Kraken to Exit Japan and Cut 30% of Global Staff Amid Crypto Market Stagnation
• Kraken will exit Japan and deregister from the Financial Services Agency as of Jan. 31. • Kraken users in the country have until the end of next month to withdraw their holdings. • The company is prioritizing resources and investments to ensure the long-term stability of the exchange. Kraken, a leading cryptocurrency exchange, recently announced that it will be exiting Japan and deregistering from the Financial Services Agency as of January 31st. The decision to leave the country was prompted by “current market conditions in Japan in combination with a weak crypto market globally,” according to a blog post from the company. Kraken users in Japan have until the end of next month to withdraw their holdings. Cryptocurrency can be transferred to another wallet or Japanese yen can be wired to a local bank. The exchange is also taking steps to ensure its long-term stability, with a focus on…
Crypto Markets Remain Frozen Near Recent Support as CoinDesk Reviews Year’s Impactful Stories
• Bitcoin drifted lower in Tuesday trading, but prices remain largely frozen near levels they’ve held for a week. • CoinDesk revisited a few of its most impactful stories from the past year, including one that led to the implosion of crypto exchange giant FTX in November. • Bitcoin was recently changing hands at $16,700, off 1.3% over the past 24 hours but near its most recent support just under $17,000. On Tuesday, the crypto markets continued to show signs of relative stability, with Bitcoin (BTC) prices drifting lower but remaining largely frozen near levels they’ve held for a week. As the year draws to a close, CoinDesk is taking a look back at some of its most impactful stories from the past year, including one that led to the implosion of crypto exchange giant FTX in November. The market’s largest cryptocurrency by market capitalization was recently trading at $16,700,…
Nexo Urges Vauld Creditors to Back Acquisition Deal, Kroll Silent
• Nexo sent an open letter to Vauld creditors after Vauld announced it had suspended all withdrawals, trading, and deposits on its platform and had filed for creditor protection. • Nexo’s letter noted that the negotiations for the acquisition had been slow and challenging and that terms of the deal had been “misleading”. • Kroll, Vauld’s financial adviser, has not yet responded to a request for comment. Crypto lender Nexo has sent an open letter to creditors of Singapore-based rival Vauld, seeking to buy the company after Vauld announced it had suspended all withdrawals, trading and deposits on its platform, filed for creditor protection, and was looking at restructuring options. The letter, sent Monday, comes amid conflicting assessments of the acquisition process. Vauld said earlier in the day that the deal announced in July had “not come to fruition.” Nexo responded by saying talks were continuing and it still hoped…
Crypto Market Holds Steady as Investors Focus on ‘Good Deals and Ideas’
• Bitcoin held steady over the long Christmas holiday weekend at about $16,900. • Most other major cryptos were flat, although tinted more green than red. • Investor largely ignored crypto and the macroeconomic uncertainties that have plagued the world in 2022. The Christmas holiday weekend was a relatively calm one for the cryptocurrency market as Bitcoin and other cryptos largely held steady. Bitcoin, the largest cryptocurrency by market capitalization, was recently trading at about $16,900, just about where it stood 24 hours earlier and where it finished Friday as markets wound down for the holiday. Ether, the second-biggest cryptocurrency by market capitalization, was recently changing hands at slightly over $1,200, mirroring Bitcoin’s flat trading of the past three days. The overall cryptocurrency market was mostly flat, with most major cryptos tinged more green than red. This steadiness was a welcome sign for investors, given the macroeconomic uncertainties that have…
Bitcoin Flat Despite US Stock Sell-Off, Messari’s 2023 Outlook Unclear
Bullet Points: • Bitcoin (BTC) was flat over the past 24 hours, on a day where US stocks sold off. • Positive economic data rekindled fears that the Federal Reserve may need to keep tightening monetary policy longer than expected. • Messari’s Ryan Selkis predicts that the market’s direction is “still all about macro and regulation” in his 2023 predictions. Article: Investors in the cryptocurrency market have had a tumultuous few days, as the US stock market sold off on the back of positive economic data. This caused fears that the Federal Reserve may need to keep tightening its monetary policy for longer than expected, and put downward pressure on risky assets. Despite the turmoil, Bitcoin (BTC) managed to remain relatively unaffected, trading at around $16,800, with only a 0.01% drop over 24 hours. Ether (ETH), the second largest cryptocurrency, also showed some resilience, trading at around $1,223 and up…
“SEC Warns Investors of Crypto Company’s Proof-of-Reserves Claims”
• The U.S. Securities and Exchange Commission (SEC) has warned investors to be wary of crypto companies’ claims of proof-of-reserves audits. • Paul Munter, the SEC’s acting chief accountant, has stated that investors should not place too much confidence in these audits as they do not provide enough information to assess whether a company has sufficient assets. • Recent controversy with Binance’s proof-of-reserves audit has led to audit firm Mazars suspending all work with crypto clients, including Binance, KuCoin, and Crypto.com The United States Securities and Exchange Commission (SEC) has recently issued a warning to investors about the validity of “proof-of-reserves” audits conducted by cryptocurrency companies, urging that caution be taken when relying on such evidence. The warning came following the collapse of FTX, a third-largest crypto exchange, which eroded user trust in centralized platforms, resulting in some exchanges commissioning proof-of-reserves audits to ensure clients that their funds are safe.…
XRP Could Reach $1: Ready for a Breakout?
