How to Invest in Cryptocurrency: The Most Asked Investment Question Answered

A leading investment analysis firm has released new research on the most searched investment-related questions on cryptocurrencies on Google. The study, conducted by Investing Reviews analyzed thousands of search terms to determine the top ten questions that people around the world ask when it comes to investing. The most commonly asked question, with an average of 150,400 monthly searches worldwide, was "How do I invest in cryptocurrency?" This was followed by "How can I start investing?" which received an average of 137,000 searches per month. In third place, with an average of 64,000 monthly searches, was "How much should I invest when I start?" More here.

UBS Report: Mt. Gox Creditors' Repayments Unlikely to Destabilize Bitcoin

UBS has issued a report stating that concerns over the release of large amounts of bitcoin onto the market as a result of the Mt. Gox bankruptcy repayments are overdone. While creditors of the now-defunct cryptocurrency exchange are set to recover some of their funds after a decade-long liquidation process, the rehabilitation plan offers them several options on repayment and timing. According to the UBS report, the most important choices for creditors include taking an early lump sum or waiting for further proceedings and asset recoveries, as well as receiving the funds in fiat or crypto. However, the strategists noted that "the early lump-sum option with fiat repayments suggests that the exchange would have to sell BTC to raise the requisite cash," which has previously fueled concerns over potential negative impacts on bitcoin's price. Details here.

Institutions in Asia not keen on liquid staking despite nearing $15B total value locked

Recently, the U.S. Securities and Exchange Commission (SEC) targeted Kraken's staking service, causing liquid staking tokens to rally. However, despite the category's total value locked approaching $15 billion, institutions in Asia have not shown much interest in liquid staking, according to David Cicoria, Head of Markets Technology at crypto custodian Hex Trust. Liquid staking enables users to delegate their crypto to network validators while retaining liquidity. While it is not decentralized, it is protocol-based, leading some to believe that it may not attract the same regulatory scrutiny as centralized staking services. Cicoria cites several risks associated with liquid staking, including de-pegging, the risk of hacks, centralization concerns, and a lack of regulatory clarity. Read More.

Binance Launches AI-powered Product To Turn Prompts Into NFTs

Cryptocurrency exchange Binance’s NFT marketplace on Wednesday launched a product called “Bicasso,” which uses artificial intelligence to turn users' prompts into NFTs. “You can turn your creative visions into NFTs with AI. Give it a try and show me what you make with it,” Binance CEO Changpeng Zhao tweeted. The beta version which went live on Wednesday, will be limited to 10,000 mints in the test phase. Bicasso, an image generation tool, is similar to AI art platforms like DALL-E and Midjourney. It allows users to enter a creative prompt to create a one-of-a-kind image or upload an image for the tool to adapt. Binance's native chain BNB enables users to mint their images as NFTs. Full report here. 

Robinhood Launches Global Rollout of Self-Custody Web3 Wallet

Robinhood, the popular online brokerage firm, has announced the global rollout of its self-custody, Web3 wallet called Robinhood Wallet, to all iOS customers. The wallet was previously available only to select beta users. The company claims that the wallet offers users full control over their crypto assets, as it allows them to hold and maintain the private keys to their digital assets. Johann Kerbrat, GM of Robinhood Crypto, said in a statement, “The feedback we’ve received for Robinhood Wallet since first launching in beta has been extremely positive. Users have told us they love how accessible and easy to use the app is, and that they really enjoy the ability to self-custody their digital assets and swap with no network fees on Polygon.” More here.

Coinbase CEO Optimistic on Stablecoin Sector Despite Regulatory Scrutiny

Brian Armstrong, the co-founder, and CEO of Coinbase, the largest cryptocurrency exchange in the US, has spoken out about the regulatory crackdown on the crypto industry, reiterating that the exchange's "staking" product should not be classified as a security. In a Bloomberg Television interview, he explained that Coinbase's staking product is not a security because customers never turn their assets over to the exchange. Instead, Coinbase simply provides a service that allows customers to participate in staking, which is a decentralized protocol that generates yields by allowing users to facilitate transactions on a blockchain, he said. This stance puts Armstrong at odds with the US Securities and Exchange Commission (SEC) Chairman Gary Gensler, who has expressed concerns about the regulatory status of staking. More here.

Russians Secretly Donating Money to Ukraine

Russians who are outraged by President Vladimir Putin's invasion of Ukraine are sending "significant amounts of money" through cryptocurrency back channels to support Ukraine, according to Ukraine's deputy digital minister, Alex Bornyakov. The war-torn country has received over 100,000 donations via cryptocurrency channels, ranging from $1 to millions of dollars. "Crypto, in certain cases, offers an anonymous way to transfer money. We saw that some Russians were donating to us a significant sum," Bornyakov said. Ukraine has been able to identify that the majority of the crypto donations received have been in Bitcoin and Ether, although US dollar stablecoins such as USD Coin and Tether have also contributed a significant proportion.  Read More

Reserve Bank of Australia to Explore Digital Dollar's Use Cases in Pilot Projects

The Reserve Bank of Australia (RBA) has announced a series of initiatives that will explore the use cases of a digital version of the Australian dollar, known as eAUD. The RBA will test various applications of eAUD during its ongoing testing phase, including offline payments, bond settlement, and securities trading. The pilot projects will involve a diverse range of industry participants, from smaller fintech to larger financial institutions, according to RBA Assistant Governor Brad Jones. The project aims to facilitate industry learning and inform policymakers on how eAUD could potentially benefit the Australian economy and financial system. The RBA's digital currency pilot, which began last August, is expected to conclude by mid-2023. Read More.

Huobi Prepares to Launch in Hong Kong as City Aims to Become a Virtual Asset Hub

Hong Kong is poised to become a hub for virtual assets, with the city's government set to introduce new requirements for virtual asset service providers (VASPs) this summer. Huobi, a leading blockchain exchange in the region, is preparing to apply for a VASP license in Hong Kong and launch Huobi Hong Kong if approved. Justin Sun, founder of the Tron blockchain and the man behind Huobi crypto exchange, expressed confidence that the license will be secured. Other exchanges seeking to operate in Hong Kong's crypto market include Seychelles-based OKX. However, the shadow of China looms over the city, with Beijing viewing Hong Kong as an experimental zone for cryptocurrencies, according to Sun. Read More

Cryptocurrency Prices Show Slight Increase, Crypto Stocks Experience Dip

On Wednesday, cryptocurrency prices showed a slight increase, with most digital assets trading within a narrow range, while crypto stocks experienced a dip after opening. According to CoinGecko data, Bitcoin traded around $23,590, representing a 2% rise, while Ether saw a 3.4% increase, trading at $1,661. Cryptocurrencies performed well across the board, with CFX gaining over 9% following a $10 million token round. Meanwhile, crypto-friendly bank Silvergate's shares whipsawed after opening, declining 2.7% by 10:15 a.m. EST. Coinbase fluctuated between red and green, trading down 1% to $64.16, and Block and MicroStrategy saw declines of 2% and 1.4%, respectively.