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Robinhood’s Chinese rivals to launch crypto services abroad

China-based trading apps Futu and Tiger Brokers have announced plans to move into crypto to compete outside China with apps such as Robinhood and eToro.

Bitcoin suffers second-biggest monthly price drop in May

Bitcoin dropped by 37.5% in May after hitting a low of US$34,195 yesterday, the second-largest drop on record after it fell 40% in September 2011.

Gold vs. Bitcoin: Which one is better as a safe-haven asset?

Gold prices are rising again and at a three-month high. How does gold — a store of value for over 2,500 years —  compare to Bitcoin as a refuge from market turmoil?

Taxing crypto down under; Privacy coins spike in value | The Daily Forkast

Tax season is here and the ATO wants to make sure Aussies pay their taxes for crypto earnings. Also, Privacy coins have surged over the past weeks.

Privacy coin Monero surges as US and Australia target crypto gains

Privacy-centric coins like Monero, ZCash and Dash are seeing big price rises as the IRS and ATO issue warnings on taxable crypto transactions.

South Korean finance watchdog set to take over crypto regulation

South Korea is in the process of tasking a branch of the Financial Services Commission with regulating cryptocurrency exchanges.

Chinese crypto traders dodge clampdown in move to OTC, P2P platforms

Since Beijing’s announcement of tighter restrictions on cryptocurrency trading earlier this month, investors have found a workaround in over-the-counter and peer-to-peer transactions.

Bitcoin mining difficulty drops 16% amid Chinese regulatory headwinds

The latest Bitcoin mining difficulty adjustment, made at 1 a.m. UTC on May 30, saw the difficulty of Bitcoin mining drop 15.97%.

Indian lenders cling to overturned central bank crypto ban as customers fume

Banks in India, including some of the country’s largest lenders, are notifying their customers not to engage in cryptocurrencies, adhering to a central bank rule from 2018 that bans them from dealing in cryptos — despite the fact the ban was overturned by the Supreme Court more than a year ago.

Turkey’s crypto clampdown underwhelms as investors claim ‘business as usual’

Turkish regulators have tightened their grip on cryptocurrencies, but small traders and investors appear to have barely noticed.

Crypto crimes surge in Asia; Bitcoin cause for divorce in S. Korea | The Daily Forkast

Crypto crime is surging in Asia while Bitcoin is being blamed for splitting up married couples in South Korea.

How FTX CEO Sam Bankman-Fried navigates crypto trading’s new normal

From mass liquidations to meme trading, the characteristics unique to the crypto market can now be seen in traditional markets, says FTX CEO Sam Bankman-Fried.

Are 73 SEC actions against crypto enough warning to Ripple about XRP?

SEC says Ripple had plenty of ‘notice’ that XRP transactions could be violating the law via its many enforcement actions against other crypto companies.

Cardano launches first Alonzo smart-contract testnet

Input Output Hong Kong, one of the companies behind the Cardano blockchain, today announced the launch of the first testnet for Cardano’s Alonzo upgrade.

Crypto sector faces tougher enforcement over sanctions-busting, report says

Sanctions enforcement affecting the cryptocurrency industry has intensified rapidly in the past two years, according to a new report by crypto compliance consultancy Elliptic.

Hong Kong crypto exchanges seek to wash hands of dirty power problem

Hong Kong-based cryptocurrency exchange Crypto.com has announced that it is committed to becoming carbon-negative within 18 months, following carbon-neutral initiatives launched by other Hong Kong-based cryptocurrency exchanges FTX and BitMEX.

Chinese province’s hydropower gives hope to crypto miners following crackdown elsewhere

Energy regulators in the southwestern Chinese province of Sichuan, which has abundant hydropower resources, will hold a seminar on June 2 to assess the province’s cryptocurrency mining industry, fanning hopes among miners that the beleaguered sector may be given a reprieve from its recent hardships in China.

U.S. securities watchdog looks to regulate crypto trading like stock exchanges

Gary Gensler, chairman of the U.S. Securities and Exchange Commission, has said he wants to see regulation to protect consumers built into the operations of cryptocurrency exchanges.

