Weekly cryptocurrency news | Summary of ETH “Shanghai” upgrade, etc., attracting attention to regulations surrounding individual investors in Hong Kong

news of the week

We will deliver the news mainly for one week (2/18-2/24).

This week, the most widely read news item was about Hong Kong authorities considering resuming cryptocurrency trading for individual investors.

Regarding the virtual currency market, a report on the 21st that summarizes the fact that the Bitcoin (BTC) price has been trending in the latest high range is attracting attention.

In addition, a summary article on the next upgrade of Ethereum (ETH), “Shanghai,” also attracted a lot of attention.

1. This week’s news ranking
2. Market news ranking
3. Virtual Currency/Blockchain Industry News

This week’s news ranking

1st place: Hong Kong authorities consider resuming cryptocurrency trading for individual investors (2/21)

The Hong Kong Securities and Futures Commission (SFC) has released a consultation document on the 20th regarding the requirements for granting a business license to a cryptocurrency exchange. The new rules include a proposal to allow retail investors to trade cryptocurrencies. (the article ishere)

2nd place: FTX Japan to resume cryptocurrency and fiat currency withdrawals from February 21 (2/21)

The Japanese subsidiary of the bankrupt virtual currency exchange FTX announced on the 20th and 21st that it will resume legal currency withdrawal and virtual currency delivery services from noon on the 21st (Japan time). (the article ishere)

3rd place: US Coinbase to launch Ethereum’s own L2 network “Base” (2/24)

On the 23rd, US virtual currency exchange Coinbase announced Ethereum’s own L2 network “Base”. It explains the purpose of development and future plans. (the article ishere)

Market news ranking

1st place: Bitcoin trending at the latest high price, suggesting an influx of Chinese money in the situation in Hong Kong (2/21)

The Bitcoin price rose 1.85% from the previous day to $24,872, remaining in the latest high range. Given the recent situation in Hong Kong, an influx of Chinese money (funds from Greater China) is expected. (the article ishere)

2nd place: Concern about monetary tightening intensifies, US 3 major indexes and virtual currency prices fall (2/22)

Preliminary figures of the National Purchasing Managers Index (PMI), which indicates US business sentiment, exceeded market expectations, further heightening concerns about the prolonged tightening of monetary policy by the Federal Reserve (Fed) to curb inflation. . The PMI has climbed to an eight-month high of 50.5. (the article ishere)

3rd place: Bitcoin and US stock correlation turns negative, QCP Capital suggests long-term downtrend will continue (2/24)

Will Clemente (@WClementeIII), an on-chain analyst, pointed out that the daily correlation coefficient between Bitcoin and the S&P 500 turned negative (negative correlation) for the first time since the collapse of FTX in November 2010. Meanwhile, cryptocurrency trading firm QCP Capital released its latest report on the 22nd. (the article ishere)

Virtual Currency/Blockchain Industry News

What is the ETH “Shanghai” upgrade? Summary of company views on staking cancellation and ETH selling pressure (2/20)

Ethereum is ahead of Shanghai in March-April 2023. In this article, we have summarized the overview of Shanghai and the opinions of each company, focusing on the withdrawal function of Ethereum. (the article ishere)

U.S. District Court rules that NBA Top Shot Moments NFTs are “securities” (2/23)

On the 22nd, the US District Court for the Southern District of New York ruled that the NFT (non-fungible token) “NBA Top Shot Moments” released by Dapper Labs is a security. The grounds for the judgment are clear. (the article ishere)

US New York Fed analyzes macroeconomic impact on Bitcoin (2/21)

The Federal Reserve Bank of New York has released a report that systematically analyzes the impact of macroeconomic news on Bitcoin prices. Contrary to the authors’ predictions, it turns out that there is a “mysterious disconnect” between Bitcoin and macroeconomic factors. (the article ishere)

Polygon cuts 20% of workforce in business unit merger (2/22)

Polygon Labs, the main developer of Polygon (MATIC), announced on the 21st that it has reduced its workforce by 20%, or about 100 people, as part of the consolidation of its business units. It emphasizes that its financial position is sound. (the article ishere)

Why the weekly trading volume of the emerging NFT market “Blur” exceeded OpenSea (2/21)

Fast-growing NFT marketplace Blur has surpassed industry leader OpenSea in trading volume over the past week. According to DappRadar data, Blur’s trading volume has increased 361% over the past week to $548 million. (the article ishere)

Tencent Cloud is serious about Web3 deployment, to product development with Ankr and others (2/23)

Tencent Cloud, the cloud business of Chinese tech giant Tencent, announced on the 22nd that it has partnered with several blockchain-related companies, including L1 blockchain company Avalanche (AVAX) and Sui. The company is committed to working with Web3 ecosystem partners to meet the needs of global enterprises through infrastructure and cloud technology. (the article ishere)

Bank for International Settlements analyzes turmoil in cryptocurrency market and losses of small investors (2/21)

The Bank for International Settlements (BIS) today released a report analyzing the 2022 cryptocurrency market turmoil and retail investor losses. In its conclusion, it states that it is desirable to implement policy measures to curb risks associated with virtual currencies. (the article ishere)

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