• Bitcoin shifted from flying high above $25K to sinking to $23.6K over the course of Thursday.
• The collapse of crypto exchange FTX and its trading arm Alameda Research has prompted startups to postpone their token launches.
• An unexpected 0.7% month-over-month spike in January’s producer price index (PPI) suggested that the U.S. central bank monetary had not yet succeeded in taming price increases that have bedeviled the economy for more than a year.

Markets

Bitcoin shifted from flying high above $25,000 to sinking to $23,618 over the course of Thursday according to CoinDesk Market Index (CMI). Ethereum (ETH) was also down 3.2% at $1,646 while S&P 500, Gold and Nikkei 225 were down 1.4%, 0.4% and 0.7% respectively at the same time.

First Mover Asia: Crypto Momentum Falters as Bitcoin Retreats to $23.6K

The collapse of crypto exchange FTX and its trading arm Alameda Research has increasingly prompted startups to postpone their token launches as part of the fallout from this incident, according to Sam Reynolds‘ consideration on a rising trend of crypto startups postponing their token launches..
An unexpected 0.7% month-over-month spike in January’s producer price index (PPI) further suggested that the U.S Federal Reserve monetary policy had not yet succeeded in taming inflation prices which have bedeviled the economy for more than a year now..

Insights

Alameda Research ranked among the crypto industry’s largest market makers before its collapse with its parent company FTX, prompting startup token launch postponements across the board.. Investment Bank D DA Davidson analyst Chris Brendler also downgraded Coinbase stock (COIN) rating from buy to neutral due to worries about regulatory uncertainty and potential lawsuits against Coinbase caused by Ripple’s legal battle with US Securities Exchange Commission..

Impact

The news resulted in investor sentiment shift towards skepticism regarding inflation rates, Federal Reserve Monetary Policy and other related issues causing Bitcoin prices retreat below $23k again after temporarily soaring past 25k earlier on Thursday.. Meanwhile cryptocurrency companies are being forced into delays due uncertain market conditions resulting from these negative events..

Outlook

It remains unclear if investor sentiments will hold up or if investors will be able move past this setback quickly as new developments arise within both cryptocurrency industry and traditional markets alike… However one thing is certain – these economic uncertainties have left an undeniable impact on both current market conditions as well as future outlooks for digital asset related businesses across all industries

• Federal Reserve Board Governor Christopher Waller noted that U.S. financial system has been kept out of the crypto’s drama due to the separation of crypto from banks.
• Waller is hopeful that the sector can work out its recent issues, such as the FTX collapse and other firm failures, without causing significant damage to the U.S. banking system.
• He believes that if banks are to be involved in crypto, they must have clear business models, risk-management systems and corporate governance structures in order to protect themselves from potential failure.

U.S Regulators Prefer Keeping Crypto Apart From Banks

Federal Reserve Board Governor Christopher Waller noted that the separation between crypto and banks has kept U.S financial system out of crypto’s drama and he is hopeful that the sector can work out its recent issues without causing any significant damage to it. He added that this may be attributable in part to limited connections between the two ecosystems.

Waller’s View on Prudent Innovation

Waller said he supports prudent innovation in finance while also being concerned with banks engaging in activities with heightened risks such as fraud and scams, legal uncertainties and inaccurate disclosures. If a bank wants to involve itself in cryptocurrency it must be very clear about customer’s business models, risk-management systems and corporate governance structures so that they don’t get hurt if there is a crypto meltdown.

Crypto Industry Maturity

Waller believes that with time digital assets industry will mature and will work out its transparency, governance, and risk management issues successfully which will allow for more opportunities for interaction between this industry and traditional banking system .

Crypto Sector’s Recent Issues

The cryptocurrency sector has had some recent issues including FTX collapse which caused no major harm to US banking system because of lack of connection between them according to Waller . However still these kinds of incidents raise concerns about safety within this industry .

