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Last Updated : March 10, 2023 / 08:20 AM IST
Cryptocurrency roundup for March 9: Indian government tightens regulatory grip on cryptocurrencies, Silvergate Bank announces voluntary liquidation plan and more
A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum and Tether to help jump-start the day.
Big Story
Ethereum’s Liquidation Process Gets a Massive Boost with Rook Protocol’s $25 Million Fundraise – ROOK Token Takes Off
The token of liquidity protocol Rook, known as ROOK, has recently surged by 23% due to speculation that Zhu Su and Kyle Davies, founders of Three Arrows Capital, have completed a $25 million fundraising for their bankruptcy claims exchange.
> Decentralized finance (DeFi) researcher Ignas fueled the rumors with a tweet about the potential raise.
> Rook is an Ethereum-based maximum extractable value (MEV) marketplace designed to counter the effects of miners and predatory trading algorithms that tend to extract value from transactions.
> Its goal is to redistribute that value and make the liquidation process on Ethereum more efficient while ensuring participants earn a fair return. Details here.
Bitcoin
Bitcoin Hits Three-Week Low Due to U.S. Federal Reserve’s Hawkish Policy
During Asian trading hours on Wednesday, Bitcoin reached a three-week low, dropping to $21,871, while Ether, the second-largest cryptocurrency, nearly tested Tuesday’s low of $1,535.
> This drop was spurred by U.S. Federal Reserve Chairman Jerome Powell’s hawkish testimony to Congress, which led traders to price in a higher “terminal rate.”
> Powell’s comments on Tuesday indicated that the central bank is likely to raise rates more than previously expected, as the process of pushing inflation down to the 2% target still has a long way to go.
> The Fed has already raised rates by 450 basis points (bps) since last year, causing upheaval in risk assets, including cryptocurrencies. More here.
Money Laundering
Indian Government Cracks Down on Money Laundering in Cryptocurrency Sector
The Indian government has tightened its regulatory grip on cryptocurrencies by imposing money laundering provisions on the sector.
> According to a notice released by the Finance Ministry on Tuesday, anti-money laundering legislation will now apply to cryptocurrency trading, safekeeping, and related financial services.
> This move by the Indian government aligns with a global trend of increasing scrutiny on digital asset platforms, which are required to adhere to anti-money laundering standards similar to those followed by regulated entities such as banks and stock brokers.
> Jaideep Reddy, a counsel at law firm Trilegal, stated that India’s move reflects the international regulatory trend that demands greater scrutiny of digital assets.
> Last year, the Indian government implemented stricter tax rules on the cryptocurrency sector, including a levy on trading. Details here.
Crypto-Focused Funds
Alpha Sigma and Transform Ventures Partner to Launch New Crypto-Focused Funds
Alpha Sigma Capital has announced that it has partnered with Transform Ventures and its founder, Michael Terpin, to launch a new holding company called Alpha Transform Holdings.
> The holding company has been formed by merging select assets from Transform Ventures and Alpha Sigma Capital’s parent company, according to a press release issued on Wednesday.
> The partnership aims to create a “one-stop shop” for digital asset companies, foundations, and projects of all sizes and orientations.
> The investment from Transform Ventures and Michael Terpin also includes funding for the Alpha Transform Holdings parent company, the new Alpha Liquid digital asset fund, and a closed-end venture capital firm called the Aegean Fund. Continue here.
JPMorgan
JPMorgan Ends Banking Relationship with Gemini Exchange Amid Increased Regulatory Scrutiny
According to a source familiar with the matter, JPMorgan (JPM) has ended its banking relationship with Gemini, the cryptocurrency exchange owned by Cameron and Tyler Winklevoss.
> The banking giant had taken on Gemini and Coinbase as customers early last year. While Coinbase’s banking relationship with JPMorgan remains intact, the crypto industry is now facing increased regulatory scrutiny and difficulty in accessing banking services.
> JPMorgan declined to comment on the matter. Gemini, which is regulated by the New York State Department of Financial Services, did not respond to requests for comment.
> However, the exchange has other banking partnerships in place, including with State Street, according to its website. State Street did not provide any comment when approached for clarification. Continue here.
Silvergate Capital
Silvergate Capital Corporation to Wind Down Operations and Liquidate Bank
Silvergate Capital Corporation, the holding company for Silvergate Bank, announced on Monday its intention to wind down operations and voluntarily liquidate the Bank in an orderly manner and in accordance with regulatory processes.
> The decision was made in light of recent industry and regulatory developments, with the company believing that an orderly wind-down of the Bank operations and a voluntary liquidation of the Bank is the best path forward.
> The Bank’s wind-down and liquidation plan includes full repayment of all deposits.
> The Company is also considering how best to resolve claims and preserve the residual value of its assets, including its proprietary technology and tax assets. More here.
Bitcoins
US Government Law Enforcement Transfers 40K Bitcoins Worth $2B to Coinbase
A total of 40,000 Bitcoin, worth more than $2 billion, had been transferred from wallets associated with the United States government.
> While it’s not uncommon for government agencies to hold cryptocurrencies, the sudden transfer of such a large amount of Bitcoin has raised eyebrows and sparked speculation about the reasons behind the move.
> According to on-chain data provider Glassnode, the 40,000 Bitcoin transferred were associated with US government law enforcement seizures, with a portion of the coins sent to leading cryptocurrency exchange Coinbase.
> Glassnode also noted that 9,861 Bitcoin seized from the infamous Silk Road hacker had been sent to the Coinbase cluster. Details here.
Ether Slips
Bitcoin Fund Grayscale’s Shares Rise as Ether Slips: Crypto Markets Mixed
> The Grayscale Bitcoin Trust (GBTC) witnessed a 4% surge in shares by 10:30 a.m. EST as its discount to net asset value narrowed to 35.7%, following a successful day in court against the Securities and Exchange Commission (SEC).
> The crypto market saw a dip in prices, with Bitcoin trading at $22,100 and Ether slipping to around $1,550.
> Mixed Day for Crypto-Related Stocks as Coinbase Gains 3.9% and MicroStrategy Rises by 1%
> While Coinbase witnessed a 3.9% surge, MicroStrategy gained about 1%, and Block, owned by Twitter CEO Jack Dorsey, traded flat, beleaguered crypto-friendly bank Silvergate Capital shed about 5% by 10:35 a.m. EST, according to NYSE data.
> Despite the dip in crypto prices, positive movements in GBTC and other crypto-related stocks suggest a growing investor interest in the digital asset market.
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