| Hey Cryptonews, here's our curated daily bundle of crypto news. | | Bitcoin commences new bull cycle |  | In a new report, CryptoQuant analyst Sachi found that the assessment of Bitcoin's [BTC] Net Unrealized Profit/Loss (NUPL) revealed that the leading coin has commenced a new bull cycle.
The review conducted by the analyst on BTC's historical performance found that a golden cross, which typically occurs between the 128 and 200-day moving averages, signals the end of the accumulation phase when the NUPL metric reaches or surpasses 0.2. This crucial threshold signifies the commencement of a bull market. BTC's NUPL has reached this "crucial" position.
Sachi also opined that the decline in accumulation and other factors ushered in a new bull cycle. However, the on-chain data reveals otherwise. BTC's Open Interest has been in a downtrend, coinciding with a 10% fall in the asset's value. When the OI of a crypto asset falls, the number of outstanding contracts in the market has most likely decreased along with a decline in market sentiment. | | Learn More | | Ethereum : Non-zero addresses reach all time high |  | Non-zero addresses on the network have reached an all-time high The overall interest in the Ethereum NFT market, however, declined
Ethereum, in the last month, enjoyed a rally as its prices surged due to increasing demand. However, traders did not exhibit the same enthusiasm toward ETH at the beginning of March. The reduction in the number of ETH transactions over the last month backs up this statement.
Retail investors have continued to buy ETH on a large scale. This was indicated by the number of non-zero addresses on the Ethereum network which reached an all-time high of 95.04 million addresses. These addresses were observed to be holding on to their ETH instead of selling.
Additionally, the overall interest in the Ethereum NFT market also declined. According to Santiment's data, the number of NFT trades being made on Ethereum fell considerably over the past month. This also impacted the average gas usage on the network which fell in accordance with the NFT trades on the network. | | Learn More | | Yuga Labs auction nets $16.5M |  | Yuga Labs' auction netted the firm $16.5 million The highest bidder paid $161,000 for one of the pieces
The auction for Yuga Labs' inaugural Bitcoin Ordinal nonfungible token collection has concluded, netting the firm $16.5 million in just 24 hours. The auction generated 735 Bitcoin ($16.5 million) at current prices. The highest of the 288 bidders paid just over 7 BTC or $161,000.
Yuga announced the collection last month, describing it as a "base 12 art system localized around a 12×12 grid, a visual allegory for the cartography of data on the Bitcoin blockchain." It includes a limited edition collection of 300 generative pieces inscribed on Satoshis on the BTC network.
However, Yuga Labs received backlash over the weekend from the crypto community, which identified shortcomings in how Yuga drove the auction for the Ordinals collection. | | Tornado Cash dev builds new crypto mixer |  | | Ameen Soleimani, a former Tornado Cash developer has claimed to be working on a new crypto mixing service that will solve the "critical flaw" of Tornado Cash. Soleimani launched the code of his new Ethereum-based mixer, "Privacy Pools" on 5 March on GitHub. He also mentioned that he hopes his creation will convince U.S. regulators to reconsider their position on privacy mixers.
In a Twitter thread, Soleimani explained that the "critical flaw" with Tornado Cash is that users cannot prove that they're not associated with any criminal enterprise. However, a new feature on Privacy Pools using zero-knowledge proofs will allow depositors and withdrawers to opt out of an anonymity set that contains an address associated with stolen or laundered funds.
According to Soleimani, the solution will empower "the community to defend against hackers abusing the anonymity sets of honest users without requiring blanket regulation or sacrificing on crypto ideals."He also noted that while live on Optimism, the protocol is still in an experimental stage as the code has not been completed and audited. | | FTX Debtors file lawsuit against Grayscale |  | FTX Debtors filed a lawsuit against Grayscale, DCG, and two of its executives The lawsuit alleges that Grayscale improperly prevented share redemptions
FTX Debtors announced a lawsuit against Grayscale Investments, its CEO – Michael Sonnenshein, its parent company – Digital Currency Group, and its founder – Barry Silbert. The lawsuit filed by FTX debtor affiliate – Alameda Research, seeks legal relief to "unlock $9 billion or more in value for shareholders of the Grayscale Bitcoin and Ethereum Trusts." Additionally, the lawsuit wants Grayscale to "realize over a quarter billion dollars in asset value."
The FTX Debtors claimed that Grayscale charged exorbitant management fees worth more than $1.3 billion from the firm. The aforementioned, violated the Trust agreements between Grayscale and Alameda. Furthermore, the complaint alleged that Grayscale prevented its shareholders from redeeming their shares citing "contrived excuses."
Notably, the FTX Debtors' complaint stated, "...If Grayscale reduced its fees and stopped improperly preventing redemptions, the FTX Debtors' shares would be worth at least $550 million, approximately 90% more than the current value of the FTX Debtors' shares today."
| | Learn More | | SEC accuses Green United of $18M scam |  | | On 3 March, the U.S. SEC filed a complaint against Green United, its founder, Wright Thurston, and contracted promoter Kristoffer Krohn. The regulator alleged that software and crypto mining equipment offered by Utah-based Green United was part of an $18 million "fraudulent scheme" that never mined the crypto it said it would.
Furthermore, the complaint stated that the accused fraudulently offered securities between April 2018 and December 2022 by selling investments in $3,000 "Green Boxes" and "Green nodes" purported to mine the GREEN token on the "Green Blockchain." However, the SEC claimed that not only did the Green Blockchain not exist but also the hardware sold didn't mine GREEN as it was an ERC-20 token.
Notably, the SEC stated that the GREEN token was created "several months" after the first hardware sales to investors and was periodically distributed to create the appearance of a successful mining operation. According to the SEC, the company was using funds to buy S9 Antminers and passing them off as GREEN Boxes that were used to mine Bitcoin in the name of GREEN tokens.
| | BIS concludes CBDC exploration project |  | BIS concluded that a "hub-and-spoke" model was promising The same, could reduce settlement and counterparty risk
On 6 March, the Bank for International Settlements (BIS), reported that it concluded its "Project Icebreaker", an initiative involving the bank's Innovation Hub Nordic Centre. The project explored international retail and remittance payments use cases for CBDCs, with the central banks of Israel, Norway and Sweden.
In their report, the BIS concluded that a "hub-and-spoke" model between domestic systems could "reduce settlement and counterparty risk by using coordinated payments in central bank money and complete cross-border transactions within seconds." Furthermore, the report stated that the absence of the "hub-and-spoke" model would pose cyber security risks as each rCBDC system would need to make individual specific network and infrastructure configurations to communicate with other rCBDC systems.
Notably, the report could provide the groundwork for a cross-border payment system if the central banks of Israel, Norway and Sweden each issued their own CBDCs. Previously, the BIS had reported that a CBDC pilot involving the central banks of Hong Kong, Thailand, China and the United Arab Emirates was "successful" after a month-long test facilitating $22 million worth of cross-border transactions. | | Bitcoin & co. head south |
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