Bitcoin network buckles under weight of BRC-20’s runaway success
Top blockchain and crypto news: Memecoin fever strains BTC network. Binance slams brakes on Bitcoin withdrawals. Chinese court allows crypto for repaying debt.
Bitcoin congestion issues continue amid BRC-20 memecoin, Ordinals surge
Bitcoin network faces heightened congestion with over 5 million inscriptions, exacerbating block space demand as BRC-20 tokens achieve a market cap milestone of $1 billion, contributing to increased activity on the network.
Bitcoin, Ether fall along with most cryptos; U.S. futures strengthen as inflation in April slowed
Bitcoin and Ether fell during Thursday afternoon trading in Asia, along with most of the top 10 non-stablecoin cryptocurrencies by market capitalization, with Polygon’s Matic leading losses for a second consecutive session.
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 […]
China’s national blockchain research center aims to train 500,000 blockchain professionals
China’s national blockchain research center was launched in Beijing on Wednesday and plans to train over 500,000 blockchain professionals for the country.
Bitcoin drops on liquidity concerns, Ether dips; Polkadot leads winners; U.S. equity futures gain
Bitcoin fell on Thursday morning in Asia to trade around the US$27,500 mark. Ether led the losers in the top 10 non-stablecoin cryptocurrencies.
Bitcoin busts through US$28,000 as U.S. inflation falls to 4.9%
Bitcoin and major cryptocurrencies reacted positively to the latest CPI report that stated annual inflation in the U.S. rose 4.9% in April, beating market expectations.
Bitcoin, Ether prices fall; Asian equities, U.S. stock futures drop ahead of key inflation data
Bitcoin lost 0.43% while Ether dipped 0.60% in 24 hours. Polygon’s Matic token was the biggest loser and dropped 2.16%.
Hong Kong will have ‘tight’ crypto regulation, says HKMA chief Eddie Yue
Cryptocurrency firms moving to Hong Kong should expect tight regulations as part of the city-state’s new regulatory regime, said Eddie Yue.
South Korea freezes US$176 mln of Terraform CEO Do Kwon’s domestic assets
A South Korean court has approved prosecutors’ request to freeze assets and properties worth 233.3 billion Korean won that belong to Kwon.
Litecoin transactions jump amid Bitcoin blockchain congestion, higher fees
Daily transactions on the Litecoin blockchain hit all-time highs over the past two days amid the Bitcoin network’s congestion and higher transaction fees, Glassnode data showed.
How blockchain gaming can break out of its niche and win over more people
It’s currently fashionable to publicly knock blockchain gaming, but behind closed doors, a growing number of developers are realizing its potential, writes Tim Dierckxsens of Venly.
Bitcoin, Ether edge up; Litecoin leads winners, Matic the losers; U.S. equity futures flat
Bitcoin edged higher on Wednesday morning in Asia to hold above the US$27,500 mark. Ether also gained. Other top 10 non-stablecoin tokens traded mixed.
Bitcoin, Ether fall; Polygon, Solana lead losers; Asian equities, U.S. stock futures drop
Bitcoin dropped 1.25% and Ether fell 0.25% in Tuesday afternoon trade in Asia. All other top 10 non-stablecoin cryptocurrencies also dropped.
Bitcoin transaction fees surge, El Salvador users suffer consequences
Skyrocketing activity has led to a surge in average Bitcoin transaction fees — which rose to US$31.15 as of March 8 — exerting increasing pressure on users in low- and middle- income economies including Bitcoin-reliant communities in El Salvador, the first country to implement mass adoption of the digital currency.
Bitcoin falls below US$28,000, Ether declines, Litecoin slips further, US equity futures stall
Bitcoin fell below US$28,000 on Tuesday morning in Asia as memecoin hype clogged the network and drove up transaction fees. Ether and all other top 10 non-stablecoin tokens dropped.
Bittrex’s U.S. crypto exchange unit files for bankruptcy following closure, SEC lawsuit
U.S. crypto exchange Bittrex Inc. has filed for bankruptcy just days after closing operations following an SEC lawsuit and citing unclear crypto laws.
Bitcoin, Ether drop; Polkadot, XRP biggest losers; Asian equities gain
Bitcoin, Ether fell in Monday afternoon trade in Asia, along with all other top 10 non-stablecoin cryptocurrencies by market capitalization. Polkadot and XRP led the losers in that list.
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.
Prosecutor says Terra-Luna fugitive Do Kwon should face trial in South Korea: WSJ
The prosecutor leading Korea’s investigation into the Terra-Luna project said its founder Do Kwon should be extradited to Seoul to face trial.
Binance resumes Bitcoin withdrawals after halting transactions twice in 12 hours
Binance resumed withdrawals of Bitcoin around Monday noon in Hong Kong after temporarily halting the service twice within 12 hours due to what the world’s largest cryptocurrency exchange said was a “large volume of pending transactions.”
