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• The US Securities and Exchange Commission (SEC) has issued a subpoena against SushiSwap and its CEO Jared Gary.
• Jared Gary is proposing the creation of a legal fund to cover the legal costs of core developers who ratified Sushi 2.0 in April 2022.
• The SEC has been taking action against the crypto-market with lawsuits and subpoenas for some time, most recently targeting stablecoin BUSD issuer Paxos.

SEC Subpoenas SushiSwap

The United States Securities and Exchanges Commission (SEC) has taken action against yet another crypto-entity by issuing a subpoena against decentralized exchange SushiSwap and its CEO Jared Gary.

Legal Fund Proposal

In response to the subpoena, Jared Gary proposed creating a legal fund to cover the legal costs of core developers who ratified Sushi 2.0 in April 2022. The proposal calls for $3 million USDT stablecoin to be dedicated from the Sushiswap Decentralized Autonomous Organization (DAO), with an additional $1 million set aside in case funds are needed. Funds will be sourced from Kanpai fees, grants, and TWAP market sells of Sushi.

SEC Targets Crypto Market

The SEC’s recent action against SushiSwap follows other attempts at cracking down on cryptocurrency markets over the past few years. Most recently, it labeled stablecoin BUSD issuer – Paxos – as a security.

SUSHI’s Market Cap

Realistic or not, there is speculation about what impact this news might have on SUSHI’s market capitalization in terms of Bitcoin (BTC).

Conclusion

It remains to be seen how this situation develops but one thing is certain – regulatory agencies like the SEC are increasing their scrutiny when it comes to cryptocurrencies and DeFi projects like Sushiswap will need to prepare accordingly if they want to stay compliant with applicable laws and regulations moving forward.

• MakerDAO has proposed a debt ceiling breaker to protect their system from volatility and maintain liquidity.
• The proposal was necessitated by USD Coin losing its parity with the US dollar, leading to a temporary loss of dollar parity for DAI.
• MKR’s demand faltered and prices dropped due to the lack of new liquidity.

MakerDAO Proposes Debt Ceiling Breaker

MakerDAO [MKR] has initiated an emergency executive proposal in order to introduce a debt ceiling breaker for collateral assets used to mint its DAI stablecoin. This action became necessary after USD Coin [USDC] lost its parity with the U.S. dollar last weekend, resulting in a temporary loss of dollar parity for DAI.

Purpose of the Debt Ceiling Breaker

The purpose of the debt ceiling breaker is to maintain the stability of the MakerDAO system by limiting the number of DAI that can be issued against any given collateral asset locked in the Maker protocol. With this new proposal, MakerDAO aims to handle scenarios where the underlying collateral asset is experiencing substantial volatility. This mechanism will enable MakerDAO to safeguard its liquidity and prevent losses in such situations.

MKR Demand Falters

Because of its statistically significant positive correlation with Bitcoin [BTC], MKR experienced an initial price rally following Federal Regulators‘ decision to make all SVIB depositors whole. However, due to lack of new liquidity, MKR’s price soon declined and stagnated any possible uptick. According Santiment data, daily active addresses trading MKR dropped by 86%, while new demand decreased by 95% over four days at press time.

Analysis

At press time, MKR’s RSI rested above its centerline at 54.17, while its MFI, on an uptrend, was pegged at 41; however token accumulation was not enough for significant price growth according to MACD indicator analysis .

Conclusion

Despite initial optimism surrounding MakerDAO’s emergency executive proposal for a debt ceiling breaker ,MKR’s demand has since been slipping as evidenced by network activity data from Santiment . Despite token accumulation being evident on daily charts , prices have yet failed to experience significant growth due MACD indicator analysis .

• Shiba Inu has been bearish on the price charts in recent weeks due to negative investor sentiment and lower trading volume.
• Bitcoin approached a critical support level, but it remains uncertain whether the downtrend across the crypto-market will be relieved.
• The RSI and OBV indicated a bearish shift in bias with a shorting opportunity presented around $0.0000123 while daily active addresses trended lower but accumulation was seen.

Overview of Shiba Inu Price Movement

Shiba Inu (SHIB) has been bearish on the price charts in recent weeks as investor sentiment has been negative and the trading volume also saw a fall in recent days, despite the network performance remaining healthy. Bitcoin also approached a critical support level, however it is still uncertain if there will be any relief from this overall downtrend across the crypto market.

