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Memecoin frenzy fuels network congestion; China makes a surprise crypto move

Welcome to Forkast IQ, presented by Megha Chaddah, where we look beyond the headlines to get you insights that power smarter decisions. Coming up on today’s show:

Japan looks to regain its place in the cryptocurrency world pecking order

The three-day NexTech Week trade show kicked off Wednesday in Tokyo, celebrating all things technology, including blockchain and Artificial Intelligence.

Crypto and NFT Market Update – May 11th

Welcome to The Daily Forkast – May 11, 2023 – presented by Jeff Cheung for the latest in the crypto markets. Bitcoin saw a minor spike in it’s price after the U.S. consumer price index for April was released, but dipped again as crypto exchanges Jane Street Group and Jump Crypto announced it would cease […]

Tether more than doubles net profit in Q1, says holds most assets in U.S. Treasury bills

The issuer of the world’s most traded stablecoin raked in US$1.48 billion in net profit for the first quarter of this year, more than double the previous quarter, according to the company’s reserves report on Wednesday.

Crypto and NFT Market Update – May 10th

Welcome to The Daily Forkast – May 10th, 2023 – presented by Jeff Cheung for the latest in the crypto markets. Bitcoin has seen a slight increase in its price tag as congestion in the Bitcoin networks eases, dropping transaction fees at the same time. However, the NFT markets are still looking a little gloomy […]

Goldman Sachs, Microsoft, Moody’s, others to join new financial industry blockchain

Goldman Sachs, Microsoft, Deloitte, Moody’s and other institutions are partnering with Digital Asset for the launch of the Canton blockchain.

Crypto and NFT Market Update – May 9th

Welcome to The Daily Forkast – May 9, 2023 – presented by Jeff Cheung for the latest in the crypto markets. Bittrex U.S. has filed for bankruptcy after the Securities and Exchange Commission accused it of operating an unlicensed exchange a few weeks ago. Bitcoin and Ethereum, have continued to drop in prices as a […]

Crypto and NFT Market Update – May 8th

Welcome to The Daily Forkast, May 8, 2023, presented by Jeff Cheung for the latest in the crypto markets. Binance halted Bitcoin withdrawals twice today as a result of an influx of pending transactions and sky-rocketing fees. The Ethereum Foundation sold US$30 million worth of Ethereum to Kraken as well, leading to slight dips in […]

Cryptocurrencies can be used for debt settlement in China: Supreme Court

Cryptocurrencies in China can be legally used to settle basic relations debts such as exchange and labor, according to the Supreme People’s Court of China.

Largest banks should fill crypto void after lender failures, says Standard Chartered’s Geoff Kendrick

In the final installment of a three-part interview series, Geoff Kendrick, head of crypto research at Standard Chartered Bank, outlines the lender’s approach to crypto and why he thinks exploration of blockchain use cases is just beginning.
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Central bank digital assets can legitimize risk in the crypto space, says Standard Chartered’s Geoff Kendrick

In the second installment of a three-part interview series, Geoff Kendrick, head of crypto research and EM FX West at Standard Chartered Bank, talks altcoins, stablecoins and the legitimization of crypto risk through central bank digital assets.
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Pepe, Floki to list on Binance exchange

PEPE and FLOKI, the two top trending memecoins that saw the biggest gains on Friday, will be listed on Binance at 12 a.m. Hong Kong time Saturday

How standardized smart financial contracts could prevent crypto’s next black swan

Many tokenized platforms have grave shortcomings, but if better standards could be adopted, the improved transparency can avert future crises, writes Ralf Kubli of the Casper Assn.

What JPMorgan’s First Republic takeover means for the crypto industry

Top blockchain and crypto news: JPMorgan swoops as another bank falls. NFT market rivalry heats up. Bitget seeks Hong Kong exchange license.

