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Markets: Bitcoin and Ether down, Polkadot biggest winner among top 10 cryptos

Bitcoin and Ether fell during Asian trading hours on Friday, along with the rest of the top 10 non-stablecoin cryptocurrencies by market capitalization, with Polkadot’s DOT posting the biggest gains.

China should reconsider its ban on cryptocurrencies, says former central bank official

China’s blanket ban on cryptocurrency trading can have the country miss critical opportunities for technological development, says former PBOC official.

Prime Minister Fumio Kishida says NFTs and DAOs can bolster ‘Cool Japan’ strategy

NFTs and DAOs can help support Japan’s national strategy dubbed ‘Cool Japan’ to attract investment and expand the economy.

Silvergate probed by US prosecutors over FTX, Alameda accounts: Bloomberg

U.S. prosecutors are investigating California-based cryptocurrency bank Silvergate Capital Corp. for how it handled accounts tied to now-bankrupt crypto exchange FTX and its brokerage arm Alameda Research, Bloomberg reported on Thursday, citing sources familiar with the matter.

Why DeFi remains niche and what might get it out of its market rut

DeFi is still a Wild West, and many would-be users are wary of its lawlessness and anonymity. Could decentralized IDs foster greater trust and growth in the sector?

Markets: Bitcoin dips to US$23,500, Ether inches up, other top 10 crypto mixed

Bitcoin and Ether traded mostly little changed Friday morning after a strong run up in the week, with other top 10 cryptocurrencies prices mixed.

India’s largest retailer Reliance starts CBDCs sales

Indian retail giant Reliance Retail announced on Thursday that it has started accepting digital rupee payments to become the largest Indian firm to adopt the nation’s CBDC.

India’s Budget Disappoints

India’s position on digital assets remains status quo as the country’s parliamentary budget hearing leads to disappointment in the crypto sector.

Markets: Bitcoin and Ether up, Matic tops gains as investors wait for ECB’s decision on interest rates

Bitcoin and Ether rose during Asian trading hours on Thursday, along with the rest of the top 10 non-stablecoin cryptocurrencies by market capitalization. Polygon’s Matic posted the biggest gains

China’s Suzhou city joins other regions in the country seeking to be metaverse hub

Suzhou has laid out plans to attract at least 200 companies in working with VR technology by 2025.

Donald Trump helps Polygon NFTs outsell Ethereum on OpenSea exchange for second month

The non-fungible token (NFT) project by former U.S. President Donald Trump has helped its host network, Polygon, outsell Ethereum on the leading NFT marketplace OpenSea for the second straight month, according to transaction data.

Meta’s metaverse division Reality Labs posts wider loss of $13.7 billion in 2022

Meta Platforms Inc., the former Facebook, said losses at its Reality Labs division developing virtual reality technologies widened last year, but the company’s Q4 earnings beat expectations and it projected overall stronger growth into 2023, according to its earnings report released Wednesday.

U.S.-based cryptocurrency exchange Bittrex lays off 83 employees

Seattle-based cryptocurrency exchange Bittrex is laying off 83 employees, according to the U.S. Employment Security Department’s layoff alert.

Why the cloud will be critical to US competitiveness in world finance

The future global financial system will be reliant on the cloud, especially when it comes to CBDCs and stablecoins, writes Michael Greenwald and Logan Weber.
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South Korea arrests head of Bithumb crypto exchange for alleged embezzlement

A South Korean court approved the prosecutor’s request to issue an arrest warrant for Kang Jong-hyun for alleged embezzlement.

Markets: Bitcoin breaks US$24,000 ceiling after Fed says ‘disinflationary process’ started in U.S. economy

Bitcoin rose above US$24,000 for the first time since mid-August in Thursday morning trading in Asia before sliding back slightly.

Crypto hackers stole record US$3.8 bln in 2022, mostly from DeFi and cross-chain bridges: Chainalysis

Hackers stole at least US$3.8 billion in cryptocurrencies throughout 2022, a record-breaking year for crypto heists, says blockchain forensics firm Chainalysis.

Bankrupt FTX held US$1.4B in cash at the end of 2022

Bankrupt cryptocurrency exchange FTX.com had around US$1.4 billion in cash reserves at the end of 2022, according to a financial update released Tuesday.