Technical Indicators

On the daily chart, SHIB broke beneath its higher low at $0.0000117 (shown in orange) which signaled a bearish structure. Additionally, an imbalance was seen above which could present a shorting opportunity around $0.0000123 according to technical indicators such as Relative Strength Index (RSI) and On Balance Volume (OBV). The RSI fell below 50-mark indicating sellers dominating the market while OBV noted losses although not large ones yet. Meanwhile, further levels of support were identified at $0.0000105 and $0.0000094 – 3.4% and 13.2% below its current price respectively at press time.

Daily Active Addresses

The 90-day MVRV ratio hit 6-month highs in early February before declining afterwards suggesting that holders likely booked profits during this period of high prices for SHIB tokens; however, selling pressure would not necessarily decrease due to this factor alone as seen by how daily active addresses count have decreased since 21 February as well even though accumulation was observed at certain points throughout this time frame too..

Federal Reserve Update

Additionally, Federal Reserve Chair Jerome Powell cautioned that interest rates could head higher which had an impact on investor sentiment particularly amongst those holding cryptocurrencies such as Shiba Inu token resulting in further losses for Bitcoin and possibly SHIB too should these downward trends continue further southbound on their respective price charts..

Conclusion

To conclude then, investor sentiment towards SHIB has been generally negative lately with buyers seemingly taking profit while sellers remain dominant within this market leading to many weak signals moving downwards on technical indicators like RSI and OBV among others; furthermore federal reserve updates regarding possible rate hikes have only added to existing pressure pushing prices lower even more making it increasingly difficult for bulls to make any substantial gains anytime soon without some kind of positive news or stimulus package coming into play first..

• Convex Finance dominated Curve Finance’s governance, holding 45% of the overall governance on the network.
• Despite a decline in volume, Curve Finance’s treasury holdings increased by 37.3%.
• Whales have shown interest in CRV and its prices have surged, despite a decrease in trading velocity.

Convex Finance Dominates Curve Governance

Convex Finance has taken over 45% of the overall governance on Curve [CRV] network after holders of veCVX and veCRV tokens voted for specific pools and earned bribes from other protocols. This dominance was created as Convex held most of these tokens which allowed them to vote for incentivized pools.

Curve Faces Heat

Despite their dominance, Curve Finance has seen their share of DEX volume fall from 15.2% to 4.4% since the beginning of this year due to competition from Uniswap [UNI]. The protocol still generated ample revenue though and increased its treasury holdings by 37.3%. However, there is potential room for improvement as it pertains to volume and active developers – with only 8.6% increase in active developers over the past week.

Whales Show Interest

Whales have been showing strong interest in CRV token with Santiment data showing an increase in large address holders over the past week. This could be one reason why CRV prices have surged despite decreased trading velocity as reported by Token Terminal – suggesting that frequency with which CRV is traded has plummeted.

Delphi Digital Speaks On Convex Business Model & Looming Catalyst

Delphi Digital released an article for PRO members which looks at Convex’s business model and a looming catalyst live now⬇️https://t.co/akrMZYuE8M . It is unclear whether this report will drive further investment into the protocol or not but only time will tell whether whales are correct in their assessment of the Curve token.

Conclusion

Overall, Convex Finance holds a dominant position amongst Curve protocols after gaining 45% of total control on staking pools while whales continue to buy CRV despite decreased trading velocity and lower DEX volumes compared to Uniswap [UNI]. Delphi Digital released an article looking at Convex’s business model while whales show increasing interest in CRV token – only time will tell if they are right about their assessment or not

• Binance recently burned $2 billion worth of BUSD on the BNB Chain and released an equivalent amount on the Ethereum [ETH] network.
• After the burn, BUSD traded above its peg at $1.02 as of writing and had a relatively high transaction volume.
• The total BUSD held in exchange reserves has decreased by over 21% or $3 billion since 13 February 2021.

Binance Burned $2 Billion Worth of BUSD

On 22 February, Binance burned $2 billion worth of its own stablecoin, BUSD. This was done to maintain the peg at $1 for the token despite issues with regulatory authorities such as the Securities and Exchange Commission (SEC).

Price Maintains Above Peg After Burn

After being burned, the price of one BUSD went a bit over its peg as its reserve on Binance continued to reduce. However, despite this, it maintained above the peg at a value of $1.02 as of writing due to high trading volumes for this asset.

