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Weekly Market Wrap: Bitcoin pops above US$29,000, market shrugs off Binance legal woes

With a U.S. regulator coming after Binance with a lawsuit and the seeming mounting pile of warnings and fines against other exchanges in the country, Bitcoin briefly skidded below US$26,677 only to rebound and pop up above US$29,000 on Thursday. Since then it has moved along the US$28,000 line, so what does this lawsuit by the heavyweight Commodity Futures Trading Commission mean for the broader crypto market?
cryptocurrency tokens spread out

Bitcoin, Ether fall; top 10 cryptos mixed; gold closes March 8% higher

Bitcoin and Ether fell during Asian trading hours on Friday, while the rest of the top 10 non-stablecoin cryptocurrencies by market capitalization were mixed, amid mounting allegations against Binance
Flags of Hong Kong and mainland China | Crypto platforms need regulation as form of investor protection: HK’s SFC chief | China, Hong Kong, Cryptocurrency Assets, Regulation & Law, SFC - Securities and Future Commission

Crypto platforms need regulation as form of investor protection: HK’s SFC chief

Government officials from Hong Kong and mainland China talked about cryptocurrencies at the Boao Forum in China, as both chase Web3 ambitions.
Japanese digital currency plan

Japan’s finance ministry to launch panel to assess digital yen: NHK

Japan’s Finance Ministry is reportedly planning to launch an expert panel next month to assess the feasibility of issuing a digital yen, according to NHK.
TeraWulf facility

Bitcoin miner TeraWulf reports 146% revenue growth, expanded mining capacity

U.S.-based Bitcoin miner TeraWulf, which started operations in March last year, reported a 146% surge in revenue in the fourth quarter of last year compared to the previous quarter, citing expanded mining capacity. 
Terraform Labs co-founders Daniel Shin (left) and Do Kwon (right) | South Korea court rejects second arrest warrant request for Terraform Labs' Daniel Shin | south korea terra luna do kwon montenegro

South Korea court rejects second arrest warrant request for Terraform Labs’ Daniel Shin

A South Korean court dismissed for the second time a request by prosecutors for an arrest warrant for Terraform Labs co-founder Daniel Shin.
Bitcoin in front of screen | Bitcoin fluctuates to hold US$28,000, Binance BNB token rises despite regulatory threat | Markets, BTC - Bitcoin, ETH - Ethereum, Federal Reserve, Binance

Bitcoin fluctuates to hold US$28,000, Binance BNB token rises despite regulatory threat

Bitcoin dipped in Friday morning trading in Asia but held above US$28,000. The top 10 non-stablecoin cryptocurrencies traded mixed. Binance’s BNB led the winners.
Silicon Valley Bank logo and broken glass background

Banking crisis shows why Bitcoin is needed more than ever

From the ashes of Lehman Brothers to this year’s bank failures, Bitcoin has proven itself as a necessary part of the global financial system, writes Mike Belshe, CEO of BitGo.
Stacked cryptocurrencies | Bitcoin crashes through US$22,000 floor as failure of Silvergate crypto bank hits market | Markets, BTC - Bitcoin, ETH - Ethereum, Silver Gate

Bitcoin rises; Ether, other top 10 cryptos fall amid fresh Binance allegations

Bitcoin, the only gainer in the top 10 non-stablecoin cryptocurrencies by market capitalization, rose during Asian trading hours on Thursday.
hong kong skyline

HK-based venture fund hopes to raise US$100 mln for crypto investments: Bloomberg

Hong Kong-based asset management firm Plutus VC plans to raise US$100 million by the end of 2023 to fund investments in the cryptocurrency market, according to a Bloomberg report. The fundraising comes as the city moves to regain its status as an international finance and crypto hub.
do kwon in front of american flag | Montenegro hints U.S. may get to extradite Terra fugitive Do Kwon ahead of South Korea | do kwon terraform labs montenegro arrested

Montenegro hints U.S. may get to extradite Terra fugitive Do Kwon ahead of South Korea

The U.S. may have gained an edge in a race with South Korea to extradite Terra chief Kwon Do-hyung from Montenegro on charges of fraud.
panel

