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Minimum Standards and Best Practices Implemented to Ensure Appropriate Handling of Customer Digital Assets and Funds by Centralized Crypto and Digital Assets Businesses

Chicago, Illinois - March 24, 2023 - The Global Digital Asset and Cryptocurrency Association, the preeminent self-regulatory association for the digital asset and cryptocurrency industry, announces the following Core Principles in response to the bankruptcies of several prominent businesses that caused substantial harm to a significant number of customers and investors. Digital asset businesses that serve as intermediaries or fiduciaries of customer assets and property will be expected to adhere to these Core Principles, in addition to any applicable laws and regulations.

The Core Principles for centralized digital assets businesses are as follows:

Strong Governance and System of Checks and Balances

Protection of Customer Assets

Enterprise Risk Management and Stress Testing

Liquidity Reserves

Proper Books and Records

Annual Independent Audit

These Core PrinciplesPrinciples were designed to provide guardrails that guide digital asset industry maturation, protection of consumers and enhanced market integrity, said Gabriella Kusz, CEO of the Global Digital Asset and Cryptocurrency Association. Global DCA Core Principles not only outline best practices but offer a roadmap for digital asset firms seeking to develop in-line with global best practice.

"In the face of industry upheaval, digital asset services must proactively demonstrate a strong grounding in principles for responsible governance, which are essential to reinforcing consumer safety and risk mitigation moving forward." said Amit Sharma, founder and CEO of FinClusive. "We're proud to be working with Global DCA to put these core principles forward for the digital assets industry."

The recent failures were due, at least in part, to failures to implement certain fundamental business conduct and governance, risk management, and customer protection processes and procedures, as well as failures to implement adequate disclosures regarding the handling of customer funds and assets and the core use and operation of specifically issued tokens, the presence of which could have avoided these catastrophic events or at the very least mitigated their impact.

These Core Principles are not intended for use by decentralized businesses. Rather, they are focused on digital asset businesses that serve as intermediaries or fiduciaries of customer assets and property. The terms intermediaries" or fiduciaries for these purposes do not include software developers, miners/validators, personal wallet software, bridging technologies without a single controller, or any other decentralized network, application or platform.

The Core Principles are not intended to replace any applicable regulation. Specific applicable regulation would take precedence over the relevant Core Principle.

About the Global Digital Asset and Cryptocurrency Association

The Global DCA is a global self-regulatory association for the digital asset & cryptocurrency industry. It was established to guide the evolution of digital assets, cryptocurrencies, and the underlying blockchain technology within a regulatory framework designed to build public trust, foster market integrity, and maximize economic opportunity for all participants. Its broad-based membership includes exchanges, proprietary trading firms, traders, investors, asset managers, brokerage firms, FCMs, custodians, decentralized technology organizations, banks, legal firms, audit firms, insurance professionals, academics, consultants, & media.

For more information, visithttps://global-dca.org/core-principles/

Source: Global Digital Asset and Cryptocurrency Association

Media ContactCompany Name: Global Digital Asset and Cryptocurrency AssociationContact Person: David TrianaEmail: Send EmailPhone: 2397381052Country: United StatesWebsite: http://www.otterpr.com

Press Release Distributed by ABNewswire.comTo view the original version on ABNewswire visit: The Global Digital Asset and Cryptocurrency Association Announces Core Principles for Centralized Digital Assets Businesses

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The Global Digital Asset and Cryptocurrency Association ... - Benzinga

Dogecoin Price Surges Over 4% After Elon Musk's Tweet

In a recent tweet, tech billionaire and Dogecoin advocate Elon Musk made a joke about a fee for visiting Twitter headquarters, which he suggested should be paid in DOGE.> Responding to a user who expressed interest in visiting the head office of the social media platform, Musk quipped that it would "cost 3 Doge."> This is significantly less than the $8 USD monthly fee that Twitter charges for a blue verification check. At the time of writing, three Dogecoins are valued at $0.222040 USD.> Following Musk's tweet, the price of Dogecoin, the largest meme token by market cap, experienced a surge, rising over 4% to reach $0.0785.> While the price has since dropped slightly to $0.0776 on the Binance exchange, the initial increase may be attributed to enthusiasm from the Dogecoin community. More here