Total Reserve Decreases Despite High Volumes

Despite a relatively high trading volume for this asset, Paxos‘ announcement that it would stop minting more tokens caused a decrease in the total amount held in exchange reserves from around 14.3 billion down to 10.7 billion – representing an overall decline of over 21%.

Binance USD Receives SEC Attention

Issues with regulatory authorities such as the SEC have made discussions about Binance USD very popular lately. Despite this however, work with this stablecoin is still continuing as normal according to official accounts from within the company itself.

Conclusion

     Overall, due to recent events regarding both regulatory authorities and burning activities by Binance itself, discussions about their own stablecoin are becoming more popular but work with it proceeding nonetheless while maintaining prices above its peg despite decreases in overall reserve amounts held by exchanges

• Polygon (MATIC) has seen a dramatic increase in price since the beginning of the year and recently some whale addresses were observed buying more of the token, likely driving up the price.
• On-chain data shows that investors holding between 10 and 100 million MATIC have purchased 55 million more for almost $60 million.
• The 30-day active address measure of Polygon revealed that the number of active addresses on the network had decreased, yet holders are still seeing profits thanks to an increase in Market Value to Realized Value (MVRV) ratio.

Overview

Recently, there has been a rise in the price of Polygon [MATIC], and this increase appears to have been caused by the activity of some whale addresses. What are some of the likely reasons behind the actions of these whales, and how could the price of MATIC be further impacted by their actions?

Price Surge

A daily timeframe chart shows that Polygon (MATIC) has been upward over the past few trading days. Up about 4% from its opening price, it was trading at about $1.38 as of this writing. Based on the increase seen throughout the trading session, MATIC’s price rose by over 16% over the preceding three days. Even more impressive was that its current upswing meant it had increased by more than 75% since the beginning of the year. The extension of Bollinger band, along with present price movement suggested that MATIC is unstable and short Moving Average offered support line for it. According to Relative Strength Index, asset was in bull trend and on verge to hit overbought region .

Supply Distribution Increase

When analyzing Polygon (MATIC) on-chain data, it could be seen that institutional investors have been buying more of token as late. Per Alicharts investors holding between 10 – 100 million MATIC have purchased 55 million more for almost 60 Million USDT worth amount supply distribution statistic indicated an increase 11%. It was also noted that delivery supplies began to increase volume in February .

Active Addresses Decline

However a look at 30-day Active Address measure showed a decrease in number active addresses on network; even though there were almost 2.7 million active addresses as this writing figure showed an apparent fall .The price increase had however provided Poygon (MATIC) holders with some profits during same period despite fall number active addresses; As time writing Market Value Realized Value (MVRV) ratio indicated MATIC 1795%.

Conclusion

The activities from whale accounts may reflect investor confidence inPolygon’s future prospects which sparked multiple purchases from large holders leading to surge in its prices .Also ,the declinein Active Addresses indicates profit taking behaviour amongst investors resultingin raising funds for future Investments or potential arbitrage opportunities To sumup these events suggest optimistic outlookfor future growth prospectsofPolygon(MATIC).

• Tether recently published an independent attestation report from accounting giant BDO Italia, which revealed that the USDT issuer had eliminated its exposure to commercial paper as of 31 December 2022.
• CTO Paolo Ardoino claimed that the company had made a profit of $700 million in the fourth quarter.
• According to the report, U.S. Treasury bills were the largest holding in Tether’s reserves at $39.2 billion, and Money Market Funds were second at $7.3 billion.

Tether Publishes Attestation Report

Tether recently published an independent attestation report put together by accounting giant BDO Italia. The report revealed that the USDT issuer had eliminated its exposure to commercial paper as of 31 December 2022.

Profit Claimed by Tether CTO

Paolo Ardoino, the Chief Technology Officer at Tether, informed his followers on Twitter that his firm had turned a net profit of $700 million in the fourth quarter of 2022. Furthermore, the USDT issuer had successfully eliminated its exposure to commercial paper.