Crypto and NFT Market Update – May 4th

Welcome to The Daily Forkast – May 4, 2023 – presented by Jeff Cheung. The Federal Reserve has increased interest rates by another 25 basis points again, leaving it at its highest levels since 2007. The crypto markets have been faring well despite this, with Bitcoin back to the US$29,000 levels and most other major […]

Crypto miner Bitdeer expands to Bhutan, partners state-owned investment arm

Singapore-headquartered cryptocurrency miner Bitdeer Technologies is planning to expand its mining operations to Bhutan and raise up to US$500 million for a fund through a new partnership with the Himalayan kingdom’s state-owned investment company Druk Holding and Investments.

Crypto markets ahead of US Fed decision

Welcome to The Daily Forkast – May 3, 2023 – presented by Megha Chaddah. Crypto markets are holding on to gains despite the sell-off in equities ahead of the US Fed decision. Bitcoin was trading at $28,500 dollars up a solid 2% and Ethereum was up a similar percentage at about $1,860.

Coinbase opens Bermuda-based crypto derivatives exchange amid conflict with U.S. regulators

Coinbase, the publicly listed largest cryptocurrency exchange in the U.S., opened its offshore derivatives exchange in Bermuda on Tuesday.

Biden administration pushes for 30% electricity tax in swipe at crypto miners

The administration of U.S. President Joe Biden is campaigning for a tax on cryptocurrency miners equal to 30% of the cost of the power they use, citing what it calls “negative spillovers” from the industry.

Temasek denies investment in algorithmic crypto developer Array

Temasek, Singapore’s state-owned investment firm, has denied that it had invested in Array, an algorithmic cryptocurrency developer.

Crypto market dips ahead of US Fed meeting

Welcome to The Daily Forkast – May 2, 2023 – presented by Megha Chaddah. The crypto markets fell with Bitcoin dropping as much as 5% at one point in the last 24 hours but has recovered a bit since then, trading now just under the 28,000 dollar mark, down over 2%. Meanwhile, the NFT markets […]

Securities or not, crypto in the US needs new regulations and clearer guidance

CFTC and SEC disagree over whether cryptocurrencies are securities, and two big lawsuits clouding the industry’s future invoke laws that long predate the digital era.
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Bitget crypto exchange still hiring, eyes Hong Kong license, to rebrand BitKeep wallet

Seychelles-based cryptocurrency exchange Bitget expects more clarity on Hong Kong’s licensing regime from June as the city pushes ahead with plans to attract blockchain and cryptocurrency entrepreneurs.

Why layer 3 is critical to innovation and blockchain’s future

How would layer 3 improve upon what layer-2 protocols do, and what barriers does this emerging technology still need to overcome? Tony Cheng of Foresight Ventures explains.

Why I’m excited about commercial IP NFTs

NFT IP allows traders to multiply their brands and grow. The Nakamigos collection has leveraged this advantage of the technology.

Mad Lads tops weekly NFT sales in first week since launch

Mad Lads has been the best selling NFT collection in the world since its launch that was delayed last week due to a DDOS attack.

Coinbase says SEC’s legal threats punish transparency, undermine public listing process

Coinbase said the Securities and Exchange Commission seems to be undermining its own role as the monitor of companies registering to sell shares to the public

Coinbase sues SEC in bid for clarity on crypto rules

Top blockchain and crypto news: Coinbase in court to force SEC’s hand. PEPE surge lifts memecoin mood. China paves CBDC path with payroll.

Crypto bounces back after rumor mill scare

Welcome to The Daily Forkast – April 27, 2023 – presented by Jeff Cheung. The crypto markets suffered from a minor heart attack earlier today when unsubstantiated rumors surfaced, claiming Mt Gox and US Government wallets had allegedly moved large amounts of Bitcoin.

Investment bank H.C. Wainwright says ‘crypto winter over,’ rates Coinbase a ‘buy’

New York-based investment bank H.C. Wainwright has initiated a “buy” rating on publicly traded Coinbase Global Inc., the largest cryptocurrency exchange in the U.S., saying the company is poised to benefit from growth in the global digital asset economy as the so-called “crypto winter” of falling prices is over.

