Forkast.News is now Forkast Labs

Markets: Bitcoin gains, returns to US$25,000; XRP biggest winner in top 10 cryptos

Bitcoin and Ether prices rose in Tuesday afternoon trade in Asia, while all other top 10 non-stablecoin cryptocurrencies were mixed. XRP led gains at 2.37%, while Solana and Polygon dropped saw the largest declines.
and

China’s Shenzhen city to stamp data ownership on blockchain

Shenzhen is adopting blockchain technology to safeguard data ownership, as China seeks to build a regulated data economy.

Crypto hedge fund Galois Capital to close after losing US$40 mln in FTX

Cryptocurrency-focused hedge fund Galois Capital will close and return the remaining funds to investors after losing US$40 million worth of assets in the collapse of crypto exchange FTX.com

Huobi plans to move headquarters to Hong Kong from Singapore

Cryptocurrency exchange Huobi Global is seeking to relocate its Asia headquarters from Singapore to Hong Kong.

How Web3 in China is taking shape — with ‘Chinese characteristics’

What makes Web3 compelling to many is its promise to shift power from centralized players to individual users, but China is doing the opposite, writes Lily King.

Markets: Bitcoin, Ether up, Solana, Helium rise after merge announcement

Bitcoin and Ether rose in a mixed morning for the top 10 non-stablecoin cryptocurrencies. Solana posted the biggest gains while Polygon’s Matic led losses Tuesday morning in Asia.

Philippine province taps blockchain technology, eyes tokenization

The Philippines’ Bataan province wants to streamline systems and procedures of government services through blockchain technology and tokenization, Bataan Governor Joet Garcia told Forkast.

Bataan Blockchain Plans

Blockchain can be utilized in numerous ways to benefit the public sector, Philippine province Bataan is getting a head start.

Bitcoin surpasses Visa’s market cap to be 11th largest asset in the world

Bitcoin, the world’s first cryptocurrency, gained 15% in the past week to trade at US$24,885 and 7 p.m. in Hong Kong, surpassing payments giant Visa in market capitalization for the third time in history. See related article: Industry reacts: US cracks down on crypto, India calls for regulatory collaboration Fast facts See related article: Bitcoin […]

Hong Kong begins public consultation on crypto licensing regime

The Hong Kong Securities and Futures Commission is calling for public feedback on its new proposals to regulate the crypto industry set to take effect in June.

Markets: Bitcoin rises above US$24,000; Solana gains most in top 10 cryptos

Bitcoin rose above US$24,000 in Monday afternoon trade in Asia while all other top 10 non-stablecoin cryptocurrencies were mixed. Ether gained 0.18%, while Solana strengthened the most across the top 10 cryptos.
and

Trust in crypto is in shambles. How can we rebuild it?

Greater transparency and confidence in who you are transacting with could go a long way toward alleviating public mistrust, writes Travis Nelson of Quadrata.

Former FTX executive Nishad Singh negotiating guilty plea on fraud charges: Bloomberg

Nishad Singh, a former executive at bankrupt Bahamas-based cryptocurrency exchange FTX.com, may be leaning towards pleading guilty to fraud charges for his involvement in the company’s last November

Taiwan may mandate public servants to declare crypto holdings

Taiwan’s Ministry of Justice said on Wednesday that it may be adding cryptocurrencies to the list of properties for public servants to declare. 

Markets: Bitcoin dips below US$24,000 to start the trading week in Asia

Bitcoin fell below US$24,000 in a mixed morning for the top 10 non-stablecoin cryptocurrencies by market capitalization on Monday in Asia.

Industry reacts: US cracks down on crypto, India calls for regulatory collaboration

The cryptocurrency industry this week reacted to the recent moves by U.S. authorities against Kraken and Paxos. Meanwhile, India has been calling for a collaborative approach to crypto regulations.

Weekly Market Wrap: Bitcoin rises above US$23,000 after its first weekly ‘death cross’

Bitcoin briefly climbed above US$25,000 for the first time since August 2021, before declining to US$23,764 after its first weekly “death cross.” Investors liquidated over US$70 million worth of Bitcoin short positions in the past 24 hours, according to data aggregator GlassNode, contributing to BTC’s rally.

Japan to launch digital yen pilot programme in April

Japan will start a pilot programme to test the use of a digital yen in April, joining a growing number of countries seeking to launch their own CBDCs.

