Category: Exchanges

Bitcoin-Based Decentralized Exchange Token Surges 158% in Just Seven Days, Defying Crypto Downtrend

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A Bitcoin (BTC)-based decentralized exchange platform (DEX) is skyrocketing despite turbulence within the crypto markets. New data reveals that AlexGo (ALEX), a decentralized trading platform for BRC-20 tokens that is set to launch next week, surged from its seven-day low of $0.0595 on May 6th to a new all-time high of $0.154 just six days later, a 158% increase. The 287th-ranked crypto asset by volume has since retraced and is trading for $0.146 at time of writing. AlexGo, which made its market debut last September, recently reached out to other crypto…

French Crypto User Jailed and Fined €3.4 Million for Illegal Use of Cryptocurrency in Morocco

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A 21-year-old French crypto user, Thomas Clausi, has been handed an 18-month prison sentence and a hefty €3.4 million fine in Morocco for the illegal use of cryptocurrency. Clausi was found guilty of “fraud” and “illegal use of cryptocurrency” by the Moroccan courts, which consider the use of cryptocurrency illegal. The case against Clausi began in 2021 when he used Bitcoin to purchase a luxury car, which Moroccan customs deemed an illegal transfer of funds. He was arrested in December 2021 and sentenced last October to prison time in addition…

Milady memecoin surges 5,250% after Musk tweet, exchange listings

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On May 11, Milady (LADYS), the self-organized memecoin of the namesake anime avatar nonfungible tokens (NFT) collection, surged by over 5,250% within 24 hours to trade at a $0.0000001528 at the time of publication. The day prior, American business magnate Elon Musk tweeted a meme using the imagery of a Milady NFT, sending the average Ether (ETH) sale price of the collection soaring.  According to token developers, LADYS has “no association” with Milady creator Charlotte Fang or Milady Maker. The token “is simply paying homage to an NFT collection we…

Here’s how exchanges adjust Bitcoin withdrawal fees

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Amid the ongoing spike in Bitcoin (BTC) transaction fees, some cryptocurrency exchanges have moved to adjust the cost of withdrawing BTC from their platforms. The United States-based exchange Kraken has increased Bitcoin withdrawal fees to match the current fees on-chain, the company’s customer support manager wrote on Reddit on May 10. “This helps ensure withdrawals are processed on-chain in a timely manner,” the support manager noted. Kraken’s representative also referred to the company’s public list of cryptocurrency withdrawal fees and minimum withdrawal amounts. According to the data, Kraken charges 0.00035…

Coinbase Says UAE Is Important Strategic Hub for Crypto Exchange’s Global Operations

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US crypto exchange giant Coinbase is calling the United Arab Emirates (UAE) a possible key location for its planned expansion of global operations. According to a new blog post, Coinbase CEO Brian Armstrong and other executives are meeting with UAE policymakers in Dubai as they consider expanding to the crypto-friendly region. Says Coinbase, “Crypto and Web3 serve as enormous opportunities for economic and technological diversification for the UAE, and the region has the potential to be a strategic hub for Coinbase, amplifying our efforts across the world.” The visit comes…

Cryptocurrency Derivative Trading Market Share Hit Record High in April

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Crypto Exchange Bittrex Files for Bankruptcy Following SEC Enforcement Action After Nearly a Decade in Business

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Seattle-based crypto exchange Bittrex has filed for bankruptcy as it faces ongoing regulatory challenges in the United States. Richie Lai, the exchange’s co-founder and chief executive, acknowledged the filing in a tweet on Monday. “Yes, we filed chap 11. Yes, we still have 100% of all customer funds. Yes, there will be a claims process through the bankruptcy courts. This was the cleanest way to bury the baby — RIP Bittrex Exchange.” Bittrex notes on its website that the bankruptcy announcement does not impact the exchange’s foreign affiliate, Bittrex Global,…

The Impact of China’s Cryptocurrency Mining Crackdown on the Global Market

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The recent crackdown on cryptocurrency mining in China has shocked the world market and caused huge disruptions in the world of digital currencies. China is one of the biggest centers for cryptocurrency mining, thus its actions have broad repercussions that affect both the domestic business and the worldwide cryptocurrency market. We will examine the significant effects of China’s crackdown on cryptocurrency mining and how it has changed the dynamics of the global crypto market in this article. Chinese miners dominate the cryptocurrency industry With a sizable portion of the world’s…

UK Authorities Seize $6.7 Million in Cryptocurrency from Dark Web Drug Dealer

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In a record-breaking confiscation, a drug dealer caught with $6.7 million in cryptocurrency and $1.4 million worth of cocaine has lost all his gains. The West Yorkshire financial crime department seized over £4.9 million in cryptocurrency, which has now been converted into fiat and handed over to the authorities. The remaining disparity will remain as a debt against the drug dealer. The 42-year-old Simon Barclay operated a marketplace on the dark web from the town of Huddersfield, where he mailed illegal substances across the UK in exchange for cryptocurrency. Kirklee…