DeFining news: March 10th, 2023 📢

▪️Silvergate - one of the most crypto-friendly U.S. banks - has announced sudden voluntary self-liquidation, promising to return all assets back to their owners.

▪️Circle seems to have surprised Dapper Labs and other crypto clients by suddenly dropping ACH payment servicing, leaving many crypto users with fewer options to on-offboard.

▪️More lawsuits news. ETH fell 7% when the NY AG called it a security in a lawsuit against Kukoin. Yet Grayscale’s GTBC and ETHE financial products both gained in price after its attorneys’ arguments in Grayscale’s lawsuit against the SEC apparently impressed the markets.

▪️Meanwhile, Kraken is planning to launch a crypto bank very soon, no matter the tough regulatory environment.

▪️Finally, thanks to the EIP-1559 upgrade, Ethereum’s total supply is in a small but steep decline since the upgrade was implemented, making ETH a deflationary crypto, burning $77.5M worth of ETH in the process.