Judge says Bankman-Fried could ‘conceivably’ have bail revoked: CNN

There might be “probable cause” to believe that Sam Bankman-Fried engaged in witness tampering and other activities that could revoke his bail, says judge.

Markets: Bitcoin, Ether fall along with most top 10 cryptos following hawkish U.S. Fed remarks

Bitcoin and Ether fell during Asian trading hours on Friday, following hawkish remarks from U.S. Federal Reserve officials on more upcoming interest rate hikes.

Weekly NFT sales spike after Blur’s Valentines airdrop

Blur.io, the NFT marketplace that beat OpenSea’s trading volume in the past month, airdropped its platform tokens on Valentine’s Day, contributing to the global NFT sales increase this week.

Tencent confirms ‘personnel reshuffle’ at metaverse unit, denies team being disbanded

China technology giant Tencent said its reshuffling staff in its metaverse unit, but denied it was being disbanded, as reported by local media.

Wemade’s WEMIX token surges after relisting on South Korea’s Coinone exchange

South Korean blockchain game developer Wemade’s WEMIX token surged after it was relisted on local crypto exchange Coinone on Thursday.

Do Kwon, founder of collapsed Terra stablecoin, charged with fraud by U.S. securities regulator

The U.S. SEC charged Singapore-based Terraform Labs and its chief Kwon Do-hyung for defrauding investors.

Why gaming’s next frontier is owning your in-game assets

Many gamers still oppose NFTs and blockchain gaming, overlooking the myriad benefits of the latest technology, writes Ramona Ciocea of Protokol.

Markets: Bitcoin slips back below US$24,000 as inflation worries resurface in U.S., equities slide

Bitcoin and Ether fell Friday morning in Asia, curtailing a strong run up in the week, after the U.S. January PPI rose much faster than expected.

Binance expects to pay penalties to settle U.S. probes: Wall Street Journal

Binance expects to pay to settle U.S. authorities’ investigations into its business and past crypto offerings, according to its chief strategy officer.

Markets: Bitcoin rallies over 11% as top 10 cryptos gain, memecoin Floki surges 82%

Bitcoin posted the biggest gains during Asian trading hours on Thursday, along with increases in the rest of the top 10 non-stablecoin cryptocurrencies

El Salvador to establish ‘Bitcoin Embassy’ in Texas to promote adoption of digital assets

El Salvador, the first country in the world to make Bitcoin legal tender, is planning on opening a “Bitcoin embassy” in Texas.

Japan’s Square Enix to launch Web3 game on Polygon blockchain, cites ‘sustainability’ benefits

Square Enix announced Wednesday that it will launch its first Web3 game Symbiogenesis on the Polygon blockchain.

Sam Bankman-Fried’s bail backers revealed as former Stanford dean, research scientist

Academics from Stanford Law School and Stanford University are the previously two unknown individuals who signed bonds that allowed the release of FTX crypto exchange founder Sam Bankman-Fried from prison on bail, according to court filings released Wednesday. 

Go ahead and ban staking. Crypto investors will just go elsewhere

The SEC’s latest heavy-handed approach toward crypto will leave investors less protected while benefitting dodgy offshore companies, writes Danny Talwar of Koinly.

Markets: Bitcoin breaches US$24,000 to highest price since August as short sellers liquidated

Bitcoin broke through the US$24,000 price ceiling for the first time in two weeks to reach its highest price since mid-August in Thursday morning trading in Asia, as investors liquidated almost US$70 million of mostly short-position bets.

Web3 isn’t just about money, it’s about equality and transparency, says Mysten Labs co-founder

Investors may view Web3 through the lens of financial opportunities and revenue, but that misses the point of trying to build a fairer and more transparent infrastructure, with content creators at the forefront, says Mysten Labs co-founder Evan Cheng
and

EU begins regulatory sandbox for blockchain technology

The European Commission (EC), has started a regulatory sandbox to test use cases of blockchain technologies and provide legal clarity for the industry.

Conflux Network, China Telecom to build blockchain-enabled SIM cards

Blockchain protocol Conflux Network and China’s second-largest wireless carrier China Telecom have partnered to build a “blockchain-enabled SIM card” (BSIM).

