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Source: https://tinyurl.com/2w5tfdta

It’s important to note that this report hasn’t been independently verified by Reuters, and they aren’t responsible for its accuracy. Nevertheless, this news continues to fuel the discussion surrounding the role of traditional financial institutions in the rapidly evolving crypto landscape.

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Financial analysis of JPMorgan’s performance can be conducted using Supercharts and other relevant tools for a deeper understanding of this progressive move.

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Despite a minor dip of 1.97% in its stock value, SoftBank Group continues its strategic investments in the tech world. Similarly, Intel saw a significant decrease of 6.94% in its stock value. On the other hand, CVX and QXO experienced an increase in their shares by 2.01% and 0.46%, respectively.

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For a comprehensive compilation of key events and updates in Italy’s crypto scene, please click on this link.

ETL witnessed a substantial surge of 119.75%, while PST and TIT also experienced growth with increases of 0.06% and 1.02% respectively. Conversely, LTMC saw a decline of 1.14%.

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Please note that Reuters, despite being the original news disseminator, has not independently corroborated this story and therefore cannot guarantee its veracity.

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Analysts were also confused by the number of reserves in the BUSD stablecoin, which the exchange itself issues. Mazars’ audit report says that the amount of assets controlled by the exchange is 597,602.29 BTC; the balance of net liabilities to users is 575,742.42 BTC; the balance of fixed assets is 582,485.93 BTC.

WSJ consultants noted that there is a 3% deficit in the third position. However, Binance spokeswoman Jessica Jung explained that the difference consisted of loans made to customers in bitcoin against collateral in other assets. She argues that this type of loan is over-collateralized.

Against the backdrop of all these events, Nansen recorded a tremendous outflow of funds from the exchange. Within 24 hours, $1.8 billion was withdrawn from the exchange. Onchain data showed that the Jump Trading fund and market maker Wintermute were transferring significant amounts from Binance in the last week. Jump Trading alone withdrew about $146 million.

Binance then suspended USDC withdrawals via Tron, BNB Chain, and Ethereum. Changpeng Zhao, the head of the company, said that due to increased demand and conversion without a 1:1 margin, they needed to wait for the banks to open. The USDC withdrawal continues to work on the rest of the networks.

For his part, Tron founder Justin Sun attached a hash of the transaction and said he had deposited $100 million on the Binance exchange as support.

Yesterday, Reuters published an article saying that the U.S. Attorney’s Office was ready to launch a case against Binance. Today, Zhao announced that this was not the first time he encountered such aggressive FUD, and they were just keeping working.

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Reuters writes that the bank explained its decision saying that transacting with crypto poses security risks. In particular, these risks are connected to crypto’s decentralized nature and lack of regulation. This ban will come into effect on April 30.

Bitcoin and some altcoins have decreased in price after the announcement. Bitcoin has lost around 3% and Ethereum has lost about 3%. Moreover, Binance Coin is down by about 9%, and XRP fell by about 12% in the last 24 hours, per Coin Market Cap data.

The cryptocurrency that is outperforming today with its massive 24-hour gains of almost 200% is Dogecoin. According to CNN, the significant boost of DOGE price could be related to Elon Musk tweeting about the meme-like crypto. He tweeted a photo of a painting by a Spanish artist captioning it “Doge Barking at the Moon,” the source says.

Support for DOGE already pushed it to the tenth place among cryptocurrencies by market cap this week. Now, it has already climbed to fifth, per Coin Market Cap data, and is trading at around $0.39 at the time of writing.

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However, not only the two largest cryptocurrencies have seen a price increase. Binance Coin (BNB), the third-largest crypto, is up by over 10% in the past 24 hours. In addition, it is up by almost 40% in the past 7 days, per CoinMarketCap.com data. The fifth and the sixth-ranked cryptos Polkadot (DOT) and Ripple’s XRP increased in price by over 31% and 50% in the past 7 days, respectively.

Increasing cryptocurrency adoption could be the reason why Bitcoin and altcoins post gains. Two of the world’s leading investment banks, Goldman Sachs and Morgan Stanley, started offering access to digital assets for their wealth management clients. Payment networks Visa and PayPal have introduced crypto payment support. Moreover, automaker Tesla started accepting Bitcoin for payments in the U.S.

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Institutional adoption of cryptocurrency has increased over the past months. Last month, payment network Mastercard also announced that it would offer support for crypto for payments on its network in 2021. In a blog post, the head of digital payment products Raj Dhamodharan suggested that stablecoins would be brought onto the network. In particular, that is because they meet compliance requirements and other regulations.

Moreover, PayPal allowed its users to hold, buy, and sell cryptocurrencies in October last year. The company is now looking into expanding its crypto reach having launched a new business unit.

Just last week, automaker Tesla has announced the introduction of Bitcoin as a payment method for customers based in the U.S. Moreover, CEO Elon Musk suggested introducing Bitcoin support for international customers later. Luxury hotel group The Kessler Collection also announced accepting crypto this month, thanks to a partnership with BitPay.

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On Wednesday, March 17, Coinbase submitted an amendment to its S-1 filing with the U.S. Securities and Exchange Commission (SEC). In this amendment, the company registered 114.9 million shares to sell before the direct listing on Nasdaq, according to TheStreet. The company first announced its plans to go public in December 2020.

Coinbase is also now hosting “Ask Us Anything” on Reddit, with the CEO and executive team answering questions about their company and cryptocurrency. The thread will be open for users to ask questions until Friday, March 19, at 7 p.m. (PDT), and the company will answer questions that received the most upvotes.  

Cryptocurrency exchange Kraken reportedly considers following Coinbase’s example and going public via a direct listing in 2022, Decrypt says. Moreover, a trading platform eToro will also go public and have its Nasdaq stock market listing after completing a merger with FinTech Acquisition Corp. V.

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