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Meta plans to wind down NFT initiatives on Facebook, Instagram to focus on other services

Meta Platforms, the parent company of Facebook and Instagram, will wind down its non-fungible token operations on both social media services.

FBI investigating the collapse of Do Kwon’s Terra-Luna, WSJ reports

Former employees of Do Kwon’s Terraform Labs are being questioned by the FBI and U.S. prosecutors in New York.

The NFT sector is just getting started. Here’s what lies ahead

What began as novel collectibles and rampant speculation is maturing into real-world utility across a multitude of industries, writes Tom Chalmers of Banxa.

Bitcoin jumps above US$24,000, leading crypto gains as U.S. acts to backstop banks

Bitcoin continued to gain in morning trading in Asia, as regulators acted to backstop the U.S. banking industry. Most of the top 10 cryptocurrencies gained.

Banks are bringing systemic risks to crypto, says Circle’s Disparte

The recent U.S. bank failures are proof that the banking system is introducing systemic risks to the crypto industry, not vice versa, says Circle chief strategy officer Dante Disparte.

Crypto banking crisis?

As the U.S. tries to head off a bank run, crypto is quickly running out of places to bank with.

Euler Finance loses nearly US$200 mln in exploit

Euler Finance, a decentralized finance lending protocol has lost approximately US$197 million in an exploit, according to online crypto security analysts.

Bitcoin, Ether gain after U.S. regulators take charge to shield deposits across crypto-related banks

Bitcoin and Ether gained in Monday afternoon trade in Asia, along with all other top 10 non-stablecoin cryptocurrencies by market capitalization, after U.S. regulators took charge of Silicon Valley Bank and Signature Bank, both with exposure to crypto industry, protecting deposits and confirming that no losses will be borne by the taxpayer. 
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Beware the perils of one-size-fits-all approach to crypto investing

The collapse of Voyager and Celsius highlights the risks of crypto investing apps and underscores the need for tailored user education, writes Jackson Zeng of Caleb & Brown.

Circle says US$3.3 bln USDC reserve at SVB available Monday, announces partnership with Cross River

Circle said the USDC reserve deposits held at the failed Silicon Valley Bank will be recovered when banks open on Monday.

Circle’s USDC stablecoin regains parity as regulators act to stop bank run risk

Circle said its $3.3 billion of USDC cash reserves at the collapsed Silicon Valley Bank will be available Monday after regulators stepped in to backstop deposits.

Bitcoin jumps more than 9% as U.S. acts to protect deposits at crypto-linked banks

Bitcoin and Ether led a rebound in cryptocurrencies in Asia morning trading as U.S. regulators backstopped banks with ties to the crypto industry.

U.S. regulators shutter Signature Bank, lender to Paxos, Coinbase, citing systemic risk

U.S. regulators closed New York-based Signature Bank, one of the biggest lenders in the crypto industry, due to risks of a systemic failure.

Weekly Market Wrap: Bitcoin falls below US$20,000 as Silvergate collapse, rate hike concerns rise

Bitcoin fell below US$20,000 for the first time since Jan. 13 on the back of crypto bank Silvergate’s collapse and the U.S. Fed signaling higher than expected interest rate hikes.

Worst week of 2023

Crypto markets slammed by Fed, Silvergate, lawsuits.

Meta working on a decentralized social media app: Moneycontrol

Meta Platforms, the parent company of the social media applications Facebook and Instagram, is exploring a decentralized text-based Twitter alternative.

Solana NFT sales surge as traders farm for Tensor rewards

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.

Bet on the Black? Take a punt on the Red? Or maybe put it all down on an NFT?

Savvy traders are quick to extract liquidity to reinvest into the “slot machines” of the NFT casino, according to CryptoSlam’s NFT strategist.

Bitcoin, Ether, Forkast 500 NFT index close lower on the day

Bitcoin and Ether tumbled during Asia trading hours on Friday afternoon, with Dogecoin leading losses among the top 10 largest non-stablecoin cryptocurrencies by market capitalization, pressured by crypto bank Silvergate’s liquidation

New York attorney general sues KuCoin for ‘falsely representing itself as an exchange’

The NY State Attorney General is suing crypto exchange Kucoin for not registering as a securities and commodities broker-dealer and calling itself an exchange.

Biden administration proposes 30% crypto mining tax, closing wash-trading loopholes

The U.S. has proposed an excise tax on cryptocurrency miners equal to 30 percent of the cost of the electricity they use.

Forkast 500 NFT Index slides, Polygon blockchain NFT sales jump nearly 250%

The Forkast 500 NFT Index fell to a near two-month low in Asia trading on Friday morning, with sales slumping on the Ethereum and Solana blockchains, the two biggest for non-fungible tokens. Polygon, the third biggest, saw a sales surge.

Bitcoin, Ether slump in broad sell-off amid Fed red flags on rates, Silvergate Bank failure

Bitcoin and other leading cryptocurrencies slid Friday morning in Asia, tracking equities amid red flags on interest rates and concern about fallout from the Silvergate collapse.