Cody Harris, a member of the Texas House of Representatives, has introduced a resolution expressing support for the Bitcoin economy in the state.> In his resolution, Harris urges lawmakers to protect individuals who code or develop on the Bitcoin network, as well as miners and Bitcoin holders operating in Texas.> He also argues that Texans' constitutional rights should extend to digital assets, preventing any attempts to seize or search residents' crypto holdings.> Harris emphasizes the importance of Bitcoin mining in Texas, stating that "individuals who mine Bitcoin in Texas will never be inhibited by any law or resolution."> He also assures those who use Bitcoin to store their wealth or make peer-to-peer transactions with other law-abiding Texas citizens that they will "always feel free and safe in their ownership and use of Bitcoin." Details here.Terraform Labs Co-Founder Do Kwon Arrested in MontenegroOn March 23rd, the Minister of the Interior of Montenegro, Filip Adzic, announced the arrest of an individual suspected to be Do Kwon, co-founder of Terra Luna, within the Balkan nation's borders.> Local news outlet Vijesti later confirmed the authenticity of the tweet and that the arrested person was a South Korean national.> "The former 'crypto king,' responsible for losses exceeding $40 billion, was arrested at Podgorica airport with fake documents," stated Adzic. "He is wanted by South Korea, the United States, and Singapore. We are waiting for official confirmation of his identity."> Since December 2022, South Korean prosecutors had been alleging that Kwon was hiding in Serbia, which has no extradition agreement with South Korea. More here.[/body]

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Bitcoin and Major Cryptocurrencies

Bitcoin and Major Cryptocurrencies Defy Rate Hike: Market Resilience Amid Federal Reserve Decision

> Bitcoin maintained its position above $28,000 on Thursday, as leading cryptocurrencies appeared unfazed by the U.S. Federal Reserve's 25-basis point rate increase and ongoing apprehensions about the banking industry and upcoming monetary policy choices.> BTC, the top cryptocurrency by market cap, traded near $28,200 on Thursday afternoon, experiencing a 4% increase within the last 24 hours.> Earlier in the day, BTC had reached as high as $28,800, demonstrating a temporary resurgence of confidence in high-risk assets.> Ether, the second-largest cryptocurrency by market cap, saw an over 5% gain, trading around $1,818 on Thursday afternoon.> Earlier, it had soared to $1,858, its highest point since August. Meanwhile, Litecoin (LTC) increased by 12% during the day, hovering around $93.> Coinglass data revealed that traders had liquidated around $3 million of LTC short positions within the past 24 hours, boosting the price from around $83 a day earlier.> Additionally, Aptos' native APT token, a Layer 1 blockchain, climbed over 7% to settle near $13.

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Cryptocurrency roundup for March 24: Elon Musk overtakes Twitter HQ, Texas House representative introduces... - Moneycontrol

Monero's XMR/USD price has increased 3.6% over the past 24 hours to $159.42. Over the past week, XMR has experienced an uptick of over 6.0%, moving from $152.35 to its current price. As it stands right now, the coin's all-time high is $542.33.

The chart below compares the price movement and volatility for Monero over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

The trading volume for the coin has risen 60.0% over the past week diverging from the circulating supply of the coin, which has decreased 0.31%. This brings the circulating supply to 18.15 million. According to our data, the current market cap ranking for XMR is #25 at $2.89 billion.

Powered by CoinGecko API

This article was generated by Benzinga's automated content engine and reviewed by an editor.

2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Get ready to uncover the secrets of decentralized finance and security in the crypto market with Crypto Unlocked , Benzinga's new virtual crypto event series. Don't miss out on this opportunity to learn from the experts and connect with fellow crypto enthusiasts subscribe and turn on notifications for Crypto Unlocked on YouTube today !

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Cryptocurrency Monero Up More Than 3% In 24 hours - Benzinga

Reports are circulating that a cryptocurrency exchange is interested in acquiring Silvergate Capital Corps trade processing, causing a company stock price surge. This development follows a tumultuous period for the lender, which experienced a significant drop in share prices after disclosing its exposure to FTX in early March. J.P. Morgan responded by downgrading Silvergates stock rating to underweight and withdrawing its price target, citing concerns about the companys capitalization.

The challenges faced by Silvergate illustrate the interconnectedness and vulnerability of the crypto banking industry. The collapse of FTX left Silvergate exposed, leading to a nearly 50% decline in its stock prices. However, if the company can weather the storm, it may yield significant returns if the cryptocurrency industry enters a new bullish cycle. Since shifting its focus to serving the crypto sector in 2013, Silvergate has increased alongside the industry.

While the news of a potential buyout has caused a surge in Silvergates stock prices, it remains to be seen if the company can bounce back from its recent challenges and demonstrate its resilience.

The stock performance of SI or Silvergate Capital Corporation has been a topic of interest for investors and analysts alike. According to CNN Money, the stock has been on a rollercoaster since its initial public offering (IPO) in November 2019.

Initially priced at $12 per share, SIs stock price soared to $33.44 in February 2020. However, the outbreak of the COVID-19 pandemic led to a sharp decline in the stock price, which fell to a low of $5.87 in March 2020. Since then, the stock has been on a steady upward trajectory, reaching a high of $150.09 in February 2021.

The stocks performance can be attributed to several factors. Firstly, Silvergate Capital Corporation is a leading provider of innovative financial infrastructure solutions and services to the digital currency industry. As the popularity of cryptocurrencies like Bitcoin and Ethereum continues to grow, so does the demand for the services offered by Silvergate.

Secondly, the companys financial performance has been impressive. In Q4 2020, SI reported a net income of $14.1 million, up from $3.1 million in the same period in 2019. The companys assets increased from $2.1 billion in Q4 2019 to $4.2 billion in Q4 2020.

