Day: March 28, 2023

BTC Moves Below $27,000, Following CFTC Suit Against Binance – Market Updates Bitcoin News

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Bitcoin moved below $27,000 during Tuesday’s session, as the U.S. Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance. The suit claims that Binance knowingly offered unregistered crypto products to U.S. customers. Ethereum was also lower on the news, briefly falling below $1,700. Bitcoin Bitcoin (BTC) fell below $27,000 in today’s session, as markets reacted to the news that the CFTC had filed a lawsuit against Binance. BTC/USD fell to an intraday low of $26,606.69 on the news, which comes a day after trading at a peak of $27,979.07.…

Binance’s BUSD Stablecoin Sees $500M Outflows After CFTC Lawsuit

BUSD, however, has shown signs of resilience despite the turbulence. The token has maintained its peg, seen only slightly above-average outflows of over $500 million and there have been no unforeseen incidents concerning BUSD that have taken place on BNB chain-based decentralized finance applications, in which the stablecoin plays a huge role. Source

Bitcoin Drops on CFTC’s Suit vs. Binance

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Bitcoin sank below $27,000 following news of the lawsuit, dropping to its lowest level since March 17. The world’s largest cryptocurrency by market cap is down 5% in the past 24 hours to about $26,700. Binance coin (BNB) declined by 5%. Matteo Bottacini, a trader at Crypto Finance AG, wrote in a morning note that investors are taking long positions in ether and other altcoins and short positions in bitcoin. “My bias is that upside for BTC looks now limited to the $30Ks while ETH and most of the altcoins…

Binance-CFTC FUD puts BNB price at risk of drop toward $200

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BNB (BNB) looks set to wipe out its March gains entirely as investors turn their attention to the latest regulatory crackdown on Binance, the world’s leading crypto exchange by volume. BNB price logs worst daily performance in over a month On March 27, the U.S. Commodity Futures Trading Commission sued Binance and its chief executive Changpeng Zhao (CZ), alleging that the company illegally offered crypto derivatives services to Americans and facilitated illicit financial activity. BNB dropped by over 5.5% to $305 on the announcement day, logging its worst daily performance…

Only Verified Twitter Users Will Appear in ‘For You’ Feed, Elon Musk Says

In addition to the news that only tweets from verified users will appear in the For You tab, the Twitter boss also declared that unverified users would no longer be able to vote in polls. Popular billionaire and Twitter owner Elon Musk said that only verified users would pop on the “For You” recommendation feed moving forward. This is the latest change the CEO is making to the social media platform since he acquired the company and assumed the top position in October 2022. One of the major changes he…

Itheum joins Cointelegraph Accelerator Program to democratize data ownership

Large corporations operating in the Web2 space continue to collect user data to boost profits but do not share most of this value with the users providing the data. However, with the emergence of Web3 technologies, the infrastructure necessary to bring back control to the people has arrived. Through a new Web3 technology built by Itheum, people can own, trade and be rewarded for their data as it transforms into a new high-value asset class that powers the future data economy. Through Itheum, commercial enterprises and end-users can enjoy various…

Binance CEO CZ Issues Response to CFTC Complaint, Disagrees with Several Issues Alleged

CZ recently rebuffed the CFTC complaint calling for a permanent US injunction against Binance and its executives. Binance CEO Changpeng ‘CZ’ Zhao has responded to the Commodity Futures Trading Commission (CFTC) complaint against the exchange. Responding to the federal agency’s call for a US injunction against Binance, CZ raised several issues alleged in the complaint. CZ also said that the CFTC filed the “unexpected and disappointing civil” complaint despite Binance’s prior cooperation with the agency. Pointing out the exchange’s two-year cooperation with the CFTC, Zhao addressed a few key points raised by the government agency. The CFTC’s…

New EU Money Laundering Law Will Not Ban Crypto Payments

As far as the EU is concerned, it is gradually advancing in its crackdowns on the crypto industry through functional regulation. The European Union (EU) is set to vote on a new set of Anti-Money Laundering (AML) laws that may impose some significant restrictions on transactions involving the crypto market. According to recent clarifications given by Damien Carême, a French lawmaker from the Green party, the new restrictions will be based on scenarios where the sender cannot be identified. “We are absolutely not preventing crypto transactions,” Damien told reporters. “It’s…

US Prosecutors Reach New Bail Agreement with Lawyers of FTX founder Sam Bankman-Fried

As per the proposed conditions, FTX founder Sam Bankman-Fried will get a new phone with no internet capability limited to voice calls and text messages. On Monday, March 27, lawyers of FTX’s disgraced founder Sam Bankman-Fried said that they have reached an agreement with US prosecutors over the new bail conditions. This development comes as the judge raised the prospect of sending SBF to jail pending trial. The newly proposed conditions have been submitted for approval to District Judge Lewis Kaplan of the Southern District of New York. These conditions…