Sam Bankman-Fried banned from using VPNs while on bail: Bloomberg

Sam Bankman-Fried, the co-founder of the now-bankrupt FTX exchange, has been banned from using virtual private networks (VPNs) while out on bail, as the judge cited similar concerns to the co-founder’s use of encrypted messaging apps, Bloomberg reported on Tuesday. See related article: Bankrupt FTX threatens legal action to claw back donations to politicians, charities […]

Paxos ordered to stop minting Binance stablecoin as SEC mulls legal action

Top blockchain and crypto news: Paxos halts BUSD issuance. Kraken faces disclosure charges. Beijing backs new blockchain research center.

Markets: Bitcoin, Ether extend gains; Cardano rises most among top 10 cryptos

Bitcoin and Ether prices strengthened in Wednesday afternoon trade, along with all other top 10 non-stablecoin cryptocurrencies by market capitalization. Cardano led gains at 6.91%, followed by Dogecoin at 5.21%, though prices of top 10 tokens remain subdued on the week.  
and

Chinese NFT marketplace Jingtan eases asset transfer restrictions

Jingtan, one of China’s major NFT marketplace, has relaxed its rules on NFT transfer between users.

Singapore’s DBS Digital Exchange’s Bitcoin trade volume grows 80% in 2022

DBS Digital Exchange (DDEx), one of Asia’s first bank-backed digital exchanges, has reported a year-on-year increase of 80% in Bitcoin traded in financial year 2022, while the number of Bitcoin custodized with the bank doubled from 2021. 

Digital asset industry comes under fire at hearing by U.S. Senate on ‘Crypto Crash’

The cryptocurrency industry faced criticism during a Senate committee meeting on Tuesday entitled “Crypto Crash: Why Financial System Safeguards are Needed for Digital Assets.”

S. Korean regulators to probe local crypto staking services following U.S. crackdown: News1

S.Korean regulators are planning to review crypto staking services on local exchanges following recent regulatory enforcements from the SEC.

U.S. Congress, not the SEC, will set cryptocurrency regulations, says Blockchain Association

The Blockchain Association Chief Policy Officer Jake Chervinsky said the U.S. Congress will ultimately set the laws in the country to govern the cryptocurrency industry and not the Securities and Exchange Commission

Binance CEO says more non-USD stablecoins may emerge

The intensifying regulatory oversight in the U.S. is highlighting the increasing need for non-U.S. dollar-pegged stablecoins in the cryptocurrency industry, Binance Chief Executive Officer Changpeng Zhao said on Tuesday.  See related article: Be careful what you wish for? Regulators pick up pace in the crypto industry crackdown Fast facts See related article: SEC may make […]

SEC may make it harder for hedge funds to work with crypto firms: Bloomberg

The U.S. Securities and Exchange Commission (SEC) plans to propose rule changes that would make it difficult for cryptocurrency firms to hold digital assets.

Markets: Bitcoin, Ether, other major tokens rise despite hotter-than-expected CPI reading

Bitcoin rose in Wednesday morning trading in Asia to move back above US$22,000 as investors shrugged off a seeming U.S. regulatory crackdown on digital assets and data showing U.S. inflation for January was above forecasts.

Hong Kong hopes to raise US$102 mln from digital green bonds debut: Bloomberg

The Hong Kong government is looking to raise US$102 million through the pilot issuance of its digital green bonds, according to a Monday report from Bloomberg. 

Crypto Clampdown Begins

As financial regulators around the world continue to crackdown on stablecoins, some are asking if they are overreaching their jurisdiction.

Truck industry as real-world crypto use case? How blockchain could replace system that leaves U.S. truckers out of pocket 

The current payment system relied on by truck drivers runs through third parties and adds costs to supply chains and consumers. Could blockchain tech provide an alternative, and would truckers trust it?

Markets: Bitcoin, Ether drop; BNB biggest loser in top 10 cryptos

Bitcoin and Ether dropped in Tuesday afternoon trade in Asia, along with all other top 10 non-stablecoin cryptocurrencies by market capitalization. Binance’s native token BNB led the day’s decline across the top 10 cryptos.

Be careful what you wish for? Regulators pick up pace in the crypto industry crackdown

Last year was memorable in the emerging world of digital assets for the sheer number of corporate failures. The industry itself has been asking for clearer legal guidelines to help development. Is that what’s happening now?
and

Why the crypto sector needs radical transparency in the post-FTX world

Self-custody is cumbersome and carries risks of seed phrases getting lost, but how can we ensure if a third-party custodian can be trusted?

Markets: Bitcoin rises amid market jitters as Paxos stablecoin issuer next regulator target after Kraken clampdown

Bitcoin was the only top 10 non-stablecoin cryptocurrency to gain in Tuesday morning trading in Asia in a market unsettled by regulators in the U.S. targeting digital asset companies.

