Day: March 23, 2023

Anticipation Spurs IOU Markets for Arbitrum’s Native Cryptocurrency Asset – Markets and Prices Bitcoin News

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A week ago, the Ethereum layer two scaling solution Arbitrum announced the launch of its native token called ARB, and since then IOU markets have launched giving some indication of how much the token may be worth. ARB claiming begins March 23 and when people get their coins on exchanges, the token’s value may turn out to be a whole lot different. At present, ARB has been exchanging hands for $5.41 to $7.92 per unit over the past 24 hours. ARB Token Sees IOU Trade Volume but Market Value May…

Tron Founder Justin Sun Sued by U.S. SEC on Securities, Market Manipulation Charges

Sun, who was named Grenada’s ambassador to the World Trade Organization (WTO) last year, tried to artificially inflate TRX’s trading volume through the wash trading scheme, the SEC alleged, by having his own employees “engage in more than 600,000 wash trades of TRX between two crypto asset trading platform accounts he controlled.” According to the court filing, Sun’s Tron Foundation employees conducted the trades, the BitTorrent and Tron foundations controlled the accounts and Rainberry employees transferred funds for the trading. Source ChargesFounderJustinManipulationMarketSECSecuritiesSuedSunTRONU.S CryptoX Portal

‘How did this happen’ — Powell says Fed stumped over the collapse of SVB

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United States Federal Reserve chairman Jerome Powell has conceded that his regulator was blindsided by the sudden collapse of Silicon Valley Bank (SVB), despite it being under their watch. In a press conference held just after the Federal Open Market Committee meeting on March 22, Powell said he immediately knew there was a need for an internal investigation when the bank shut down on March 10, stating: “I realized right away that there was going to be a need for a review. I mean the question we were all asking…

Texas Lawmaker Launches Resolution to Protect Bitcoin Investors, Support BTC Economy – Regulation Bitcoin News

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A legislative proposal has been introduced to support the bitcoin economy in the U.S. state of Texas. “The individuals who own bitcoin should be protected” under the Texas Constitution, the proposal describes. “No citizen of Texas shall ever be deprived of their right to own bitcoin and that all bitcoin owners will be protected as they enjoy all the privileges associated with the cryptocurrency.” Resolution to Support Bitcoin Economy A legislative proposal called House Concurrent Resolution 89 (HCR89), which expresses support for the bitcoin economy in Texas, was introduced in…

FTX seeks to claw back $460M from Bankman-Fried-backed VC firm

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Bankrupt crypto exchange FTX is seeking to recover $460 million of allegedly misappropriated customer funds from venture capital (VC) firm Modulo Capital, which received a sizeable investment from Alameda Research last year. As previously reported, FTX’s sister trading firm, Alameda Research was understood to have invested around $400 million in Modulo in 2022 — one of the biggest investments undertaken by FTX under Bankman-Fried’s leadership. In a March 22 filing, FTX claim the investment from Alameda Research was under the direction of Sam Bankman-Fried, with Alameda investing $475 million in…

Blockchain-Enabled SIM Card for Crypto Investors Fuels Conflux Growth; Bitcoin BTC Price Hovers Near $27.3K After Fed Decision

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These are set to be built in partnership with China Telecom, the second-largest wireless carrier in China with an estimated 390 million subscribers, as CoinDesk  has reported.China Telecom will launch the first BSIM pilot program in Hong Kong later this year, Conflux Network said at the time. This will likely be followed by pilots in key mainland China locations such as Shanghai.The BSIM card will manage and store the user’s public and private keys in the card and carry out digital signatures in a way that the private key does…

Bitcoin Supercycle May Be Happening, Says Commodity Strategist Mike McGlone – Markets and Prices Bitcoin News

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Bloomberg Intelligence senior commodity strategist Mike McGlone has explained that a supercycle may be happening in bitcoin, noting that the cryptocurrency is beating gold by almost 10 times so far this year. The strategist added that if past trends hold, bitcoin’s volatility is more likely to recover compared to commodities when the crypto “heads toward new highs.” Bitcoin’s Supercycle Mike McGlone, a senior commodity strategist for Bloomberg Intelligence (BI), the research arm of Bloomberg, explained on Twitter Tuesday that a supercycle may be happening in bitcoin. He tweeted: Looking for…