Bitcoin's market price remains stable despite tightening regulations and the ongoing banking crisis, Cathie Wood's company said in its latest monthly report on the crypto industry. This and more news in this handy daily summary so that you are always informed with the most recent events that occur within the crypto world.
The Fed has made Bitcoin stronger
📍‌According to Ark Invest, the price of Bitcoin has remained stable despite the current situation with banks. In his report "The Bitcoin Monthly: March Report”, Cathie Wood’s asset management company highlighted the strength and maturity that Bitcoin has gained in the midst of the banking crisis.
Over the past month, the price of Bitcoin has been moving almost horizontally, trading between $27.000 and $28.000 per BTC. Currently, according to data from the CoinMarketCap platform, the price of Bitcoin is $ 28.300 dollars, showing a daily appreciation of 1,03% and a weekly appreciation of 2,10%.
Ark Invest notes that the tightening of monetary policy by the US Federal Reserve, regulatory measures taken by various agencies and the banking crisis are strengthening Bitcoin's fundamentals, a fact that is reflected in its price.
Meanwhile, Ethereum, the second-largest cryptocurrency on the market, continues to rise as the date set by developers for the implementation of Shapella, the update that will enable withdrawals of validator ETH deposited in the Beacon Chain, approaches.
At the time of writing, the price of Ethereum is hovering around $1.860 per unit, showing a growth of almost 5% in the last week.
Criminals prefer fiat money
📍‌Fiat money is the most commonly used currency by criminals to conceal illicit activities. The US Treasury Department said in its report “Illicit Finance Risk Assessment of Decentralized Finance” that criminals prefer to hide their illicit activities using fiat money instead of cryptocurrencies.
The Department's report is focused on exploring how criminals can use cryptocurrencies and platforms that offer decentralized financial services (DeFi) to circumvent regulations and commit crimes.
However, despite the risks that misuse of the DeFi ecosystem poses to facilitate money laundering, the government agency recognizes that those who commit these crimes have a preference for fiat money or cash, and even for traditional assets instead of cryptocurrencies and tokens.
“The majority of money laundering, terrorist financing, and proliferation financing by transaction volume and value occurs in fiat currency or otherwise outside of the virtual asset ecosystem through more traditional methods,” the report released by the Treasury Department this month notes. The report also notes that many malicious actors are beginning to take advantage of the lack of regulation in DeFi to profit from illicit activities such as ransomware.
A DAO proposes the creation of a company to finance research on longevity
📍‌VitaTech is the name of the company that has proposed creating VitaDAO to finance longevity. VitaDAO, a decentralized autonomous organization (DAO) focused on longevity, has proposed creating a for-profit company to access public funding to support further research related to life extension.
The DAO submitted a governance proposal to put the creation of the new company to a vote by its members.
According to explained The decentralized organization, a for-profit company, would allow it to close the current gap that exists between research and commercialization, making it easier for research projects to advance to new stages of their materialization.
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