Investment giant Franklin Templeton connects US$270 million fund to Polygon network

Franklin Templeton said Wednesday that its OnChain U.S. Government Money Fund is now supported on the Polygon network.

CoinShares says weekly investment in Ethereum-linked products rebounds after hard fork

Ethereum-linked digital asset investment products saw inflows of around US$17 million in the week ending April 21, up from US$300,000 in the previous week, appearing to show investor confidence following the blockchain’s milestone upgrade, Coinshares report shows.

Until Web3 offers a better user experience, the masses will stay away

People won’t want to bother with a new technology if it’s painful to use, even if they’re aware of the potential benefits, writes Toby Rush of Redeem.

Memecoin PEPE falls 18% at start of trading week

PEPE, a memecoin launched on April 14, fell 18.81% to US$0.0000002626 in the 24 hours to 7 p.m. on Monday in Hong Kong. The coin is still up over 392% on the weekly chart and has a market capitalization of US$116 million, according to DEXTools.

Cryptocurrencies trade lower as weekly losses pile up

Welcome to The Daily Forkast – April 24, 2023 – presented by Jeff Cheung. It’s been a bad weekend for the major cryptocurrencies, with most of them trading in the red over the last seven days. Bitcoin lost its footing with the US$30,000 mark and Ethereum lost all of its gains from the Shapella upgrade.

Uncertainty in crypto cycles from Memecoins & NFTs

A new memecoin craze is raising Ethereum transaction fees, but it’s also bringing new liquidity in for non-fungible tokens.

Do Kwon: The Rise & Fall

Do Kwon has been charged by Montenegrin authorities for attempting to travel with forged documents as the US and South Korea race to extradite him.

EU green lights MICA but Cryptos tumble on economy worries

Welcome to The Daily Forkast – April 21, 2023 – presented by Megha Chaddah. The European Union has approved the passage of their Markets in Cryptoassets (MiCA) law, making it the first major jurisdiction in the world to introduce a comprehensive law for the crypto sphere. Meanwhile, the crypto markets have sailed on steadily for […]

EU Parliament approves its first crypto regulation MiCA

The European Parliament has approved the Markets in Crypto-Assets Act (MiCA), a legislation aimed at standardizing regulations and establishing harmonized rules for crypto assets across the European Union

From billionaire to Montenegro jail: The rapid rise and fall of Terra chief Do Kwon

South Korea’s Do Kwon went from a poster boy of digital finance as a co-founder of the US$40 billion Singapore-based Terraform Labs to a fugitive on Interpol’s wanted list, all in a matter of several rollercoaster years. He’s now in a Montenegro jail where he may face more time in detention as the U.S. and South Korea demand his extradition to face a long list of charges, including securities fraud – allegations he has repeatedly denied. The following is a timeline of how we got here.

Bittrex in SEC’s crosshairs as compliance lawsuits keep coming

Top blockchain and crypto news: Bittrex in SEC line of fire. Bored Apes fall after whale sale. Chinese banks court crypto clients.

Crypto miner Bitdeer falls 35% since Nasdaq debut, reports net loss in 2022

Shares of Singapore-based cryptocurrency miner Bitdeer have slid more than 35% since their Nasdaq debut on April 14, and were trading at US$6.41 at closing on Wednesday.

The true cost of zero-fee crypto trading is anything but zero

Nothing in life is free. Be wary of crypto exchanges that offer ‘free trading,’ and ask hard questions about how they make money, writes Ben Caselin of MaskEX.

SEC’s Gary Gensler dodges question on whether Ethereum is a security

SEC Chair Gary Gensler did not give a direct answer when asked whether Ether is a security or a commodity at a congressional oversight hearing on Tuesday. 

Ethereum inflows slow following Shanghai upgrade, exchanges see Ether influx

CoinShares data showed Ethereum-linked products saw little investment interest with inflows of around US$300,000 in the week ending April 14, accounting for a tiny portion of the total US$114 million weekly inflow into digital assets and despite the blockchain’s milestone upgrade last week.