Conclusion

In conclusion , it seems like US regulators prefer keeping crypto apart from banks which appears beneficial due to lessened risks associated with it . With time , Waller expects digital assets industry will mature leading more chances for interactions between traditional banking system & cryptocurrency sector .

Summary

• Nigerians are paying a premium for Bitcoin, but probably more for the stability of the U.S. dollar than for crypto itself.
• The high premiums were attributed to cash withdrawal limits imposed by the Nigerian government on its citizens as it swapped old bank notes for new ones.
• Nigeria’s bitcoin premiums typically reflect discrepancies between official and unofficial U.S. dollar exchange rates in the country.

Bitcoin Premiums in Nigeria

Nigerians are paying a premium, but probably more for the stability of the U.S. dollar than for bitcoin, an analyst told CoinDesk. It all started when a number of media outlets drew attention to the high premiums, which they attributed to cash withdrawal limits placed by the Nigerian government on its citizens as it worked on swapping old bank notes for new ones. But if bitcoin demand went up as a result of the cash jam in the country, the premiums should have spiked as the ATM limits were imposed in early December – yet there was no substantial increase seen at that time.

US Dollar Exchange Rates

Nigeria’s bitcoin premiums are not a new phenomenon and they typically reveal the discrepancies between official and unofficial U.S. dollar exchange rates in the country. Although the government sets an official rate, due to chronic currency devaluation problems, locals can get much higher prices on unofficial local forex markets and this is likely contributing to Nigeria’s inflated Bitcoin prices compared to global averages..

Bitcoin Demand Not Driving Premiums

As such, it seems that while Bitcoin may be gaining traction in Nigeria – with some saying it could become Africa’s biggest crypto market – Nigerians‘ demand for Bitcoin is unlikely driving these high premiums we are seeing today; rather it is simply reflecting their desire for stability offered by US Dollars over their own local currency..

Conclusion

In conclusion then, these inflated Bitcoin prices suggest that Nigerians are still opting to pay more money just to ensure access to US dollars over their own vulnerable naira currency – rather than viewing cryptocurrency as an attractive alternative investment option within their economy at this time..

• Emails obtained by CoinDesk have shed new light into the dispute over the ownership of WazirX, India’s largest crypto exchange.
• In November 2019, Binance, the world’s largest crypto exchange by trading volume, published a blog post saying it had purchased the Indian exchange.
• However, last summer, when WazirX landed in hot water with the Indian government, Binance took steps to publicly distance itself from WazirX, amending the original blog post to say the transaction was limited to an agreement.

The rivalry between two of the world’s largest crypto exchanges, Binance and WazirX, has been escalating, with emails obtained by CoinDesk providing more insight into the debate over who owns the Indian exchange.

The story began in November 2019, when Binance, the world’s largest crypto exchange by trading volume, published a blog post claiming to have acquired WazirX, India’s largest crypto exchange. WazirX’s executives openly discussed the acquisition, and there seemed to be no dispute over its ownership.

But last summer, WazirX ran into trouble with Indian authorities when its Mumbai office was raided by government officials who suspected the exchange of helping 16 fintech companies launder money. In response, Binance quickly took steps to publicly distance itself from WazirX, amending the original blog post to clarify that the transaction was limited to an agreement.

The emails obtained by CoinDesk suggest that Binance and WazirX may have had different interpretations of the agreement. WazirX’s founder and CEO, Nischal Shetty, said in an email that Binance had “no legal rights or obligations” to the Indian exchange, while Binance CEO Changpeng Zhao argued that the exchange was still a part of the Binance family.

The emails also raised questions about the timing of the WazirX acquisition. According to the emails, Shetty claimed that the deal was completed in October 2019, while Binance said the agreement was finalized in December.

The back-and-forth between Binance and WazirX about ownership could have devastating effects for the Indian exchange and its users. If Binance is found to have a stake in the exchange, it could be subject to increased scrutiny from Indian regulators. On the other hand, if Binance is found to have no ownership in WazirX, it could be seen as a breach of trust and have a negative impact on the exchange’s reputation.

