The reason why Bitcoin rose after the announcement of the US CPI, BUSD is “not what we made” Binance CEO[Top news from 2/11 to 2

Noelle Acheson attributes Bitcoin’s resilience to lower volatility in broader markets, positively impacting liquidity – digest of news of the week increase.

Canadian cryptocurrency hardware maker Coinkite has developed a bitcoin hardware wallet reminiscent of the popular BlackBerry mobile phone of the 2000s.

The US Securities and Exchange Commission (SEC) intends to sue issuer Paxos in the case of stablecoin BINANCE USD (BUSD). The Wall Street Journal reported on Feb. Paxos also has its own branded stablecoin, Pax Dollar (USDP).

The correlation between the cryptocurrency market and the tech-heavy Nasdaq Composite has turned positive, suggesting that crypto investors are refocusing on Wall Street’s risk appetite.

According to TradingView data, the 90-day correlation coefficient between crypto market capitalization and the Nasdaq index rose from -0.12 to 0.74 in four weeks, the highest since early November.

Cryptocurrencies (virtual The currency market fell, investment firm Bernstein said in a Feb. 13 research report.

Stablecoins play an important role in cryptocurrency trading, potentially competing with the existing banking system, Morgan Stanley said in a February 13 research report.

The drop in stablecoin market capitalization signals a decline in cryptocurrency liquidity and leverage, equating to a quantitative tightening in the cryptocurrency market, the report says.

Discounts for Grayscale Bitcoin Trust (GBTC), the world’s largest listed Bitcoin fund, are once again nearing all-time highs. According to TradeBlock data, the GBTC discount rate hit its highest level since December 29 last year on February 13.

At the NFL Super Bowl on Sunday night, TV commercials for crypto assets (virtual currency) were not played, unlike last year. However, a certain NFT collection purchased an expensive commercial frame and aired the commercial. Prices soared in the secondary market.

Web3 game company Limit Break’s NFT project “DigiDagaku” aired a commercial that appealed for free issuance of the “Dragon Eggs” collection during the game. Viewers could issue NFTs for free by scanning a QR code.

Binance has faced a net outflow of about $831 million in the past 24 hours, according to data firm Nansen. Investors appear to be concerned about regulatory crackdowns on stablecoin Binance USD (BUSD), issued by Paxos.

The New York State Department of Financial Services (NYDFS) is investigating stablecoin issuer Paxos. Rival Circle reportedly filed a complaint with authorities.

According to Bloomberg, Circle will inform the NYDFS in the fall of 2022 that blockchain data indicates that Binance USD (BUSD), a stablecoin issued by Binance through Paxos, will have sufficient reserves to back it up. It is said that he complained that it became clear that he was not. Bloomberg reported on February 13, citing statements from those involved.

Despite the collapse of some centralized players across the cryptocurrency industry and a technical bear market, trading on the Avalanche blockchain is set to surpass the previous year in 2022. increased by 1500%.

In Avalanche’s fourth-quarter earnings report, data analytics firm Nansen said both NFT transaction volume and overall transaction volume increased significantly, demonstrating the strength of the network.

Crypto asset (virtual currency) exchange Kraken has stopped offering staking services as part of a settlement with the SEC (U.S. Securities and Exchange Commission), which is the next major upgrade for the Ethereum blockchain. Falk) “Shanghai” has increased uncertainty in the supply dynamics of Ethereum (ETH), COINBASE said in a Feb. 14 research report.

Bitcoin (BTC) and tech have risen even as the US Consumer Price Index (CPI) reignited concerns about the Fed’s hawkish policies, pushing US Treasury yields higher. Risk assets such as the stock-heavy Nasdaq Composite unexpectedly performed positively.

Rising bond yields make borrowing more expensive, so traders typically ditch risky assets in favor of fixed-income securities, as we saw in 2022. But on February 14, when the 10-year Treasury yield jumped more than 0.12% to its highest level in more than a month, bitcoin climbed about 2% above $22,000 and the Nasdaq also dropped to 0.7. %Rose.