Reserves Overview

The consolidated reserves report as of 31 December 2022 revealed that the firm’s assets exceeded its liabilities by over $930 million. The consolidated total assets stood at $67.04 billion, against consolidated liabilities totaling $66.08 billion. According to a statement by Tether, their reserves are extremely liquid with no exposure to commercial paper and US Treasury bills being their largest holding in reserve at 39 2 billion and money market funds second with 7 3 billion worth of holdings

Reduction in Secured Loans

Interestingly, it was also noted that there was a 300 million reduction in secured loans between Q3 and Q4’s consolidated reports which could explain why they saw such a large drop in total asset value between these two reporting periods

No Mention Of Profit Claim By CTO

Surprisingly enough, despite Ardoino’s claims about profits made in this period not being mentioned anywhere within BDO Italia’s attestation report leaving many questions unanswered about where this figure came from and how true it is

• MATIC is Polygon’s native token with key uses within the ecosystem. It is used for network fees, governance, and staking.
• MATIC has seen a 28% price appreciation since the start of 2021 and has a market capitalization of $10,040,236,333.
• The third quarter of 2022 saw a 180% increase in the number of MATIC’s active addresses with total transactions coming in at 2 billion.

Overview of MATIC Token

Polygon is a Layer-2 scaling solution aimed at bringing mass adoption to the Ethereum platform. Its native token, MATIC, has several key uses within the ecosystem including powering the protocol through a gas-based mechanism used to pay network fees, voting on Polygon Improvement Proposals (PIPs), and providing security through staking. The supply of MATIC is limited which adds to its value.

Performance and Adoption

MATIC was trading at $1.22 at press time and had seen an 8.66% increase in 24 hours prior to this time period. The Polygon network recently underwent a hard fork upgrade that addressed issues such as spikes in gas fee costs and disruptive chain reorganizations. Additionally, its popularity has been driven by its use case as a Layer 2 scaling solution for Ethereum providing faster transactions and increased scalability for dApps running on Ethereum which often suffer from high transaction fees or slow transaction speeds otherwise.

Third Quarter Statistics

A report published by Blockchain analytics firm Messari shows that the third quarter of 2022 saw a 180% increase in the number of MATIC’s active addresses with total transactions for this period coming in at 2 billion showing increased usage across users and developers alike.

Partnerships

Polygon’s partnership with Warren Buffet-backed Nubank will provide financial services to Brazilians while allowing them access to decentralized finance (DeFi) applications built on Polygon’s platform giving it further exposure across new markets globally expanding its user base significantly adding further value to its token holders with more demand expected over time due to this expanded reach.

Future Prospects

The Polygon team is focused on performance, user experience, and security making it well-positioned to play a major role in the growth of Ethereum’s ecosystem as they continue working towards bringing more users onto their platform meaning that over time we can expect MATIC to grow even further as adoption increases amongst developers and users alike leading many analysts predicting long term optimism around this token despite short term volatility being present throughout cryptocurrency markets as always expected over different timescales depending on macroeconomic conditions globally affecting all digital assets‘ prices similarly or differently dependent on their individual use cases or features providing them advantages or disadvantages over other competing projects seeking similar areas worth investing into accordingly .

• Four senior White House officials posted a blog on 27 January, criticizing Congress for failing to enact cryptocurrency regulations.
• They asked lawmakers to expedite their efforts to develop a crypto regulatory framework.
• Biden’s advisers warned that the newly sworn-in Republican House of Representatives could exacerbate the situation by loosening regulations.

Yesterday, four senior White House officials posted a blog, expressing their criticism towards Congress for their failure to enact cryptocurrency regulations. They urged lawmakers to increase their efforts to develop a comprehensive national crypto regulatory framework. The post outlined several steps Congress could take to combat fraudulent activities and protect consumers in the crypto space.

The White House called for increased transparency and disclosure requirements for cryptocurrency companies, as well as assisting law enforcement by increasing funding, toughening penalties for existing finance rules, and improving those rules to penalize intermediaries. Additionally, the blog suggested that Congress should pass legislation to regulate stablecoins.

The post concluded by warning that the newly sworn-in Republican House of Representatives could make the situation worse by loosening regulations, referencing the House Republican leadership’s recent announcement of the new Subcommittee on Digital Assets, Financial Technology and Inclusion.

Despite the criticisms from the White House officials, cryptocurrency regulations have not been a priority for President Joe Biden. As a result, Congress has been slow to enact regulations, leaving the crypto space at risk of fraudulent activities. The blog post called for lawmakers to take immediate action to ensure that consumers are protected and bad actors are held accountable.