Cardano’s Djed stablecoin locks US$10 mln in reserves on its first day

Djed, a Cardano-based algorithmic stablecoin, has collected over US$10 million in its reserves within the first 24 hours since it was launched on Wednesday.

Islamic Crypto Finance

Islamic finance has seen growth in a time where most of the world’s economy has suffered losses. How could its integration into crypto help the industry?

Markets: Bitcoin stays above US$23,000; Cardano leads gains in top 10 cryptos

Bitcoin traded above US$23,000 throughout Wednesday afternoon trading in Asia, while Ethereum and other top 10 non-stablecoin cryptocurrencies were mixed. Cardano led gains with 2.03% followed by XRP’s 1.13%. 

Digital yuan sales during Lunar New Year up from last year, online retailers say

Digital yuan sales at online retail platforms in China have surged during the Lunar New Year holidays fueled by local governments’ red packet coupons.

Bitcoin mining fund soars as BTC powers into 2023

Top blockchain and crypto news: BTC mining ETF outperforms. SBF under pressure as accusations mount. ‘China’s Instagram’ embraces NFTs.

India crypto industry on ‘Stairway to Heaven’ as government ignores requests in Budget

Cryptocurrency exchanges in India had lobbied the government to reduce taxes introduced last year, arguing the levies were backfiring by driving local investment offshore.

New Bitcoin protocol may shake up the NFT market

Bitcoin has long been the world’s largest cryptocurrency blockchain, but non-fungible tokens or NFTs were always the domain of Ethereum. A new protocol could change that, and some in the Bitcoin community are not too pleased.

Bitcoin miner Greenidge Generation cuts NYDIG debt 78% to US$17 million

Troubled U.S.-based Bitcoin mining firm Greenidge Generation Holdings Inc. has restructured more of its debt to investment management service provider NYDIG and investment bank B. Riley Commercial Capital, the company announced on Tuesday.

Judge rules secondary sale of LBC does not classify as security in SEC vs LBRY appeal

In the SEC’s case against decentralized publishing platform LBRY Inc., the judge ruled that the secondary sale of LBC does not qualify as a security.

Markets: Bitcoin climbs back above US$23,000 as most top 10 crypto tokens gain ground

Bitcoin prices broke back above US$23,000 in Wednesday morning trading in Asia.

Hong Kong to mandate stablecoin licensing as early as this year

The HKMA said in a consultation conclusion that algorithmic stablecoins will not be allowed in the city.

Celsius misled investors, spent customer funds, bankruptcy examiner claims

Celsius Network may have misled its investors and spent customer funds, an independent examiner said in a Tuesday court filing.

Alameda Research sues Voyager Digital for US$445.8 mln 

Alameda Research has sued bankrupt digital assets lender Voyager Digital to reclaim US$445.8 million worth in loan payments before FTX filed for its own bankruptcy.

Crypto’s Biggest Concern

There’s always the possibility of a bigger scam or a bigger hack this year than the ones we saw in 2022. So what can the crypto industry do to survive 2023?

Markets: Bitcoin, Ether drop; Dogecoin rebounds

Bitcoin and Ethereum prices fell during Tuesday afternoon trading in Asia along with most other top 10 non-stablecoin cryptocurrencies. Dogecoin was the exception in that list as it rebounded from morning losses.

January weekly crypto product investment reaches highest since July, says CoinShares report

Digital asset investment products reached US$117 million in the week ending Jan. 27 — the highest since July 2022 — with nearly all of that going into Bitcoin.

South Korea regulator recommends unified crypto disclosure system to protect investors

South Korea’s Financial Supervisory Service has recommended a unified system for mandatory disclosure from issuers of cryptocurrencies.

Judge rules Sam Bankman-Fried’s $250 mln bail co-signers should be named

A U.S. federal judge has granted motions to reveal the identities of the two unnamed co-signers of FTX founder Sam Bankman-Fried’s US$250 million bail bond.

What we must learn from FTX so that history does not repeat itself

Tighter regulations are necessary but not enough. The industry also needs to address its issues with custody and transparency, writes Chen Zhuling of RockX.

