Browsing: Crypto

South Korea’s cryptocurrency market was worth 23 trillion won ($16.1 billion) in the first half of 2022, down 58 percent from the six-month period at the end of last year, according to the Korea Financial Intelligence Unit (KoFIU).

In addition, daily trading volumes fell by 53% to an average of 5.3 trillion won (about $3.7 billion). The total operating profit of virtual asset service providers in South Korea fell by 62%, from 1.64 trillion (about 1.1 billion U.S. dollars) to 0.63 trillion won (about 441 million U.S. dollars).

With the rebound of Bitcoin, the current total encrypted market capitalization has risen back above $1 trillion. According to CoinGecko data, as of press time, the total encrypted market capitalization is $1,012,512,481,232, an increase of 6.0% in the past 24 hours. The 24-hour trading volume was $224,988,454,075.

Despite the current crypto bear market, according to the second annual Australian cryptocurrency survey conducted by research firm YouGov, commissioned by Australian crypto exchange Swyftx.

72% of Australians who own cryptocurrencies made an average profit of A$11,013 (about $7,152) in the past year.

The Australian women surveyed made A$11,263 ($7,314) in profit, compared with A$10,917 ($7,089) for Australian men.

Last week, the net inflow of digital asset investment products was 8.3 million US dollars, of which Bitcoin and Ethereum investment products recorded a net inflow of US $2.6 million and US $6.9 million respectively.

Investment products shorting bitcoin saw a net outflow of $5.1 million, the first net outflow in seven weeks. Additionally, the short ethereum product, which debuted last week, saw an inflow of $1.1 million.

Due to the economic crisis, the government restricted the use of deposit funds and closed all banks for a week on September 16.

The Association of Lebanese Banks (ABL) announced on September 22 that all banks in the country will be closed indefinitely, as depositors become increasingly eager to withdraw their funds.

Meanwhile, young Lebanese are turning to cryptocurrencies to escape the financial crisis, and cryptocurrency adoption in the country has been increasing since 2021.

Gokhshtein Media founder and former U.S. Congressional candidate David Gokhshtein believes that if Ripple beats the SEC in court, it will have important implications for the entire crypto space.

Not only Ripple will take off, but so will every legitimate crypto platform. Furthermore, he agrees with Ripple head Brad Garlinghouse that the outcome of a Ripple victory will also be a clarification of crypto regulation. This is one of the outcomes Garlinghouse sees as necessary after the court case.

Due to most of the time last year, the cryptocurrency market has been in a long -lasting bear market, and cryptocurrency applications have also witnessed the decline in interest. It can be seen from the significant reduction in the number of downloads.

Although prepaid cash applications increased by 69%year -on -year to exceed other financial technology fields, the performance of cryptocurrencies and retail investment applications showed a downward trend.

In fact, according to the data released by AppTopia on September 19, by the third quarter, the download volume of cryptocurrency transactions and cryptocurrency wallets decreased by 55%year -on -year.

Maja Vujinovic, founder and CEO of AI and blockchain financial services company OGroup, said at the 2022 StartmeupHK Festival that DeFi still needs major innovations before it can surpass traditional finance.

Mass adoption will require an assessment of the blockchain technology itself, including the infrastructure, protocols and applications that make it easier and faster to use. Consumer protection and emerging markets will also be key to the asset’s success.

If you look at what’s been happening in crypto lately, smart contracts themselves are doing very well in terms of accountability and technology, but the CeFi platform, Celsius and Voyagers are poorly managed. The fact that cryptocurrencies are hard to use, it’s hard to understand how you sell escrow, how to transfer, I think there needs to be more education on what people can do once they hold cryptocurrency.

Matthew Dibb, COO and co-founder of Stack Funds in Singapore, said: “The bullish catalysts for cryptocurrencies are very limited right now, and we may see Ethereum test yearly lows in the coming months.

And the appreciation of the U.S. dollar index is what we really need to pay attention to to understand the sentiment of risk assets, and it is not looking good.

Crypto-native hedge funds quickly reduced their positions in Bitcoin and Ethereum after the inflation report, said Brian Cubellis, an institutional research analyst at Coinbase. Laurent Kssis, a crypto trading advisor at London-based CEC Capital, said that new shorts are being launched through centralized exchanges, mostly derivatives.

This comes ahead of the Fed’s decision to raise rates by 75 basis points later this week, but a 100 basis point move is still under discussion.

Hackers exploited the Profanity flaw to make $3.3 million, according to crypto investigator ZachXBT. Helped users save $1.2 million in losses after ZachXBT issued a warning.

Earlier on September 15th, 1inch reported that some Ethereum addresses created through Profanity had serious vulnerabilities.

