Macroeconomics and financial markets
In the US NY stock market on the 28th, the Dow closed at $37 (0.12%) lower than the previous day and the Nasdaq at $52 (0.45%) lower.
Due to the easing of concerns in the European market over Credit Suisse Group (CS) and Deutsche Bank and the determination of the underwriters of the failed Silicon Valley Bank (SVB), the excessive financial anxiety has subsided somewhat, but nervous developments continue. .
connection:Poor sense of direction for the US stock market, this week ahead of PCE core deflator, etc. | 29th Financial Tankan
connection:Stock investment recommended for cryptocurrency investors, representative cryptocurrency stocks of Japan and the United States “10 selections”
Virtual currency market
In the crypto asset (virtual currency) market, Bitcoin rose 1.44% from the previous day to $27,379.
On the 27th, the US Commodity Futures Trading Commission (CFTC) filed a lawsuit against the largest crypto asset (virtual currency) exchange Binance. Like the US stock index, the development lacks a sense of direction.
The CFTC lawsuit alleges violations of unregistered derivatives trading rules in the United States.
connection:CFTC sues Binance and CZ for violating U.S. law
According to CryptoQuant analyst Eralp Buyukaslan, market turmoil on this issue is limited.
The net flow of Bitcoin exchange wallets has remained calm compared to last November, when the FTX shock caused a large outflow of funds from cryptocurrency exchanges.
In addition, there were no major changes in open interest in derivatives trading on Binance, as there was no movement to close all at once after the CFTC headline flowed.
The U.S. SEC (Securities and Exchange Commission) has sued Ripple, and the lawsuit disputed over the securities nature of XRP is reaching its climax. It is also noteworthy that it acknowledges that it is under the jurisdiction of the CFTC.
CFTC says that Bitcoin, Ethereum, and Litecoin are Commodities pic.twitter.com/nSNX2YIYLP
—Conor (@jconorgrogan) March 27, 2023
XRP, the 6th largest market capitalization, continued to rise by 11.2% from the previous day due to the speculation that the trial result is near.
connection:Cryptocurrency selling dominates in CFTC lawsuit against Binance, XRP rises in retrograde over Ripple trial
The CFTC’s view is that the majority of crypto-assets, excluding bitcoin, fall under the “Howey test (determining the securitization of investment contracts)” standards, and that staking services for PoS currencies such as Ethereum are securities. It has also been pointed out that it contradicts the view of the US SEC (Securities and Exchange Commission).
connection:“Bitcoin (BTC) is not a security,” US SEC reiterates
CFTC Chairman Rostin Behnam also argued during the US Senate budget hearing on the 8th of this month that Ethereum is classified as a commodity under the US Commodity Exchange Act.
One of the concerns about the CFTC lawsuit is that Binance has grown too large, partly due to the FTX bankruptcy.
According to a Morgan Stanley survey, Binance accounted for 80% of the Bitcoin (BTC) trading volume traded on centralized cryptocurrency exchanges in February 2011. Inviting the withdrawal of market makers could also result in a noticeable decline in market liquidity.
Adam Cochran, a partner at venture capital firm Cinneamhain Ventures, said on the 28th that “the lawsuit could very well deal a fatal blow to industry giant Binance.” He expressed great concern.
Oh boy https://t.co/2JnbfirRrp
Case is up and it’s bad.
This is the CFTC attempting to strike *fatal* blow to Binance, and at first read through… I think they actually have really strong chances here of succeeding in toppling the Binance empire.
—Adam Cochran (adamscochran.eth) (@adamscochran) March 27, 2023
connection:US CFTC Chairman: Confident in Binance Lawsuit
Click here for a list of market reports published in the past
[Recruitment]Recruitment of new personnel due to Web3 business expansion
Japan’s largest cryptocurrency media CoinPost is looking for full-time employees and interns as it expands its Web3 business.
1. Media Business (Editorial Department)
2. Marketing operations
3. Conference management and launch work
4. Open Position (students welcome)
Details https://t.co/UsJp3v8mSH pic.twitter.com/B98JZmoQbW
— CoinPost-virtual currency information site-[app delivery](@coin_post) February 14, 2023