The debate over the ownership of WazirX has become increasingly heated in recent months, and it remains to be seen how the situation will play out. What is certain is that the outcome could have far-reaching consequences for the Indian crypto market.

• The Indian Government’s apex public policy think tank, NITI Aayog, has launched a blockchain module in partnership with crypto-focused 5ire and Network Capital.
• The project is under the aegis of NITI Aayog’s Atal Innovation Mission, which has Atal Tinkering Labs in more than 10,000 schools in India.
• International Fund for Agricultural Development Director Advit Nath joins CoinDesk Global Policy & Regulation Managing Editor Nikhilesh De for a conversation about using blockchain to reduce poverty and hunger in developing parts of the world.

The Indian Government’s apex public policy think tank, NITI Aayog, has partnered with crypto-focused 5ire and Network Capital to launch a blockchain module. The project is under the aegis of NITI Aayog’s Atal Innovation Mission (AIM), which has Atal Tinkering Labs (ATL) in more than 10,000 schools in India. The purpose of AIM is to create and promote a culture of innovation and entrepreneurship.

The launch of the blockchain module was announced on Monday and it was accompanied by an online launch event. Dr. Arvind Panagariya, Vice Chairman of NITI Aayog, said it was a major milestone for the government’s mission to promote the use of blockchain technology for the benefit of Indian citizens. He added that the project would provide an opportunity to explore the potential of blockchain technology to create innovative solutions and products.

5ire said in July it raised $100 million in Series A funding from U.K.-based conglomerate Sram and Mram. The firm specializes in blockchain-based products and services such as enterprise applications, digital payments and digital asset management. Network Capital, on the other hand, is a mentorship and career exploration platform.

In addition to the launch of the blockchain module, International Fund for Agricultural Development Director Advit Nath joined CoinDesk Global Policy & Regulation Managing Editor Nikhilesh De for a discussion about using blockchain to reduce poverty and hunger in developing parts of the world. The discussion focused on how blockchain technology can be used for social good and how it can help create sustainable solutions for people in developing countries.

The blockchain module is part of NITI Aayog’s efforts to promote the use of technology for the benefit of the people. The launch of the blockchain module is expected to create a platform for innovation and allow the government to explore the potential of blockchain technology to create innovative solutions and products. It is also expected to help create a more efficient and secure financial system in India.

Overall, the launch of the blockchain module is a major milestone for the government’s mission to promote the use of blockchain technology for the benefit of Indian citizens. 5ire and Network Capital will provide the necessary support and mentorship to help the government make the most out of the platform. The discussion with International Fund for Agricultural Development Director Advit Nath will further help the government to explore the potential of blockchain technology to create sustainable solutions for people in developing countries.

• Bitcoin’s 180-day call-put skew has crossed above zero for the first time since 2021, indicating that bullish call options expiring in six months have become pricier than bearish put options.
• This is a sign of confidence in the cryptocurrency’s latest bull revival and suggests that expectations for bitcoin’s price over the next six months have turned positive after a long time.
• By Omkar Godbole

The long-term sentiment on the bitcoin (BTC) market has turned bullish, with the cryptocurrency showing its biggest weekly percentage gain in two years. This surge in enthusiasm has been reflected in the recent movements of the 180-day call-put skew, which has crossed above zero for the first time since the start of 2021.

The call-put skew measures the price for calls relative to puts and is a good metric to gauge the market’s sentiment. When the skew is positive, it suggests that the market expects a rise in bitcoin prices over the next six months, as bullish call options become more expensive relative to bearish put options. This is exactly what has happened in the past few days, with the call-put skew crossing above zero for the first time in 2021.

The recent uptick in the call-put skew is yet another sign of confidence in the cryptocurrency’s latest bull revival. The market is now pricing in higher bitcoin prices for the next six months, suggesting that expectations for its price have turned positive after a long time.