The Global Cryptocurrency Adoption Index shows that the rise in global cryptocurrency adoption has slowed during this year’s bear market, but the slump has not wiped out the growth in adoption during the bull market.

Global cryptocurrency adoption remains above pre-bull levels, with emerging markets currently leading the way.

The cryptocurrency space seems to have lost its luster and the excitement it once brought, billionaire Mark Cuban said at Vox Media’s annual Code Conference 2022 on Sept. 6.

Cryptocurrencies definitely have a place. What’s missing is the new app. Just like in the early days of the internet, we sailed with the internet.

It’s all boring, right? Because we didn’t see anything new. What is really needed is the emergence of the mobile Internet in order to really push it forward. And our current cryptocurrency doesn’t have that opportunity, so it’s kind of boring. DeFi and NFTs may spark some small interest.

According to a roadmap released last month by the Forum for the Exchange of Securities Market Information (IOSCO) between national securities regulators.

The project will have two workflows: one generally focused on crypto and digital assets, and the other on DeFi. The crypto work will be led by the UK’s Financial Conduct Authority and will focus on promoting fair and transparent markets and orderly training as well as addressing market suitability and manipulation issues, among others.

The SEC will lead the DeFi workflow focused on applying IOSCO principles and standards to common DeFi activities, products and services and highlighting the connections between DeFi, stablecoins and cryptoasset trading.

A spokesperson for the IOSCO General Secretariat said: “We believe it is time to change our approach, the crypto industry has made significant progress in terms of product structure and offerings, investors in the industry and its global reach.

According to a study by TDRA, the UAE’s telecom regulator, about 11.4 percent of the country’s residents own or invest in cryptocurrencies.

Globally, the UAE now ranks among the top 10 countries with the most crypto investment residents.

Earlier, the UAE issued licenses to cryptocurrency exchanges such as Binance, FTX and OKX through regulators such as the Virtual Assets Regulatory Authority (VARA).

Furthermore, through the Abu Dhabi Global Market (ADGM), the country has been working to create a regulatory framework that meets global standards.

MATIC is up 10.5% over the past week, with Polygon (MATIC) leading the gains among the 20 largest cryptocurrencies by market cap.

Short trades in MATIC worth $7.4 million were also liquidated over the past week, according to Coinglass data. Long positions worth $5.1 million were liquidated during the same period.

Despite the strong weekly performance, MATIC is down 69.45% from its all-time high of $2.92 set in December 2021, according to CoinMarketCap.

After the collapse of the crypto market and the introduction of the tax regime, the Indian crypto industry has shifted its development focus to the Web3 sector in order to adapt to new tax rules and industry policies.

Experts say India is in a unique position to play a key role with a large number of cryptocurrency retail customers and developers, and the rapid rollout of 5G networks and government support will boost India’s Web3 sector.

In late August, about 900 traders in Georgia, the U.S. state, exploited the bug to gain a hundredfold profit due to the wrong exchange rate of the Georgian Lari (GEL)-denominated cryptocurrency trading pair on the Coinbase platform, sources said. The account recovers these funds.

A Coinbase spokesperson said the decimal point issue was caused by third-party technology. Reports put Coinbase’s losses at between $14 million and $140 million, although Coinbase refutes this claim.

Shortly after the traders withdrew the relevant funds from Coinbase, they were notified by the financial institution that their bank accounts and associated Visa debit cards had been frozen.

At least two domestic banks are said to have been involved in freezing the funds, although not at Coinbase’s direction, a person familiar with the matter said.

Ravi Menon, Governor of the Monetary Authority of Singapore (MAS), publicly stated at a Green Shoots Seminar that MAS has issued a strong warning to retail cryptocurrency investors and has always taken strong measures to limit retail investors’ access to cryptocurrencies .

MAS believes that cryptocurrencies are not suitable for use as money and are highly dangerous for retail investors.

This is mainly due to the high amount of speculation in the cryptocurrency market, with extreme price volatility preventing it from being a viable currency or investment asset.

Ravi Menon said, “Cryptocurrencies have no useful function outside of blockchain networks other than as a speculative tool, and MAS has been warning about the significant risks of investing in cryptocurrencies since 2017.”

Cryptocurrency companies operating in Ethiopia need to apply for registration with the country’s cybersecurity agency, the Information Cyber Security Authority (INSA).

The agency said it will take legal action against crypto companies that fail to comply with its registration requirements.

Ethiopia’s cybersecurity agency, the Information Cyber Security Authority (INSA), has started offering registration services for crypto companies operating in the country, thanks to a newly revised law.

The revised law will also give INSA the power to regulate crypto products and related transactions. In addition, INSA will be responsible for developing operational procedures as well as cryptographic infrastructure.