Economy

Cryptocurrency is a huge Ponzi scheme, Blockchain-based Service Network (BSN) — the developer behind China’s state-backed blockchain infrastructure — said on Sunday.  See related article: China’s BSN to launch overseas public chain without crypto support Fast facts Crypto is an old hoax in a new form, Zhiguang Shan, chair of BSN Development Alliance, and Yifan […]

Investors withdrew US$423 million in funds from digital assets last week, the largest such weekly outflow on record, according to exchange data tracked by CoinShares. See related article: Crypto winter ushers in account freezes as platforms feel the chill Fast facts The outflows were almost entirely from Bitcoin (BTC), which experienced a net withdrawal of […]

Asset manager Morgan Creek Digital is trying to raise US$250 million to counter crypto exchange FTX’s bailout of beleaguered crypto lender BlockFi, according to a report by CoinDesk. See related article: Sam Bankman-Fried steps in to bail out BlockFi Fast facts Morgan Creek is attempting to raise funds to purchase a majority stake in BlockFi, […]

Testifying before the Senate Banking Committee on Wednesday, the chair of the U.S. Federal Reserve said the central bank is “not really seeing significant macroeconomic implications so far” with regard to the recent cryptocurrency volatility. See related article: Bitcoin, Ether recover as Fed guidance reduces policy uncertainty Fast facts Powell testified at the Senate Banking […]

Bitcoin dropped below US$20,000 for the third time in a week on Thursday morning in Asia as news of record inflation in the U.K. and warnings of a recession hit crypto markets. See related article: Crypto on a roller coaster as market braces for Fed guidance on rates Fast facts Bitcoin was trading down 3.5% […]

Dogecoin and Shiba Inu make gains as Elon Musks tweets support. Meanwhile, Vauld joins other crypto exchanges in axing staff.

Crypto lender Celsius Network’s native token CEL saw an uptick of around 50% on Tuesday as community members attempted a short squeeze.  See related article: CEL down over 50% since Celsius Network’s withdrawal freeze Fast facts In a short squeeze, bulls attempt to buy out the underlying asset to push up its price and make […]

Dogecoin and Shiba Inu have been staging a strong comeback since Elon Musk came out on Sunday supporting the former. See related article: Has ‘Crypto Winter’ arrived with Bitcoin, Ether prices falling? Fast facts Dogecoin rose more than 15% in morning trade on Wednesday in Asia, according to CoinMarketCap data. The memecoin rose to a […]

Hong Kong-based Babel Finance announced on Monday it has reached “preliminary agreements” on debt repayments to counterparties following a redemption and withdrawal freeze instituted last Friday. See related article: Contagion risk from Three Arrows Capital weighs on Bitcoin, crypto Fast facts A preliminary restructuring of the debt repayment period has “eased” the company’s short-term liquidity […]

Bitcoin’s price recovered above the US$20,000 mark Monday morning in Asia after falling to as low as US$17,708 on Sunday — its lowest point since December 2020 — according to CoinMarketCap. See related article: Bitcoin, Ether recover as Fed guidance reduces policy uncertainty Fast facts The world’s largest cryptocurrency gained more than 7% in the […]

Thursday’s crypto market recovery was short-lived as most major tokens fell by at least 7% in the past day, with Bitcoin trading within reach of US$20,000 for the first time since December 2020. See related article: Bitcoin, Ether recover as Fed guidance reduces policy uncertainty Fast facts The world’s largest cryptocurrency fell up to 10% […]

Despite short-term volatility weighing on prices, an inevitable easing of monetary policy in response to the pandemic and other crises means Bitcoin and other cryptos will find value as a hedge against runaway inflation, market participants tell Forkast.

Bitcoin and other cryptocurrencies responded positively to the U.S. Federal Reserve’s move to raise interest rates by 75 basis points on Wednesday — the largest single increase since 1994 — in an effort to curb rising inflation. See related article: Crypto on a roller coaster as market braces for Fed guidance on rates Fast facts […]

Top blockchain and crypto news: Cryptos sink as inflation rises. Celsius freeze sends CEL token tumbling. Are Inner Mongolia’s miners catching a break?

Crypto markets posted some gains in Asia trading after a pummeling this week, but the sentiment shifted back to negative as markets across the board try to second-guess the Federal Reserve’s thinking on interest rates.