Ethereum rolls out Shapella upgrade amid worries over price pressures

Top blockchain and crypto news: Ethereum fork prompts price fall fears. Satoshi is found — in Apple software. Hong Kong ramps up Web3 plans.

China fines crypto mining rig giant Bitmain US$3.6 million for tax violations

China has fined Bitmain, one of the world’s biggest producers of cryptocurrency mining rigs, nearly US$3.6 million for alleged tax violations, according to the Beijing tax authorities.

Crypto miner Bitdeer to go public on Nasdaq via SPAC deal

Singapore-headquartered crypto mining firm Bitdeer Technologies is set to go public on Nasdaq on April 14 via a SPAC merger following multiple delays in closing the US$4 billion deal.

US crypto miner Core Scientific appoints new president amid bankruptcy

Adam Sullivan, whose most recent role was managing director of XMS Capital Partners, will will work on financial and strategic matters while assisting with the negotiation of a reorganization plan.

U.S. SEC committee urges ‘aggressive enforcement’ on crypto, says most tokens are securities

The U.S. SEC Investor Advisory Committee urged the federal agency to continue its aggressive enforcement on crypto players that offer unregistered securities.

S. Korean exchange GDAC hacked, loses around 23% of its assets

South Korean exchange GDAC has suspended withdrawals and deposits after losing over US$13.1 million in Bitcoin, Ether, Wemix and USDT in a hack.

Blur nemesis OpenSea releases OS Pro trading tools, Gemesis NFT

OpenSea has reignited the marketplace battle by introducing its own pro tool. What’s in it for NFT traders?

ECB’s Lagarde gets pranked, reveals digital euro will have ‘limited’ control

ECB President Christine Lagarde said the digital euro would have “limited control” in a prank call.

Swiss PostFinance bank to offer crypto services to 2.5 mln customers

PostFinance, a Swiss government-owned retail bank, has partnered with Sygnum Bank to provide crypto-related services.

The TradFi vs. DeFi rivalry is hitting a new peak — and that’s bad for everyone

Amid the current banking crisis, each side is exhibiting disdain for the other when neither holds the moral high ground, writes Rachel Lin of SynFutures.

Arbitrum’s AIP-1 proposal to be split after community backlash

Top blockchain and crypto news: Arbitrum to segment AIP-1. DeGods NFT collection moves to Ethereum. Crypto on the agenda at ‘China’s Davos.’

Overseas crypto transfers cost 96.7% less than traditional system: Coinbase

Americans spend more than US$12 billion in remittance fees each year when sending money to family and friends living overseas using the traditional financial system. However, overseas remittances using Bitcoin and Ethereum cost 96.7% less, according to research by Coinbase.

Polygon SDK: Helping shape NFTs at scale

Polygon blockchain is gaining traction among traders with fast transactions, low gas fees and Ethereum’s provenance. From hosting popular games to partnering with major brands, Polygon’s versatility is one to watch.

What the US can learn from the Philippines to regulate crypto in a smarter way

The Philippines has licensing requirements and proactively monitors crypto firms, while the US regulates by enforcement only after consumers are already badly hurt, writes Robert De Guzman of Coins.ph.

Crypto investors remain optimistic despite crackdown

Most cryptocurrencies remained calm in spite of the CFTC-Binance lawsuit.

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.

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.

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.

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?

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.

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.

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.

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. 

Japan’s Web3 Era

Japan’s been a little behind in the Web3 space, but their new Metaverse Economic Zone could be a game changer.

Web3 crowdfunding launchpad Poolz Finance hacked for US$390,000 on BSC, Polygon

Poolz Finance, a cross-chain crowdfunding launchpad for Web3 projects, has been exploited for US$390,000 worth of digital assets

Circle’s USDC bounces back after Silicon Valley Bank bust

Top blockchain and crypto news: USDC stabilizes after SVB collapse. Silvergate closes shop. China tightens financial supervision.

Binance suspends pound sterling services for U.K. customers as payment provider backs out

Binance, the world’s largest cryptocurrency exchange, announced that it is halting its British pound deposits and withdrawals.