Bitcoin, Ether fall; XRP leads losers as top 10 tokens lose steam; US equity futures flat
Bitcoin fell in Monday morning trading in Asia after failing to breach the US$30,000 ceiling over the weekend. Ether dropped below the US$1,900 mark.
Weekly Market Wrap: Bitcoin rises above US$29,000, Ether recaptures US$1,900
Bitcoin inched above US$29,000 on Friday, as concerns over the health of the banking system have been reignited. Industry experts tell Forkast that banking troubles could fuel Bitcoin values, which face significant resistance above US$29,500.
Bitcoin rises, Solana leads losses across top 10 cryptos, U.S. dollar slides amid banking sector concerns
Bitcoin rose while Ether fell in Thursday afternoon trade in Asia, with declines across most of the other top 10 non-stablecoin cryptocurrencies by market capitalization. Solana’s SOL token was the biggest loser of the day.
Kenya eyes 3% tax on digital asset transfers
Kenya plans to impose a 3% tax on the transfer of digital assets for the coming budget year
China’s Henan state-owned investment group sets up US$22 mln metaverse fund
Henan Cultural Tourism Investment Group, a state-owned investment enterprise in Central China’s Henan province, has set up a 150 million yuan private equity investment fund to finance metaverse ventures.
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.
Bitcoin, Ether dip following Europe’s rate hikes; US equity futures edge up despite banking woes
Bitcoin dipped below US$29,000 in Friday morning trading in Asia as rate hikes in Europe sent uncertainty to investors. Ether fell below US$1,900.
Israel confiscates suspicious Binance accounts allegedly linked to Islamic State: Reuters
Binance says it works closely with law enforcement to freeze funds and the news agency’s report left out “critical facts.”
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.
Bitcoin, Ether rise; ADA is day’s biggest gainer; investors await European Central Bank’s interest rate decision
Bitcoin and Ether rose in Thursday afternoon trade in Asia, along with all other top 10 non-stablecoin cryptocurrencies by market capitalization. Cardano’s ADA token saw the day’s biggest gains.
Bitcoin back above $29,000, Ether gains; Matic leads winners on Polygon tools update
Bitcoin and Ether rose in early Thursday morning trading in Asia, with most other top 10 non-stablecoin cryptocurrencies mixed.
Fed hikes rates by a quarter point, Bitcoin drops 0.48%
Bitcoin, the largest cryptocurrency by market capitalization, dropped 0.48% on Thursday, Hong Kong time, after the Federal Reserve’s Federal Open Market Committee said it would raise interest rates by 25 basis points, as widely expected. The latest rate bump brings the target range to 5%-5.25%, the highest since September 2007. See related story: Bitcoin, Ether, […]
Bitcoin, Ether gain most among top 10 cryptos; U.S. stock futures mixed ahead of Fed’s rate decision
Bitcoin gained 2.18% in 24 hours while Ether rose 1.67%.
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.
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.
Bitcoin, Ether, Litecoin rise, BNB stumbles; US equity futures flat ahead of Fed interest rate decision
Bitcoin and Ether gained ground in Wednesday morning trading in Asia, with most other top 10 tokens mixed. Litecoin gained, BNB was the biggest loser.
Bitcoin inscriptions: Are Ordinals a boon or a drag on the network?
Now that the Bitcoin Ordinals genie is out of the bottle, a debate is raging about whether they’re good for the original blockchain and their long-term consequences.
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.
Bitcoin, Ether drop; BNB, Polkadot biggest losers in top 10 cryptos; U.S. stock futures weaken
Bitcoin dropped 2.09% in Tuesday afternoon trade in Asia while Ether lost 0.81%. BNB fell 2.93% and Polkadot declined 2.66%.
Sotheby’s launches NFT marketplace for transactions on Ethereum, Polygon networks
Sotheby’s, which accounts for 24% of global art auction sales, has launched an online secondary marketplace for its curated NFTs as the 279-year-old auction house for fine art expands its push into digital assets.
Bitcoin, Ether lose ground; Polkadot leads losers among top 10; U.S. equity futures slip
Bitcoin dipped to US$28,000 in Tuesday morning trading in Asia and then fell through that support line later in the morning. Ether and other top 10 cryptocurrencies also fell.
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.
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.
Bitcoin, Ether fall amid renewed banking sector concerns; BNB is sole gainer in top 10 cryptos
Bitcoin dropped below US$29,000, while Ether fell below US$1,900 on Monday afternoon in Asia. Binance’s BNB was the only token in the top 10 cryptocurrencies to rise.
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.
Bitcoin up on bank jitters, price forecasts; Ether dips, U.S. equity futures flat
Bitcoin edged up on Monday morning in Asia to hold above US$29,000. Ether fell below US$1,900. Most other top 10 non-stablecoin tokens traded lower except BNB.
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
Weekly Market Wrap: Bitcoin flirts with US$30,000, Ether regains US$1,900
Bitcoin rebounded from US$27,000 multiple times this week. Uncertainty over U.S. regulation and geopolitical tensions may continue weighing on the crypto market, industry experts told Forkast.
