- US crackdown will push crypto ‘center of gravity’ to Hong Kong: Kaiko CEO
The United States government’s frosty approach to cryptocurrency regulation could ultimately see the industry’s “center of gravity” shift to Hong Kong, says Ambre Soubiran, the CEO of Paris-based institutional crypto market data provider Kaiko.
The U.S. has been at the forefront of the crypto sector for quite some time. However, with the government seemingly adopting a regulation-by-enforcement approach, there is a growing feeling by some that a significant amount of companies, developers and investors will soon flock elsewhere to work in friendlier environments.
Speaking to The Wall Street Journal on April 1, Soubiran suggested that the recent crackdown on crypto in the U.S. will inadvertently help Hong Kong in its goal of becoming a major crypto hub:
“The U.S. being more stringent these days than ever on crypto and Hong Kong regulating in a more favorable way…is going to clearly shift the center of gravity of crypto assets trading and investments more towards Hong Kong.”
- Dogecoin Drops 5% as Wider Crypto Market Holds Steady
So far so steady for the crypto markets this April. Standing out from the crowd, however, is Dogecoin (DOGE).
The popular meme coin fell to a daily low of $0.76 on Monday morning before recovering to $0.079 by press time.
This represents a 5% drop for Dogecoin, making it the largest among the major cryptocurrencies, according to data provided by CoinGecko.
DOGE is still up 5.7% over the week after the coin enjoyed a moderate boost over the weekend after Twitter chief and long-time Dogecoin fan Elon Musk motioned a U.S. judge on Friday to dismiss a $258 billion lawsuit accusing him of running a racketeering scheme to back the cryptocurrency.
https://decrypt.co/125259/dogecoin-drops-wider-crypto-market-holds-steady
- U.S. Banking System Turmoil Has Spurred Bitcoin Outperformance: Coinbase
Cryptocurrency markets have displayed resilience in the face of recent upheaval in the U.S. banking system, with bitcoin (BTC) in particular outperforming, Coinbase (COIN) said in a research report Friday.
Coinbase notes that bitcoin has outperformed its digital asset peers since the middle of February, with the cryptocurrency’s dominance as a percentage of total crypto market cap increasing to 47.7% from 43.9% during March. This outperformance accelerated early in the month, which coincided with the onset of the U.S. banking system turmoil, the note said.
“Part of the reason is that the stress in the banking system reinforced bitcoin’s store-of-value properties,” the report said, and because BTC mainly exists outside of the traditional financial system “it offers a hedge against current conditions.”
- Crypto Companies in UK Seeking Governmental Support in Response to Limitations Imposed By Banks
Crypto companies in the UK are facing multiple challenges while trying to get access to various services from banks, with their applications getting rejected and excess paperwork required. It started in February after HSBC Holdings plc and National Westminster Bank, or simply NatWest (LON: NWG), announced restrictions on the purchase of digital currencies. In particular, NatWest imposed a £1,000 daily limit and £5,000 30-day limit on payments that can be sent to crypto exchanges, while HSBC prohibited its customers from buying cryptocurrencies with their credit cards.
As the UK banks have explained, the measures they are taking come as a result of the speculative and risky nature of digital assets.
https://www.binance.com/en/news/flash/7485311
- Crypto ATM Numbers Drop by 13.91% Since December 2022, Over 3,600 Went Offline in March
According to data from Coin ATM Radar, the number of crypto ATMs worldwide has decreased by 13.91% since December 2022. At that time, 39,179 crypto ATMs were installed globally.
In January, 1,587 crypto ATMs went offline, marking the second time a large number of machines had gone offline since the loss of 399 crypto ATMs in September 2022. In February 2023, the decline in crypto ATMs was less drastic than in January and fewer than the drawdown in September.
Crypto ATM Numbers Drop by 13.91% Since December 2022, Over 3,600 Went Offline in March
A total of 275 cryptocurrency ATMs went offline in February. The largest decline was recorded in March, according to Coin ATM Radar statistics, which indicated a drop of 3,627 crypto ATMs.
