The largest cryptocurrency by market capitalization has been surging this week after three financial services giants filed applications for spot bitcoin ETFs. Original
Bitcoin Hits One-Year High, Soars Past $31.3K
Month: June 2023
Robust crypto fundamentals pull through after May’s monthly red candle: Report
In May, Bitcoin (BTC) posted its first monthly loss since December 2022 with a negative 6.98%. However, this consolidation was not obviously driven by a change in fundamentals or the broader macroeconomic environment. The crypto market was looking for direction and liquidity in this phase before the United States Federal Reserve announced a pause on the rate hiking cycle in June. Many indicators, such as the futures market and VC investment, point to an optimistic underlying sentiment. But while traditional markets and tech stocks were able to continue their rally…
Sam Bankman-Fried Can’t Subpoena Law Firm Fenwick & West, U.S. Judge Rules
New York District Court Judge Lewis A. Kaplan on Friday denied Bankman-Fried’s request saying neither Fenwick & West nor the FTX Debtors are part of the “prosecution team.” The government “has no obligation to produce materials that are not within its possession, custody, or control,” the order added. Source
US Supreme Court halts Coinbase cases in its first crypto ruling
The United States Supreme Court decided in favor of cryptocurrency exchange Coinbase on June 23 in a partisan opinion that will halt court proceedings against the company in two California cases. Plaintiffs in the class-action lawsuits alleged Coinbase failed to provide proper relief after users lost money and that Coinbase allegedly engaged in deceptive advertising. Coinbase asked the district courts overseeing the cases to dismiss them on the grounds that, per the company, users signed an agreement upon creating their accounts stating that such disputes would be handled through arbitration…
SEC Sought Freeze Order Despite ‘No Evidence’ That Binance Was Moving U.S. Customer Funds
“There are a lot of details about amounts transferred and where they went…” Barrett asked the SEC’s lawyers. “You say these funds consisted in significant part of Binance platforms, plural, customer assets, including those of Binance.US … Can you clarify or walk me through the transfers you allege were made specifically from the U.S. entities, as opposed to the international Binance platform, to offshore accounts held by Zhao, and how you know that those were customer assets?” Source
Circle and Sequoia were among top depositors at Silicon Valley Bank: Report
Stablecoin issuer Circle and venture capital firm Sequoia Capital were reportedly among the top 10 depositors at the collapsed crypto-friendly Silicon Valley Bank (SVB) in March. According to a June 23 report from Bloomberg, the Federal Deposit Insurance Corporation (FDIC) provided documents suggesting that Circle, Sequoia and others were covered for deposits in the billions of dollars. The Federal Reserve announced following the SVB collapse that it would work with the FDIC to make both insured and uninsured depositors whole — in most situations, the FDIC only insures up to…
Leveraged Bitcoin Futures ETF to Start Trading Tuesday, Volatility Shares Says
Volatility Shares’ 2x Bitcoin Strategy ETF (BITX) will become the first leveraged crypto ETF available in the United States after the U.S. Securities and Exchange Commission (SEC) let it go effective on Friday, an executive at the company told CoinDesk. Original
Bitcoin Miner Applied Digital Signs AI Hosting Deal Worth Up to $460M
Shares of miner Applied Digital surged on Nasdaq as the firm announced a second AI cloud hosting deal. Source
Coinbase Wins U.S. Supreme Court Ruling in Arbitration Lawsuit
The ruling, which won a 5-4 majority, allows Coinbase to continue its effort to compel arbitration against the putative class action lawsuit, halting the lawsuit’s progress through the federal court system in the meantime. While this marks a win for Coinbase, it has little direct effect on the crypto industry. Source
Three Quarters of Jurisdictions Not Complying With Global Crypto Laundering Norms, FATF Says
CryptoX is a multi-platform publisher of news and information. CryptoXtrade has earned a reputation as the leading provider of cryptocurrency news and cryptomarket analysis, bitcoin and other cryptocurrencies, blockchain technology, finance and investments. CryptoXtrade have become a known leader in the cryptocurrency information market. We work only with trusted information sources providing latest financial and technological innovations that improves the quality of life of CryptoX readers by focusing on Cryptocurrency and Blockchain. CryptoX Portal