Good morning Asia. Here's what's happening: 1. Bitcoin tumbled below $28K even as its market cap surged. 2. The co-founder of WOOnetwork argues that an East-West partnership could be crypto's model of the future. TheSamReynolds writes
Crypto companies may have to move from the U.S. due to stifling regulations.
Regulation has become a central issue in the crypto asset space as the U.S. responds to multiple debacles that have undermined confidence in crypto. The Biden administration recently shifted its position on crypto from neutral to negative through its White House Council of Economic Advisers, which said that “crypto-assets do not appear to offer investors any fundamental value to date.”Major crypto players no longer look to the U.S.
Additionally, money is flowing into the region. China's third largest state-owned insurance institution – Pacific Insurance Investment Management Hong Kong Branch – and Waterdrop Capital unveiled compliant blockchain venture capital and POS token income enhancement funds, respectively. Dubai-based Cypher Capital is looking to raise over $100 million for a new venture capital fund to target"Asian technology tycoons.
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