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Marc Andreessen may step down from Meta board due to crypto empire: Reports

Billionaire co-founder of crypto venture capital firm a16z Marc Andreessen may be leaving the board of directors of Meta due to his firm’s investments in the Web3 space. Business Insider reported on Friday that a close source said, “it would not surprise me even remotely” if Andreessen exited the board in the next few months. Andreessen could leave as soon as May when the board has its next re-election. Andreessen has not made a public statement regarding his future with the Meta board. Meta has begun to build or acquire several Web3 projects related to the Metaverse, nonfungible tokens (NFTs), social networking, finance and entertainment, meaning that a16z’s crypto empire could create a conflict of interests. On March 18, Meta applied to patent user identification software most commonly used in hardware and e-wallets similar to MetaMask or Ledger. A16z, meanwhile, is the leading VC firm in the cryptocurrency space. It helped lead the recent investment round in Bored Ape Yacht Club (BA..

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President Bukele hits out at Bitcoin Bond ‘FUD’ as CZ jets in to El Salvador

El Salvador President Nayib Bukele took to Twitter on Wednesday evening, hitting out at a Reuters report claiming Binance CEO Changpeng ‘CZ’ Zhao was flying in to save El Salvador’s Bitcoin Bond. “Please don’t spread Reuter’s FUD,” Bukele tweeted to his 3.6 million followers, rebuking the claim that CZ was flying in to assist after the $1 billion bond offering, originally scheduled for mid-March, was postponed until September. He was responding to a tweet on the subject by Bitcoin Magazine, which has now deleted the post. Bukele stated that the delay in the “volcano bond” offering was primarily due to legislative delays in Congress, that his meeting with CZ has nothing to do with the bond offering and that the pair intends to discuss “other issues.” Paolo Ardoino, chief technology officer of Bitfinex — the company underwriting the bond — came to Bukele’s aid stating that the delays were largely due to laws concerning the bond issuance that still needed to be passed by Congress. Samson..

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DOJ cracks down on ‘rug pulls,’ charging Frosties NFT project founders

The Department of Justice (DOJ) has taken action against an alleged nonfungible token (NFT) rug pull after it slapped the founders of the “Frosties” project with charges relating to fraud and money laundering. The two founders are accused of purposely concealing their identities to operate a rug pull on the Frosties community by failing to deliver on the project’s roadmap and “utility,” which touted rewards for NFT hodlers, giveaways, access to a metaverse game and exclusive access to future mints from the project. According to a Thursday release from the Attorney’s Office of the Southern District of New York, 20-year-olds Ethan Nguyen and Andre Llacuna were arrested in Los Angeles and both charged with one count of wire fraud and one count of conspiracy to commit money laundering in “connection with a million-dollar scheme to defraud purchasers” of the NFTs “Frosties.” The DOJ’s complaint alleges that they “abruptly abandoned” and shut down the project within hours of selling out $1..

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Russia‘s energy chief says it would accept Bitcoin for oil and gas

The Russian Federation‘s energy chief Pavel Zavalny has floated the possibility of accepting Bitcoin as payment for its oil and gas from “friendly countries” such as China and Turkey. He said those countries could begin paying for energy in Russian rubles, Chinese yuan, Turkish lira — or even Bitcoin (BTC) — rather than the international standard, United States dollar. According to Russian news media RBC, Chairman of the State Duma Committee on Energy Zavalny stated at a Thursday press conference that he and representatives from China and Turkey have been discussing changes to preferred settlement currencies for its biggest export. “We have been proposing to China for a long time to switch to settlements in national currencies of rubles and yuan. With Turkey, it will be lira and rubles. The set of currencies can be different, and this is normal practice. If there are Bitcoins, we will trade Bitcoins.”He further stated that “unfriendly countries” could pay for their oil in rubles or g..

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ExxonMobil is using excess natural gas to power crypto mining: Report

United States-based energy producer ExxonMobil has reportedly been running a pilot program aimed at using the energy from excess gas to power crypto mining rigs — and it may be expanding its operations to four other countries. In a Thursday report, Bloomberg said ExxonMobil had inked a deal with Crusoe Energy to use excess gas from oil wells in North Dakota to run Bitcoin (BTC) miners. The project reportedly uses 18 million cubic feet of natural gas per month — roughly 0.4% of the oil giant’s reported operations in the state — producing 158 million cubic feet of natural gas each day. The company launched the pilot program in January 2021 and is now reportedly considering expanding to Nigeria, Argentina, Guyana and Germany, in addition to launching a similar project in Alaska. Cointelegraph reported in February that oil and gas giant ConocoPhillips was running a program selling excess gas to third-party BTC miners for fuel. Transporting natural gas requires pipelines which cannot always..

