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Magic Eden, a marketplace for Polygon, Ethereum and Solana-based non-fungible tokens (NFTs), has announced the launch of its own “fully audited” Bitcoin Ordinals marketplace. The platform lets NFT traders buy and sell Ordinals collections.

A recently published report from the White House criticizes digital assets for failing to deliver on their initial promises and raising risks for consumers and the US financial system.

Popular multi-chain decentralized exchange SushiSwap has disclosed that it received a subpoena from the US Securities and Exchange Commission (SEC), indicating that regulatory enforcement action may be forthcoming.

 Top stories in the Crypto Roundup today:

  • Bitcoin NFTs Get New Marketplace
  • White House Takes Aim at Digital Assets in New Report
  • Decentralized Exchange SushiSwap Subpoenaed by SEC
  • Bitcoin’s Impressive Rise Year-To-Date

 
24 hours chart of the price of BTC
 

Bitcoin NFTs Get New Marketplace

 

Magic Eden, a marketplace for Polygon, Ethereum and Solana-based non-fungible tokens (NFTs), has announced the launch of its own “fully audited” Bitcoin Ordinals marketplace. The platform lets NFT traders buy and sell Ordinals collections.

The new Ordinals protocol was introduced in January by former Bitcoin core contributor Casey Rodarmor, and since then, the popularity of Bitcoin Ordinals has surged. Between February 1 and March 1, data shows the total number of Bitcoin Ordinals inscriptions surged from 679 to 240,000. That number is now above 550,000.

Magic Eden said that the marketplace was built within a month, culminating in a hackathon in California with over a dozen developers. The platform only supports secondary sales for now, but it’s looking into future tools that would allow creators to more easily mint Bitcoin NFTs, such as a launchpad.

The marketplace uses signed BTC transactions rather than smart contracts, and does not support royalty payments for now as there’s “very little tooling and no secure and trustless enforcement solutions.”

Other Bitcoin Ordinals marketplaces have already launched, including ORDX and Generative XYZ.

 
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White House Takes Aim at Digital Assets in New Report

 

A recently published report from the White House criticizes digital assets for failing to deliver on their initial promises and raising risks for consumers and the US financial system.

The report raises questions about the benefits of digital assets as a distribution tool for intellectual property and financial value, an improved payment mechanism, and an avenue for increased financial inclusion. It suggests that despite the hype around cryptocurrencies, they have brought “none of these benefits” so far.

One of the major concerns raised by the report is the role of regulation in protecting consumers and investors from the risks associated with digital assets. The report points to a need for increased oversight and regulation of the digital asset market to prevent fraud, money laundering, and other criminal activities.

It also questions the effectiveness of distributed ledger technology, which underpins most cryptocurrencies, and criticizes Proof-of-Work mining and decentralized finance applications, saying these “create serious risks to investors and cause at least two risks for the broader financial system: the use of significant leverage, and the performance of regulated functions without compliance with appropriate regulations.”

Interestingly, the report also warns that a U.S. central bank digital currency could hurt credit availability and raise the risk of bank runs.

 
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Decentralized Exchange SushiSwap Subpoenaed by SEC

 

Popular multi-chain decentralized exchange SushiSwap has disclosed that it received a subpoena from the US Securities and Exchange Commission (SEC), indicating that regulatory enforcement action may be forthcoming.

The subpoena was revealed in a proposal submitted by the Sushi decentralized autonomous organization (DAO) looking to establish a legal defense fund of up to $3 million in Tether’s USDT stablecoin to cover potential legal costs.

The proposal also includes a contingency that would make another $1 million in USDT available if the initial funds were depleted.

 
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Bitcoin’s Impressive Rise Year-To-Date

 

Since the fallout with Silicon Valley Bank, Bitcoin (BTC) has risen by an impressive 38.6%, contributing to a 66% increase since the beginning of the year.

Equity prices have been struggling as investors flee to safety amid a banking crisis in the US. Rising interest rates and inflation have led to the collapse of banks like Silicon Valley Bank and Signature Bank, which were recently joined by Credit Suisse, a 167-year-old bank that was acquired by UBS in a deal supported by the Swiss National Bank.

The collapse of SVB marked the largest bank failure since the 2008 financial crisis and sent shockwaves across global financial markets. The rescue of Credit Suisse by UBS for $3.25 billion has also been a major event in the banking sector.

 
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State of the Crypto by Top Tier Exchange Volume

Toplist 20 coins by top tier volume

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