After what seems like a dead cat bounce, cryptocurrencies are falling again in Asian trade as markets head into the Federal Reserve’s announcement of its decision on interest rates on June 15.

U.S.-based cryptocurrency exchange Coinbase will cut its global workforce by about 18% to ensure it stays “healthy during this economic downturn,” CEO Brian Armstrong said in a blog post. See related article: Coinbase is the first crypto firm to make the Fortune 500 list Fast facts Coinbase will cut approximately 1,100 employees, or 18% of […]

Still recovering from the Terra-LUNA debacle that wiped off billions of dollars in investor wealth, people sold off cryptocurrencies amid a market slump over expectations that the Fed will act faster to tame inflation.

CEL has dropped 53.1% over the past 24 hours and was trading at US$0.20, at press time, according to CoinGecko.  Fast facts Crypto staking and lending platform Celsius Network paused user withdrawals, swaps, and transfers on Monday, citing “extreme market conditions,” driving its native token to shed more than half of its value. The lending […]

An open and interoperable metaverse economy will drive consumer activity — and it’s on a similar track for growth as e-commerce, writes Ben Caselin of AAX.

Bitcoin, Ethereum, Solana and other major altcoins dropped significantly over the weekend, as U.S. equity markets faced one of their worst weeks in months. See related article: Has Bitcoin become a victim of its own success? Fast facts Bitcoin dropped 8.3% over the past 24 hours to US$25,240.08, according to CoinMarketCap data, as higher-than-expected inflation […]

Cryptocurrencies can offer citizens in emerging economies a potential buffer against runaway inflation and financial mismanagement by governments. But buying them increasingly means navigating onerous regulations and punishing taxes.

With so-called stablecoins coming under a cloud from the multibillion-dollar collapse last month of the TerraUST stablecoin, Forkast spoke to Singapore-based investor and financial commentator Jim Rogers for his view on these types of coins as well as the relevance of short sellers in the cryptocurrency market. The former cofounder of the Quantum Fund and […]

Immutable X, a layer-2 scaling solution on Ethereum, has exploded onto the scene, with secondary non-fungible token (NFT) sales volume doubling in the past month as it expands into new partnerships and collaborations.  See related story: NFT startup Immutable valued at $2.5 billion in Temasek-led financing Fast facts The Immutable X blockchain has exceeded US$100 […]

Hong Kong-based Animoca Brands, which invests in non-fungible tokens (NFTs) and metaverse projects, has invested over US$1.5 billion across more than 340 investments as of April 30, according to its unaudited financial results released on Monday. See related article: Animoca Brands’ new Japan arm aims to connect fans in Web 3.0 world Fast facts Between […]

The downturn is forcing Web3 firms into a reset — and opening opportunities for Web2 entrepreneurs to enter the playing field, writes Lily Z. King of Cobo.

Beijing’s official GDP growth target is 5.5% this year, but some analysts don’t see how that makes sense in the face of Shanghai-size lockdowns. Could a China slowdown be good news for central bankers trying to tame inflation?

Singapore issues a crypto warning for retail investment. Meanwhile, Bitcoin took a tumble sparking market concerns

Top blockchain and crypto news: Investors shun LUNA 2.0. Ethereum gains amid relief rally. China’s stimulus goes digital.

Wall Street did it! At least that is one of the theories about the cause of the nearly US$50 billion meltdown of Terraform Labs stablecoin and LUNA cryptocurrency. How does that stand up?

Financial literacy is a life skill that is often neither taught at school nor home, writes Grace ‘Ori’ Kwan of Orca. How can we close this knowledge gap?

Fueled by seismic shifts in societal values, decentralized autonomous organizations are now poised to go mainstream, writes Hannes Graah of Gro.

As U.S. inflation hit a 41-year record, people are looking for ways to protect their purchasing power. Beyond precious metals like gold and silver, could blockchain-based digital assets offer a better store of value for everyday consumers? What you’ll learn: Why the rising inflation rates are a threat to our purchasing power. How average consumers […]

While the banking system has been working well for citizens in first-world economies, people in underdeveloped regions often struggle to gain access to the same financial services that others are taking for granted. Can a blockchain-based financial system restore financial neutrality and bank the world’s unbanked? Find out in this Forkast.News video explainer.  What you’ll […]

a16z crypto said its fourth fund raised US$4.5 billion, bringing the total amount of funds raised for investment in crypto and Web 3.0 startups by the famed Silicon Valley venture capital firm to more than US$7.6 billion. See related article: Binance, a16z among investors backing Musk’s Twitter bid with US$7B Fast facts Around US$1.5 billion […]

Terra’s LUNA and UST implosion is dragging down an already ailing market. What do other developments suggest about crypto’s long-term future?