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Axie Infinity (AXS) price reverses course with 50%+ gain ahead of Origin launch

Play-to-earn (P2E) gaming was one of the hottest sectors in the cryptocurrency market in 2021 and based off the recent moves of Yuga Labs and Bored Ape Yacht Club, the gaming industry could continue to be a winner in 2022. Axie Infinity was the first game to really capture widespread attention and highlight the possibilities of what P2E had to offer and is continuing to lead the way in 2022 as the protocol prepares for its next major launch. Data from Cointelegraph Markets Pro and TradingView shows that the price of AXS increased 56.5% over the past ten days as an increase in its 24-hour trading volume has lifted AXS to a daily high of $69.82 on March 24. AXS/USDT 4-hour chart. Source: TradingViewVORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for AXS on March 14, prior to the recent price rise. The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data poin..

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Synthetix commence debt pool merger to enhance liquidity and staking capabilities

Decentralized finance, or DeFi, protocol Synthetix (SNX) has announced that the deployment of their Debt Pool Synthesis feature will occur on Thursday, 9:00-11:00 pm UTC and is expected to impact staking participants in two distinctive categories: SNX inflationary staking rewards and debt hedging. Currently, Synthetix operates debt pools across two Ethereum chains: the mainnet and layer-2 scaling solution Optimism, which have amassed an accumulative total-value-locked of $930 million and $157 million, respectively. The company has stated their intention to transition into an “Optimism-native protocol,” with one of their council members kain.eth advocating this route by stating the vast growth potential of Optimism. On the subject of debt hedging — a method of derivate investment designed to reduce asset exposure — it was calculated that the total value of the two pools once merged equates to synthetic Ether (sETH) 31% short, synthetic Bitcoin (sBTC) 25% long, synthetic United States do..

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Crypto rallies to $2T market cap as institutions signal readiness to enter

Bitcoin (BTC) and the broader cryptocurrency market rallied on Thursday, as the total value of digital assets crossed $2 trillion for the first time in over three weeks amid signs of a clear shift in market sentiment — headlined by Goldman Sachs, no less. BTC price printed an intraday high of $44,253, having gained more than 3% during the session, according to data from Cointelegraph Markets Pro and TradingView. The largest cryptocurrency by market capitalization has now recovered over 33% from its January low. The total crypto market cap has gained over 7% since Monday to reach nearly $2.1 trillion, according to Coingecko data. The market capitalization figure also reached $2 trillion on CoinMarketCap. While not bullish, Bitcoin’s Fear & Greed Index has escaped “extreme fear” and is now in the “fear” stage with a reading of 40. The volatility and sentiment indicator is based on a scale of 0 to 100 with higher readings corresponding to a more bullish outlook for BTC. Bitcoin’s Fear &..

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Terra’s Bitcoin purchase and BlackRock comments back ETH’s surge to $3.1K

Ether (ETH) bulls have a few good reasons to celebrate the 20% gain between March 14 and March 24. The price increase surprised many and led to the first daily close above $3,000 in 34 days. Even with this move, Marc's $2.4 billion Ether options expiry is somewhat uncertain because bears can easily profit by pushing the price below $3,000. In a letter to shareholders, Larry Fink, the CEO of BlackRock, the world's largest asset manager, noted that the global socio-political crisis and growing inflation could make way for a global digital payment network. Moreover, cryptocurrency investors turned bullish after Terra co-founder Do Kwon reconfirmed plans for the giant $10-billion BTC allocation. On March 24, the third tranche of Tether (USDT) left a wallet thought to hold funds earmarked to purchase Bitcoin. On the macroeconomic side, there have been mixed feelings. For example, retail sales in Canada grew 3.2% over the last month, which is above the 2.4% market expectation. On ..

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‘Satoshi Island’ crypto utopia receives 50K citizenship NFT applications

Step aside, El Salvador, there’s a new Bitcoin-centric destination on the map. As a 32-million-square-foot private island sanctuary in the remote South Pacific, Satoshi Island is a “place for the crypto community to call home.” A combination of honeymoon getaway, Bond-villain hideout and naturalist paradise, there’s one enigmatic exception to Satoshi Island: it’s 100% crypto. Talking to Cointelegraph, the Satoshi Island team of Denys Troyak, James Law, Taras Filatov and Benjamin Nero mentioned that it is: “A true crypto-economy where everything will be paid for in crypto and all ownership on the island is represented with NFTs.”With its name inspired by the creator of Bitcoin (BTC), Satoshi Nakamoto, the team added that “the island intends to host events all year round, house and headquarter crypto projects as well as being a gathering place for crypto enthusiasts worldwide.” Further down the road, the island could “operate as a decentralized autonomous organization.” To date, they’ve..

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