This Week in Crypto
March 17, 2023
Welcome to This Week in Crypto, where we take a look at some of the top headlines to focus on. In this episode, we are taking a look at the following:
Key Points
- SVB Financial Group applies for Chapter 11 bankruptcy
- Arbitrum airdrop sparks increased interest in Layer 2
- Binance delists HNT
- MXC receives significant interest in ISO
SVB Financial Group Files Chapter 11
SVB Financial Group, the parent company of Silicon Valley Bank, has filed a Chapter 11, officially admitting that the company is in financial trouble and that bankruptcy is most likely unless drastic measures are taken. This officially confirms that the Silicon Valley Bank may be irreparable. Even though the United States government has allowed the bank emergency fund to continue honoring the fund withdrawal request, it appears that the SVB saga will come to an unfortunate end.
Meanwhile, another US-based bank, First Republic Bank, has dropped in credit rating. Its shares have dropped sharply, inviting more investor skepticism. In anticipation of a sudden spike in withdrawals, 11 banking institutions have agreed to provide liquidity injection for First Republic.
In light of the uncertainty in traditional financial markets, the overall cryptocurrency market has enjoyed moderate gains, as more people are seeking to keep their funds in the crypto market rather than temporarily shaky traditional financial markets.
Arbitrum Airdrops Sparks Layer 2 Interest
It’s official. Arbitrum will commence its much-anticipated $ARB airdrop. Upon the announcement of the airdrop, more people have begun paying more attention to the Layer 2 solution and other Layer 2 solutions as well.
If you are in the MXC ecosystem, it is also great news for you. MXC is building a zkEVM (zero-knowledge Ethereum Virtual Machine) that is set to be a Layer 2 solution on top of Ethereum, while also bridging to DHX. The testnet is currently live, and those who use the testnet may be eligible for a certain bonus.
Binance Delists HNT
Ahead of Helium’s (HNT) move to Solana, Binance has announced a complete delisting of HNT. This follows the news from Binance US that it is also delisting HNT. All HNT trading will be suspended, and open orders will be closed. On March 25, all HNT deposits will be suspended and any deposits made will not be recoverable.
Upon the announcement, the price of HNT plummeted by around -20%, making the token reach -97% from its all-time high. We recommend the utmost caution for those who may have HNT in their possession.
MXC Receives Significant ISO Interest
Ever since the release of additional information on the Initial Sensor Offering (ISO), MXC has been contacted by many institutions and businesses interested in being selected as the first official ISO project. These interests came not only from new businesses but also from current MXC community members who own large-scale IoT businesses themselves.
We would like to thank everyone for their interest and look forward to continuing further on the application process. The ISO application will be made available to the larger public in the next few weeks.
