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Meta plans to wind down NFT initiatives on Facebook, Instagram to focus on other services

Meta Platforms, the parent company of Facebook and Instagram, will wind down its non-fungible token operations on both social media services.

FBI investigating the collapse of Do Kwon’s Terra-Luna, WSJ reports

Former employees of Do Kwon’s Terraform Labs are being questioned by the FBI and U.S. prosecutors in New York.

Bitcoin jumps above US$24,000, leading crypto gains as U.S. acts to backstop banks

Bitcoin continued to gain in morning trading in Asia, as regulators acted to backstop the U.S. banking industry. Most of the top 10 cryptocurrencies gained.

Banks are bringing systemic risks to crypto, says Circle’s Disparte

The recent U.S. bank failures are proof that the banking system is introducing systemic risks to the crypto industry, not vice versa, says Circle chief strategy officer Dante Disparte.

Bitcoin, Ether gain after U.S. regulators take charge to shield deposits across crypto-related banks

Bitcoin and Ether gained in Monday afternoon trade in Asia, along with all other top 10 non-stablecoin cryptocurrencies by market capitalization, after U.S. regulators took charge of Silicon Valley Bank and Signature Bank, both with exposure to crypto industry, protecting deposits and confirming that no losses will be borne by the taxpayer. 
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Beware the perils of one-size-fits-all approach to crypto investing

The collapse of Voyager and Celsius highlights the risks of crypto investing apps and underscores the need for tailored user education, writes Jackson Zeng of Caleb & Brown.

Circle says US$3.3 bln USDC reserve at SVB available Monday, announces partnership with Cross River

Circle said the USDC reserve deposits held at the failed Silicon Valley Bank will be recovered when banks open on Monday.

Circle’s USDC stablecoin regains parity as regulators act to stop bank run risk

Circle said its $3.3 billion of USDC cash reserves at the collapsed Silicon Valley Bank will be available Monday after regulators stepped in to backstop deposits.

Bitcoin jumps more than 9% as U.S. acts to protect deposits at crypto-linked banks

Bitcoin and Ether led a rebound in cryptocurrencies in Asia morning trading as U.S. regulators backstopped banks with ties to the crypto industry.

U.S. regulators shutter Signature Bank, lender to Paxos, Coinbase, citing systemic risk

U.S. regulators closed New York-based Signature Bank, one of the biggest lenders in the crypto industry, due to risks of a systemic failure.

Weekly Market Wrap: Bitcoin falls below US$20,000 as Silvergate collapse, rate hike concerns rise

Bitcoin fell below US$20,000 for the first time since Jan. 13 on the back of crypto bank Silvergate’s collapse and the U.S. Fed signaling higher than expected interest rate hikes.

Worst week of 2023

Crypto markets slammed by Fed, Silvergate, lawsuits.

Solana NFT sales surge as traders farm for Tensor rewards

The Forkast SOL NFT Composite dropped 6.13% over the past week while sales increased. Industry expert suspects casino-like behavior of traders moving funds to new projects.

Bet on the Black? Take a punt on the Red? Or maybe put it all down on an NFT?

Savvy traders are quick to extract liquidity to reinvest into the “slot machines” of the NFT casino, according to CryptoSlam’s NFT strategist.

Bitcoin, Ether, Forkast 500 NFT index close lower on the day

Bitcoin and Ether tumbled during Asia trading hours on Friday afternoon, with Dogecoin leading losses among the top 10 largest non-stablecoin cryptocurrencies by market capitalization, pressured by crypto bank Silvergate’s liquidation

New York attorney general sues KuCoin for ‘falsely representing itself as an exchange’

The NY State Attorney General is suing crypto exchange Kucoin for not registering as a securities and commodities broker-dealer and calling itself an exchange.

Biden administration proposes 30% crypto mining tax, closing wash-trading loopholes

The U.S. has proposed an excise tax on cryptocurrency miners equal to 30 percent of the cost of the electricity they use.

Forkast 500 NFT Index slides, Polygon blockchain NFT sales jump nearly 250%

The Forkast 500 NFT Index fell to a near two-month low in Asia trading on Friday morning, with sales slumping on the Ethereum and Solana blockchains, the two biggest for non-fungible tokens. Polygon, the third biggest, saw a sales surge.

