Arthur Hayes, co-founder and former CEO of BitMEX cryptocurrency exchange, has proposed creating a new stablecoin with a value pegged to the sum of $1 worth of Bitcoin (BTC) and one inverse perpetual swap of BTC against USD. He outlined the idea of the potential Satoshi Nakamoto Dollar (NUSD), or NakaDollar, in a blog post titled “Dust on Crust” on March 8.

Bitcoin prices have been rejected from a series of psychological on-chain levels, related both to Older hands from the 2021-22 cycle and also for the Whale cohort. Profit-taking and capital flows have started to take place, although they remain low by historical standards.

The market is trading in red today as Bitcoin, and Altcoins including Ethereum see a decline. As of writing, Bitcoin price has decreased by 1.34% in the last 24 hours.

Bitcoin traders are taking a breather and considering their next steps as the market digests the collapse of Silvergate Bank, which culminated in its “voluntary liquidation” Wednesday U.S. time.

Nobel Prize winner Paul Krugman complained on Twitter Wednesday that he was experiencing issues with the centralized payment processor Venmo. His tweet was followed by a barrage of bitcoin supporters who insisted that Krugman was now realizing the importance of censorship-resistant payment systems.

It seems that around 40,000 Bitcoin held in wallets linked to law enforcement seizures in the United States are currently being transferred, according to new data by Glassnode, a blockchain analytics firm.

The mainnet of SatoshiChain, the blockchain technology that connects Bitcoin to DeFi, will formally launch on June 1st, 2023. As it enables users to fully take advantage of the features and advantages of the blockchain, including decentralized applications and smart contracts, the launch represents a significant milestone for SatoshiChain and its community.

U.S. Congressman Stephen Lynch (D-MA) expressed concern Wednesday over the possible impact of a central bank digital currency (CBDC), asking Federal Reserve Chairman Jerome Powell to ponder the potential for a tokenized version of the U.S. dollar to wipe out other digital assets.

Grayscale's premier fund traded higher as its discount narrowed following what some perceived as a successful day in court. Crypto prices slipped across the board, and crypto-related equities also dipped.

Bitcoin (BTC) fell to three-week lows on March 8 as stronger-than-expected employment data from the United States dampened risk assets.