Hong Kong may license at least 8 crypto firms by year-end: former SFC regulator

Hong Kong may issue virtual asset trading licenses to at least eight cryptocurrency-related firms by the end of this year as part of the city’s new crypto licensing regime, said Angelina Kwan, chief executive officer of financial services firm Stratford Finance and a former regulator of the Hong Kong Securities and Futures Commission.
Binance logo

Binance denies China ties, says it started relocating staff out of China in 2021

The Binance comments came in response to a Financial Times article that cited internal documents and said the company had close ties with China despite claims it had left the country in 2017 following a government crackdown.
Bitcoin on green background | Bitcoin climbs above US$28,000, XRP leads winners for the week, U.S. equities jump | Markets, BTC -Bitcoin, ETH - Ethereum, Binance, SEC - Securities and Exchange Commission

Bitcoin climbs above US$28,000, XRP leads winners for the week, U.S. equities jump

Bitcoin edged above US$28,000 in Thursday morning in Asia amid a broad rally in most top 10 non-stablecoin cryptocurrencies.
Web3 and a rolled up paper

Why rollups-as-a-service will be to Web3 what AWS was to Web2

The blockchain world is hampered by many of the same problems as the early internet, writes Amrit Kumar of Altlayer. What could RaaS do for the industry?
SEC Chair Gary Gensler

SEC Chair urges more resources to regulate crypto and technology at House Subcommittee hearing

SEC Chair urges for increased funding to address challenges posed by crypto markets and rapid technological innovation during House Subcommittee testimony.
beaxy

SEC charges Beaxy cryptocurrency platform for violating securities laws

The SEC has charged the Beaxy crypto trading platform and its executives for operating as an unregistered exchange, broker, and clearing agency.
Binance logo seen through magnifying glass

Binance concealed ‘extensive’ ties to China: Financial Times

Binance reportedly hid ties to China for years despite claiming to have left the country following Beijing’s regulatory clampdown in 2017.
Baiturrahman Grand Mosque in Indonesia.

Crypto exchange Fasset hopes to win Indonesia license next month

Dubai-based Fasset says Indonesia digital asset adoption is still in early stages, but the country’s young population is taking to crypto faster, encouraging exchanges to move in despite infrastructure constraints.
Russian currency

Russia delays CBDC pilot to await new law

Russia has postponed the trial of a digital ruble originally scheduled for April 1, as it awaits a regulatory framework to be adopted before the pilot, according to a report by state-owned news agency TASS.
European Union concept with gavel and brown paper with the word legislation

EU lawmakers impose €1,000 cap on anonymous crypto, cash transactions

European lawmakers have adopted legislation imposing a €1,000 (US$1,084) cap on anonymous cryptocurrency transactions, as part of the Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) package.
Binance logo, Do Kwon, and Hong Kong skyline with physical cryptocurrency models layered on top

Binance faces legal battle as US regulator gets ready to rumble

Top blockchain and crypto news: Binance targeted in CFTC lawsuit. Law catches up with Do Kwon. Chinese banks bet on Hong Kong crypto.
Bitcoin on digital tablet with exchange graph by crypto coins

Bitcoin rebounds above US$28,000, XRP leads gains among top 10 cryptos

Bitcoin rallied above US$28,000 in Wednesday afternoon trade in Asia after losing ground earlier in the week when U.S. regulators filed a lawsuit against Binance, the world’s biggest crypto exchange, for allegedly breaching trading rules.
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Binance Chief Executive Officer Changpeng Zhao. Image: Binance's blog post

Binance sees US$627 mln in net Ethereum outflow following CFTC lawsuit

Binance saw about US$627 million in net Ethereum-related withdrawals in the 24 hours through Tuesday morning, data from blockchain analytics platform Nansen showed.
Bitcoin on blue background | Bitcoin holds ground amid Binance lawsuit, XRP continues run up, U.S. equities dip | Markets, BTC -Bitcoin, ETH - Ethereum, Binance, Bank

Bitcoin holds ground amid Binance lawsuit, XRP continues run up, U.S. equities dip