- Bitcoin liquidity drops to 10-month low amid US bank run
Bitcoin BTC tickers down $28,263 market liquidity has dropped to a 10-month low, despite a bullish quarter in terms of price gain. The liquidity dry-up is partly attributed to the bank run in the United States and the ongoing regulatory actions against crypto companies.
BTC’s price has registered a 45% surge in 2023, making it one of the best-performing assets. The price gains come amid a looming financial crisis in the traditional financial market, with stocks and bonds seeing one of their worst years. As the financial crisis has worsened, several banks have collapsed.
The banking crisis has also directly impacted the crypto ecosystem. The collapse of crypto-friendly banks, such as Silicon Valley Bank and Signature Bank, removed important U.S. dollar payment rails for crypto, leading to a liquidity crisis, especially on U.S. exchanges.
https://cointelegraph.com/news/bitcoin-liquidity-drops-to-10-month-low-amid-us-bank-run
- Bitcoin Thesis Becomes Amazon Best Seller
For many readers, a graduate thesis doesn’t sound like a page-turner, but a lengthy academic paper on Bitcoin written by a U.S. Space Force major has emerged as a popular pick on Amazon.
“Softwar” asserts that Bitcoin has the potential to play a major role on the world’s geopolitical stage as a military-grade solution for securing information—far different than the monetary use Bitcoin’s network has today.
Written by Jason Lowery, the report represents the culmination of academic research he conducted at the Massachusetts Institute of Technology during a 6-month fellowship sponsored by the Department of Defense. The full title of the piece is “Softwar: A Novel Theory on Power Projection and the National Strategic Significance of Bitcoin.”
https://decrypt.co/125257/bitcoin-national-security-thesis-paper-amazon-best-seller
- Japan Regulator Flags Four Crypto Exchanges Including Bybit for Operating Without Registration
Japan’s Financial Services Agency (FSA) said foreign crypto exchanges Bybit, BitForex, MEXC Global and Bitget are operating in the country without proper registration in a warning letter published on Friday.
The notice said the exchanges were in violation of the country’s fund settlement laws at the time of issuing the warning letter by “conducting crypto asset exchange business without registration.” The regulator also said the list of unregistered traders “does not necessarily indicate the current state of unregistered business.”
Although Japan is working on new regulations for the crypto and Web3 sectors, the country has not cracked down on the industry as hard as some other larger economies such as the U.S. following what was a turbulent year for the markets in 2022.
- Japan Regulator Flags Four Crypto Exchanges Including Bybit for Operating Without Registration
Japan’s Financial Services Agency (FSA) said foreign crypto exchanges Bybit, BitForex, MEXC Global and Bitget are operating in the country without proper registration in a warning letter published on Friday.
The notice said the exchanges were in violation of the country’s fund settlement laws at the time of issuing the warning letter by “conducting crypto asset exchange business without registration.” The regulator also said the list of unregistered traders “does not necessarily indicate the current state of unregistered business.”
Although Japan is working on new regulations for the crypto and Web3 sectors, the country has not cracked down on the industry as hard as some other larger economies such as the U.S. following what was a turbulent year for the markets in 2022.
The FSA issued a formal warning letter to Bybit for operating without necessary permissions back in 2021.
https://www.binance.com/en/news/flash/7485299
- German Stock Exchange Boerse Stuttgart to Provide Crypto Custody Through Licensed Subsidiary
Germany’s second-largest stock exchange and one of the largest in Europe, Boerse Stuttgart, will be able to provide European banks, brokers, asset managers, and family offices with both trading and custody solutions for their crypto asset offerings.
Its subsidiary, Blocknox, which is part of the Boerse Stuttgart Digital division, has received the final license for its operations as a crypto custodian from the Bundesrepublik’s Federal Financial Supervisory Authority (Bafin), a press release revealed.
Boerse Stuttgart Digital is the stock market’s brand for all activities in the field of cryptocurrencies. Through the unit, Boerse Stuttgart Group is able to offer institutional partners various solutions for accessing, trading as well as keeping cryptocurrencies on behalf of clients.
