Month: June 2023

Crypto outflows surge, a16z’s UK office, and the silent altcoins ban

A combination of escalating interest rates and a tight regulatory environment in the United States has driven a $417 million outflow from the crypto industry in the past eight weeks, with halts in trading for many altcoins draining liquidity and prolonging the ongoing crypto winter. This environment is forcing crypto companies to rethink and adapt their business strategies. Crypto exchange Binance, for instance, is moving forward with efforts to diversify its sources of revenue amid legal challenges with regulators. The company is launching a new subscription-based cloud mining product dedicated…

Price analysis 6/16: BTC, ETH, BNB, XRP, ADA, DOGE, SOL, MATIC, LTC, DOT

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Bitcoin has reclaimed the $26,000 level, but will large cap altcoins follow BTC’s rebound? Bitcoin (BTC) is witnessing a tough battle between buyers and sellers near the $25,000 mark. A minor cause of worry for the bulls is that even the news of BlackRock having filed an application for a Bitcoin spot exchange-traded fund could not boost prices higher. This suggests that investors remain cautious due to the regulatory overhang. However, this does not mean that professional investors have abandoned plans to invest in cryptocurrencies. The Laser Digital Investor Survey…

Which altcoins will survive the SEC crackdown? Bitcoin OG explains

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Proof-of-work coins that had a fair distribution at their launch are the most likely to avoid being labeled as securities by the U.S. SEC, according to Bitcoin OG and educator Dan Held.  Last week, the SEC sued Binance and Coinbase, accusing them of offering a number of altcoins as  unregistered securities. As a result, many of the tokens mentioned in the lawsuit were delisted by major trading platforms which made their price tank. According to Held, Tokens that “had fair or transparent launches”, such as Litecoin, Dogecoin and Monero, do…

Discount on Grayscale Bitcoin Trust’s Shares Narrows After BlackRock’s Spot Bitcoin BTC ETF Filing

Many crypto observers keenly awaited how GBTC’s discount would react to the news about BlackRock, the world’s largest ETF issuer and a mainstay in the traditional finance world, attempting to register a spot BTC ETF with the U.S. Securities and Exchange Commission (SEC). Multiple investment managers, including WisdomTree, VanEck, Ark Investment Management with 21Shares, have tried to register such a product over the past two years, but the U.S. Securities and Exchange Commission (SEC) has rejected all applications, so far. Source

Bitcoin price eyes $26K ‘acceleration’ zone as Binance fears fade

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Bitcoin (BTC) headed toward a “crucial area” after the June 16 Wall Street open as a recovery from three-month lows continued. BTC/USD 1-hour chart Bitcoin reinforces rebound from multi-month lows Data from Cointelegraph Markets Pro and TradingView showed BTC/USD nearing $26,000 on Bitstamp. BTC price built on an overnight rebound from its lowest levels since early March amid ongoing regulatory and macroeconomic pressures. For Michaël van de Poppe, founder and CEO of trading firm Eight, $26,000 represented a key level for bulls to flip next. “Long weekend is coming up…

Mango Markets exploiter behind alleged $116M theft will stand trial in December

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The criminal case against the crypto user allegedly behind a multimillion-dollar exploit of decentralized exchange Mango Markets will be moving forward in the United States, with a trial scheduled for Dec. 4.  According to court records filed on June 14, Judge Richard Berman of U.S. District Court for the Southern District of New York set Avraham Eisenberg’s trial date for Dec. 4. Eisenberg was allegedly responsible for executing a major Mango Markets exploit in October 2022, resulting in the theft of roughly $116 million in the governance token MNGO, USD…