Bitcoin rebounded in Wednesday morning trading in Asia along with all other top 10 non-stablecoin cryptocurrencies. XRP led the winners.
OKX logo, Hong Kong

OKX cryptocurrency exchange to apply for virtual asset license in Hong Kong

Seychelles-based cryptocurrency exchange OKX said it will apply for virtual asset licenses to operate digital asset services in Hong Kong.
Sam Bankman-Fried. | Former FTX U.S. CEO Sam Bankman-Fried rejects liquidators' claim of recovered assets

Bankman-Fried charged with paying millions in bribes to Chinese government officials

Sam Bankman-Fried allegedly paid US$40 million in cryptocurrency bribes to at least one Chinese government official in November 2021.
Ripple down 3.5% after 1B XRP unlocked from escrow

Asia leads crypto regulations, innovation may leave the US, says Ripple’s Long

Asia-Pacific nation are leading the way in developing global cryptocurrency regulations that favor innovation, which is something that U.S. regulators should also take note of, said Ripple Labs Inc. President Monica Long
Disney

Walt Disney reportedly scraps metaverse plans

Entertainment conglomerate Walt Disney Co. has reportedly scrapped its metaverse plans as part of its decision to lay off 7,000 employees and reduce US$5.5 billion in expenses. 
Bitcoin

Bitcoin, Ether extend declines amid U.S. lawsuit against Binance; Asian equities mixed

Bitcoin and Ether continued to fall in Tuesday afternoon trade in Asia, along with most other top 10 cryptocurrencies by market capitalization, after regulators in the U.S. pulled up Binance, the world’s biggest crypto exchange, for allegedly violating trading mandates.
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Binance CEO Changpeng Zhao. Image: Zhao's Twitter

Binance rejects U.S. charges of violating trading rules, manipulating markets

Binance CEO Changpeng Zhao said the charges are “an unexpected and disappointing civil complaint” in response to the CFTC lawsuit filed on Monday against him and the world’s largest crypto exchange.
do kwon and image of handcuff | Montenegro to hold Terra-Luna fugitive Do Kwon for 30 days, says Yonhap News | do kwon, montenegro, terra luna, terraform labs, daniel shin

Montenegro to hold Terra-Luna fugitive Do Kwon for 30 days, says Yonhap News

Kwon Do-hyung will be held in Montenegro for a month on charges of using forged travel documents, South Korea’s Yonhap News reported.
mobile banking network concept

Is our banking system obsolete?

For long, people could only put cash into a bank account or under the mattress, writes Eric Johnson. Will blockchain technology offer a viable alternative?
Bitcoin in front of chart | Bitcoin, other crypto fall as US sues Binance; U.S. equities gain as banks stabilize | Markets, BTC - Bitcoin, ETH -Ethereum, CFTC - Commodity Futures Trading Commission, Bank

Bitcoin, other crypto fall as U.S. sues Binance; U.S. equities gain as banks stabilize

Bitcoin fell Tuesday morning in Asia along with most other top 10 non-stablecoin cryptocurrencies after the U.S. filed a lawsuit against Binance.
Binance founder and CEO Changpeng Zhao. Image: Binance/Youtube

Binance, Zhao sued by CFTC for alleged regulatory violations

Binance and founder Changpeng Zhao have been sued by the CFTC for allegedly violating derivative rules
Michael Saylor, MicroStrategy stick to their guns on Bitcoin, MIAMI, FLORIDA - JUNE 04: MicroStrategy CEO Michael Saylor speaks at the Bitcoin 2021 Convention, a crypto-currency conference held at the Mana Convention Center in Wynwood on June 04, 2021 in Miami, Florida. The crypto conference is expected to draw 50,000 people and runs from Friday, June 4 through June 6th. (Photo by Joe Raedle/Getty Images),

MicroStrategy buys 6,555 Bitcoin worth US$150 mln

MicroStrategy acquired 6,555 Bitcoin for around US$150 million, at an average price of US$23,238 per coin, between Feb. 16 and March 23
Stack of golden cryptocurrency tokens

Bitcoin rises, most top 10 cryptos drop, amid mixed signals on state of banking sector

Bitcoin rose while Ether and most of the other top 10 non-stablecoin cryptocurrencies fell during afternoon trading in Asia on Monday.
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Shanghai city and Ethereum coins

What impact will Ethereum’s Shanghai upgrade have on ETH and crypto markets?

