Risk markets are continuing to fall sharply, extending the negative sentiment that began to accumulate in the second half of last week amidst fears of rising rates and a potential recession. China’s stringent zero-Covid policy is furthering growth concerns. Bitcoin is down 4.4% alongside a steep selloff in global equities. The 10-year treasury yield breached 3.18%, it’s highest level since late 2018, and the US Dollar Index reached a two decade high as investors accumulated the safe haven currency.
Other notable news includes: India’s central securities depository launched a blockchain-based security and covenant monitoring platform; South Korea’s Presidential Transition Committee proposed a crypto framework designed to foster industry growth; Binance halted crypto derivative trading in Spain at the request of the Spanish regulator; Colorado lawmakers advanced a bill to study the use of security tokens for raising state capital; New York’s Bitcoin mining moratorium was dealt a blow as it will not be considered in the Senate Environmental Conservation committee’s final meeting of the session; the Luna Foundation guard lent $1.5b of BTC and UST to defend the peg of its algorithmic stablecoin after slightly de-pegging over the weekend; Instagram revealed plans to support NFTs on multiple major blockchains; Lido DAO token surged ahead of the Binance listing; Google Cloud formed a web3 team with a blockchain focus; Europe’s largest crypto exchange, Bitstamp, has appointed former CCO and Europe CEO JB Graftieaux to the firm’s top job following the CEO’s departure; SBI Group’s cross-border eCommerce platform enabled XRP payments; data from Similarweb, a web traffic metric provider indicated that Deribit and OKX continue to attract significant Chinese volume despite a ban in the country; Irene Zhao’s influencer platform reportedly raised capital at a $100m valuation; a Cipher Mining / WindHQ joint venture secured a $47m loan to purchase ASICs; Capital Coin CEO accused of $62m investment fraud; the US offered two bounties totaling $15m for info on Russia-based ransomware crime group, Conti; and, Trump’s attempt to lift his permanent Twitter ban was dismissed by a federal judge.
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