China unrest: global markets down, Bitcoin correlation concerns

Markets

Strict COVID-19 restrictions and their aftermath triggered massive protests across China and rising pressure within global markets. Bitcoin lost 3% trading at $16,180 levels, with altcoins down by 4-8%. Considering crypto market vulnerability following the FTX collapse, concerns about the potential Bitcoin correlation have been on the rise.

23 March

Policy

9 hours ago

The Financial Supervisory Commission (FSC) of Taiwan, the country’s top financial regulator, will now also oversee the crypto industry, according to Monday's announcement.

22 March

Tech

22 hours ago

The long-awaited Shanghai upgrade will come to the Ethereum mainnet on April 12. The date for the fork that will finally allow staked ETH withdrawals was set during the All Core Developers Execution Layer (ACDE) meeting on Thursday.

Tech

yesterday

Microsoft is testing an Ethereum-based #cryptocurrency wallet in its Edge web browser. The feature will enable users to store and transact ETH and ETH-based tokens in a non-custodial way.

21 March

Business

yesterday

Enterprise software giant, Salesforce has partnered with Polygon, a Layer-2 blockchain platform, for an NFT-based loyalty program.

20 March

Business

3 days ago

Anchorage Digital cuts 20% of staff due to regulatory uncertainty. The crypto bank cites macroeconomic challenges and market volatility as factors contributing to its decision to lay off 75 employees.

17 March

Policy

6 days ago

The U.S. Treasury Department has proposed a 30% excise tax on cryptocurrency miners' electricity usage, which will be introduced in 10% annual stages from Dec. 31, 2023. The proposal also eliminates tax-deductible losses related to the wash-trading of crypto tokens. The aim is to reduce negative environmental effects and increase energy prices.

Markets

6 days ago

USD Coin, the stablecoin from Circle, is recovering to its $1 peg as CEO Jeremy Allaire assures the public that their reserves are safe and new banking partners are secured.

Markets

6 days ago

The crypto market cap surpassed $1 trillion after the Federal Reserve, U.S. Treasury, and FDIC assured depositors of Silicon Valley and Signature Bank that they could withdraw their funds on Monday. Bitcoin and Ethereum were 8% up, with Cardano, Polygon, Solana, Litecoin, and Avalanche all up more than 10%. The joint statement by the U.S. financial institutions brought some relief to the crypto market amid the Silvergate Bank, SVB's bank, and Signature Bank troubles.

14 March

Policy

9 days ago

India tightens its grip on crypto transactions, subjecting them to national Anti-Money Laundering law. Financial institutions will have to maintain a record of all transactions for 10 years, verify client identity, and comply with PMLA for exchange, transfers, safekeeping, and administration of virtual assets.

13 March

Business

9 days ago

Binance.US received court approval to purchase over $1 billion of bankrupt Voyager Digital assets, despite objections from the SEC. Judge Wiles rejected SEC's arguments and approved the sale, allowing Voyager to issue repayment tokens to impacted customers.

China unrest: global markets down, Bitcoin correlation concerns

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