Despite the potential sell pressures after Ethereum’s upcoming hard fork, it’s more likely that ETH stakers will hold for the longer term, writes Bill Xing of Bybit.
Pedestrians walk past a digital screen displaying Bitcoin logos on February 15, 2022 in Hong Kong. Image: Getty Images

China state-owned banks turn crypto-friendly in Hong Kong: Bloomberg

China banks in Hong Kong are offering services to crypto businesses, Bloomberg reported on Monday, as more digital asset firms operate in the city.
Row of microphones and glasses of water prepared for participants of summit | G7 nations set to push for stricter cryptocurrency regulations ahead of Japan summit in May | g7 crypto, japan crypto, crypto regulations, fumio kishida

G7 nations set to push for stricter cryptocurrency regulations at Japan summit in May

The Group of Seven industrial countries will discuss tougher rules on cryptocurrencies to improve transparency, protect investors.
Bitcoin on blue background | Bitcoin gains as investors diversify amid worries about banking system; U.S. equity futures rise | Markets, BTC - Bitcoin, ETH -Ethereum, Federal Reserve, Bank

Bitcoin gains as investors diversify amid worries about banking system; U.S. equity futures rise

Bitcoin and the other top 10 non-stablecoin cryptocurrencies rose on Monday morning in Asia, as investors diversify amid the ongoing banking turmoil.
Zipmex logo

Zipmex buyer misses payment, could risk US$100 million buyout: Bloomberg

Zipmex cryptocurrency exchange’s US$100 million venture capital buyout may be in danger, after buyer V Ventures missed the US$1.25 million payment due on March 23
Bitcoin logo on a queen chess piece with other pieces fallen around it

Weekly Market Wrap: Bitcoin hovers around US$28,000 as banking concerns return. Will it hit US$30,000?

As banking contagion worries reignited, Bitcoin traded firmly above US$28,000 for most of the week. Considering that Bitcoin was made for a potential banking crisis, industry experts are eyeing the US$30,000 mark for BTC.
Bitcoin in sand. Markets: Bitcoin price nears US$21,000 amid market rally as Ether, Dogecoin lead gains

Bitcoin, Ether, Forkast 500 NFT index rise; gold nears year-high over banking sector concerns

Bitcoin and Ether rose during Asian trading hours on Friday, along with most of the top 10 non-stablecoin cryptocurrencies by market capitalization, with Litecoin posting the biggest gains.
samson lee, CEO of Signum Digital | Hong Kong blockchain initiatives natural evolution for finance hub, says Signum Digital CEO | hong kong crypto, hong kong web3, signum digital

Hong Kong blockchain initiatives natural evolution for finance hub, says Signum Digital CEO

Hong Kong’s new crypto licensing regime isn’t the only bullish sign for the city’s digital asset industry, says Signum Digital, the first company to win a preliminary license to handle securitized tokens in the city.
Bitcoin and crypto mining farm. Big data center.

Bitcoin mining difficulty rises 7.6% to set new all-time high as hashrate jumps

Bitcoin’s mining difficulty level rose 7.56% on Friday, hitting an all-time high along with the network’s hashrate, showing miners are applying more computing power.
Bitcoins stack up | Bitcoin rebounds above US$28,000 as equities gain in U.S. on Treasury easing bank worries | Markets, BTC -Bitcoin, ETH - Ethereum, Federal Reserve, Bank

Bitcoin rebounds above US$28,000 as equities gain in U.S. on Treasury easing bank worries

Bitcoin bounced back above US$28,000 on Friday morning in Asia amid a rebound in all top 10 non-stablecoin cryptocurrencies and gains in equities overnight.
image of a calculator with focus on the TAX key, sheet of paper with numerical values, a metal pen, and Bitcoin with rolled dollar bills

Death and crypto taxes: Which one inspires greater dread?

