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April 2023

Bitcoin hovers under US$29,500 level; Dogecoin gains

Welcome to The Daily Forkast – April 18, 2023 – presented by Megha Chaddah. Bitcoin and other major cryptocurrencies slipped in early morning Asia time. Meanwhile, Dogecoin shrugged off the overall down market, gaining almost 3% as sentiment around the memecoin got a lift after Twitter – led by Dogecoin fan Elon Musk – officially […]

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.

Bitcoin dips under US$30,000; Ether takes a breather; Binance, Solana lead gainers

Bitcoin dipped below US$30,000 in early Monday morning trading in Asia. Ether stalled after strong gains that followed last week’s blockchain upgrade.

Bitcoin rises to near US$31,000, Ether leads gains across top 10 cryptos

Bitcoin continued its rally to near the US$31,000 mark in Friday afternoon trading in Asia. All other top 10 non-stablecoin cryptos gained, led by Ethereum.

Kraken to withdraw US$1.17 bln of staked Ether in line with SEC ruling, settlement

As part of its February settlement with the Securities and Exchange Commission (SEC), the U.S.-based Kraken crypto exchange has submitted the largest Ether withdrawal request since Wednesday’s upgrade to the Ethereum blockchain. The SEC ordered Kraken to shut down what it called unregistered staking programs.

Can crypto wallets be both accessible and hacker-proof?

Securing keys is an issue that has bedeviled the crypto world, as the $600M Ronin and $300M Wormhole heists have painfully shown. Is there a better way?

Cardano NFTs slump as users trade top-tier projects in favor of newer ones

Cardano NFT ecosystem sees a significant decline as users sell off top-tier projects for newer ones, according to Forkast CAR NFT Composite.

Musk’s Twitter partners with eToro to offer crypto and stocks to users

Twitter users will soon have access to stocks and cryptocurrency through a new partnership with eToro, a trading platform. 

Binance chief says unclear crypto regulation ‘the worst’

Binance CEO Changpeng Zhao said regulators need to come up with clear crypto regulations and should understand that the crypto industry is different from the traditional financial industry.

Hong Kong’s ZA Bank starts offering crypto-fiat conversion services: Bloomberg

ZA Bank, the largest virtual bank in Hong Kong, has started offering cryptocurrency conversion services through licensed crypto exchanges.

Bankrupt FTX recovers US$7.3 billion in assets, considers resurrection of operations

The failed FTX cryptocurrency exchange has recovered around US$7.3 billion in assets and is considering the option of restarting its business.

Bitcoin fluctuates at US$30,000; Ether gains; Litecoin, XRP drop; U.S. equities fall on recession concern

Bitcoin dipped but held above US$30,000 in Thursday morning trading in Asia that saw mixed performances among the top 10 non-stablecoin cryptocurrencies.

Crypto firms hardpressed to find U.S. bank partners as industry blames ‘Operation Choke Point 2.0’

NYDFS superintendent Harris called the idea of Operation Choke Point 2.0 “ludicrous,” but industry participants largely disagree. Was the shutdown of the three largest crypto-friendly institutions a coordinated effort to unbank crypto?

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.

Binance.US to delist TRX, price drops 5.4%

Binance.US, a unit cryptocurrency exchange Binance set up to serve U.S. customers, will delist the native token of the Tron blockchain, TRX, on April 18.

France to develop local metaverses against global giants

The French government announced a public consultation on “virtual immersive universes,” or the metaverse.

South Korean prosecutors to freeze US$5.36 million of Do Kwon’s assets, some in Switzerland

Seoul Southern District Prosecutors’ Office is in the process of freezing 7.1 billion won worth of assets that belong to Terraform Labs CEO Do Kwon.

Bitcoin surpasses 1 mln Ordinals inscriptions

The Bitcoin Network has recorded over 1.05 million Ordinals inscriptions within the first three months since launch.

FTX’s lack of financial controls complicates bankruptcy asset recovery, says legal filing

Former executives of the bankrupt crypto exchange FTX failed to install appropriate financial controls in the company, complicating the asset recovery process, the restructuring team of the failed exchange said.

Local prosecutors say Terra-Luna’s Do Kwon has no identifiable assets in South Korea

The arrested crypto fugitive Kwon Do-hyung has “zero ” identifiable assets in his native South Korea, prosecutors said on Friday.

India prioritizes offline CBDC transfers, targets 1 mln users in three months: CoinDesk

India is reportedly aiming to have one million users of its CBDC within three months of launch, according to sources familiar with the matter cited by CoinDesk. 

Ethereum’s Shapella upgrade is imminent – and investors are excited

Ethereum is set for a few upgrades which will see quality of life improvements and aproof-of-stake protocol.

ASIC cancels Binance Australia’s derivatives license

The Australian securities regulator has canceled Binance Australia’s derivatives license.

Meta says new focus on generative AI could boost metaverse development: Nikkei

Meta is investing heavily in artificial intelligence and this will benefit its metaverse businesses, Meta’s Andrew Bosworth told Nikkei Asia.