Bitcoin falls in broad crypto pull back ahead of U.S. Fed meeting on interest rates

Bitcoin fell along with Ether and all other top 10 non-stablecoin cryptocurrencies in Tuesday morning trading in Asia, wiping out most of Monday’s gains.

Valkyrie’s WGMI Bitcoin Miners ETF named best-performing U.S. fund, surges 105% in 2023

Valkyrie’s Nasdaq-listed Bitcoin Miners exchange-traded fund (ETF), WGMI, has been the best-performing fund of 2023 so far, rising over 105% throughout January.

Bitcoin trades higher in Nigeria amid cashless economy drive

Bitcoin price was trading at a premium in Nigerian cryptocurrency exchanges on Monday following the central bank’s limit on ATM cash withdrawals.

Reversing Blockchain Transactions?

Some members of the crypto community are starting to question the insistence that “code is law”. But is technology the only issue surrounding blockchain?

Markets: Bitcoin, Ether extend gains; Solana leads among top 10 cryptos

Bitcoin and Ethereum were up in Monday afternoon trading in Asia, while all other top 10 non-stablecoin cryptocurrencies were mixed. Solana led gains at 5.08%. 

A crypto regulatory storm front is coming in 2023. Are we ready for it?

Laws to prevent another FTX blowup, crackdowns on crypto tax cheats, and a ruling on Ripple are likely imminent. A bull’s eye is also on DeFi, writes Gergo Varga of SEON.

Bitcoin mining difficulty hits new all-time high with 4.7% rise

Bitcoin’s mining difficulty level rose 4.68% on Sunday, hitting an all-time high, as the networks’ hashrate also continued to increase.

China’s ‘Instagram’ gets NFT makeover with Conflux

Xiaohongshu, or “Little Red Book,” a popular social media application widely described as the Chinese equivalent of Instagram, has integrated layer-1 public blockchain Conflux Network, allowing users to showcase their non-fungible tokens on their profile pages, Conflux announced on Thursday.

S.Korea to adopt crypto tracking software in the first half of 2023

The South Korean Ministry of Justice (MOJ) announced Thursday that it will adopt a cryptocurrency tracking system within the first half of 2023.

China’s Hainan province to step up NFT supervision

Hainan province, a popular tourist destination in South China, published a notice on Sunday vowing to step up oversight on non-fungible tokens, or “digital collectibles,” which authorities said come with risks of fraud, money laundering and illegal fundraising.

Biden administration urges U.S. congress to pursue crypto regulation

Four senior officials in U.S. President Joe Biden’s administration called for Congress to “step up its efforts” in regulating the cryptocurrency market.

Markets: Bitcoin closes in on US$24,000, lifts crypto top 10

Bitcoin was up on Monday morning in Asia, reaching its highest price in five months. Ether also rose along with all other top 10 non-stablecoin cryptocurrencies, with Solana and Litecoin posting the biggest gains.

Sam Bankman-Fried’s family members are not cooperating with FTX attorneys, court documents claim

Sam Bankman-Fried’s mother and brother are not cooperating with the FTX legal team’s investigations into the Bahamans-based exchange’s bankruptcy and misappropriation of customer funds

DOJ, FBI hack Hive Network, save US$130 mln from crypto ransomware attacks

The FBI and the DOJ have concluded a month-long disruption campaign against the Hive ransomware group, preventing victims from having to pay US $130 million.

Stablecoins To Rebound?

2023 looks to be the year of stablecoin regulation, but will that be enough to recover its market?

Bankrupt BlockFi asks court to approve bonuses to keep staff

BlockFi said it needed bonus payments to keep employees from fleeing the company. But creditors argue the plan is excessive when compared to other crypto bankruptcies.

Weekly Market Wrap: Bitcoin rebounds above $23,000. Can it maintain momentum?

Bitcoin this week broke through the US$23,000 price ceiling for the first time since Aug. 2022. Can the benchmark cryptocurrency maintain its momentum? Industry commentators share their views with Forkast on what the market is telling investors and the signals from the U.S. Federal Reserve on interest rates.

