Top News in Crypto for April 3, 2023

Key Points

Greetings to you on this fine Monday! Here’s the latest in the world of cryptocurrency:

• Bitcoin remains steady near $30,000 as the week begins.
• Binance. US-Voyager Digital transaction faces uncertainty due to a New York judge’s concerns.
• Japanese authorities claim certain crypto exchanges are operating without proper registration.
• A note on the previous newsletter: The U.S. SEC alleges that Ripple issued XRP, while Ripple contests this claim.

Top Stories

Over the weekend, Bitcoin hovered between $27,500 and $28,900, approaching the $30,000 milestone. As the trading week began, the largest cryptocurrency by market capitalization remained relatively stable, while Ether experienced a slight dip. Simon Peters, an eToro analyst, mentioned in a recent note that with traditional stock markets gravitating back to a “bullish trend,” the crypto market seems to be following suit. He added, “Bitcoin will continue to challenge the $30K barrier, but a more significant catalyst may be necessary to propel it further.” He also pointed out that upcoming labor market updates from the U.S. could have short-term implications on prices.

A New York District Judge, Jennifer Rearden, stated on Friday that the U.S. government presents a “strong case on its merits” in its effort to block Binance.US’s $1 billion acquisition of bankrupt crypto lender Voyager Digital’s assets. Judge Rearden aims to expedite the resolution of this dispute, as delays may result in monthly costs of up to $10 million for the estate. Although U.S. Bankruptcy Judge Michael Wiles approved the sale earlier, Judge Rearden recently decided to pause it while considering objections from the U.S. attorney. These objections claim that the deal effectively protects Voyager from legal consequences related to tax or securities law violations.

Japan’s Financial Services Agency (FSA) issued a warning on Friday, stating that foreign crypto exchanges Bybit, BitForex, MEXC Global, and Bitget are operating within the country without the necessary registration. This lack of registration puts them in violation of Japan’s fund settlement laws. Furthermore, the regulator clarified that its list of non-compliant traders “does not necessarily reflect the current status of unregistered businesses.”