Bitcoin, Ether dip; Dogecoin loses Twitter tailwind; U.S. equities drop on recession concerns

Bitcoin dipped below US$28,000 in Thursday morning trading in Asia as most other top 10 non-stablecoin cryptocurrencies lost steam. Dogecoin led the losers.

MicroStrategy buys 1,045 Bitcoin, holds 140,000 BTC in total

MicroStrategy acquired 1,045 Bitcoin for around US$29.3 million, at an average price of US$28,016 per coin, between March 24 and April 4, 2023

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.

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.

S.Korea to expand probe on token listing bribes if it sees ‘more evidence’

Taking bribes in exchange for listing cryptocurrencies has been common practice among South Korean exchanges, one expert told Forkast.

Bitcoin, Ether drop; US equities rise as inflation cools

Bitcoin dipped on Monday morning in Asia but held above US$28,000. Most top 10 non-stablecoin cryptos dropped following a week unsettled by regulatory woes.

March 2023

Weekly Market Wrap: Bitcoin pops above US$29,000, market shrugs off Binance legal woes

With a U.S. regulator coming after Binance with a lawsuit and the seeming mounting pile of warnings and fines against other exchanges in the country, Bitcoin briefly skidded below US$26,677 only to rebound and pop up above US$29,000 on Thursday. Since then it has moved along the US$28,000 line, so what does this lawsuit by the heavyweight Commodity Futures Trading Commission mean for the broader crypto market?

Crypto investors remain optimistic despite crackdown

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

Bitcoin, Ether fall; top 10 cryptos mixed; gold closes March 8% higher

Bitcoin and Ether fell during Asian trading hours on Friday, while the rest of the top 10 non-stablecoin cryptocurrencies by market capitalization were mixed, amid mounting allegations against Binance

Bitcoin keeps its head held high despite options expiration

Welcome to The Daily Forkast – March 31, 2023 – presented by Megha Chaddah. Bitcoin holds above US$28,000 even as over US4 billion dollars worth of bitcoin option are set to expire later in the day. BNB prices saw a dip mid-week as news regarding the Binance-CFTC lawsuit came to light, but saw a slight […]

South Korea court rejects second arrest warrant request for Terraform Labs’ Daniel Shin

A South Korean court dismissed for the second time a request by prosecutors for an arrest warrant for Terraform Labs co-founder Daniel Shin.

Bitcoin fluctuates to hold US$28,000, Binance BNB token rises despite regulatory threat

Bitcoin dipped in Friday morning trading in Asia but held above US$28,000. The top 10 non-stablecoin cryptocurrencies traded mixed. Binance’s BNB led the winners.

The future of digital transformation

From traditional finance to digital transformation – how can both learn from each other?

Montenegro hints U.S. may get to extradite Terra fugitive Do Kwon ahead of South Korea

The U.S. may have gained an edge in a race with South Korea to extradite Terra chief Kwon Do-hyung from Montenegro on charges of fraud.

Binance denies China ties, says it started relocating staff out of China in 2021

The Binance comments came in response to a Financial Times article that cited internal documents and said the company had close ties with China despite claims it had left the country in 2017 following a government crackdown.

Bitcoin climbs above US$28,000, XRP leads winners for the week, U.S. equities jump

Bitcoin edged above US$28,000 in Thursday morning in Asia amid a broad rally in most top 10 non-stablecoin cryptocurrencies.

Bitcoin passes US$28,000, Binance accused of hiding Chinese links

Welcome to The Daily Forkast – March 30, 2023 – presented by Joel Flynn for the latest in the crypto markets. Bitcoin once again passes the US$28,000 mark, with the wider crypto market also seeing gains over the last 24 hours. Binance has been accused of hiding extensive links to China for years after claiming […]

Binance concealed ‘extensive’ ties to China: Financial Times

Binance reportedly hid ties to China for years despite claiming to have left the country following Beijing’s regulatory clampdown in 2017.

Ripple exec says innovation is leaving the US.

As US authorities continue to police crypto regulations, we take a look at the direction the country’s crypto innovation is headed.

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.

Bitcoin holds ground, XRP continues run-up

Welcome to The Daily Forkast – March 29, 2023 – presented by Joel Flynn. Prices of Bitcoin and other cryptocurrencies remain steady Wednesday morning in Asia. While XRP continues to gain on expectations that Ripple Labs may win a favorable ruling in a lawsuit filed by the US Securities and Exchange Commission.

Bitcoin holds ground amid Binance lawsuit, XRP continues run up, U.S. equities dip

Bitcoin rebounded in Wednesday morning trading in Asia along with all other top 10 non-stablecoin cryptocurrencies. XRP led the winners.

Bankman-Fried charged with paying millions in bribes to Chinese government officials

Sam Bankman-Fried allegedly paid US$40 million in cryptocurrency bribes to at least one Chinese government official in November 2021.

Asia leads crypto regulations, innovation may leave the US, says Ripple’s Long

Asia-Pacific nation are leading the way in developing global cryptocurrency regulations that favor innovation, which is something that U.S. regulators should also take note of, said Ripple Labs Inc. President Monica Long

Walt Disney reportedly scraps metaverse plans

Entertainment conglomerate Walt Disney Co. has reportedly scrapped its metaverse plans as part of its decision to lay off 7,000 employees and reduce US$5.5 billion in expenses. 