Almost four in ten consumers have bought cryptocurrencies, study finds

Consumer adoption of cryptocurrencies has grown, with 38% of respondents to a survey saying they have either invested in or bought a cryptocurrency, according to digital wallet provider Skrill, part of payments provider Paysafe.

Ethereum 2 to set green future; Koreans demand regulator steps down | The Daily Forkast

Vitalik Buterin sets a green future for the Ethereum network while Bitdeer becomes the latest to block Chinese miners.

Vitalik Buterin speaks: What lies in the future of Ethereum?

Breaking into occasional Mandarin at a Hong Kong conference, Ethereum’s visionary creator tells all — including why Ethereum 2.0 is taking so long.

PayPal to let users move their crypto into third-party wallets

Global payments giant PayPal plans to let its users move the cryptocurrency they hold on its platform into third-party wallets.

Digital currencies gain ground as governments launch CBDC initiatives

Cashless payment methods are on the rise as governments step up central bank digital currencies (CBDCs) initiatives.

Can Elon Musk shrink Bitcoin mining’s carbon footprint? PancakeBunny’s $200 million hack. Ray Dalio admits to owning crypto.

Other top blockchain and crypto news: Australia signals progressive approach to crypto as Hong Kong moves closer to banning retail crypto trading.

Crypto market rebound as investors go green; Indonesia plans CBDC | The Daily Forkast

Investors are turning to green alternatives to tackle Bitcoin’s impact on the environment as Indonesia gears up for a CBDC.

Polygon and Aleph.im partner to protect NFTs from disappearing

Fast-growing Ethereum scaling platform Polygon and decentralized storage network Aleph.im join forces to ‘supercharge’ Polygon’s NFT ecosystem.

Crypto exchange Poloniex faces sanctions over alleged securities breaches

Ontario Securities Commission is taking enforcement action on crypto exchange Poloniex for its alleged violation of Ontario securities law.

BIT Mining to invest US$9M in crypto mining in Kazakhstan

Chinese crypto mining firm BIT Mining is investing US$9.33 million to construct and operate a mining data center in Kazakhstan.

Inner Mongolia takes steppes to tighten crypto mining ban

The Chinese region of Inner Mongolia – once a thriving cryptocurrency mining hub that has recently enacted a series of measures to rein in the sector – has unveiled eight new proposals designed to give added force to its recently imposed, all-out ban on crypto mining.

Indonesia to launch digital rupiah as online payments soar

Indonesia is planning to launch a digital version of its national currency, central bank Governor Perry Warjiyo said on Tuesday.

Tether’s market cap tops US$60B despite crypto outflows

Despite recent outflows from crypto, U.S. dollar-linked stablecoin Tether (USDT) has surpassed US$60 billion for the first time this week.

DeFi has boosted challenger banks. Now it’s their customers’ turn

New and innovative lenders are taking advantage of DeFi’s low costs to offer savings account interest rates that Main Street banks simply can’t match.

China crypto crackdown fallout; Politician turns influencer in Korea | The Daily Forkast

China’s miners prepare for migration and Hong Kong reacts to possible retail ban. Meanwhile a South Korean governor becomes a crypto influencer.

Cardano sees US$10M inflows as big investors switch to proof-of-stake coins

Amid declines in Bitcoin and Ethereum, Cardano and its native cryptocurrency ADA saw US$10 million inflows as institutional investors switch to proof-of-stake coins.

Bitcoin rallies as Elon Musk meets with miners in green energy push

Bitcoin has rallied to nearly US$40,000, boosted by tweets from Tesla founder Elon Musk and MicroStrategy CEO Michael Saylor announcing that they have met with North American miners of the cryptocurrency to promote a renewable energy initiative.

What will happen if Hong Kong bans retail investors from trading crypto?

Hong Kong is poised to ban small investors from buying cryptocurrencies, while making exchanges get licences. Industry experts discuss how this might play out. 
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What is the outlook for Bitcoin and Ethereum for the rest of 2021?

