Gate.io Blog Daily News | Asia Embraces Positive Crypto Sentiment While US Lawsuits Rise and Chinese Banks Provide Crypto Banking; MKR Approves $7B Overhaul

Daily News | Asia Embraces Positive Crypto Sentiment While US Lawsuits Rise and Chinese Banks Provide Crypto Banking; MKR Approves $7B Overhaul

28 March 10:17

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![](https://gimg2.gateimg.com/image/article/16799695950328.jpg)

## Crypto Daily Digest: Positive Sentiment Flows Across Asia as US Market Eases Banking Contagion Concerns

Good morning, traders! Let’s seize this Tuesday relentlessly and make the most of it! 🚀

US financial shares rose while tech shares fell, and Treasuries declined as concerns of banking turmoil contagion eased. Financial firms on the S&P 500 saw an increase of over 1%, while the tech-heavy Nasdaq 100 ended the session down 0.7%, capping a two-week advance. The two-year Treasury yield exceeded 4%, and regional bank shares rallied as concerns of a recession grew. Investors will be closely monitoring the personal consumption expenditures price index data later this week to determine the US central bank's rate path.

The positive sentiment from the US market has flowed into early trading in Australia and New Zealand, where futures pointed to gains for benchmarks in Japan and Hong Kong. Australian shares rose 0.8%, with financial firms leading the way, and energy producers also seeing gains. The market remains cautious about the potential for the Federal Reserve to implement higher-for-longer rate hikes to control inflation.

<a href="/id/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a>'s value plummeted below $27,000 following a lawsuit filed by the US Commodity Futures Trading Commission (CFTC) against Binance. The CFTC accuses Binance of knowingly offering unregistered crypto derivatives products in the US, while Binance has argued that it is not subject to US jurisdiction as it has no headquarters there. The CFTC is one of several US regulatory bodies investigating Binance, and the uncertainty surrounding the investigation has negatively impacted the cryptocurrency market, with other cryptocurrencies such as Ether, Matic, and <a href="/id/price/bnb-bnb" target="_blank" class="blog_inner_link">BNB</a> also experiencing a fall in value. Crypto-related stocks such as Coinbase and Marathon Digital Holdings have also seen a decline.

In contrast, China's state-owned banks have offered banking services to local crypto firms in Hong Kong, indicating their support for the city's push to become a major digital asset center, despite crypto trading being banned on the mainland for over a year. Bank of China, Bank of Communications, and Shanghai Pudong Development Bank have either started offering banking services or made inquiries in the field. This move comes as banking for crypto firms has been a difficult process that often takes up to three months to secure a corporate bank account. Furthermore, Chinese officials have been seen attending Hong Kong's digital asset events and exchanging contact details, indicating a growing interest in the industry.

## Topic of the Day: MakerDAO Restructures Governance, Development, and Investments in Approved Proposals

MakerDAO's community has approved a set of rules that will govern the future functioning of the $7 billion lending platform. The approved proposals, including Maker's "Constitution," aim to restructure the platform's governance, development, and investments of its reserves. This approval marks a significant step in Maker's "Endgame," which involves breaking up the current DAO structure into smaller units called SubDAOs, investing a portion of Maker's $7 billion reserves into real-world assets and money-market funds, and further decentralizing the backing of DAI stablecoin to resist censorship and sanctions.

There are potential positive and negative implications of the approved proposals. The positive implications include establishing a new foundation for Maker's governance, development, and investments, which could potentially increase platform revenues and create a more democratic decision-making process. Additionally, breaking up the DAO's current structure into smaller units called SubDAOs could encourage decentralized decision-making and community involvement.

On the other hand, there are also potential negative implications, such as increased bureaucracy, slower decision-making, and less flexibility in responding to market changes due to the restructuring of the DAO's governance and decision-making processes. Furthermore, investing a portion of Maker's $7 billion reserves into real-world assets and money-market funds could expose the platform to additional risk, potentially affecting the value of the DAI stablecoin and its users. Lastly, the restrictions on delegates discussing Maker publicly under the new rules could limit transparency and accountability within the platform.

## MakerDAO (MKR) $675.16 (+0.8%) - Neutral Outlook

**Overview:**

- ***Closest daily support zone: 632.0 - 594.8***
- ***Closest daily resistance zone: 674.4 - 695.9***
- ***Key Level: 632.0 (Monthly High of Jul. 2020)***

<br>![](https://gimg2.gateimg.com/image/article/1679969687Untitled0328 1.png)

![](https://gimg2.gateimg.com/image/article/1679969753Untitled0328 2.png)

MKR has experienced a sharp drop on the weekly timeframe after being rejected from the resistance channel. Its current price falls between the daily Fibonacci extended golden zone of 648.1 to 737.6, indicating a fierce battle between the bulls and bears, as suggested by the volume indicator.

On the three-day timeframe, the bears have the upper hand, with the 12-day fall from the resistance channel establishing a golden zone of 786.6 to 818.1. The previous uptrend structure has been broken, indicating that bears will be looking for reentry at a better price. However, the bulls have shown resilience above the monthly level of 632, implying that the path of least resistance has not been confirmed, and bears may refrain from retesting the level in the short term.

The bulls need to be cautious of volatility between the edge of the weekly Fibonacci extended golden zone of 737.6 and the 3D golden zone of 818.1, as this area is of interest to the bears. Additionally, if the price falls below the monthly level of 632, the next area of interest will be between the weekly level of 563 and the monthly level of 540.

**Daily Resistance zones**

1. 674.4 - 695.9
2. 716.1 - 755.1
3. 786.6 - 844.4

<br> **Daily Support zones**

1. 632.0 - 594.8
2. 563.0 - 540.0
3. 473.3 - 460.0

<div class="blog-details-info">
<div>Author:** Peter L.**, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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Crypto Daily Digest

Topic of the Day: MakerDAO Restructures Governance, Development, and Investments in Approved Proposals

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