Weekly virtual currency news | Attention is focused on the intention of Mt.Gox’s largest creditor, Mercari launches BTC trading service, etc.

news of the week

We will deliver the news of the week (3/4 to 3/10) together.

This week, the most read article was about the intentions of the largest creditor of cryptocurrency exchange Mt.Gox.

As for the market, attention is focused on the report on the 8th, which summarizes the impact of hearing testimony by Chairman Powell of the US Federal Reserve Board (FRB).

In addition, news about the Bitcoin (BTC) trading service of the Mercari app is also attracting attention.

table of contents

1. This week’s news ranking
2. Market news ranking
3. Virtual Currency/Blockchain Industry News

This week’s news ranking

1st place: Mt Gox’s largest creditor, bitcoin scheduled to be repaid “will not sell” = report (3/9)

As Mt. Gox, which filed for bankruptcy in 2014, is about to start paying off its assets, one of its biggest creditors, a fund, has indicated that it will not sell bitcoin, it was learned today. A source familiar with the Mt Gox Investment Fund (MGIF), which bought the Mt. (the article ishere)

2nd place: US NY authorities sued virtual currency exchange KuCoin, claiming that Ethereum is securities (3/10)

The New York State Attorney General’s Office has announced that it has filed a lawsuit against cryptocurrency exchange KuCoin, accusing it of conducting business in the state without being registered. It also claims that Ethereum (ETH) is a security. (the article ishere)

3rd place: Ripple CEO “XRP lawsuit is expected to come to a conclusion in 2023” (3/6)

Brad Garlinghouse, CEO of Ripple, said on Wednesday that the pending XRP lawsuit between Ripple and the US Securities and Exchange Commission (SEC) will likely come to a conclusion in 2023. (the article ishere)

Market news ranking

1st place: Bitcoin fell after Powell congressional testimony, “positive correlation” with US stock index is on a downward trend (3/8)

US Federal Reserve Chairman Jerome Powell said in his testimony at the hearing that recent economic data (inflationary pressures) were stronger than expected. He suggested raising the terminal rate of the policy rate and re-expanding the pace of rate hikes. Following this testimony, the price of Bitcoin also dropped. (the article ishere)

2nd place: Risk aversion strengthens bitcoin continues to fall, Mt. Gox’s major creditor’s selling pressure concerns recede (3/9)

In the cryptocurrency market, risk aversion has strengthened and bitcoin prices have continued to fall. Selling fears from large Mt. Gox creditors appear to have receded. (the article ishere)

3rd place: Bitcoin temporarily breaks $ 20,000, multiple negative factors put downward pressure (3/10)

Bitcoin fell 7.6% from the previous day to $20,130. Bad news piled up, and 1 BTC = $ 20,000 temporarily fell below the psychological milestone and fell to $ 19,780. (the article ishere)

Virtual Currency/Blockchain Industry News

Cryptocurrency exchange Mercoin to start offering bitcoin trading service on Mercari app (3/9)

Mercoin, Inc., a subsidiary of Mercari, Inc., which plans and develops virtual currency-related services, announced on the 9th that it will start a crypto asset exchange business from the same day. We will provide bitcoin trading services within the Mercari app for users who have passed the screening. (the article ishere)

FRB Chairman Powell “Banks should pay close attention to their involvement with cryptocurrencies” (3/8)

Fed Chairman Jerome Powell testified before the Senate Committee on Banking, Housing and Urban Affairs on Thursday. Banks should be cautious about getting involved, he said, because “we see a lot of turmoil” in the crypto space. (the article ishere)

Cryptocurrency service provider Silvergate Capital announces liquidation of banking business (3/9)

Silvergate Capital, which provides virtual currency-related services, announced on the 8th that it plans to voluntarily liquidate its banking business and reduce its business. It explains that it has determined that this policy is the best, considering recent trends in the industry and regulations. (the article ishere)

US Biden administration’s budget message Proposal to change virtual currency taxation (3/10)

The US Biden administration announced the budget statement for the 2024 fiscal year (October 23-September 24) on the 9th. Regarding virtual currency, there are places where changes have been proposed in terms of taxation. (the article ishere)

5 Technology Trends to Watch in 2023 in the Web 3 Industry = Report (3/10)

HashKey Capital, Asia’s largest asset management company specializing in cryptocurrencies, released a report on the Web3 industry technology trends to watch in 2023 on the 8th. We focused on five movements, including Ethereum’s latest upgrades and staking-related tech. (the article ishere)

Why did the Japanese government start promoting the “Web3 policy”? Summary of important points and related news (3/7)

The use cases of Web3, NFTs (non-fungible tokens), and virtual currencies are being increasingly mentioned in the responses to the Diet by Japanese government officials. We have summarized the trends of the government that have begun to move toward the establishment of standards such as technology and regulatory frameworks. (the article ishere)