Crypto Financial News

crypto exchange. The next day, the SEC sued Coinbase, alleging misconduct by America’s largest crypto exchange. The SEC's actions against both Binance and Coinbase were not entirely unexpected, given the signals (threats, warnings) from the SEC in recent times.

BitGo Holdings Inc., the renowned digital asset trust and security company, has revealed plans to acquire 100% of the equity of Prime Core Technologies, Inc., the parent company of Prime Trust.

cryptoassets will get a 24-hour «cooling-off» period for the first time from October under tougher marketing rules unveiled by the financial regulator on Thursday. Cryptoassets, such as bitcoin, have little direct regulation globally, but regulators are taking a closer look after the downfall of FTX last year, which left millions of investors nursing losses totalling billions of dollars, some of them in Britain. The Financial Conduct Authority (FCA) said «refer a friend» bonuses for crypto buyers would also be scrapped and that those promoting such assets would have to put in place clear risk warnings and ensure adverts were clear, fair and not misleading. The new crypto rules, which are similar to those imposed by the FCA last year to tackle advertising for high-risk investment in mainstream finance, come as Britain plans to regulate cryptoassets under a new financial services law this year.

Coinbase on Tuesday, the second lawsuit in two days against a major crypto exchange, in a dramatic escalation of a crackdown on the industry and one that could dramatically transform a market that has largely operated outside regulation. The U.S. Securities and Exchange Commission (SEC) on Monday took aim at Binance, the world's largest cryptocurrency exchange. The SEC accuses Binance and its CEO Changpeng Zhao of operating a «web of deception». If successful, the lawsuits could transform the crypto market by successfully asserting the SEC's jurisdiction over the industry which for years has argued that tokens do not constitute securities and should not be regulated by the SEC. «The two cases are different, but overlap and point in the same direction: the SEC's increasingly aggressive campaign to bring cryptocurrencies under the jurisdiction of the federal securities laws,» said Kevin O'Brien, a partner at Ford O'Brien Landy and a former federal prosecutor, adding, however, that the SEC has not previously taken on such major crypto players.

As the regulatory environment in the United States become too hot to handle, cryptocurrency exchanges continue expanding their reach for better business environments. The United Arab Emirates (UAE) presents as one of these greener pastures. One of the most popular exchanges in the world, Bybit, has spotted the region’s potential and is already reaching out for competitive leverage.

Despite a new round of regulatory FUD (fear, uncertainty and doubt) from the US Securities and Exchange Commission (SEC) in wake of their just-announced lawsuit against Coinbase, crypto prices are rising again.

Crypto fans are now paying a price for Bitcoin’s weakened correlation with technology stocks. The top digital asset posted a monthly slump in May for the first time in 2023, while the Nasdaq 100 added almost 8% amid hype over artificial intelligence. A 30-day correlation coefficient for Bitcoin and the tech-heavy Nasdaq 100 is around 0.2 versus 0.8 in May 2022. A reading of 1 indicates assets are moving in lockstep, while minus-1 would show they’re moving in opposite directions. Digital-asset investors delighted in crypto’s waning tie with shares earlier in the year when tokens were surging and leaving equities behind. The implications of the split are less favorable now.

Image by Fareed Mindalano / Playground AI 

The US stock market is attempting to recover after concerns over the debt ceiling and a general sense of uncertainty caused a decline on Wednesday.

Crypto lender Voyager Digital said Wednesday that customers will soon recover about 35% of their cryptocurrency deposits as the company winds down operations after a failed buyout attempt by crypto exchange Binance.US. U.S. Bankruptcy Judge Michael Wiles approved Voyager's liquidation plan at a court hearing in Manhattan, allowing the company to return about $1.33 billion in crypto assets to customers and end its efforts to reorganize under Chapter 11. Customers may be able to make withdrawals by June 1, Voyager's official creditors committee said. Any distribution beyond the initial 35% would depend on the result of future litigation. Voyager filed for bankruptcy protection in July, citing volatility in cryptocurrency markets and a default on a large loan made to crypto hedge fund Three Arrows Capital (3AC).

Bitcoin's price has once again dipped below $27,000, indicating a slight selloff in the broader cryptocurrency market.