The current dip aside, what are Bitcoin and Ethereum’s longer-term price forecasts? Finder’s brain trust of 35 crypto experts peers into a crystal ball.

Hong Kong split on retail crypto ban; Korean conglomerate on custody | The Daily Forkast

Hong Kong reacts to the region’s pending legislation on limiting crypto investment to professional investors while a conglomerate enters South Korea’s crypto custody scene.

Bitcoin dominance rises to 45% as altcoins crash over China crypto crackdown

As the crypto sell-off continued over the weekend, Bitcoin once again proved its resilience relative to other cryptocurrencies in not bleeding as much.

Half of hedge funds are now investing in crypto, says PwC report

PwC and Elwood Asset Management have published their third annual report on the global crypto hedge fund landscape. Here are its findings.

Bitcoin price plunges and altcoins sell-off as crypto market decline intensifies

Bitcoin and altcoin prices take heavy hits and sell-off deepens as more bad news, including a blatant DeFi exit scam, continue battering crypto markets.

Bybit crypto derivatives exchange launches cloud mining for Ether

Crypto exchange Bybit is launching cloud mining to provide exposure to Ether. What happens when Ethereum moves from proof of work to proof of stake?

China announces plan to crack down on Bitcoin mining

The price of Bitcoin fell by over 10% following an announcement by China’s State Council today that it is planning to crack down on Bitcoin mining and trading and “resolutely prevent the transmission of individual risks to society.” Fast Facts: The 51st meeting of the State Council Financial Stability and Development Committee called for the […]

Hong Kong to close crypto exchanges to all but ‘professional investors’

Cryptocurrency exchanges in Hong Kong will have to obtain licenses from the territory’s markets regulator and limit their service offerings to “professional investors”, according to the results of a consultation published today.

How NFTs could trigger lawsuits and anti-money laundering regulation

Non-fungible tokens may be a boon for art and sports collectibles, but the technology is also spawning a host of thorny regulatory and legal issues.
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Crypto market rebound; Sotheby’s next NFT auction eyes millennials | The Daily Forkast

The crypto market has rebounded after one of its biggest crashes. Bitcoin is a ‘safe haven’ for many investors.

Solana gets Coinbase listing after SOL prices surge amid crypto market crash

Coinbase Pro adds Solana’s native token, opening the doors for US investors after SOL outperforms Bitcoin and most other cryptos amid market crash.

Singapore’s DBS Bank says no investment discussion can omit Bitcoin

Diversification to allocate funds to Bitcoin is an “opportunity that (fiat) money cannot buy”, says DBS Bank’s chief investment officer.

S. Korean crypto exchange Bithumb distances itself from scandal-hit ex-chairman

Bithumb, one of South Korea’s biggest cryptocurrency exchanges, is attempting to disassociate itself from its former chairman amid fears that its links to him may pose a threat to its license to operate.

US Treasury calls on firms to report to IRS on crypto transactions over US$10K

The U.S. Department of the Treasury is calling for business to report cryptocurrency transactions worth more than US$10,000 to the Internal Revenue Service.

Bank on change: DeFi’s challenge to traditional finance and fintech

As mainstream finance embraces decentralized finance, neither it nor its younger challengers are likely to escape the evolutionary forces at work.

Thailand’s The Brooker Group still bullish on crypto, planning US$3M investment in DeFi

The Booker Group announced that it now holds approximately US$35 million in crypto and plans to invest US$3 million into DeFi in Q2.

U.S. SEC chair Gary Gensler says regulator will enforce crypto rules ‘aggressively and consistently’

U.S. SEC chair Gary Gensler says as technology and markets evolve, regulators should be ready to bring cases involving crypto.

What’s really behind the Bitcoin market crash? Tether USDT lifts veil on reserves. Facebook-backed Diem going to California.

Other top blockchain and cryptocurrency news: BlockFi’s accidental BTC millionaires. China’s Inner Mongolia asks citizens to report illegal crypto mining.

Crypto chaos continues; mass BTC liquidations in exchanges across Asia | The Daily Forkast

Mass liquidations are observed across exchanges as the crypto market continues to struggle. Meanwhile, institutions explore DeFi.

