Binance to establish a new trading platform for domestic residents / America is “losing” the BTC movement[5/20-5/26 top news]| coindesk JAPAN | Coindesk Japan

The frustration with the crypto regulatory framework in the U.S. is largely due to the SEC continuing to say the crypto industry does not need a special framework beyond existing securities laws. We look back on the top news in a digest.

At Fortune’s “Most Powerful Next Gen” conference last week, Wood, the founder of asset manager Ark Investment Management, said the center of gravity for crypto assets was moving away from the United States, citing cryptocurrency exchange coin. As an example, Base has obtained a business license in the British Bermuda Islands and is also aiming to expand its business in Singapore.

On May 17, Pakistani news media reported that the country’s Minister of State for Finance and Revenue, Aisha Ghaus Pasha, said that cryptocurrencies would be required to be removed from the FATF’s “grey list” of countries under increased scrutiny. It reportedly said it had imposed conditions that it could not be legalized.

The world of stablecoins continues to shrink, and until this stops, there can be no sustained recovery in cryptocurrency prices, JPMorgan said in a May 18 research report.

According to a report released on May 18 by DappRadar, a Web3 data platform, NFT trading volume so far in May was $333 million (approximately ¥4.46 billion, at an exchange rate of ¥135 to the dollar). And for the first time this year, monthly trading volume is about to fall below $1 billion.

TBD, a division of Jack Dorsey’s financial technology company Block, unveiled an open-source toolkit for its “Web5” project at the “Bitcoin 2023” conference in Miami on May 18. Announced.

Rising yields in traditional financial markets are attracting money from crypto investors. Demand for tokenized U.S. Treasurys in particular has skyrocketed.

According to data compiled by CoinDesk, for example, the market capitalization of tokenized money market funds (MMF) is approaching $500 million (approximately ¥68 billion, equivalent to ¥135 to the dollar), quadrupling since the beginning of the year. ing.

Bitcoin (BTC), the world’s largest crypto asset (virtual currency) by market capitalization, settled in the narrowest price range in months, amid concerns over the stability of US regional banks and the national debt ceiling. The market has become boring.

The price range, which is the difference between the high and low prices reached in the seven days ending May 21, was 3.4%. That’s one of the narrowest ranges in the last three years, rivaling the weak start of the year, part of last month and July 2020, according to data tracked by analytics firm Glassnode.

May 22 marks the 13th anniversary of Bitcoin Pizza Day, which celebrates the day Bitcoin (BTC) was first used for payments. However, a newly issued pizza-related meme coin was used for “lag pull (exit fraud)”, causing more than $ 200,000 (about 27 million yen, converted to 135 yen per dollar), and the mood turned dark. there is

The Solana-based move-to-earn game “STEPN” will partner with the payment service “Apple Pay” to enable in-app purchases in legal currency, aiming to spread the app. rice field.

With this integration, users will be able to purchase NFT (non-fungible token) sneakers required for gameplay with Apple Pay.

MicroStrategy could be an attractive alternative to Coinbase for investors looking to gain exposure to the crypto sector, German investment bank Berenberg says. said in a March 22 report.

Crypto-asset (virtual currency) funds posted their fifth straight week of net outflows following the drop in Bitcoin (BTC).

According to CoinShares report, total crypto fund outflows last week amounted to $32 million, and total outflows in five weeks amounted to $232 million. The Bitcoin Fund posted a net outflow of $33 million, indicating that Bitcoin accounted for most of the outflow. …read more

Cyberattacks against token protocols and cryptocurrency projects in the first quarter of 2023 decreased by 70% compared to the same period last year when hacking was rampant, according to a report from security firm TRM Labs. became clear.

Interest in Ethereum (ETH) staking, or locking coins into the Ethereum network for passive yield, has skyrocketed since Ethereum implemented an upgrade called Chapela or Shanghai on April 12. ing.

More than 4.4 million coins have been deposited into staking since April 12, bringing the total to 22.58 million, according to data tracked by Glassnode.

Digital asset data firm CCData said in a May 23 report that stablecoin market capitalization has fallen to $130 billion, the lowest level since September 2021. Stablecoin market capitalization has been shrinking continuously since March 2022.

Analysts say a shrinking stablecoin market capitalization would mean worsening liquidity and a headwind for cryptocurrency prices.

According to Glassnode data, a record 68% of bitcoins have been held for at least one year, 55% have been held for at least two years, and 55% have been held for three years. The coin has reached 40%.

With one week left in May, Bitcoin (BTC) could end May with its first drop of 2023, down 6.8% at the time of writing. Ethereum (ETH) has also shown similar price movements, but the decline since the beginning of the month was smaller at 0.78%.

On the other hand, according to CoinDesk Indices trend indicators, both Bitcoin and Ethereum are currently showing signs of trouble for bulls.

The European Union’s (EU) Financial Stability Watchdog has warned that growing crypto assets (virtual currencies) and decentralized finance (DeFi) may come to pose systemic risks to the economy, warning that large-scale crypto New regulations covering asset conglomerates and smart contracts may be needed, he said.

The “overwhelmingly positive market response” to NVIDIA’s earnings forecast “will be an incentive for more mining companies to follow the move to allocate more capacity to other forms of computing,” said mining services firm Luxor. Technologies COO Ethan Vera said.

Cryptocurrency exchange Binance announced on May 26 that it will establish a new trading platform exclusively for domestic residents by this summer, in compliance with Japanese laws and regulations. Details such as the date of operation will be announced in the near future.

｜Text and editing: coindesk JAPAN editorial department
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