Bitcoin, Ether slump in broad sell-off amid Fed red flags on rates, Silvergate Bank failure

Bitcoin and other leading cryptocurrencies slid Friday morning in Asia, tracking equities amid red flags on interest rates and concern about fallout from the Silvergate collapse.

Why global coordination on crypto regulation is paramount

In the race to tame crypto’s excesses, we need to avoid regulatory clashes while DeFi draws lessons from TradFi, writes Rachel Lin of SynFutures.

CFTC chair calls Ethereum a commodity, in contrast to SEC chair Gensler’s position

CFTC chair Rostin Behnam has called Ethereum a commodity and not a security, in apparent contrast to past statements from SEC Chairman Gary Gensler.

China’s parliament member to propose NFT regulation at ‘Two Sessions’

NFTs have entered China’s Two Sessions, with a delegate to propose an NFT regulatory framework.

Crypto mining rig maker Canaan shares slump after Q4 revenue sank 82%

Canaan’s shares on Nasdaq closed 3.83% lower at US$2.51 on Wednesday after the cryptocurrency mining rig maker reported an 82% year-on-year drop in revenue on Tuesday for the fourth quarter of last year, citing “lackluster market demand” for mining machines as the price of Bitcoin fell.

Crypto bank Silvergate to close, return all deposits; becomes latest victim of 2022 crypto turmoil

Silvergate Capital said Wednesday it will cease operations and liquidate its bank unit.

Bitcoin crashes through US$22,000 floor as failure of Silvergate crypto bank hits market

The shuttering of Silvergate Bank was not unexpected, but it still drove Bitcoin and most of the top 10 non-stablecoin cryptocurrencies lower on Thursday morning in Asia.

How Singapore’s crypto ambitions are taking shape and what other nations can learn

Unique in the world, Singapore is a big investor and player in digital assets while advancing regulations that favor institutions over individual crypto users, writes Danny Chong of Tranchess.

Voyager gains court approval to sell assets to Binance U.S. in US$1.3 bln deal

Bankrupt crypto lender Voyager Digital received court approval from bankruptcy Judge Michael Wiles on Tuesday to sell its assets and transfer its customers to Binance’s U.S. arm, in a US$1.3 billion deal.

Women in crypto

Why progress isn’t the end of inequality.

Thailand to offer tax breaks to firms issuing investment tokens

The Thai Finance Ministry will waive corporate income tax and value-added tax for firms that conduct initial coin offerings (ICOs), according to a spokesperson.

Silvergate teeters as regulators circle and crypto firms cut ties

Top blockchain and crypto news: Silvergate woes spark bankruptcy talk. LDO dips on false enforcement rumors. Chinese leaders push digital development.

Fed’s Powell says stablecoins could have role in financial sector if properly regulated

Stablecoins could have a place in the U.S. financial services sector if appropriate regulation is put in place, Federal Reserve Chairman Jerome Powell said on Tuesday at a hearing before Congress.

Bitcoin dips, Ether little changed, with top 10 crypto mixed following U.S. equity slump

Bitcoin and other major cryptocurrencies traded mixed on Wednesday morning in Asia, largely shrugging off the slump in U.S. equities overnight.

Ethereum validators win ‘short term’ as Blur, OpenSea rivalry drives up gas fees

Ethereum validators are benefiting from the increasingly heated competition between the two largest NFT marketplaces that is driving up gas fees, but the windfall may not last much longer.

South Korea reports US$4.3 billion in illegal foreign transactions involving cryptocurrencies

The Korea Customs Service has identified US$4.3 billion worth of illegal foreign currency transactions last year involving cryptocurrencies.

Bitcoin, Ether little-changed in downtrend day; Forkast NFT 500 index dips

Bitcoin and Ether traded mostly flat in a downtrend move for most of the top 10 cryptocurrencies in Tuesday morning in Asia. The new Forkast NFT 500 index slipped.
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The digital economy needs a better BS detector — so we are building it through data transparency

Blockchain data is public for all to see. The irony is that few know what to look for, and why. A new set of indexes by Forkast Labs filters out the noise and offers data intelligence and clarity.

Singapore police begin probe linked to Do Kwon’s Terraform Labs: Bloomberg

Singapore’s police have begun investigations linked to Terraform Labs that was co-founded by fugitive Do Kwon, according to a Bloomberg report.

