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CHART OF THE DAY The physical Bitcoin network continues to grow as the number of active nodes propagating and recording the ledger nears a new ATH. Although the total blockchain size continues to grow, storage costs have continued to decrease since 2017. |
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DIGITAL ASSETSFTX sues Grayscale and DCG, citing unreasonable fees. FTX’ debtors claim that relevant GBTC shares would be worth $550 million, or 90% more without unruly fees and a redemption process to improve the efficiency of GBTC. Claims were also filed against Grayscale’s CEO, Michael Sonnenshein, and CEO of DCG Barry Silbert.TeraWulf has begun operations at the first nuclear-powered bitcoin mining facility in the US. Nearly 8,000 mining rigs are online, with an expectation of 8,000 more in the coming weeks. The new facility will significantly lower the firm’s energy costs to $0.35/kWh, compared to the US industrial average of $0.086/kWh.Kraken is moving ahead with plans to launch its own bank despite an increasingly challenging regulatory environment.Stablecoin inflows to Ethereum Layer-2s rose 5% to over $2 billion in February. Arbitrum led the way with inflows averaging about $10 million per day as the network saw $300 million in total for the month. Arbitrum’s TVL is currently $3.37 billion. |
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Source: DeFi Llama, March 2023 |
WHAT TO KNOWUS banks are being forced to raise rates on deposits. Depositors have found alternative options for their cash, including Treasury bills and money market funds, as the Fed raises benchmark interest rates. The shift has been so pronounced that commercial bank deposits fell last year for the first time since 1948 as net withdrawals hit $278 billion. |
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Upcoming Opportunistic Fund WebinarJoin Valkyrie’s Opportunistic Fund portfolio team on Tuesday, Mar 21 at 2 PM as they discuss uncovering digital asset value in current markets. |
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