• XRP has seen modest growth of 1.1% in the past 24 hours, possibly due to hints from a former Ripple executive that smart contracts will be added to the XRP Ledger in the near future. • XRP is currently trading at $0.35, with a potential buy signal on the daily chart. If XRP breaks out from the falling trend line and 200-day Exponential Moving Average, it could reach $1. • Altcoins such as FightOut (FGHT), Dash 2 Trade (D2T), and C+Charge (CCHG) are offering quick gains to investors who are looking for safer bets. The cryptocurrency market has seen modest growth in the past 24 hours, with XRP rising 1.1%. This could be due to hints from Matt Hamilton, a former director at Ripple, that smart contracts will soon be available on the XRP Ledger. Smart contracts are digital agreements that are governed by predetermined guidelines and do not…
SBI and Square Enix Strike $53M Crypto Gaming M&A Deal
• Japanese securities giant SBI and gaming firm Square Enix have announced a crypto gaming M&A deal worth around $53 million. • The deal will see SBI become the largest shareholder of Gumi, a crypto and blockchain gaming company. • Both firms plan to list tokens on cryptoasset exchanges and use SBI NFT as a distribution market for acquired NFTs. Japanese securities giant SBI and gaming firm Square Enix have recently announced a crypto gaming M&A deal worth around $53 million. The two companies have signed a share purchase agreement for Gumi, an up-and-coming crypto and blockchain gaming company, which will see SBI become the largest shareholder with 22.46% voting rights and Square Enix with a 3.01% share. The two companies have plans to make significant moves in the crypto and blockchain gaming space. SBI stated that it would combine Gumi’s game development and operational knowledge with its own token…
Brazil Legalizes Bitcoin as Payment Option, Setting Stage for Adoption in Latin America
• Brazil’s President Jair Bolsonaro has signed a bill that makes bitcoin and other cryptoassets a legal and regulated payment option in the country. • The bill defines virtual asset providers and the penalties for illegal acts involving crypto, and will go into effect in 180 days from the date of its official publication. • Alex Adelman, CEO and co-founder of bitcoin rewards app Lolli, suggested that Brazil’s move to regulate bitcoin as a payment mechanism sets the stage for greater bitcoin adoption in the country and Latin America at large. On Wednesday, Brazilian President Jair Bolsonaro signed a bill into law that established the country’s official and complete framework for the trading and use of “virtual currencies” in Brazil, per the federal government’s official journal. This bill, which was previously approved by Congress, is set to make bitcoin (BTC) and other cryptoassets a legal and regulated payment option in…
“Dogecoin Price Jumps 5%, 3 Altcoins Ready for 2023 Gains”
• Dogecoin price is up by 5% in the past 24 hours, reaching $0.077698 amid a rise in its daily trading volume to more than $800 million. • DOGE is currently seeing an increase in momentum, with its technicals suggesting that today’s rally may continue over the weekend. • Three altcoins with solid fundamentals and strong teams – FightOut (FGHT), Dash 2 Trade (D2T) and C+Charge (CCHG) – are currently in their presale phase, hoping to match the performance of other altcoins that have risen substantially this year. Dogecoin (DOGE) has seen an increase in momentum in the past 24 hours, as its price has risen by 5% to reach $0.077698 and its daily trading volume has skyrocketed to more than $800 million. This gain follows a week-long decline of 8% and a 30-day slide of 21%. On the other hand, the altcoin is still up by 30% since the…