Category: Exchanges

It’s Time To Call Algorithmic Stablecoins Something Else, Says FTX Crypto Exchange CEO Sam Bankman-Fried

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FTX cryptocurrency exchange founder Sam Bankman-Fried is weighing in on the future of stablecoins after two top cryptos suffered staggering losses this week. Bankman-Fried recently tweeted about how so-called stablecoins ought to have separate and better-refined definitions in the wake of Luna Foundation Guard’s TerraUSD (UST) losing its US dollar (USD) peg and taking Terra (LUNA) down with it. “A good point someone brought up recently: really ‘stablecoin’ is used to mean multiple different things. One thing it can mean is ‘stablecoin backed 1:1 by a US dollar in a…

Crypto Exchange Coinbase Announces TerraUSD (UST) and Wrapped Terra (WLUNA) Trading Suspensions After LUNA Crash

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Crypto exchange giant Coinbase is announcing plans to suspend trading of TerraUSD (UST) and Wrapped Luna (WLUNA) on all levels of the platform. Coinbase Assets recently made the announcement on Twitter that, in light of extreme volatility within the Terra (LUNA) ecosystem, UST and WLUNA trading will be suspended in two weeks. In light of recent volatility involving Terra ecosystem assets UST and LUNA, Coinbase will suspend trading in UST & WLUNA on May 27, 2022 on or around 12pm ET on https://t.co/Zkd27RUMRo, Coinbase Pro, and Coinbase Exchange. — Coinbase Assets (@CoinbaseAssets)…

FTX Crypto Exchange CEO Sam Bankman-Fried Purchases Substantial Stake in Trading App Giant Robinhood

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The CEO of crypto exchange platform FTX is purchasing a considerable position in Robinhood after the trading giant’s stock hit an all-time low. According to a disclosure filing to the U.S. Securities and Exchange Commission (SEC), Sam Bankman-Fried bought 56.27 million shares of the company for about $650 million after the stock hit an all-time low of $7.71. The stock has since recovered and is changing hands at $10.74 at time of writing. Bankman-Fried’s purchase sees him owning 7.6% of the popular securities trading network. In the SEC document, Bankman-Fried…

MARA to Build Pan-African Crypto Exchange, Advise CAR’s President

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A startup, Mara, has raised $23 million in equity and token sales to build a pan-African cryptocurrency exchange, TechCrunch reports. According to the outlet, the seed funding came from Coinbase Ventures, Alameda Research and Distributed Global. Venture capital firms, TQ Ventures, DIGITAL, Nexo, Infinite Capital, DAO Joines and about 100 crypto investors also participated in the round. The company, which has bases in Lagos, Nigeria and Kenya, said it wants to create a portal to the crypto economy for Africans. Keep Reading Mara’s product suite includes a wallet for users…

Digital Asset Exchange Crypto.com Lists Two Low-Cap Altcoins As Crypto Markets Search for Support

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Singapore-based exchange giant Crypto.com is adding two small-cap altcoins to its roster amid a market-wide slump. First up is Lido DAO (LDO), the governance token of decentralized staking platform Lido Finance which offers staking solutions across several popular blockchains. Lido’s decentralized autonomous organization (DAO) grants holders of the Ethereum (ETH)-based token voting rights on project parameters, upgrades and staking protocols. Back in March, the Silicon Valley-based investment firm Andreessen Horowitz revealed it was backing Lido because the project democratizes the proof-of-stake process by both making minimum deposit amounts attainable to…

US$200 billion Cryptocurrency Bloodbath – SuperCryptoNews

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According to data from CoinMarketCap, a whopping US$200 billion of market cap was wiped out in just 24 hours from digital assets. The cryptocurrency sector looks like it’s due for a bit of soul-searching and there are signs that the smart money has moved into a sector that at the very least has some provable use case – blockchain gaming. In what many have claimed was cryptocurrency’s Lehman moment, a whopping US$200 billion of market cap was wiped out in just 24 hours from digital assets, according to data from…

Bitcoin price sees ‘hell of a reversal candle’ as 168,000 BTC leaves exchanges

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Bitcoin (BTC) came back with a vengeance on May 13 as bulls stepped in to take the market to near $31,000. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Bitcoin RSI stays firmly oversold Data from Cointelegraph Markets Pro and TradingView confirmed 24-hour gains of 30% for BTC/USD in the aftermath of the Terra debacle. After “kissing” its realized price at $24,000, Bitcoin showed no taste for fresh bearishness as record on-chain volume combined with coins leaving exchanges en masse. On May 11 and May 12 alone, exchange balances declined by over…

Nasdaq partners with XP to launch cryptocurrency exchange in Brazil

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XP informed Cointelegraph that XTAGE will launch in Q2 2022 and will be fully integrated into the XP Inc ecosystem — the largest investment brokerage in Brazil with more than 3.5 million clients and $168 billion assets under custody. XP stated that the exchange will initially offer the purchase and sale of cryptocurrencies, but the intention is that the platform will also support other digital assets and investment products based on crypto assets. “The creation of XTAGE represents an important milestone in advancing the digital asset market and our ability…

Crypto Exchanges Are Trading Against Their Customers Often – Regulation Bitcoin News

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The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, says cryptocurrency exchanges are “trading against their customers often because they’re market-marking against their customers.” He has raised concerns over crypto trading platforms “commingling” services. SEC Chair Gensler on Crypto Exchanges Trading Against Customers SEC Chairman Gary Gensler said in an interview with Bloomberg News Tuesday that some cryptocurrency exchange platforms may be betting against their own customers. Gensler expressed concerns that crypto exchanges are not segregating different parts of their businesses, such as trading, custody, and market-making.…

SEC Chair Gary Gensler Says Crypto Exchanges Are Betting Against Their Own Clients: Report

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U.S. Securities and Exchange Commission (SEC) chair Gary Gensler says the way crypto exchanges are structured could work to the disadvantage of users. In a new Bloomberg report, Gensler notes that, unlike traditional finance, cryptocurrency exchanges have not set up clear distinctions between various aspects of their service. Since exchanges are responsible for the custody of assets, transacting on both sides of a marketplace as well as providing the venue for traders, Gensler says he’s concerned such “commingling” could be harmful to customers. “Crypto’s got a lot of those challenges…