Chinese crypto mining rig maker Canaan booked robust revenue growth in Q1 2022 despite logistical issues and supply chains disruptions from the pandemic, the company said on Thursday. See related article: SEC places Chinese crypto mining rig maker Canaan on pre-delisting list Fast facts Canaan recorded 1.36 billion yuan (US$214 million) in revenue in the […]

Terraform Labs backer Pantera Capital gradually withdrew nearly 80% of its Terra LUNA holdings over the past year, saving itself from significant damages from the de-pegging of TerraUSD (UST) and the network’s collapse last week, The Block reported. See related article: LUNA, UST investors in S.Korea want to seize Do Kwon’s properties: report Fast facts […]

Mike Novogratz, founder and CEO of crypto investment firm Galaxy Digital, broke his weeklong silence on the TerraUSD turmoil, claiming “the global macro backdrop has been brutal for all risk assets this year” and that the UST is “a big idea that failed.” See related article: Blood moon: Terra’s LUNA rescue plan panned by industry, […]

Bitcoin’s increasing correlation with risk assets meant it got caught up in the overnight market selloff in the U.S. Investors dumped shares of Target and Walmart after the American retailers cautioned about possibly taking a margin hit from not being able to pass on price increases to customers. See related article: Has Bitcoin become a […]

In a special op-ed, 2 former CFTC chiefs and a crypto executive make the case for why the US must prioritize policies that support the new Web3 economy.

Top blockchain and crypto news: Terra puts down the fork. Bitcoin loses its shine in Singapore. China’s miners dig in.

The Bitcoin community got a lift last year when it was reported Singapore’s sovereign wealth fund had bought Bitcoin. The company told Forkast in an interview that they do not own BTC, but they are keen on blockchain investments.

The future world will run on digital money—the most trusted being Bitcoin, writes André Neves of Zebedee. Here’s how gaming can bring BTC to the masses.

The world’s largest stablecoin destroyed a total of 3 billion USDT tokens in an account known as Tether Treasury through two separate burns on Thursday, according to data from blockchain tracker Whale Alert. See related article: Terra shuts down indefinitely after coming back online; LUNA, UST still on life support Fast facts “Burn burn burn,” […]

Bitcoin’s price has dipped to its lowest point since December 2020 amidst bearish cryptocurrency market sentiments to trade at US$28,652, according to CoinMarketCap data at press time. See related article: Terra LUNA’s sacrifice pushes UST to US$0.84 Fast facts The crypto bear run extended on Thursday, as China’s inflation rose by 1.5% in April from […]

Top blockchain and crypto news: UST knocked out of Luna orbit. Making NFTs Instagrammable. China’s black market ‘digital collectibles’ trade.

The series B round, led by Jump Crypto, helped push the cryptocurrency exchange’s valuation to US$10 billion, KuCoin said.

Tokenizing capital markets could offer greater efficiency and liquidity. How would that work in Hong Kong’s regulatory environment?

El Salvador this week bought 500 Bitcoins for US$15.37 million, taking advantage of a sharp price decline to add to its holdings of the cryptocurrency, which is also legal tender in the Central American country.  See related article: El Salvador to build world’s first ‘Bitcoin City’ to be powered by volcanoes Fast facts “El Salvador […]

Gen Z is already keen on metaverse real estate. Will using DeFi to finance property deals — in the real or virtual world — be the next frontier?

As decentralized finance redefines the way money moves, a do-or-die moment is approaching for traditional finance sector businesses, says Anthony Scaramucci.

Bitcoin falls as Nasdaq hits its worst drop since 2020. Meanwhile, NFT exhibitions are popping up in Hong Kong.

