CFA Report Pegs US Crypto Fraud Losses at $80.7B

Japan's three largest banking groups are planning to launch a stablecoin together, pegged to real-world currencies like the Japanese yen. The tokens aim to digitize interbank settlements and follow common technical and legal standards for interoperability between banks. This move aligns with the global trend of stablecoin adoption and regulatory developments.

JPMorgan attributes the recent crypto market correction to self-inflicted sell pressure from crypto-native investors, not institutions. Despite over $19 billion in liquidations last week, institutional flow remains calm, with ETFs seeing steady inflows through the turbulence. Ancient whales and believers in the 4-year cycle are identified as the main sellers.

Uniswap has integrated Solana into its web app, simplifying cross-chain DeFi and providing access to 15 chains in one place. This move aims to unify the two largest DeFi ecosystems and enhance user experience by removing complexity in trading Solana tokens alongside Ethereum assets.

ARK 21Shares Bitcoin ETF (ARKB) experienced a significant outflow of $275.2 million on Thursday, the largest since August 1. This contributed to a rough day for Bitcoin ETFs, with total outflows of $530.9 million.

Bitcoin's sell-off led to a 5.9% drop in the total crypto market capitalization, sending it to $3.64 trillion, its lowest level since July. Altcoins like Ethereum, XRP, Solana, and BNB suffered losses ranging from 4% to 12.3%. The panic in traditional finance sparked a flight to safety, affecting all markets, analysts told Decrypt.

French regulators are expanding anti-money laundering checks on over 100 crypto exchanges to decide which will receive EU-wide permits. The ACPR has been conducting controls on numerous exchanges since late last year, according to anonymous sources familiar with the matter.

Bitcoin's sharp pullback on Thursday was driven by short selling, with open interest climbing by 2.3% and adding over $591 million in notional value. Short traders dominated the perpetual futures markets, leading to a 3.5% drop to $107,500 as spot sellers joined in.

Japan is planning to enhance oversight of crypto trading to prevent insider trading, potentially influencing global market integrity standards. The proposed framework would extend securities-style rules to digital assets, allowing for investigations into suspicious trades and enforcement actions for undisclosed information.

Zeta Network Group has secured a $231 million private placement funded in Bitcoin or SolvBTC, enhancing its balance sheet with a yield-bearing Bitcoin instrument amidst ongoing crypto market volatility. This move aligns with the trend of incorporating Bitcoin into corporate balance sheets through structured vehicles.

Newsmax approved a plan to acquire up to $5 million in Bitcoin and Trump Coin over the next year. CEO Christopher Ruddy stated that Bitcoin is becoming the gold standard of cryptocurrency. The company's shares dropped 4% but rose over 4% in after-hours trading today.