Tether, the largest stablecoin issuer and one of the most controversial companies in crypto, announced a new investment strategy today: the company will allocate up to 15% of its reserves to buy and hold Bitcoin.

After a weekend of volatile trading, Bitcoin is on an upward trajectory, albeit still below significant thresholds.

Cryptocurrency platform Bakkt is removing support for 25 out of the 36 tokens offered by its recently-acquired trading platform Apex Crypto.

Stablecoin Tether's reserves were worth $81.8 billion at the end of the first quarter, according to a reserves attestation on Wednesday, up around $14.8 billion from the previous quarter.Crypto investors have flocked to the stablecoin in recent months, considering it to be a relatively safe haven during the turbulence of the U.S. regional banking crisis and a regulatory crackdown on crypto firms.Tether's reserves include $53 billion of U.S. treasuries, the report said, up from $39.2 billion at the end of 2022. They also include $1.5 billion worth of bitcoin and $5.3 billion worth of loans which the report said are «over-collateralized». In a post on its website, Tether said it has been seeking to «reduce its reliance on pure bank deposits» and leverage the repo market instead. A repo, short for repurchase agreement, refers to when financial institutions use U.S. Treasuries and other high-quality securities as collateral to raise cash, often overnight.

Bitcoin has dipped below the $27,500 mark, effectively neutralizing the gains previously sparked by U.S. inflation data.

cryptocurrency was lost in the month of April this year due to crypto-related exploits, hacks, and scams, a report has shown. According to the blockchain and smart contract security company CertiK, the total funds hackers managed to drain in April from crypto projects was $103.7 million, bringing the total year-to-date loss to $429.7 million. Several significant crypto exploits occurred in April, resulting in significant losses in the industry. For instance, there was a $25.4 million loss due to an exploit of multiple MEV trading bots. In addition, Bitrue Exchange was the victim of a hot wallet exploit in which $22 million was stolen, plus, the South Korean GDAC exchange was hacked, resulting in a $13 million loss, according to the report.

exchange Coinbase Global Inc posted a smaller-than-feared loss in the first quarter, benefiting from cost cuts and diversification of revenue sources, sending its shares up 7% in extended trading on Thursday. The company has benefited from its deal for One River Digital Asset Management to ramp up product offerings in subscription and services revenue, while it also launched wallet-as-a-service and other products to scale blockchain. «We're also seeing the benefits of increased cost efficiencies, and we've taken deep lessons from growing too quickly and believe that we are going to be prudent in our spend going forward,» Chief Financial Officer Alesia Haas said.Coinbase posted a loss of 34 cents a share, while analysts estimated a loss of $1.35 as investors tiptoe back to the speculative asset class to hedge against elevated market risks after a brutal selloff last year.

cryptocurrencies were experiencing losses due to a correction phase that had occurred the previous week. This dip could be attributed to a combination of factors, including unusually large sell orders on Binance and higher-than-expected inflation data from the U.K. As a result, investors and traders were moving away from riskier assets, causing the market to react as expected. During this period, Bitcoin’s value dropped below the $28,000 level. However, on Wednesday, the cryptocurrency saw an increase above this level, which may be because of concerns over banking stability following the announcement of a $100 billion deposit loss by First Republic Bank during its Q1 earnings presentation. Additionally, investors responded positively to the upbeat Q1 earnings reports of Alphabet and Microsoft. As of Friday, BTC was seen changing hands at the $29,400 level, with support at the $29,250 level and resistance at the $29,800 level. Investors and traders may also be anticipating the upcoming FOMC meeting on interest rate decisions, which is scheduled for next week. Meanwhile, Ethereum, the second largest cryptocurrency, is currently trading at the $1,900 level. ETH is consolidating and facing resistance near the $1,925 level, and a close above this level may initiate a fresh rally.

The cryptocurrency market is experiencing a day of mixed fortunes as an initial rally was followed by a downturn, negating gains from the day's earlier upswing.

bitcoin could reach $100,000 by the end of 2024, Standard Chartered said on Monday, saying that the so-called "crypto winter" is over. Bitcoin could gain from factors including recent turmoil in the banking sector, a stabilisation of risk assets as the U.S.