similar structure as active addresses hit three individual lows.
"If Bitcoin follows the triple bottom structure of the last major cycle, we're about to see incremental price increases across 2023. Bitcoin's current fair price is at $43,598, closely aligned with our last price projection of $46,092."
This can be supplemented by the fact that Bitcoin's long-term holders have consistently outweighed short-term holders whenever the asset's value has crossed its realized price.
| | Learn More | | Solana: Outage FUD finally tones down |  | | Solana received negative press after its first network outage of 2023, an outage that lasted nearly 20 hours. Soon enough, however, investors dumped FUD for SOL as the weighted sentiment for the coin improved.
In fact, Solana's ecosystem saw a significant uptick in its daily active addresses, outrunning the big chains, including Ethereum and Polygon. On 3 March, crypto-data company Token Terminal revealed that daily active users (DAUs) hiked by nine times, a hike which pushed transaction fees to $51.1k from $2.3k.
One of the reasons behind the recent upswing in DAUs could be due to growth on the NFT front. According to CryptoSlam, the NFT sales volume on the chain soared to $2.7 million at press time from the lows of $34.68k following a significant outage on 26 February. Another factor stems from the hype associated with Helium Network's migration to the network, scheduled for 27 March. | | Learn More | | Cardano's governance in question? |  | Team Kujira's Senator claimed that Cardano governance is not decentralized Stakers would have to pay a fee to a Delegated Representative, she added
In a recent Twitter thread, Vanessa Hariss, a Senator at Team Kujira, said that the Cardano governance is not decentralized. She stated that under the CIP-1694 proposal, IOG (Input Output Global) would always retain control of Cardano, except in rare situations.
The CIP-1694 proposal will be giving away a lot of power to Cardano's Constitutional Committee, which would be able to veto almost any governance action.
She also mentioned that ADA stakers will not be afforded a platform to participate in the governance affairs of Cardano. The stakers would have to pay a fee to a Delegated Representative or become a Delegated Representative themselves to participate in Cardano's governance.
In response, Charles Hoskinson dismissed these statements saying, "This is categorically false and a great example of how FUD spreads."
Many users have requested for a Twitter space to be held where all these doubts about the Cardano governance can be clarified. | | Learn More | | Report: Binance wanted SEC Chair Gary Gensler to be an adviser
|  | | According to a report by the Wall Street Journal, Binance sought to onboard Gary Gensler, the current Chairman of the U.S Securities and Exchanges Commission (SEC), in 2018 and 2019.
Binance and Binance.US have been "much more intertwined than the companies have disclosed." Based on interviews and messages reviewed by WSJ, the world's largest crypto-exchange and its American affiliate had mixed staff and finances.
The interlink between both platforms was seen when an employee based in Shanghai launched the trading services for Binance.US before launch time. The incident reportedly occurred in September 2019.
The WSJ report also claimed that the global crypto-exchange sought ways to allow U.S customers to continue derivative trading. This, despite Binance announcing it would discontinue services to U.S-based traders.
While the proposal was turned down, the current SEC Chair has shared some "license strategies" with Ella Zhang – Former Head of Binance Labs. | | India now testing offline functionality of CBDC
|  | | The Executive Director of the Reserve Bank of India (RBI), Ajay Kumar Choudhary, has revealed that India's CBDC - the Digital Rupee - is being tested for offline functionality. Speaking to local media, Choudhary said,
"...We are eagerly looking forward to the private sector and fintechs' participation in CBDC. We will see their contribution, especially on offline and cross-border CBDC transactions."
Furthermore, Choudhary stated that India's motivation for launching the Digital Rupee is to improve regional financial inclusion and spearhead the digital economy. He added that the CBDC would soon become the medium of exchange and eventually act as a replacement for cryptocurrencies. However, it needs all features of physical currency, including anonymity.
Previously, a wholesale segment pilot for the Digital Rupee was launched by the RBI on 1 November 2022, onboarding 50,000 users and 5,000 merchants for real-world testing. As of 25 February, 800,000 transactions worth $134 million have been completed via the same. Additionally, on 21 February, India's national payment network, the unified payments interface (UPI), expanded its services to Singapore.
| | Australia's crypto-legislation now has a timeline
|  | | An update on the Australian Labor government's much-awaited token mapping consultation paper has recently surfaced. According to reports, the documents obtained by The Australian Financial Review under Freedom of Information laws revealed that the government aims to release consultation papers in the second quarter of 2023 and will hold stakeholder roundtables on crypto-licensing and custody in the third quarter.
Notably, final submissions to the cabinet are not expected until late in the year, possibly dragging out any decisions on crypto-legislation well into 2024 and beyond. Additionally, the government also revealed through the documents that it has created a dedicated "crypto policy unit" within the Treasury department.
Australian Treasurer Jim Chalmers said,
"...Treasury expects some stakeholders to be disappointed with the perceived delay in implementing a licensing regime."
He added that the department expects frustration from consumer groups seeking immediate protections and businesses seeking regulatory legitimacy. However, he claimed that the Treasury believes that the demand for cryptocurrencies is significantly weakened by FTX's collapse, allowing more time for regulations to be hashed out.
| | Binance recommends P2P as Ukraine suspends hryvnia |  | | Ukraine has temporarily suspended the use of its national currency, the hryvnia, via banking cards for fiat deposits and withdrawals on crypto-exchanges. The move came as a shock considering the country netted over $70 million in crypto-donations since the beginning of the Russian-Ukrainian conflict and immediately impacted how investors move funds to and from exchanges.
Crypto exchanges - Binance and Kuna - made official announcements informing investors about the temporary suspension by Ukraine's central bank. Michael Chobanian, Founder of Kuna, acknowledged the service disruption and suggested the use of Bitcoin by adding that such regulatory decisions have no impact on the ecosystem of the king coin.
Binance acknowledged the inconvenience as well. Furthermore, the exchange offered an alternative solution to users to exchange crypto and fiat currencies directly with other users without middlemen. Binance noted,
"...We suggest using the P2P service so that you can continue to use Binance comfortably."
| | Minimal losses for Bitcoin & co. |
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