South Korea switches course on crypto amid backlash over regulator’s remarks

Newly elected South Korean Prime Minister Kim Boo-kyum appears to be leading an embrace of the cryptocurrency sector among lawmakers.

Judge denies Ripple’s bid to bar SEC from seeking foreign info on XRP

In a win for the SEC, a judge knocks back Ripple’s request to stop the SEC from asking foreign regulators for info on Ripple and XRP transactions overseas.

Illegal crypto mining in Inner Mongolia’s crosshairs as reporting hotline set up

The Chinese region of Inner Mongolia is urging members of the public to report all cases of cryptocurrency mining, setting up a reporting hotline, an office address and an email address to solicit tips for law enforcement authorities.

China’s BIT Mining inks deal for U.S. data center joint venture

Chinese cryptocurrency miner BIT Mining has signed a deal to build a data center in Texas.

Rejecting traditional finance, some firms now turn to DeFi for growth capital

DeFi project Maple Finance is launching a $17 million lending pool to provide crypto startups with capital. Is this the start of a DeFi credit underwriting trend?

Bitcoin appears to stabilize after dramatic correction

The world’s biggest cryptocurrency may have found a new trading range after being battered yesterday following an apparent Chinese clampdown on cryptos, partly reversing losses of around 30% seen when investors dumped their coins on Wednesday.

Digital dollar’s values to fortify USD hegemony, says ex-CFTC chair

Former CFTC chairman Chris Giancarlo and Accenture’s David Treat are not in a CBDC race, but a ‘contest’ to develop money that reflects societal values.

Bitcoin drops below US$40,000; China sends another crypto warning | The Daily Forkast

China’s newest warning against crypto sends market into nosedive and Bitcoin dips below US$40,000 for the first time since February.

Bitcoin’s rollercoaster ride leaves market players unfazed as upside beckons

Professional crypto traders appear to be taking the recent plunge in the price of Bitcoin in their stride as they look ahead to an upswing in the cryptocurrency’s fortunes.

Bitcoin long positions worth $1.5 billion liquidated amid crypto crash

Around US$1.5 billion of Bitcoin long positions were liquidated today across some of the world’s top crypto exchanges, including Binance and FTX, according to Bybt data.

XRP whale moves coins worth US$93M to unknown wallet, price dips

XRP’s price has slumped almost 7% in the past 24 hours after a so-called whale transferred US$93 million of the cryptocurrency to an unknown wallet on May 18, according to blockchain analytics platform WhaleAlert.

China-based SOS announces activation of 6,039 mining rigs for ETH, BTC

Qingdao-headquartered tech company SOS Ltd. has announced the launch of more than 6,000 ETH and BCT mining rigs, claiming 90% renewable energy sources.

China’s new crypto ban shouldn’t stoke fear, says Conflux network co-founder

Fan Long, a co-founder of Chinese public blockchain network Conflux, says China’s latest broadside against the use of cryptocurrencies in the financial sector should not be interpreted as a sign that Beijing is intent on shutting down digital currencies.

Banks take on enterprise blockchain; WeMade entrust crypto to KODA | The Daily Forkast

Banks in Singapore are leading blockchain and DLT developments while South Korean game developer WeMade entrusts its US$130 million crypto holdings to KODA.

Deutsche, STACS wrap up Singapore DLT test project for tokenized securities

Deutsche Bank Securities Services in Singapore and Singapore fintech firm Hashstacs, or STACS, today announced the completion of a tokenized securities proof-of-commercialization test named Project Benja.

What is Polkadot and why is it one of the hottest blockchains right now?

The final phase of Polkadot’s rollout — with parachains — just kicked off. Here’s what you need to know about Polkadot and parachains, and why it matters.

UAE study shows growing appetite for cryptocurrencies

The appetite in the United Arab Emirates for cryptocurrency investment is growing, with younger Emiratis more bullish about digital assets than their Western counterparts, according to a study by financial services firm Holborn Assets.