Singapore’s DBS bank plans to apply for crypto license in HK: report

Singapore’s DBS Group plans to apply for a license to offer crypto to Hong Kong customers as the city pushes to become a hub for digital assets.

India discussing crypto, regulation with G20, says finance minister

As India moves forward with its one-year presidency of the Group of 20 (G20), it is discussing cryptocurrency and regulation with the group’s members, India’s Finance Minister Nirmala Sitharaman said. 

Head of crypto, FX trading platform EminiFX pleads guilty to US$248 million fraud charges

Mastermind of the EminiFX fraud has pleaded guilty to soliciting investments worth more than US$248 million from tens of thousands of investors, says US DOJ.

Crypto Clarity Coming?

The UK and Europe are following suit in trying to regulate crypto. Just how far along have they come and what more do they have in store?

Markets: Bitcoin, Ether prices extend losses; Dogecoin sole gainer among top 10 cryptos

Bitcoin continued to trade below US$22,000 in Monday afternoon trading in Asia. All other top 10 non-stablecoin cryptocurrencies dropped except Dogecoin.

UAE central bank to issue CBDC, promote digital asset growth

The United Arab Emirates plans to launch a central bank digital currency (CBDC), among other initiatives, to become a financial and digital payment hub.

Paxos ordered to stop issuing Binance USD stablecoin: report

Paxos Trust Company has been ordered by the New York Department of Financial Services (NYDFS) to stop issuing the U.S. dollar-pegged Binance USD (BUSD) stablecoin

China’s international blockchain BSN Spartan gets new push in Middle East, Africa

Red Date Technology, the developer of China’s state-backed blockchain infrastructure Blockchain-based Service Network, has partnered Dubai-based Singularity Innovations to offer blockchain infrastructure services in the Middle East and Africa, as the Chinese blockchain network continues to go global.

What is the outlook for crypto in 2023 and beyond?

Tokenization, stablecoins and DeFi will be growth areas, but regulatory uncertainty is still holding back adoption, writes John Avery of FIS.

Coinbase CEO says he will “happily defend” crypto staking service against claim it’s a securities product

CEO Brian Armstrong said that the company will defend its staking services in court against claims that they need to be classified as securities.

Digital Currency Group plans restructuring to pay creditors of bankrupt Genesis unit

Digital Currency Group (DCG), the parent firm of failed crypto broker Genesis Global Capital, plans to transfer equity in another unit, Genesis Global Trading, to Genesis Global Holdco and eventually sell both companies to raise capital to pay back creditors.

Bitcoin mining difficulty dips 0.5% over two weeks after hitting record high

Bitcoin’s mining difficulty level edged down 0.5% in the two weeks through Sunday after hitting an all-time high in the previous adjustment, according to data from BTC.com.

Securities and Exchange Commission may sue BUSD stablecoin issuer Paxos, WSJ reports

The U.S. SEC may sue the Paxos Trust Company for allegedly violating investor protection laws in its issue of the Binance USD (BUSD) stablecoin.

Markets: Bitcoin treads water under US$22,000 following SEC action on Kraken, Ether falls

Bitcoin was little changed in Monday morning trading in Asia in a mixed morning for the top 10 non-stablecoin cryptocurrencies by market capitalization.

Huobi to expand in Hong Kong as it bets on China

Huobi Global plans to expand its operations in Hong Kong, anticipating that Mainland China will soon follow the city’s recent pro-crypto shift, says Justin Sun.

Stablecoin issuer Paxos probed by New York regulator

Paxos Trust, the issuer of Binance’s BUSD stablecoin, is reportedly being investigated by the New York State Department of Financial Services (NYDFS).

Bitcoin Price Dips

Bitcoin has fallen 4.5% since last week, but could this be seen as the coin trading sideways, or could we see even more drops in Bitcoin’s price?

Weekly Market Wrap: Bitcoin retreats below US$22,000 after a record January. Is the strong start to 2023 reversing?

After the strongest January price increase since 2013, Bitcoin gave up some of its gains this week to dip below the US$22,000 support line on Friday. The crypto market was buffeted by bearish comments on interest rates by U.S. Federal Reserve officials this week, along with concerns about a regulatory crackdown. Is this the start of a downtrend, a healthy correction, or the beginning of a so-called “crab” market moving sideways?