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March 2023

Weekly Market Wrap: Bitcoin hovers around US$28,000 as banking concerns return. Will it hit US$30,000?

As banking contagion worries reignited, Bitcoin traded firmly above US$28,000 for most of the week. Considering that Bitcoin was made for a potential banking crisis, industry experts are eyeing the US$30,000 mark for BTC.

Cryptocurrencies bounce back despite fed rate hike

Most cryptocurrencies saw a huge increase in price over the past week.

Bitcoin, other cryptos drop as Fed raises interest rates

The Fed’s decision to hike rates by 25 basis points was along expected lines. So, why are the markets sulking?

DAO: Beyond Governance

Can DAOs rebuild trust in the crypto industry?

Who should be held responsible for the Silvergate Bank and SVB crises?

As bank after bank topples, fingers are pointing everywhere. But crypto is not to be blamed for this unfolding crisis, writes Winston Hsiao of XREX.

India imposes money laundering regulations on crypto industry

India’s crime fighting agencies have been investigating crypto exchanges and individuals on money laundering charges and have now put the onus on exchanges to report suspicious transactions.

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.

China’s Blockchain Bet

The Chinese “Two Sessions” meetings began over the weekend, and blockchain technology could be at the forefront of Beijing’s vision for growth

Weekly Market Wrap: Bulls fight to keep Bitcoin above US$22,300, as industry experts predict ‘crab walk’

With 69% of Bitcoin supply in profit, BTC is struggling to stay above the US$22,300 support level. A daily close below US$22,300 could see Bitcoin retest the US$21,450 support level. Industry experts share their end-of-March Bitcoin price predictions with Forkast.

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.

FastForkast headlines

Bitcoin, Ether, Forkast 500 NFT index rise; gold nears year-high over banking sector concerns

Bitcoin rebounds above US$28,000 as equities gain in U.S. on Treasury easing bank worries

Bitcoin, Ether, Forkast 500 NFT index fall, gold rises, as Janet Yellen rules out broad bank deposit insurance

Bitcoin tracks equities lower on downbeat Fed, Treasury comments on banks

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

Internal Revenue Service in U.S. solicits public opinions on proposed NFT taxes

Bitcoin moves above US$28,000, Ether gains, XRP surges, U.S. equities rally

Indian crypto exchange WazirX blocks over 2,400 accounts in 6 months

Bitcoin, Ether extend losses; all eyes on U.S. interest rates

Bitcoin treads water, other crypto retreat ahead of U.S. Fed’s decision on interest rates

Singapore to publish crypto, stablecoin consultation feedback by mid-2023

Bitcoin rises past US$28,000, most other top 10 cryptos gain

Bitcoin leads crypto rally as central banks promise liquidity to stem rising bank risk

Signum Digital says it won first approval to offer security tokens in Hong Kong

Ripple executives say XRP lawsuit ruling will have little impact on global business operations

US accuses exiled Chinese tycoon Guo Wengui of $1 billion crypto-linked fraud

Voyager-Binance.US’ $1 bln deal should be put on hold, says U.S. Department of Justice

Bitcoin, Ether, Forkast 500 NFT index extend gains; U.S. banking crisis concerns ease as inflation slows to 6%

Bitcoin, Ether extend gains as U.S. regulators take charge of banking industry turmoil

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

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

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

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

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

Bitcoin, Ether fall amid interest rate hike fears, Silvergate liquidation; Forkast NFT 500 index slips 0.79%

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

Bitcoin, Ether fall amid U.S. Fed chair warning of more interest rate hikes; Forkast NFT 500 index slips 0.65%

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

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

SEC shuts Miami hedge fund for alleged ties to US$100 mln crypto fraud 

Bitcoin, Ether inch up as investors await U.S. Fed chair’s comments; Forkast NFT 500 index dips 0.44%

Bitcoin gains, all other top 10 cryptos in the red amid Silvergate fallout

March 2023

Hong Kong’s Crypto Dream

Hong Kong’s economy is shrinking, but a recent budget draft published by the government lists some changes that could help the city recover – and crypto is at the center of it all.

Hong Kong’s new crypto regulation may lure Web3 firms back, experts say

Hong Kong’s proposed crypto licensing regime received Huobi Global’s pledge to return to the city, and more companies may follow, industry experts told Forkast.

How Web3 in China is taking shape — with ‘Chinese characteristics’

What makes Web3 compelling to many is its promise to shift power from centralized players to individual users, but China is doing the opposite, writes Lily King.

Industry reacts: US cracks down on crypto, India calls for regulatory collaboration

The cryptocurrency industry this week reacted to the recent moves by U.S. authorities against Kraken and Paxos. Meanwhile, India has been calling for a collaborative approach to crypto regulations.

Go ahead and ban staking. Crypto investors will just go elsewhere

The SEC’s latest heavy-handed approach toward crypto will leave investors less protected while benefitting dodgy offshore companies, writes Danny Talwar of Koinly.

Paxos ordered to stop minting Binance stablecoin as SEC mulls legal action

Top blockchain and crypto news: Paxos halts BUSD issuance. Kraken faces disclosure charges. Beijing backs new blockchain research center.

Crypto Clampdown Begins

As financial regulators around the world continue to crackdown on stablecoins, some are asking if they are overreaching their jurisdiction.

Be careful what you wish for? Regulators pick up pace in the crypto industry crackdown

Last year was memorable in the emerging world of digital assets for the sheer number of corporate failures. The industry itself has been asking for clearer legal guidelines to help development. Is that what’s happening now?
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A house divided? SEC Commissioner Peirce attacks agency’s fines against Kraken exchange

Hester Peirce said using enforcement action to dictate law in an emerging industry is the act of a “lazy” regulator, after the SEC fined the U.S.-based Kraken crypto exchange for failing to register staking programs.

CBDCs are coming. Here’s why you should worry

Governments are pushing central bank digital currencies to exert more control over macro policy, writes Josef Tětek of Trezor. But your money and privacy are also at stake.

FastForkast headlines

Bitcoin gains, all other top 10 cryptos in the red amid Silvergate fallout

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

Markets: Bitcoin, Ether gain; Polygon, XRP biggest losers

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

SEC has to clarify what’s permissible for staking, former CFTC chair says

Judge denies Dapper Labs request to dismiss NBA Top Shot security lawsuit

Huobi plans to move headquarters to Hong Kong from Singapore

Hong Kong begins public consultation on crypto licensing regime

Do Kwon, founder of collapsed Terra stablecoin, charged with fraud by U.S. securities regulator

Binance expects to pay penalties to settle U.S. probes: Wall Street Journal

S. Korean regulators to probe local crypto staking services following U.S. crackdown: News1

SEC may make it harder for hedge funds to work with crypto firms: Bloomberg

Markets: Bitcoin, Ether drop; BNB biggest loser in top 10 cryptos

Markets: Bitcoin, Ether prices extend losses; Dogecoin sole gainer among top 10 cryptos

Coinbase CEO says he will “happily defend” crypto staking service against claim it’s a securities product

Securities and Exchange Commission may sue BUSD stablecoin issuer Paxos, WSJ reports

Markets: Bitcoin slumps in broad sell off amid SEC charges against Kraken, regulation worries

Coinbase CEO Brian Armstrong says SEC has ‘terrible’ idea to ban crypto staking for U.S. retail customers

Markets: Bitcoin, Ether extend gains; Polygon leads top 10 cryptos