Browsing:Market News

English and Welsh charities are being offered new guidance on accepting cryptocurrency donations
1 year ago 1 min read

UK Charities Embrace Cryptocurrency Donations with Expert Guidance

English and Welsh charities are being offered new guidance on accepting cryptocurrency donations, but they must also comply with tax and money-laundering regulations, according to the Charity Commission. In guidance published on Wednesday, the regulator warned charities that digital assets like bitcoin or non-fungible tokens (NFTs) can be volatile, susceptible to hacking, and hard to trace. The Charity Commission urged charities to carefully consider whether it is worth accepting cryptocurrency donations and to keep accurate records of all transactions. Helen Stephenson, the Commission’s CEO, emphasized the risks involved in the use of cryptocurrency and advised trustees to exercise caution. In

$200 Million Vanishes as BTC Dips to $27,000
1 year ago 1 min read

Bitcoin’s Sudden Drop Wipes Out $200 Million in Value

The cryptocurrency market took a sudden turn for the worse as Bitcoin (BTC) plummeted from $30,000 to $27,000 in less than an hour, leaving close to $200 million in liquidated leveraged positions in the past hour alone. While the bulls may have celebrated too early, it appears the bears have once again taken control. According to recent reports, upwards of 90% of the liquidations in the past hour were longs, accounting for more than $157 million. Binance and OKX account for the majority of the volume, with 97% of the liquidations on Binance being leveraged long positions. At the time

The cancellation of an IAO on Arbitrum causes heated debate
1 year ago 1 min read

Arbitrum faces backlash for canceling decentralized exchange IAO

The Arbitrum decentralized exchange AlienFi’s cancelation of the Xirtam token’s initial airdrop offering (IAO) just minutes before its scheduled launch has caused controversy in the crypto community. While it’s unclear who was responsible for the cancelation, AlienFi alleged in a series of screenshots shared on Twitter that Xirtam had conducted a seed sale at a price 3x+ below the Fjord price, which wasn’t known to the AlienFi development team. After discovering the event, Xirtam decided to cancel the IAO, resulting in a pricing dispute. Xirtam had previously scheduled a two-part presale with liquidity protocol Fjord Foundry and a private-public sale

First Republic Bank
1 year ago 1 min read

First Republic Bank Shares Drop 26% Following $100 Billion March Withdrawal

First Republic Bank, one of the largest banks in the United States, has been hit hard by the recent collapse of Silicon Valley Bank, with as much as $100 billion withdrawn from the bank in just two weeks. While the bank was able to reduce its short-term borrowing through a time deposit from some of the largest US banks, it remains in a precarious situation, having borrowed as much as $138 billion in March and still owing $104 billion to the Federal Reserve, the Federal Home Loan Bank, and JP Morgan. The situation has been compounded by the fact that

Voyager Digital
1 year ago 1 min read

Binance.US terminates Voyager Digital asset purchase agreement

Voyager, a digital asset brokerage firm, announced that it has received a letter from Binance.US, terminating its asset purchase agreement. Despite this development, Voyager stated that its Chapter 11 plan allows for direct distribution of cash and cryptocurrency to customers through its platform. The termination of the asset purchase agreement came as a disappointment to Voyager. However, the company remains committed to its plan of returning value to its customers through direct distributions. Voyager also noted that it will provide more information on the next steps and any actions customers need to take in the coming days. The firm reassured

CoinGecko Study Reports Massive $2.8 Trillion Crypto Spot Trading Volume in Q1 2023
1 year ago 1 min read

Crypto Spot Trading Volume Reaches $2.8 Trillion, CoinGecko Q1 2023 Study Reveals

CoinGecko’s latest study reveals that the first quarter of 2023 saw the crypto market come to life, with digital asset spot trading volume among the top ten crypto exchanges hitting a staggering $2.8 trillion. This is an increase of 18.1% from the previous quarter. The study shows that monthly trading volumes have been on an upward trend since the lows of $0.5 trillion seen in December 2022. However, average monthly volumes have yet to reach the levels of the first half of 2022, which were last seen at nearly $1 trillion. The CoinGecko report also highlights the impact of the