Why global coordination on crypto regulation is paramount

In the race to tame crypto’s excesses, we need to avoid regulatory clashes while DeFi draws lessons from TradFi, writes Rachel Lin of SynFutures.

Most of NFT industry working on recycled liquidity, says Forkast Labs’ co-founder

NFT sales and market capitalization show rising investor activities, but recycled liquidity and wash trading may tell a different story, Forkast Labs co-CEO says.

Bank bust

Contagion, regulation worries grow after crypto bank’s demise

CFTC chair calls Ethereum a commodity, in contrast to SEC chair Gensler’s position

CFTC chair Rostin Behnam has called Ethereum a commodity and not a security, in apparent contrast to past statements from SEC Chairman Gary Gensler.

Bitcoin, Ether fall amid interest rate hike fears, Silvergate liquidation; Forkast NFT 500 index slips 0.79%

Bitcoin and Ether fell in evening trading in Asia Thursday, with XRP the sole gainer in 24 hours among the top 10 non-stablecoin cryptocurrencies by market cap.

China’s parliament member to propose NFT regulation at ‘Two Sessions’

NFTs have entered China’s Two Sessions, with a delegate to propose an NFT regulatory framework.

South Korea pours US$51 million into metaverse projects

South Korea is investing 27.7 billion Korean won (US$21 million) into local services looking to utilize the metaverse, the ministry of science announced Wednesday, following Tuesday’s news that it would establish a US$30 million metaverse fund to help startups expand their businesses. See related article: Japanese tech, finance firms sign pact to build metaverse economic […]

Crypto mining rig maker Canaan shares slump after Q4 revenue sank 82%

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.

Crypto bank Silvergate to close, return all deposits; becomes latest victim of 2022 crypto turmoil

Silvergate Capital said Wednesday it will cease operations and liquidate its bank unit.

Forkast 500 NFT index dips, Vitalik-linked NFT token gains momentum

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.
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Bitcoin crashes through US$22,000 floor as failure of Silvergate crypto bank hits market

The shuttering of Silvergate Bank was not unexpected, but it still drove Bitcoin and most of the top 10 non-stablecoin cryptocurrencies lower on Thursday morning in Asia.

How Singapore’s crypto ambitions are taking shape and what other nations can learn

Unique in the world, Singapore is a big investor and player in digital assets while advancing regulations that favor institutions over individual crypto users, writes Danny Chong of Tranchess.

Voyager gains court approval to sell assets to Binance U.S. in US$1.3 bln deal

Bankrupt crypto lender Voyager Digital received court approval from bankruptcy Judge Michael Wiles on Tuesday to sell its assets and transfer its customers to Binance’s U.S. arm, in a US$1.3 billion deal.

Women in crypto

Why progress isn’t the end of inequality.

Thailand to offer tax breaks to firms issuing investment tokens

The Thai Finance Ministry will waive corporate income tax and value-added tax for firms that conduct initial coin offerings (ICOs), according to a spokesperson.

Silvergate teeters as regulators circle and crypto firms cut ties

Top blockchain and crypto news: Silvergate woes spark bankruptcy talk. LDO dips on false enforcement rumors. Chinese leaders push digital development.

Bitcoin, Ether fall amid U.S. Fed chair warning of more interest rate hikes; Forkast NFT 500 index slips 0.65%

Bitcoin and Ether fell in afternoon trading in Asia on Wednesday, with XRP the sole gainer among the top 10 non-stablecoin cryptocurrencies by market cap.

Forkast 500 NFT index slips, BAYC NFTs leads in sales volume

The Forkast NFT 500 Index slipped 0.68% to 4,276.12 in the 24 hours through 4:45 p.m. in Hong Kong on Wednesday.

Fed’s Powell says stablecoins could have role in financial sector if properly regulated

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.

Forkast 500 NFT index edges up, Animoca Brands’ NFT collection leads in sales

The Forkast NFT 500 Index inched up 0.07% to 4,278.68 in the 24 hours through 9 a.m. in Hong Kong on Wednesday.

Bitcoin dips, Ether little changed, with top 10 crypto mixed following U.S. equity slump

Bitcoin and other major cryptocurrencies traded mixed on Wednesday morning in Asia, largely shrugging off the slump in U.S. equities overnight.

SEC shuts Miami hedge fund for alleged ties to US$100 mln crypto fraud 

The SEC announced emergency action against crypto hedge fund BKCoin and co-founder Kevin Kang in connection with an alleged fraud scheme.

Ethereum validators win ‘short term’ as Blur, OpenSea rivalry drives up gas fees

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.

The Future of NFTs

As multi-chain NFTs take off, Forkast Labs launches a vital new way to measure value on the blockchain.

FTX’s Alameda sues Grayscale over crypto trusts

Alameda Research has filed a law suit against crypto conglomerate Digital Currency Group and its asset management business Grayscale over trust investments.

