Tag: singapore crypto

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Singapore Starts Two New Token Pilots – Top Crypto Updates

Singapore starts two token pilots with Standard Chartered, HSBC

The Monetary Authority of Singapore (MAS) is starting two new pilot projects to explore the use of tokens in trade finance and wealth management. Standard Chartered will lead the first pilot to explore tokens for trade finance. The other pilot will look at tokenisation of wealth management products. The wealth management pilot involves HSBC and UOB working with Marketnode, a digital asset platform built by the Singapore Exchange (SGX) & Temasek.

Crypto prices today: Bitcoin falls 1.1%, ETH down 2%

Bitcoin is currently trading at $20,391.03, a decline of 1.13% over the previous day. Ethereum fell 2% over the last 24 hours to $1,561.09. Solana is down 4.36% to $31.64, while Cardano is trading lower by 4.6% at $0.392. Avalanche (AVAX) fell 7.2% to $18. The global crypto market cap stands at $1.01 trillion, a 1.54% decline over the previous day.

Crypto is the ‘only stable thing’ amid financial turmoil: Binance CEO

Despite a crypto crash that has seen Bitcoin crash over 70% from $69,000 to its current value of around $20,000, Binance CEO Changpeng ‘CZ’ Zhao argued that cryptocurrency is “probably the only stable thing in this very dynamic environment.” He said that while crypto prices are volatile, “if you look at the technology, if if you look at the fundamentals of cryptos, limited supply, nothing has changed.”

Talos onboards Amber Group for liquidity

Institutional crypto trading platform Talos has onboarded Amber Group as its newest liquidity provider amid increased demand for crypto trading and investing in the Asia Pacific region. The partnership will allow Talos’ users to source liquidity for their trades from Amber Group’s WhaleFin platform. It would help drive the institutional adoption of cryptos as large trades are matched or sold in a short period using Talos’s infrastructure.

Hong Kong declares plans to be a crypto hub again

Regulators of Hong Kong declared the city’s ambitions to be a virtual asset hub. The government announced that it will hold consultations for allowing retail investors to invest on licensed platforms. It is also open to considering virtual asset futures exchange-traded funds (ETFs).

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Meta’s Metaverse Division Posts Huge Loss in Q3 – Top Crypto Updates

Meta’s metaverse division reports $3.67 billion loss in Q3

Meta’s Reality Labs metaverse division lost over $3.6 billion in the third quarter of 2022, compared to $2.63 billion at the same time last year. According to the quarterly report, Meta’s Reality Labs has lost over $9.43 billion year-to-date. Launched in August 2020, Reality Labs is Meta’s virtual and augmented reality arm that designs hardware and software, including Meta’s Oculus virtual reality set.

Crypto prices today: Bitcoin up 2.5%, ETH rises 4.2%

Bitcoin is currently trading at $20,745.16, an increase of 2.57% over the previous day. Ethereum rose 4.19% over the last 24 hours to $1,557.38. Solana rose 2.07% to $31.83, while Cardano is trading higher by 1% at $0.409. Avalanche (AVAX) is up 1% to $17.29. The global crypto market cap stands at $1 trillion, a 2.47% increase over the previous day.

Singapore proposes to ban crypto trading using leverage

The Monetary Authority of Singapore (MAS) has proposed restrictions on the use of credit or leverage when trading crypto. The rules would stop crypto firms from extending credit or leverage to retail customers and prevent them from accepting payments via credit cards. These rules would not apply to institutional investors. 

Binance launches oracle network for BNB Chain ecosystem

Binance has launched an oracle network for its BNB Chain ecosystem, which will connect the blockchain to real-world data and vice versa. An “early bird program” involving ten BNB projects kicked off at the same time. Initially, Binance Oracle will provide index prices for the most popular digital assets.

SushiSwap approves restructuring; to create 3 firms for DAO

The decentralized autonomous organization (DAO) behind crypto exchange SushiSwap has approved a legal structuring by an overwhelming majority. The proposal came after increased scrutiny over DAOs with the Commodity Futures Trading Commission suing Ooki DAO for alleged violations of U.S. investment laws. SushiSwap will now divide itself into three legal entities based in Panama and the Cayman Islands.

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BNB Chain Launches $10M Fund – Top Crypto Updates

BNB Chain launches $10M fund

BNB Chain, one of the world’s most actively used blockchains, has introduced a $10 million fund to help projects with user acquisition and growth. The Growth Incentive Program will initially support 10 projects in the fourth quarter, with gas incentives of up to 800 BNB tokens a month in total.

Individual projects can receive $1 million a month to cover fees spent on gas (the transaction fee paid to blockchain network validators for their services).

Crypto prices today: Bitcoin up 4.5%, ETH jumps 11%

Bitcoin is currently trading at $20,220.56, an increase of 4.58% over the previous day. Ethereum surged 11% over the last 24 hours to $1,496.26. Solana rose 9.32% to $31.18, while Cardano is trading higher by 12.5% at $0.406. Avalanche (AVAX) is up 8.4% to $17.12. The global crypto market cap stands at $980.42 billion, a 5.16% increase over the previous day.

Singapore central bank proposes measures on crypto trading

Singapore’s central bank has put forward proposals for new regulatory measures on crypto trading and stablecoins. It aims to reduce the risk of consumer harm from the volatility of the crypto industry. The measures published in two consultation papers include banning businesses from lending out cryptos owned by retail customers and ensuring customer assets are segregated from their own assets.

UK lawmakers vote to recognize crypto as regulated financial instruments: Report

Lawmakers in the United Kingdom voted in favor of recognizing crypto assets as regulated financial instruments in the country. The draft bill includes measures to extend existing regulations to payments-focused stablecoins. [Stablecoins are cryptos pegged to the value of other assets like the U.S. Dollar or gold]. The Financial Services and Markets bill now heads to the House of Lords.

Crypto markets see largest short liquidations in 15 months

Crypto markets saw over $700 million in liquidations on short trades today, reaching levels not seen since July 2021. Short trades are essentially bets against price rises. The liquidations may have contributed to a short squeeze, as prices of several tokens jumped in the past 24 hours. Longs, or traders betting on higher prices, saw an additional $100 million in liquidations amid short-term price volatility.

To learn more about short selling, click here.