Crypto Market Highlighs from March 19th to March 25th

This week’s news in the financial world has been a mixed bag, with a range of stories from the launch of new platforms to legal woes for high-profile figures. Here are the most notable stories from the week of March 19th – March 25th.

The big news this week was the launch of ZkSync Era’s mainnet on March 24th. This event marked the beginning of the Layer 2 Zk Rollup wave, which promises faster and cheaper transactions for users. One standout feature of ZkSync is the ability for users to pay fees with any token, even zero fees if DApps are willing to subsidize them. This is made possible thanks to the integration of account abstraction into the infrastructure.

In response to a wave of mass withdrawals, a group of six national banks, including Canada, the UK, Japan, Europe, Switzerland, and the Fed, have formed a coalition to increase liquidity by swapping liquidity agreements in US dollars. This move is meant to shore up liquidity and ensure that banks have the necessary resources to handle large-scale withdrawals.

Deutsche Bank, Germany’s largest bank, saw its stock price fall by 27% since March 8th, the biggest drop in four years. Despite this, German Chancellor Olaf Scholz is not concerned, stating that the bank has modernized and reorganized its business model, and is a very profitable institution (having had ten consecutive profitable quarters prior to this drop).

In other news, the SEC has accused Justin Sun, founder of TRON, of selling unregistered securities and market manipulation. Sun has dismissed the accusations as a civil complaint. Meanwhile, the difficulty of mining Bitcoin has risen by 7.56% to a new record of 46.84T. The Fear and Greed Index is also at a 16-month high, with a current rating of 68, indicating high levels of greed among investors.

Swiss bank UBS has purchased Credit Suisse for $3.2 billion and agreed to provide $108 billion in liquidity. Dwpbank, Germany’s largest securities dealer with over 5.3 million accounts, has launched a new platform called wpNex that enables 1,200 affiliated banks to offer Bitcoin trading services to their customers.

In less positive news, Do Kwon, the founder of Terraform Labs, has been arrested in Montenegro. The US and South Korean justice departments are both seeking involvement in the case. Finally, the Fed has raised interest rates by 0.25%, citing concerns about high levels of inflation, despite turmoil in the banking system.

Lastly, users of the popular messaging app Telegram can now send USDT to each other in addition to BTC and TON, which were added last year. These updates continue to expand the capabilities of Telegram as a platform for financial transactions.

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