Crypto asset (virtual currency) exchange Binance CEO Changpong Zhao is not necessarily closely involved in stablecoin Binance USD (BUSD), whose new issuance has been suspended due to measures by US regulators. I said no and kept my distance.

“BUSD is not issued by Binance. We have a contract for Paxos to use our brand. said on Twitter Spaces.

Paxos, which handles the issuance of stablecoin Binance USD (BUSD), has issued more than 700 million dollars (91 billion yen, 1 dollar = 130 yen conversion) of Binance USD since February 13 by the time of this writing. Burning (incineration).

Paxos has sent $703 million worth of Binance USD to its burn address and removed it from circulation in the last 27 hours since the morning of March 13, according to data from blockchain data firm Nansen.

On February 15, NFT marketplace Blur surpassed OPENSEA for the first time in daily trading volume, according to data analytics platform Nansen. The competition between the two marketplaces has reached a new level following Blur’s release of its native token the day before.

Blur’s trading volume was 6602 ETH on the 15th, while OpenSea’s trading volume was 5649 ETH.

Startale Labs, a Web3 business consultancy company headed by Astar Network’s Sota Watanabe, announced on February 15 that it has established a Japanese subsidiary, Startale Labs Japan.

Startale Labs Japan is a 100% subsidiary of Startale Labs based in Singapore, providing R&D and consulting for Japanese companies engaged in Web3 business based on the development and operation experience of Astar Network, a public blockchain from Japan. I do.

Coincheck announced on February 15 that it will conduct an IEO for Financier Token (FNCT). From February 21st, FNCT purchase application will start on Coincheck IEO.

FNCT is a platform token for the token-issuing crowdfunding service “FiNANCiE”. It is planned to be used as a reward for users and as an incentive for the continuous growth of a good community.

The Financial Stability Board (FSB), along with other international standard-setters, will decide how decentralized finance (DeFi) should be regulated, according to a report released Feb. 16.

The FSB will consider the extent to which its proposed policy recommendations for the crypto sector need to be strengthened to address DeFi-specific risks, the report said.

According to KPMG’s “Pulse of Fintech” report for the second half of 2022, one of the world’s four largest accounting firms, despite the global slowdown in crypto assets (virtual currencies) and blockchain, fintech investment in Singapore It was the top field.

This is despite the turmoil in the crypto space of 2022 revealing a key trend of investors shifting to non-crypto solutions.

Tether (USDT) has seen its market cap increase by about $1 billion ($130 billion) as investors pull back from rival Binance USD (BUSD).

BUSD, issued by Paxos under the Binance brand, is rapidly declining in circulation, while USDT is increasing in circulation.

Game-focused blockchain Oasys announced on February 16 that SoftBank will participate as a validator.

Oasys is a blockchain project specializing in games with the concept of “Blockchain for Games”. The initial validator (chain operator) consists of a total of 21 companies, including major game companies such as Bandai Namco Research Institute, Sega, Square Enix, and 3 Web companies, and 4 additional companies participate as the second group of validators. is decided, and Softbank will be one of them.

On February 17, Sony Network Communications launched the “Web3 Incubation Program Powered by Sony Network Communications and Astar” to support Web3 startups in collaboration with Startale Labs, a Web3 business consultancy led by Sota Watanabe of Astar Network, from mid-March to June. It has been announced that it will be held until the middle of the month. Recruitment of incubation participating companies will start on the same day.

The Bank of Japan announced on February 17 that it will conduct a demonstration experiment on central bank digital currency (CBDC).

The Bank of Japan has been conducting a CBDC demonstration experiment since April 2021 in line with the “Policy of the Bank of Japan on Central Bank Digital Currencies” announced in October 2020. Among them, the “proof of concept (PoC)” will be completed in March this year, and then the “pilot experiment” will be carried out from April.

|Text and editing: coindesk JAPAN editorial department

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