Binance documents show ties to U.S. unit unknown to regulators, WSJ reports

Binance, the world’s largest cryptocurrency exchange, reportedly didn’t disclose the extent of its ties and control over Binance.US, WSJ reported.

Bitcoin treads water below US$22,500, Ether dips with other top 10 cryptocurrencies

Bitcoin and other top 10 cryptocurrencies fell on Monday morning amid concern about the troubled crypto bank Silvergate.

Where is China’s digital economy heading? The ‘Two Sessions’ may give some pointers

Look for blockchain, self-reliance in technology discussions in China’s biggest political meetings of the year as China’s President Xi Jinping’s aims to build a digital economy.
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Why DAO governance is riddled with problems and voting is a farce

DAOs are supposed to be democratic, egalitarian and inclusive, but those ideals are far from the current reality, writes Awa Sun Yin of Namada.

Bitcoin falls below US$23,000, Ether slides in crypto price slump across the board

Bitcoin and Ether prices slumped in Friday morning trading in Asia, along with all other top 10 non-stablecoin cryptocurrencies.

CBDC: Boon Or Bane?

Critics fear CBDCs could mean the end of cryptocurrencies, and an increasing number of countries are racing to develop their own.

Japanese banks to launch, test stablecoins on ‘Japan Open Chain’

Three major banks in Japan will issue stablecoins on an Ethereum-compatible blockchain created by the blockchain-related tools developer G.U. Technologies.

What policymakers need to know about the metaverse to make the real world a better place

The metaverse has the potential to make the real world more just and inclusive, writes Sébastien Borget of The Sandbox. Here are the key ingredients for its future success.

Bitcoin, Ether rise; Polygon leads rebound in top 10 non-stablecoin cryptocurrencies

Bitcoin and Ether rose in Thursday morning trading in Asia, along with all top 10 non-stablecoin cryptocurrencies. Polygon led the gains.

Singapore’s DDEx eyes security token offerings, mulls adding more cryptocurrencies

DBS bank’s digital exchange, which serves institutional clients, said macroeconomic conditions last year were not suitable for security token offerings (STO), but it will explore opportunities for such listings in 2023 and plans to add more crypto tokens.

Bitcoin Punks exceed 1,145 ETH in daily trading volume as Bitcoin Ordinals gain traction

Less than two months since the launch of the Ordinals protocol, Bitcoin Ordinals are gaining traction. Yuga Labs announced its first Bitcoin-native NFT collection, on the same day Bitcoin Punks saw over 1,145 ETH in trading volume. Industry commentators told Forkast what this could be for the Bitcoin network.

Blur NFT wash trading soars, fueling market distortions

Top blockchain and crypto news: Blur wash trading explodes. Coinbase extends developer foray with Base test. Hong Kong crypto embrace gets Beijing’s nod.

Bitcoin, Ether rise along with most top 10 cryptos, amid ‘bull trap’ warning

Bitcoin and Ether gained in Wednesday afternoon trading in Asia, along with most other top 10 non-stablecoin cryptocurrencies by market capitalization. Asian equities mostly rose on Wednesday as investors digested economic recovery indications as Hong Kong ended its mask mandate.
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Bitcoin, Ether fall; Polkadot leads losers among top ten tokens

Bitcoin fell in Wednesday morning trading in Asia, although held above the US$23,000 lower resistance line. Polkadot led the losers, while Litecoin rose.

Liquid staking TVL surpasses lending, becomes the second-largest among DeFi services

The total value of crypto assets deposited in liquid staking protocols rose to US$14 billion, surpassing lending services before Ethereum’s Shanghai update. 

Bitcoin, Ether prices fall; Solana biggest loser in top 10 cryptos

Bitcoin and Ether fell in Tuesday afternoon trade in Asia, along with all other top 10 non-stablecoin cryptocurrencies by market capitalization, despite U.S. equities rising on Monday after last week’s selloff. Asian stock markets mostly rose on Tuesday as investors absorbed key economic indicators across the region.  
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Coinbase exchange to delist Binance USD, says stablecoin ‘no longer met our listing standards’

Coinbase, the world’s second largest cryptocurrency exchange, said Monday it is suspending trade in the Binance USD (BUSD) as of March 13.