The companys strategic partnerships have also contributed to its stock performance. In February 2021, Silvergate announced a partnership with Fidelity Digital Assets to offer Bitcoin-backed loans to institutional investors. This partnership is expected to drive the demand for Silvergates services and boost its revenue growth.

In conclusion, the stock performance of Silvergate Capital Corporation has been impressive, with the companys innovative financial infrastructure solutions and services to the digital currency industry driving demand for its services. The companys financial performance and strategic partnerships have also contributed to its stock performance. As the popularity of cryptocurrencies continues to grow, Silvergate is well-positioned to capitalize on this trend and deliver value to its shareholders.

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Cryptocurrency Exchange Eyes Acquisition of Silvergate Capital ... - Best Stocks

Bitcoin has rallied nearly 70% so far this year and industry insiders who spoke to CNBC remain bullish, with one saying the world's biggest cryptocurrency could reach new heights.

Bitcoin previously hit its all-time high of $68,990.90 in November 2021. Since then it has fallen about 60%.

Marshall Beard, chief strategy officer at U.S.-headquartered cryptocurrency exchange Gemini, said $100,000 could be a possibility for bitcoin.

"I think bitcoin probably breaks all-time highs this year," Beard said, adding that the $100,000 price figure is an "interesting number."

Beard said that if bitcoin gets to its previous record high of near $69,000, "it doesn't take much more for it to lift up" to $100,000.

Bitcoin would need to rally around 270% to hit $100,000.

Paolo Ardoino, chief technology officer at stablecoin issuer Tether, said bitcoin could "retest" its all-time high near $69,000.

The predictions of new record highs mark a more optimistic outlook than in January when industry executives told CNBC that they expected 2023 to be a year of caution.

Part of the industry's positive view on bitcoin right now actually stems from how the asset has performed during the banking turmoil sparked by the collapse of Silicon Valley Bank and the failure of two crypto-friendly lenders Silvergate Capital and Signature Bank.

Instead of crashing, bitcoin rallied.

Bitcoin proponents say this is evidence that bitcoin is offering an alternative to the traditional banking system as a place for people to keep their money safe.

"I think the rally is explicable by saying, people have got freaked out by the banking system by the collapses," Oliver Linch, CEO of BittrexGlobal, told CNBC in an interview at Paris Blockchain Week on Thursday.

Cryptocurrency industry insiders predict bitcoin could hit a new all-time high in 2023 and possibly reach $100,000. It comes after a noted investor bet that the digital currency could go to $1 million in 90 days.

Chris Ratcliffe | Bloomberg | Getty Images

For many years, bitcoin advocates have argued bitcoin is a form of "digital gold" a safe-haven asset that can provide investors a hedge against inflation and an investment in times of turmoil. But over the past few years, bitcoin has traded in correlation with stocks, in particular the tech-heavy Nasdaq.

There are now signs of decoupling with bitcoin massively outperforming the Nasdaq, many other risk-assets and gold this year.

But bitcoin also got a boost on hopes the banking crisis maybe reduce the U.S. Federal Reserve's ability to be as aggressive on interest rate rises, which would be supportive for risk assets like cryptocurrencies.

Discussion of where the digital coin's price could go this year has been rife since Balaji Srinivasan, an investor and the former technology chief at Coinbase, wagered on Mar. 17 that bitcoin would be worth $1 million or more in 90 days. He bet $2 million.

The wager was in response to a Twitter user who said that they would bet $1 million that the U.S. does not enter hyperinflation.

Srinivasan argued that the "world redenominates on Bitcoin as digital gold" as hyperinflation kicks in, erodes the value of the U.S. dollar, and nations, individuals and companies begin to buy large amounts of bitcoin. Hyperinflation is the massive rise in prices in an economy.

I think for bitcoin to be a million dollars in 90 days, some crazy things are happening in the world, which we don't want.

Marshall Beard

Chief strategy officer, Gemini

A $1 million price on bitcoin would represent a roughly 3,600% increase from the digital currency's current price.

Most people have poured cold water on this prediction.

Gemini's Beard said "there's probably a world where bitcoin hits a million dollars" but not in 90 days as Srinivasan wagered.

"I think for bitcoin to be a million dollars in 90 days, some crazy things are happening in the world, which we don't want," Beard said, adding that it could take 10 years to get anywhere near that figure.

Tether's Ardoino echoed the sentiment that if bitcoin were to hit $1 million in 90 days, it would likely mean an unusual economic event.

"I'm kind of skeptical about that, because honestly, I wouldn't even hope for that," Ardoino told CNBC in an interview at Paris Blockchain Week, that aired Thursday.

"Because if bitcoin would reach such a high price level, [it] would mean that the entire economy will crumble. I'm not sure [that] is the world that we want to live in."

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Bitcoin at $100,000? Insiders say the cryptocurrency could test new highs this year - CNBC