The bullish sentiment is further reinforced by the fact that bitcoin is currently trading above its 50-day moving average for the first time since October last year. The 50-day moving average is an important indicator of the market’s long-term direction and is usually seen as a sign of a bullish trend.

The recent surge in bullish sentiment has been driven by institutional investors, who have been accumulating large amounts of bitcoin over the past few months. This influx of institutional money has been a major factor in driving up the price of bitcoin and is likely to continue to do so in the coming months.

Overall, it appears that the market is increasingly confident in the prospects of the cryptocurrency and that the long-term outlook is looking increasingly positive. This is further evidenced by the call-put skew crossing above zero and suggests that the market is pricing in higher bitcoin prices over the next six months.

Bullet points:
• Jefferies analyst Ken Usdin downgraded Signature Bank stock from buy to hold.
• The downgrade comes after a 67% year-over-year decline in the stock’s price.
• The decision to shrink Signature Bank’s digital asset deposits business is understandable due to recent developments in the cryptocurrency industry.

Signature Bank (SBNY) is feeling the heat of the recent developments in the cryptocurrency industry. After a year-over-year decline in its stock of 67%, Jefferies analyst Ken Usdin downgraded the bank’s stock from buy to hold and slashed its price target to $124 from $185.

The decision to shrink Signature Bank’s digital asset deposits business is understandable due to the uncertainty present in the cryptocurrency industry. The recent turbulence in the digital asset industry has resulted in the need for banks to scale back their involvement in the space. This is evident in Metropolitan Commercial Bank’s decision to end its crypto-related services.

The negative impact of this decision on net interest margin (NIM) and net interest income (NII) has been underestimated, according to Usdin. This is because the bank’s involvement in the digital asset industry was seen as a potential source of growth for the company.

The panel on the show “The Hash” discussed how the FTX contagion will affect the banks that have expanded into crypto. Usdin noted that the banks that have adopted a more conservative stance with regard to digital assets will be better positioned to survive the current market conditions.

Usdin concluded by saying that further developments in the cryptocurrency industry could further impact the stock’s performance. He advised investors to remain cautious in the near term as the industry is still in its nascent stages and is far from being regulated.

– 2022 was a bearish year for crypto with Bitcoin and Ether experiencing a 65% and 67% pullback respectively.
– Ethereum Merge was a significant development for the crypto network and caused a lot of hype in the industry.
– Regulatory frameworks for crypto assets continued to evolve and gain traction in the industry.

The past year of 2022 was a turbulent one for the cryptocurrency industry, with Bitcoin (BTC) and Ether (ETH) experiencing a significant pullback from their bullish 2021. Bitcoin, in particular, saw its price fall by 65%, while Ether saw a 67% decline in value. This bearishness in the market was felt across all crypto assets, causing widespread losses among investors.

The impact of the bear market was especially felt among mining operations, which experienced a decrease in revenues due to the decreased value of the mined coins. This caused some companies to close down or make significant layoffs, leading to a decrease in the number of miners.

Despite the downturn in the market, some developments in the crypto space managed to bring some much-needed positivity. One of the most significant of these was the Ethereum Merge, a major upgrade to the Ethereum network that paved the way for the introduction of Ethereum 2.0. The Merge was an eagerly anticipated event in the crypto community, and its successful completion gave the industry renewed hope for the future.

On the regulatory front, the crypto industry saw some major advancements in the past year. A number of countries, such as the United States and Japan, implemented new laws to provide clarity on the taxation and legal status of cryptocurrencies. This was seen as a positive step forward in the eyes of many industry observers, as it provided a more secure environment for investors and businesses to operate in.

Overall, 2022 was a difficult year for the crypto industry, but there have been some developments that have given the market renewed optimism. With the successful completion of the Ethereum merge and the introduction of new regulations, the industry is beginning to look towards a brighter future.