Robinhood says it’s cooperating with SEC following subpoena over cryptocurrency services

Robinhood says it’s cooperating with an SEC investigation into the company’s trading and handling of cryptocurrencies.

Markets: Bitcoin, Ether little changed; Polygon’s Matic token leads losers in top ten crypto

Bitcoin and Ether traded little-changed on Tuesday morning in Asia, while most top 10 non-stablecoin cryptocurrencies fell, with Polygon leading the losers
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Why the Hermès verdict was a big win for major brands and phygital commerce

The Metabirkins case makes clear that NFT trademarks belong to the original creator, bolstering future profit-making opportunities for fashion houses as well as other companies, writes Justin Banon of Boson Protocol.

Crypto Crimes Surge

2022 saw a lot of cryptocurrencies traded illicitly through various crypto exchanges – but that figure only represents less than 1% of all crypto transactions performed. Could things be looking up?

Janet Yellen urges strong regulatory framework for crypto as India leads G20 push for regulation

U.S. Treasury Secretary Janet Yellen told Reuters after the G20 meeting in India on Saturday that while the U.S. has not indicated any outright bans, it is critical to put in place a strong regulatory framework for the cryptocurrency industry. 

Crypto is experiencing growing pains. What’s coming next?

Now a teenager, crypto is wrestling with its identity and purpose. But it’s learning from its mistakes and on its way to maturity, writes Zach Bronstein of Endaoment.

Asia’s Opportunity to Lead Crypto Regulations

Crypto industry’s interaction with regulators is important and quite common in Asia but missing in the US, says Brooks Entwistle of Ripple Labs.

South Korea’s Lotte Group partners with Polygon for global NFT drive

Lotte Group plans to expand its non-fungible token (NFT) business onto the global market through a partnership with the Polygon blockchain.

Bitcoin, Ether gain, shrug off fall in U.S. equity markets; Solana bounces back

The top 10 non-stablecoin cryptocurrencies rose on Monday morning in Asia, despite the declines in equities on Wall Street on Friday.
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At least US$577 million of Blur-linked NFT sales are wash trades, CryptoSlam says

NFT data aggregator Cryptoslam has flagged more than half a billion dollars worth of NFT wash trades related to Blur since the marketplace’s Valentines airdrops started

Weekly Market Wrap: Bitcoin lingers at US$24,000 level after Wall Street’s worst day in 2023 so far

Bitcoin remained resilient around the US$24,000 level on Tuesday despite Wall Street’s worst day of the year so far. Industry experts are eyeing a potential retest of the US$25,000 psychological level, as a failure to reclaim it may result in a downtrend to around US$21,500.

FTX founder Sam Bankman-Fried hit with four more criminal charges

The founder of bankrupt cryptocurrency firm FTX.com Sam Bankman-Fried (SBF) has received another four criminal charges in a superseding indictment on Thursday.

Markets: Bitcoin, Ether fall along with all top 10 cryptos as investors await consumption index

Bitcoin and Ether fell during Asian trading hours on Friday, along with all the top 10 non-stablecoin cryptocurrencies by market capitalization. Most Asian equities were down, despite Wall Street’s overnight performance.

IMF releases crypto action plan, advises against legal tender status

World governments should not grant cryptocurrency legal tender status, the International Monetary Fund’s (IMF) executive board said in its new nine-point action plan on how countries should approach crypto assets published Thursday. See related article: India working with IMF, FSB on crypto regulations, says economic affairs secretary Fast facts See related article: India’s finance minister […]

Why crypto offers great career opportunities for talented women

The blockchain sector’s gender divide is narrowing. Its newness and founding ideals also allow for more flexible workplaces, writes Anastasia Kor of Choise.com.

Markets: Bitcoin down, Ether up; US equities rise as unemployment benefit claims slide

Bitcoin was down and Ether was up on Friday morning in Asia, while most top 10 non-stablecoin cryptocurrencies by market capitalization fell.
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Creepz NFT sales surge 239% following Spotify partnership news

The sales volume of Creepz by Overlord surged by 239% in the 24 hours to 11:00 p.m. on Thursday in Hong Kong, after its creator announced a partnership with music streaming giant Spotify.

SEC accused of ‘back door’ labeling of crypto as securities in Coinbase insider trading case

A U.S.-based blockchain advocacy group has urged a federal court to dismiss SEC charges against an ex-Coinbase employee accused of insider trading.