Markets: Bitcoin up, Ether down; MATIC tops gains among top 10 cryptos

Bitcoin was up and Ether was down by the end of Asian trading hours on Friday afternoon when most of the top coins fell slightly. Polygon’s MATIC saw the biggest gains among the top 10 non-stablecoin cryptocurrencies

More bad news for South Korea’s Bithumb exchange with “Kimchi coin” manipulation allegations

Prosecutors raided the Bithumb crypto exchange on Thursday on allegations of price manipulation and fraudulent transactions in local tokens,

Are weak DAOs inviting attacks and manipulation?

Decentralized autonomous organizations suffer from faulty code and lax governance, which the unscrupulous can easily exploit, writes Michael Lewellen of OpenZepplin.

Markets: Bitcoin dips but holds above US$23,000, Ether slips, Polygon biggest gainer in top 10

Bitcoin and Ether gave up some of their January gains in Friday morning trading in Asia, though both are still higher for the week.

Coinbase fined US$3.6 mln by Dutch central bank

The Dutch central bank (DNB) has fined U.S.-based cryptocurrency exchange Coinbase €3.3 million (US$3.6 million) for failing to obtain correct registrations

Blockchain as Enabler

The World Economic Forum’s annual meeting has come to an end. What key takeaways were there for the crypto industry?

Apple, New York Times, Hong Kong Government listed among FTX creditors

Lawyers for the bankrupt cryptocurrency exchange, FTX.com, filed a document with a list of its institutional creditors on Thursday, which included major technology firms, publications and government bodies.  

Markets: Bitcoin, Ether up; ADA posts most gains among top 10 cryptos

Bitcoin and Ether were up during Asia trading hours on Thursday afternoon as many markets in Asia returned from the Luna New Year break. Cardano’s ADA led the rally among top 10 non-stablecoin cryptocurrencies by market capitalization.

World Economic Forum’s digital asset head expects real-world blockchain adoption in 2023

Cryptocurrencies post the Terra-Luna, FTX failures were a debated topic at the World Economic Forum meeting in Davos in the week through Jan. 20, with some authorities calling for a doubling down on regulations. Others had a more nuanced view.
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An open letter to Sen. Elizabeth Warren: Your shotgun approach to crypto is dangerous for America

FTX’s implosion is spurring a regulatory scramble to rein in the crypto sector. But one influential US lawmaker may do more harm than good, writes Kadan Stadelmann, CTO of Komodo.

Markets: Bitcoin, Ether prices rise as crypto market stages rebound; Solana biggest gainer among top 10

Bitcoin and Ether rebounded in Thursday morning trading in Asia amid broad gains in the top 10 non-stablecoin cryptocurrencies.

DCG-owned Luno exchange to axe 35% of its staff

Cryptocurrency exchange Luno, the London-based trading platform owned by venture capital firm Digital Currency Group (DCG), will let go of 35% of its global workforce

EU looks to place limit on banks holding crypto

European Union lawmakers have voted in favor of a draft bill that imposes stricter capital requirements on banks holding crypto assets.

Bankrupt BlockFi’s financials show US$1.2 bln exposure to FTX, Alameda: report

Bankrupt BlockFi reportedly had over US$1.2 billion of assets tied to FTX.com and its sister trading firm Alameda Research

Will Genesis meet its maker amid creditors closing in?

Top blockchain and crypto news: Genesis bankruptcy begins. FTX chief ponders a reboot. China’s CBDC gets a smart-contract upgrade.

Markets: Bitcoin, Ether extend losses; Solana, Cardano biggest losers in top 10 cryptos

Bitcoin and Ethereum fell in Wednesday afternoon trading in Asia, as Solana and Cardano led losses among the other top 10 non-stablecoin cryptocurrencies by market capitalization.

Blockstream says it raised US$125 million to expand Bitcoin mining operations

Blockchain infrastructure firm Blockstream Corporation Inc. on Tuesday said it raised US$125 million from convertible note and secured loan financing to expand its Bitcoin mining operations and meet strong demand for what it called “institutional hosting services.”

Binance says it erroneously mixed customer funds with collateral for Binance-issued tokens

Binance Holdings Ltd., the world’s largest cryptocurrency exchange, acknowledged it mistakenly stored customer funds in the same wallet holding collateral for its Binance-pegged tokens, known as B-Tokens