Crypto markets threw a nice head fake this week by rallying into resistance on a “positive” Consumer Price Index (CPI) report, before retracing the majority of those gains right after Federal Reserve Chair Jerome Powell took on a surprisingly hawkish tone during his post-rate-hike presser. The Fed hiked interest rates by 0.50%, which was well
Month: December 2022
Officials with the United States Financial Stability Oversight Council, or FSOC, have recommended U.S. lawmakers pass legislation aimed at addressing regulatory gaps for crypto-related activities. In its annual report released on Dec. 16, the FSOC recommended members of Congress pass legislation granting “explicit rulemaking authority for federal financial regulators over the spot market for crypto-assets,”
While billions of dollars in crypto assets have been withdrawn from Binance, the world’s largest exchange in terms of volume, the stablecoin BUSD has seen its coins in circulation drop considerably during the last three days. While 20% of BUSD’s supply was drained since last month, statistics show that 14.77% of the reduction took place
The court may soon draw the curtain on the long-standing lawsuit legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple. The SEC filed a lawsuit in December 2020. In the initial filing, the commission alleged that the payment company and its executives raised over $1.3 billion through unregistered securities offerings, XRP. In
Bitcoin (BTC) fell below $17,000 on Dec. 16 as traders warned of overreaction to “FUD” involving exchange Binance and others. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Binance “FUD” fuels bearish BTC moves Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it put in multi-day lows of $16,928 on Bitstamp. The pair retraced
As the FTX collapse highlighted the need for more transparency from centralized crypto exchanges, working with auditors has been the move by top crypto trading platforms to assure users that their assets are fine. However, two of the most prominent auditors have suddenly dropped their crypto auditing services, leaving exchanges hanging at a very crucial
A class-action lawsuit against Silvergate Bank, Silvergate Capital Corporation and Silvergate CEO Alan Lane was filed at the California Southern District Court concerning accounts held by embattled crypto companies FTX and Alameda Research. The suit aims to hold Silvergate accountable for its alleged roles in placing FTX user deposits into the bank accounts of Alameda,
San Luis, a province of Argentina, has approved a bill allowing it to issue a blockchain-based, dollar-pegged stablecoin. The bill, which also approves the issuance of local artistic assets as NFTs (non-fungible tokens) seeks to enable the promotion of social development, and economic, cultural, and financial inclusion using blockchain. San Luis Approves Blockchain Development Bill
Mike Belshe, the CEO of digital asset custodian BitGo has confirmed that Alameda Research attempted to redeem 3,000 Wrapped Bitcoin (wBTC) in the days before FTX’s bankruptcy filing on Nov. 11. During a Dec. 14 Twitter Spaces hosted by decentralized finance (DeFi) researcher Chris Blec, Belshe confirmed the firm knocked back the redemption request because
Bitcoin (BTC) miner Core Scientific’s stock has soared nearly 200% in the past four days, following the positive reception for a Dec. 14 financing proposal from a current creditor that is hoping the firm can avoid bankruptcy. Shares for the embattled miner were sitting just over 13 cents on Dec. 12, before climbing to nearly
Sam Bankman-Fried, the jailed founder of bankrupt cryptocurrency exchange FTX has reportedly filed a new application for bail in the Bahamas Supreme Court following his previous unsuccessful bail bid. Local media on Dec. 15 reported the founder submitted the application and that it would be heard before the court in just over one month’s time
Bitcoin (BTC) is trending down after hitting one-month highs around the latest macroeconomic data and policy update from the United States. Having topped out at around $18,370 on Bitstamp on Dec. 14, BTC/USD is now giving back its gains, leading traders to eye where the next reversal may occur. Opinions differ — some warn that
Institutions in Bermuda will soon be able to trade real-time settlements using a stablecoin with a 1:1 peg to the United States dollar, Jewel Bank founder and chairman Chance Barnett told Cointelegraph. Called Jewel USD (JUSD), the first stablecoin to be released in the territory is powered by the Polygon blockchain, enabling transactions between wallets
“A highly profitable trading strategy” was how hacker Avraham Eisenberg described his involvement in the Mango Markets exploit that occurred on Oct. 11. By manipulating the price of the decentralized finance protocol’s underlying collateral, MNGO, Eisenberg and his team took out infinite loans that drained $117 million from the Mango Markets Treasury. Desperate for the
As the coldest days of the crypto winter set in, investors’ speculative interest in the crypto market has fallen to pre-2021 levels, impairing the chance of a substantial directional price move. However, there’s a possibility of a bear market rally akin to the July through August 2022 uptrend. The market enters a state of limbo
The New York state Department of Financial Services (DFS) released guidance on Dec. 15 for regulated banks seeking to engage in activities with virtual currency. The guidance, which took effect immediately, describes the application process and “summarizes the types of information the Department considers relevant” for obtaining the agency’s approval. The 11-page document consisted largely
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