Bitcoin, Ether extend declines amid U.S. lawsuit against Binance; Asian equities mixed

Bitcoin and Ether continued to fall in Tuesday afternoon trade in Asia, along with most other top 10 cryptocurrencies by market capitalization, after regulators in the U.S. pulled up Binance, the world’s biggest crypto exchange, for allegedly violating trading mandates.
and

Binance rejects U.S. charges of violating trading rules, manipulating markets

Binance CEO Changpeng Zhao said the charges are “an unexpected and disappointing civil complaint” in response to the CFTC lawsuit filed on Monday against him and the world’s largest crypto exchange.

Montenegro to hold Terra-Luna fugitive Do Kwon for 30 days, says Yonhap News

Kwon Do-hyung will be held in Montenegro for a month on charges of using forged travel documents, South Korea’s Yonhap News reported.

Binance, Zhao sued by CFTC for alleged regulatory violations

Binance and founder Changpeng Zhao have been sued by the CFTC for allegedly violating derivative rules

MicroStrategy buys 6,555 Bitcoin worth US$150 mln

MicroStrategy acquired 6,555 Bitcoin for around US$150 million, at an average price of US$23,238 per coin, between Feb. 16 and March 23

Zipmex buyer misses payment, could risk US$100 million buyout: Bloomberg

Zipmex cryptocurrency exchange’s US$100 million venture capital buyout may be in danger, after buyer V Ventures missed the US$1.25 million payment due on March 23

Bitcoin breaks above US$28,000 as Do Kwon detained in Montenegro

Welcome to The Daily Forkast – March 24, 2023 – presented by Joel Flynn for the latest in the crypto markets. Most major cryptocurrencies have seen a increase in their prices amid the Federal Reserve’s decision to raise the Fed rate by another 25-basis points. Terra Luna founder Do Kwon has been arrested by Montenegrin […]

South Korea confirms identity of man arrested in Europe as Terra-Luna fugitive Do Kwon, seeks extradition

South Korea’s police said they confirmed the identity of a man arrested in Montenegro, Europe, as the Terraform Labs co-founder Kwon Do-hyung, who is wanted on charges of fraud related to the collapse of the stablecoin and cryptocurrency project he led.
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South Korea arrests former Coinone exchange official for alleged crypto-listing bribery

A former employee of the Coinone exchange was arrested Tuesday on charges of accepting bribes in exchange for listing certain cryptocurrencies.

SEC warns Coinbase of potential legal action over staking, separately targets Tron founder Sun

The Securities and Exchange Commission has warned Coinbase, the largest cryptocurrency exchange in the U.S., it may face legal charges related to staking services and digital asset listings.

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.

Magic Eden introduces Bitcoin Ordinals for NFT traders

Magic Eden, the largest Solana-based non-fungible token (NFT) marketplace, has launched its “audited” Bitcoin Ordinals for NFT traders.

Bitcoin rises above US$28,000; XRP biggest gainer in top 10 cryptos

Bitcoin continued to trade above US$28,000 on Wednesday afternoon in Asia. Ether also rose, along with all other top 10 non-stablecoin cryptocurrencies with XRP and Cardano leading gains.
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Indian crypto exchange WazirX blocks over 2,400 accounts in 6 months

WazirX, India’s largest crypto exchange by trade volume, has blacklisted over 2,431 accounts between October 2022 and March 2023, based on its internal monitoring process as well as under the direction of law enforcement agencies (LEA). 

Terraform Labs founder Daniel Shin again questioned by South Korea prosecutors over stablecoin collapse

Terraform Labs co-founder Shin Hyun-seung, also known as Daniel Shin, was again called in for questioning by South Korea’s prosecutors on Monday.

Crypto needs to look abroad as US exchanges go unbanked

The fall of Silvergate, SVB and Signature has left crypto firms scrambling for new banks. Will crypto banking head offshore for the long term?

Singapore-based Crypto.com gets preparatory license to expand services in Dubai

Singapore-based cryptocurrency exchange Crypto.com will soon be able to extend its services in Dubai, after it received a Minimal Viable Product (MVP) Preparatory License from Dubai’s Virtual Assets Regulatory Authority (VARA). 

Bithumb executive faces investigation over alleged bribery in South Korean crypto listing

South Korean prosecutors are investigating Lee Sang-jun, the CEO of Bithumb’s holding company, for alleged bribery in listing certain tokens on the platform.

Weekly Market Wrap: Bitcoin rises above US$26,000, as ‘store of value’ narrative strengthens amid bank failures

As the U.S. banking system stared into the pit of bank runs and collapsing share prices, the authorities acted swiftly to try and pull everything back from the edge. However, Bitcoin seemed unperturbed. Is this what a safe haven looks like?

Another Crazy Week For Bitcoin

Bitcoin and other cryptocurrencies bounce back after a turbulent week for banks in the US and Switzerland.