Bitcoin, Ether inch up as investors await U.S. Fed chair’s comments; Forkast NFT 500 index dips 0.44%

Bitcoin and Ether gained in Tuesday afternoon trade in Asia, along with most other top 10 non-stablecoin cryptocurrencies. Polygon’s Matic token led gains followed by XRP and Dogecoin.
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Hong Kong’s crypto scam losses in 2022 more than double from 2021: SCMP

Crypto scams accounted for over half of Hong Kong’s losses from computer-related crimes in 2022.

China’s WeChat social media giant integrates digital yuan into payment platform

WeChat, China’s leading social networking and payment app, has integrated the digital yuan into its payment network, which may help adoption of the CBDC.

South Korea reports US$4.3 billion in illegal foreign transactions involving cryptocurrencies

The Korea Customs Service has identified US$4.3 billion worth of illegal foreign currency transactions last year involving cryptocurrencies.

Bitcoin, Ether little-changed in downtrend day; Forkast NFT 500 index dips

Bitcoin and Ether traded mostly flat in a downtrend move for most of the top 10 cryptocurrencies in Tuesday morning in Asia. The new Forkast NFT 500 index slipped.
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Kraken to launch U.S. crypto bank amid regulatory headwinds

U.S.-based cryptocurrency exchange Kraken is working on establishing its own bank, despite the recent regulatory headwinds

Singapore police begin probe linked to Do Kwon’s Terraform Labs: Bloomberg

Singapore’s police have begun investigations linked to Terraform Labs that was co-founded by fugitive Do Kwon, according to a Bloomberg report.

China’s Blockchain Bet

The Chinese “Two Sessions” meetings began over the weekend, and blockchain technology could be at the forefront of Beijing’s vision for growth

Bitcoin ATM firm accused of profiting from crypto scams via unlicensed machines: U.S. Secret Service

A crypto tech firm and three of its executives have been indicted for allegedly operating unlicensed Bitcoin ATMs in the U.S. that profited from scams.

Bitcoin gains, all other top 10 cryptos in the red amid Silvergate fallout

Bitcoin gained in Monday afternoon trade in Asia while all other top 10 non-stablecoin cryptocurrencies by market capitalization posted losses.
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What Web3 must do if it wants to attract 1 billion users

Web3 is growing more rapidly than the early internet, writes Ken Timsit of Cronos Labs. But to achieve mainstream success, the following issues must be addressed.

Binance documents show ties to U.S. unit unknown to regulators, WSJ reports

Binance, the world’s largest cryptocurrency exchange, reportedly didn’t disclose the extent of its ties and control over Binance.US, WSJ reported.

Bybit suspends U.S. dollar bank transfers, possible link to Silvergate shuttering crypto banking network

Bybit suspended U.S. dollar deposits and withdrawals via wire and bank transfers due to “service outages from a partner.”

Bitcoin treads water below US$22,500, Ether dips with other top 10 cryptocurrencies

Bitcoin and other top 10 cryptocurrencies fell on Monday morning amid concern about the troubled crypto bank Silvergate.

Momoguro NFTs sell out in 9 hours, generates US$7.6 mln of sales

Momoguro: Holoself, an Ethereum-native non-fungible token (NFT) collection launched by Emmy-winning animation studio, Baobab Studios, generated over 12,000 sales worth US$7.6 million on the first day of its launch, according to NFT data aggregator CryptoSlam. See related article: Weekly NFT sales drop, unique buyers surge amid Coinbase’s new NFT airdrop Fast facts See related article: […]

Weekly Market Wrap: Bulls fight to keep Bitcoin above US$22,300, as industry experts predict ‘crab walk’

With 69% of Bitcoin supply in profit, BTC is struggling to stay above the US$22,300 support level. A daily close below US$22,300 could see Bitcoin retest the US$21,450 support level. Industry experts share their end-of-March Bitcoin price predictions with Forkast.

Ethereum core developers delay Shanghai hard fork to early April

The expected launch of the Shanghai hard fork has been delayed from late March to the first two weeks of April, according to Ethereum developers on Thursday.

Bitcoin, Ether fall; Litecoin is biggest loser of day

Bitcoin and Ether fell by the end of Asian trading hours on Friday afternoon, together with all other top 10 non-stablecoin cryptocurrencies by market capitalization, weighed by the financial woes of crypto-focused bank Silvergate.

Weekly NFT sales drop, unique buyers surge amid Coinbase’s new NFT airdrop

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.

Where is China’s digital economy heading? The ‘Two Sessions’ may give some pointers

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.
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Circle joins Crypto.com, Coinbase in cutting ties with embattled crypto bank Silvergate

USDC issuer Circle said Friday that it is withdrawing from “certain services that involve” California-based cryptocurrency bank Silvergate.

Why DAO governance is riddled with problems and voting is a farce

DAOs are supposed to be democratic, egalitarian and inclusive, but those ideals are far from the current reality, writes Awa Sun Yin of Namada.

Bitcoin falls below US$23,000, Ether slides in crypto price slump across the board

Bitcoin and Ether prices slumped in Friday morning trading in Asia, along with all other top 10 non-stablecoin cryptocurrencies.

CBDC: Boon Or Bane?

Critics fear CBDCs could mean the end of cryptocurrencies, and an increasing number of countries are racing to develop their own.