Filing taxes on crypto assets is a ‘massive pain in the proverbial butt,’ writes Don Gossen of Nevermined. As IRS deadlines loom large, how can responsible investors avoid underreporting or overpaying?
Angelina Kwan, chief executive officer of Stratford Finance (left); Hong Kong landscape. Image: Envato Elements

Hong Kong may face backlog in virtual asset license applications as demand grows, former SFC regulator says

Angelina Kwan, who helped shape early Hong Kong automated trading services and internet trading regulation, told Forkast the upcoming virtual asset licensing regime is almost identical to that for traditional financial institutions.
do kwon and europe map | Crypto fugitive Do Kwon said to be hiding in Europe, mocks ‘cops from world over’ in series of tweets | do kwon, do kwon news, terraform labs

South Korea confirms identity of man arrested in Europe as Terra-Luna fugitive Do Kwon, seeks extradition

South Korea’s police said they confirmed the identity of a man arrested in Montenegro, Europe, as the Terraform Labs co-founder Kwon Do-hyung, who is wanted on charges of fraud related to the collapse of the stablecoin and cryptocurrency project he led.
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Set of cryptocurrencies

Bitcoin, Ether, Forkast 500 NFT index fall, gold rises, as Janet Yellen rules out broad bank deposit insurance

Bitcoin and Ether fell during Asian trading hours on Friday, along with most of the top 10 non-stablecoin cryptocurrencies by market capitalization, with Binance’s BNB sustaining the biggest loss in the top 10.
coinone logo and hands accepting bribery | South Korea arrests former Coinone exchange official for alleged crypto listing bribery | south korea crypto, coinone

South Korea arrests former Coinone exchange official for alleged crypto-listing bribery

A former employee of the Coinone exchange was arrested Tuesday on charges of accepting bribes in exchange for listing certain cryptocurrencies.
Coinbase

SEC warns Coinbase of potential legal action over staking, separately targets Tron founder Sun

The Securities and Exchange Commission has warned Coinbase, the largest cryptocurrency exchange in the U.S., it may face legal charges related to staking services and digital asset listings.
decentralized autonomous organization concept

How DAOs can be remade to be more efficient and successful

DAOs are exploding in popularity but still hampered by weak governance and treasury mismanagement. What can help these novel organizations become more effective?
Bitcoin in front of a chart | Bitcoin tracks equities lower on downbeat Fed, Treasury comments on rates, banks | Markets, BTC - Bitcoin, ETH - Ethereum, Federal Reserve, Bank

Bitcoin tracks equities lower on downbeat Fed, Treasury comments on banks

Bitcoin fell on Thursday morning in Asia, tracking equities lower after the U.S. Fed indicated interest rates could stay higher for longer.
Image from the DC Blockchain Summit 2023

Centralized intermediaries were cause of crypto failures in 2022, says Voorhees

If there was a lesson from the crypto implosions of 2022, it is the demonstration of the superiority of open code and decentralization over central intermediaries, argues Voorhees at DC Blockchain Summit.
Bitcoin

Bitget invests US$30 mln in BitKeep wallet, becomes controlling shareholder

Seychelles-based cryptocurrency exchange Bitget said it has invested US$30 million in decentralized multi-chain wallet BitKeep to become its controlling shareholder. 
Magic Eden

Magic Eden introduces Bitcoin Ordinals for NFT traders

Magic Eden, the largest Solana-based non-fungible token (NFT) marketplace, has launched its “audited” Bitcoin Ordinals for NFT traders.
Bitcoin buoyed as bank bust fears stalk investors

Bitcoin buoyed as bank busts spook investors

Top blockchain and crypto news: Banking woes boost Bitcoin. Arbitrum counts down to launch. Chinese billionaire faces US crypto scam charges.
Bitcoin on dollar banknotes.