Coinbase has taken legal action in a US fed court to compel the country’s securities regulator
1 year ago 2 mins read

Coinbase Takes Legal Action to Force SEC Response to Rulemaking Petition

Coinbase, the popular cryptocurrency exchange, has taken legal action in a US federal court to compel the country’s securities regulator, the Securities and Exchange Commission (SEC), to provide a clear response to a petition that has been pending since July of last year. The exchange had initially requested that the SEC propose and adopt clearer regulatory guidelines for the cryptocurrency industry in the US. The petition contained a total of 50 specific questions seeking clarification on the regulatory treatment of certain digital assets. Coinbase has accused the SEC of dragging its feet and failing to meet its obligations under the

Thetanuts Finance
1 year ago 1 min read

Thetanuts Finance Secures $17 Million for Expansion

Thetanuts Finance, a DeFi structured products protocol, has raised $17 million in institutional funding led by Polychain Capital, Hyperchain Capital, and Magnus Capital. The company plans to expand its Decentralized Options Vaults (DOVs) and create a two-way market for a more diverse set of asset offerings. Thetanuts Finance aims to be one of the first DeFi platforms to launch a buy-side altcoin options market using DOVs. The company’s DOV-based protocols have traditionally focused on the sell-side market for large-cap tokens only, leaving investors unable to acquire options, particularly for altcoins. Thetanuts Finance’s industry-first buy-side altcoin options market will enable DeFi

Bank of Korea has been granted the authority to investigate local crypto exchanges
1 year ago 1 min read

South Korean Central Bank Granted Authority to Conduct Inspections on Crypto Companies

Bank of Korea (BoK) has been granted the authority to investigate local cryptocurrency exchanges operating in the country. The new power allows BoK to conduct on-site inspections and request financial records to monitor the activities of crypto exchanges more closely. BoK’s main objective is to maintain price stability in the country and to control and improve the economy. The move comes amid growing concerns over the potential risks posed by cryptocurrencies to financial stability and the economy, including money laundering and tax evasion. The Bank of Korea is willing to take further steps to curb such occurrences by issuing fines

1 year ago 1 min read

Europe Takes the Lead in Crypto Regulation with Digital Euro Plan

The European Parliament has approved the EU Commission’s proposed MICA legislation, which aims to create uniform regulatory standards for the cryptocurrency industry across EU countries. The legislation will be sent to the European Council for final approval in the coming months. The proposed law introduces comprehensive safeguards and regulations to protect clients and investors, including the requirement for crypto exchanges to hold clients’ funds and adequate capital buffers. Stablecoin issuers must prove their stablecoin is backed 1:1 with cash. The regulations also include extensive anti-money laundering (AML) and know-your-customer (KYC) regulations. The European Commission is also preparing for the launch

Tiger Global's Venture
1 year ago 1 min read

Tiger Global’s Venture Fund Discloses 20% Loss Amid Crypto Market Turmoil

Tiger Global Management, a leading tech investor, is facing significant losses due to its investments in blue-chip crypto businesses. According to reports, the company informed investors that its $12.7 billion venture fund had suffered a 20% loss as of December 2021, largely due to losses from half a dozen major crypto startups. This includes a complete wipeout of its investment in FTX, which collapsed in November. Tiger Global’s investments in NFT marketplace OpenSea, Bored Ape Yacht Club creator Yuga Labs, payments firm MoonPay, decentralized wireless network startup Helium, and Sam Altman’s Worldcoin have also been marked down, causing significant losses

Bitcoin has the potential to reach $100,000 by the end of the year
1 year ago 1 min read

Standard Chartered Bank Believes Bitcoin Could Hit $100K by Year End

Bitcoin (BTC), the world’s largest cryptocurrency, has made a strong comeback in 2022, and it appears that the crypto winter is finally over. According to a research report by Standard Chartered Bank, Bitcoin has the potential to reach $100,000 by the end of the year. The report highlights that the recent banking sector crisis has helped to “re-establish bitcoin’s use as a decentralized scarce digital asset.” This has contributed to Bitcoin’s status as a branded safe haven and a means of remittance, making it a perceived relative store of value. Bitcoin has already gained 65% since the start of the

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