Bitcoin, Ether rise amid renewed recession fears after weaker-than-expected U.S. GDP
Bitcoin and Ether rose during Asian trading hours on Friday, while the top 10 non-stablecoin cryptocurrencies by market capitalization closed mixed. The SOL token saw the biggest gain. Asian equity markets strengthened after the Chinese central bank boosted short-term cash injections for the 11th day.
HKMA urges local banks to provide services to regulated digital asset firms
Arthur Yuen, Deputy Chief Executive of the Hong Kong Monetary Authority, urged local lenders to provide banking services to regulated crypto firms.
Binance says it built 700-member compliance team to handle crypto crime, legal enquiries
Binance said it has more than 700 employees in its compliance team, which includes 170 staff working to combat crypto fraud.
Bitcoin gains after week of bank turbulence, Ether dips, U.S. equity futures lose steam
Bitcoin rose on Friday morning in Asia amid worries about U.S. banks and a possible recession. Ether edged lower. along with most other top 10 tokens.
What the US stands to lose if it keeps heaping scorn on crypto
The current US approach to regulating crypto flies against its history of supporting tech innovation and undermines its own national interest, writes Hamilton Keats of Krayon Digital.
Polygon developers get access to Google Cloud’s node service
Google Cloud has announced that its node hosting service, the Blockchain Node Engine, will be available for developers on the Polygon blockchain.
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.
Bitcoin, Ether inch up; equities strengthen after phone call between China’s Xi Jinping, Ukraine’s Zelensky
Bitcoin and Ether rose during Asian trading hours on Thursday, while most top 10 non-stablecoin cryptocurrencies by market capitalization declined. Cardano’s ADA token saw the biggest gain.
Hong Kong’s SFC to release crypto exchange licensing guidelines in May: Bloomberg
Hong Kong’s Web3 industry can look forward to more regulatory clarity, with the city set to release its cryptocurrency exchange licensing framework in May
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.
Bitcoin, Ether rebound after early morning fall; U.S. equity futures gain on Meta outlook
Bitcoin rose above US$29,000 on Thursday morning in Asia, rebounding from an earlier drop. Ether gained. Other top 10 non-stablecoin tokens traded mixed.
Mythical Games CEO says U.S. regulatory uncertainty accounted for firm’s conservative stance on crypto
The lack of clarity in crypto rules in the U.S. not only affects exchanges but also this U.S.-based blockchain gaming company, John Linden said.
US response to crypto is like ‘deer caught in headlights,’ says ex-CFTC chair
Christopher Giancarlo, the former chair of the CFTC, said the U.S. is resisting cryptocurrency innovation due to its threat to vested interests in the financial system.
Bitcoin, Ether, top 10 cryptos rise; Asian equity markets mixed
Bitcoin and Ether rose on Wednesday trade in Asia, along with all top 10 non-stablecoin cryptocurrencies, with Solana and Cardano leading the way.
Binance.US cites ‘hostile’ regulator, yanks US$1.3 billion deal to buy Voyager Digital
Binance.US, a cryptocurrency exchange set up by Binance chief Changpeng Zhao to serve U.S. clients, has pulled out of a US$1.3 billion deal to buy bankrupt crypto lender Voyager Digital, the company said Tuesday, citing a lack of clear regulations in the country for the crypto industry.
Bitcoin bounces back to US$28,000, Ether gains; U.S. equity futures up on tech earnings
Bitcoin rose in Wednesday morning trading in Asia to reclaim the US$28,000 mark, with Ether and all other top 10 non-stablecoin cryptocurrencies moving higher.
Declaring proof of reserves is important, but it’s not enough
‘Proof of reserve’ is the new catchphrase and promise by crypto leaders eager to allay investor fears. But loopholes remain and audits might not mean what you think, writes Anndy Lian.
Bitcoin, all top 10 cryptos fall; Asian equity markets drop on rising Covid fears
Bitcoin fell in Tuesday afternoon trade in Asia, along with all other top 10 non-stablecoin cryptocurrencies. Polygon was the biggest loser followed by Solana.
South Korea indicts Terra co-founder Daniel Shin; Shin rejects accusations
South Korean prosecutors on Tuesday indicted Terraform Labs co-founder Daniel Shin for alleged fraudulent transactions related to the collapse of the Terra-Luna crypto project.
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.
Coinbase ups the ante with SEC, asking court to require crypto clarity from regulator
Coinbase sued the U.S. SEC on Monday, asking that a court require the regulator to publicly respond to the Coinbase July 2022 petition asking for clearer crypto regulation guidelines.
Bitcoin loses ground, Ether dips even as inflows rise; Litecoin edges up, with halving cited
Bitcoin fell below US$27,500 support on Tuesday morning in Asia. Ether and most other top 10 tokens traded lower amid a broader correction.