Contributor
Timmy Shen is a Taipei-based journalist at Forkast. Previously, he wrote for Caixin Global and TechNode, covering topics ranging from fintech to fan economy. He also cares about LGBT+ issues and is a shabu shabu fanatic. Timmy holds an MS degree from Columbia Journalism School.
Altcoins
The Forkast SOL NFT Composite dropped 6.13% over the past week while sales increased. Industry expert suspects casino-like behavior of traders moving funds to new projects.
Timmy Shen
Bitcoin News
Canaan’s shares on Nasdaq closed 3.83% lower at US$2.51 on Wednesday after the cryptocurrency mining rig maker reported an 82% year-on-year drop in revenue on Tuesday for the fourth quarter of last year, citing “lackluster market demand” for mining machines as the price of Bitcoin fell.
Timmy Shen
NFT Marketplaces
The Forkast 500 NFT Index dipped 1.25% to 4,235.97 in the 24 hours through 10:00 a.m. in Hong Kong on Thursday.
Timmy Shen
Regulation
Stablecoins could have a place in the U.S. financial services sector if appropriate regulation is put in place, Federal Reserve Chairman Jerome Powell said on Tuesday at a hearing before Congress.
Timmy Shen
Altcoins
Ethereum validators are benefiting from the increasingly heated competition between the two largest NFT marketplaces that is driving up gas fees, but the windfall may not last much longer.
Timmy Shen
NFT Marketplaces
The number of unique buyers rose to an all-time high this week after crypto exchange Coinbase dropped free NFTs to celebrate the launch of its new Layer 2 network Base.
Timmy Shen
Economic Impacts
Look for blockchain, self-reliance in technology discussions in China’s biggest political meetings of the year as China’s President Xi Jinping’s aims to build a digital economy.
Timmy Shen
Regulation
Nishad Singh, former engineering chief of bankrupt cryptocurrency exchange FTX, pleaded guilty to fraud and several other criminal charges at a hearing on Tuesday related to the collapse of the company, Bloomberg reported.
Timmy Shen
NFT Marketplaces
NFT sales more than doubled this week, with NFT marketplace Blur remaining the talk of the town.
Timmy Shen
Regulation
A Taiwanese lawmaker has reiterated that the cabinet will have to mandate an acting central authority to shape regulatory frameworks and development roadmap for the cryptocurrency industry by May 16, a move that would push Taiwan closer to adequate crypto regulation.
Timmy Shen