Bitcoin rises above US$28,000; XRP biggest gainer in top 10 cryptos

Bitcoin continued to trade above US$28,000 on Wednesday afternoon in Asia. Ether also rose, along with all other top 10 non-stablecoin cryptocurrencies with XRP and Cardano leading gains.
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NFT and tax | Internal Revenue Service in U.S. solicits public opinions on proposed NFT taxes | Tax, NFT - Non-Fungible Token, IRS - Internal Revenue Service, U.S., Regulation & Law

Internal Revenue Service in U.S. solicits public opinions on proposed NFT taxes

The IRS intends to tax NFTs as collectibles in the U.S. and is soliciting public opinions on the proposal through June.
Bitcoin coins and the judge gavel

Texas legislature introduces bill to attract Bitcoin-related businesses, protect interests of same

The Texas legislature introduced a bill on Tuesday to attract more Bitcoin-related businesses and protect the rights of Bitcoin holders, miners, and developers.
Timmy2 2

K-pop star G-Dragon launches NFT on OpenSea with Fandom Studio, BNB Chain

South Korean singer G-Dragon has launched an NFT collection on OpenSea in collaboration with Fandom Studio.
Bitcoin in a cart | Bitcoin holds above US$28,000, Ether moves higher, XRP surges, U.S. equities rally | Market, BTC - Bitcoin, ETH -Ethereum, XRP, Federal Reserve

Bitcoin moves above US$28,000, Ether gains, XRP surges, U.S. equities rally

Bitcoin held above US$28,000 on Wednesday morning in Asia amid a rebound in most top 10 non-stablecoin cryptocurrencies. XRP led the winners.
Stacked Bitcoins | Bitcoin back above US$24,000, Fed releases February minutes | Markets, BTC - Bitcoin, ETH - Ethereum

Bitcoin Fear & Greed index rises to 16-month high as investors seek safe-haven assets

The Bitcoin Fear & Greed index rose to a 16-month high of 68 points today, signaling that investors are becoming more greedy than fearful.
Biswa Bangla Gate

Indian crypto exchange WazirX blocks over 2,400 accounts in 6 months

WazirX, India’s largest crypto exchange by trade volume, has blacklisted over 2,431 accounts between October 2022 and March 2023, based on its internal monitoring process as well as under the direction of law enforcement agencies (LEA). 
Bitcoin crypto currency coins on US dollar bills.

Bitcoin, Ether extend losses; all eyes on U.S. interest rates

Bitcoin and Ether fell in Tuesday afternoon trade in Asia after rallying through the past week, while financial authorities injected cash into markets to ease liquidity pressures and took other steps to address concerns over a banking sector crisis in the U.S. and Europe. 
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Terraform Labs co-founder Daniel Shin | Gyeongbokgung in South Korea | Terraform Labs’ Daniel Shin again questioned by South Korea prosecutors over stablecoin collapse | do kwon, terra luna, daniel shin

Terraform Labs founder Daniel Shin again questioned by South Korea prosecutors over stablecoin collapse

Terraform Labs co-founder Shin Hyun-seung, also known as Daniel Shin, was again called in for questioning by South Korea’s prosecutors on Monday.
cryptocurrency and digital information technology in the world concept

Crypto needs to look abroad as US exchanges go unbanked

The fall of Silvergate, SVB and Signature has left crypto firms scrambling for new banks. Will crypto banking head offshore for the long term?
Bitcoins in front of a price chart | Bitcoin treads water, other crypto retreat ahead of U.S. Fed’s decision on interest rates | Markets, BTC - Bitcoin, ETH - Ethereum, Federal Reserve, Bank

Bitcoin treads water, other crypto retreat ahead of U.S. Fed’s decision on interest rates

Bitcoin traded flat below US$28,000 on Tuesday morning in Asia. Most other top cryptocurrencies retreated ahead of a U.S. decision on interest rates.
Merlion statue fountain in Merlion Park and Singapore city skyline at night.

Singapore to publish crypto, stablecoin consultation feedback by mid-2023

The Monetary Authority of Singapore (MAS) aims to publish cryptocurrency and stablecoin consultations feedback by the middle of this year, it said Monday.
Hong Kong cityscape | Hong Kong retail investors blocked from crypto spot ETFs

Over 80 Web3 firms in line to set up shop in HK, ahead of crypto regulations taking effect in June

Over 80 foreign and Mainland China companies have expressed their interest in establishing a Web3 company in Hong Kong, ahead of new crypto regulations that will take effect from June

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