Three dozen investors, including Binance, Sequoia Capital, Andreessen Horowitz and Fidelity Management & Research, have provided financing commitments of US$7.14 billion in support of Elon Musk’s bid to buy Twitter, regulatory filings show.  See related article: Twitter accepts Musk’s US$44B bid, sends Dogecoin to crypto top 10 Fast facts Oracle co-founder Lawrence Ellison was the […]

T​he Securities and Exchange Commission (SEC) said it determined that Canaan used an auditor whose working papers cannot be inspected or investigated completely by the Public Company Accounting Oversight Board (PCAOB).  See related article: Canaan to buy back up to $100M shares to drive value Fast facts The SEC Wednesday said it is placing 88 […]

Pantera Capital, a U.S. hedge fund specialized in cryptocurrency investment, has closed about 10 deals in India, including one with crypto unicorn CoinDCX, Paul Veradittakit, a partner at Pantera, told The Economic Times. See related article: Temasek leads $200M funding round in crypto firm Amber Fast facts “We plan on doing a lot more (investments) […]

The Nasdaq Composite had its worst drop since June 2020, closing Thursday down 4.99% the day after the U.S. Federal Reserve announced the sharpest interest rate hike since 2000. See related article: Bitcoin flirts with US$40K as Fed stamps highest rate hike in 22 years Fast facts The cryptocurrency market joined the selloff, losing over […]

Blockchain can save time, money and reams of paperwork, writes Tim Bailey of Red Date Technology. But its future in global trade remains uncertain.

KakaoBank reviews a partnership with a local crypto exchange. Meanwhile, an Indian travel company launches NFTs of travel landmarks.

Except for a bout of recession in March 2020, Bitcoin has been fairly resilient to the vagaries of global financial crisis. But with murmurs of another recession gaining steam, Forkast examines the cryptocurrency’s relevance as a safe haven.

What are ‘machine NFTs’ and how could they help democratize the ownership of capital in a future ‘machine economy’? Max Thake of peaq explains.

Three Arrows Capital, a cryptocurrency trading and hedge fund manager, is moving its headquarters to Dubai from Singapore, becoming the latest among a growing number of firms looking to expand their presence in the Middle East. See related article: Dubai could be crypto’s promised land, Citi says Fast facts Su Zhu, cofounder of Three Arrows […]

At least US$516 million worth of long positions in cryptocurrencies have been liquidated this week, according to data from Coinglass. See related article: Bitcoin long positions worth $1.5 billion liquidated amid crypto crash Fast facts The crypto liquidation comes as the Nasdaq closed at its lowest since late 2020. Bitcoin accounted for more than US$142 […]

Elon Musk’s Twitter takeover isn’t really about free speech, writes Ben Armstrong, aka BitBoy Crypto. It’s an attempt to push you out of Bitcoin and sell your data.

Former Microsoft strategist Joe McCann’s new crypto fund Asymmetric has gained backing from a16z’s Marc Andreessen and Solana cofounders Anatoly Yakovenko and Raj Gokal, The Block reported. See related article: KuCoin launches $100 mln fund for NFT projects Fast facts Asymmetric is aiming to raise US$1 billion to be split into a venture investment fund […]

Crypto and stock markets tumbled as the U.S. dollar rallied to its highest point since March 2020 amid concerns of looming interest rate hikes at the U.S. Federal Reserve. See related article: Is Bitcoin really a hedge against inflation? Fast facts The U.S. stock market fell with Nasdaq dropping by 4% on Tuesday over concerns […]

Tokenizing an asset allows its trading to be faster and cheaper, writes Oi-Yee Choo of ADDX. It can also broaden opportunities for small investors.

Top blockchain and crypto news: Crisis response brings crypto relief. North Korea’s Lazarus Group named in Ronin hack. NFTs face new risks in China.

The cryptocurrency market returned strong from the Easter holidays with Terra LUNA leading major coins with an 18.5% rebound to trade at US$91.43, on Tuesday morning Asia time. See related article: Is Terra — whose LUNA coin is now at another all-time high — really where the smart money is? Fast facts Terra reached its […]

Circle, the issuer of the world’s second-largest stablecoin USDC, has raised US$400 million in its latest funding round with major investments from BlackRock and Fidelity Management and Research, as the stablecoin issuer looks to explore possibilities with the traditional financial world. See related article: Circle’s growth outpaces Tether as it doubles valuation Fast facts Circle […]

The stablecoin market cap grew by US$23 billion in an otherwise lackluster market for crypto assets, according to a quarterly report by CoinGecko. See related article: Bitcoin follows blue chips south amid market turmoil Fast facts Stablecoins were among the biggest beneficiaries from investor “derisking” into stablecoins, CoinGecko said in its report, with USDT remaining […]

Top blockchain and crypto news: Market contagion hits crypto. Ethereum developer pays price for bad Korea move. China whacks more crypto miners.