Cryptocurrency

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WASHINGTON (Reuters) -A U.S. court entered an order against crypto exchange Binance and its former CEO, Changpeng Zhao, approving billions of dollars in fines for money laundering following a case brought by the U.S. Commodity Futures Trading Commission, the agency said on Monday.Zhao will pay $150 million and Binance will pay $2.7 billion to the CFTC as a result, the agency said in a statement.The U.S. District Court for the Northern District of Illinois approved the previously announced settlement and entered a consent order of permanent injunction, civil monetary penalty, and equitable relief against Zhao and Binance, the CFTC said in its statement. The settlement was reached in late November.The court imposed a $150 million civil monetary penalty personally against Zhao, and required Binance to disgorge $1.35 billion of ill-gotten transaction fees and pay a $1.35 billion penalty to the CFTC, according to the agency.In November, Zhao stepped down and pleaded guilty to breaking U.S. anti-money laundering laws as part of a settlement resolving a years-long probe into the world’s largest crypto exchange. At the time, Binance said the resolutions acknowledged the company’s responsibility “for historical, criminal compliance violations, and allow our company to turn the page.”Binance broke U.S. anti-money laundering and sanctions laws and failed to report more than 100,000 suspicious transactions with organizations the U.S. described as terrorist groups, authorities have said. The exchange also failed to report transactions with websites devoted to selling child sexual abuse material and was one of the largest recipients of ransomware proceeds, they added. More

A spate of filings for spot bitcoin and ether ETFs, including from traditional finance heavyweights, have revived the crypto market this year after a series of meltdowns in 2022.”The Trust issues and redeems baskets on a continuous basis. These transactions will take place in exchange for cash. Subject to the in-kind regulatory approval, these transactions may also take place in exchange for bitcoin,” BlackRock’s iShares Bitcoin Trust ETF said in a regulatory filing late on Monday.The SEC has so far denied all spot bitcoin ETF applications, citing potential for fraud, but market participants have been hopeful of an approval early next year.BlackRock, the world’s largest asset manager, had earlier sought to only redeem baskets to investors in bitcoin or ‘in-kind.’A spot crypto ETF would track the market price of the underlying crypto asset, giving investors exposure to the token without buying the currency. More

BTC/USD Chart by TradingViewIn light of these factors, Bitcoin’s surge to $43,000 seems not only plausible but grounded in a confluence of positive technical, fundamental and sentiment-driven indicators. But while regaining the position is one thing, gaining a foothold above the crucial price level is a completely different story.This article was originally published on U.Today More

The underperformance of Ethereum’s DeFi sector can be attributed to several factors, one of which is the soaring transaction fees that have rendered the layer-1 platform challenging for average users.Network fees have escalated to levels that are widely considered unreasonable, severely impacting usability. In response to these persistent issues, cofounder Vitalik Buterin has hinted at the integration of zero-knowledge Ethereum Virtual Machine (zkEVM) scaling solutions directly into the mainnet, an advancement eagerly anticipated by the community.Amid Ethereum’s challenges, competitors like Solana are capturing attention, with its platform maintaining lower fees and higher transaction throughput. This competition has intensified the pressure on Ethereum to enhance its scalability and efficiency to maintain its leading position in the blockchain space.Ethereum’s price action offers a compelling narrative. The chart illustrates a notable uptrend, with the price having recently surged above multiple key moving averages, a bullish indicator for many traders. The convergence of the 50-day moving average above the 100-day and 200-day moving averages could suggest sustained bullish momentum. However, this positive trend is met with caution as the Relative Strength Index (RSI) hints at a market that is neither overbought nor oversold, leaving room for volatility.The chart also reveals that has encountered resistance as it approaches the $2,500 level. This resistance zone is critical, and a convincing breakout above it could signal the start of a new rally. However, with the current strain on Ethereum’s DeFi ecosystem and the competitive heat from blockchains like Solana, the potential for a breakthrough to $2,500 is enveloped in uncertainty.The price chart for displays a sharp upward trajectory, indicating a frenzied accumulation phase that often accompanies a new listing’s excitement. Such price action is not uncommon for meme coins, which can capture the imagination of the trading community and lead to explosive short-term gains. The high social media buzz and community backing seem to reinforce the potential of BONK as the next viral sensation.However, seasoned market observers and analysts caution that the meme coin sector is notorious for its boom-and-bust cycles. As BONK’s market cap has eclipsed that of other well-known meme tokens like Dogecoin (DOGE) and PEPE, comparisons to SHIB’s rise are inevitable. Yet, there is an air of skepticism about whether BONK can maintain this blistering pace or if it will succumb to the same fate that befalls many high-flying tokens after the initial euphoria fades.It is also important to stay extremely cautious when interacting with assets like Bonk: meme coins often experience significant corrections after such rapid expansions in price. The historical performance of similar assets suggests that BONK could face a challenging road ahead, especially if broader market sentiment shifts. While the dream of dethroning SHIB as a top meme coin is alive, the path is fraught with the potential for high volatility and sudden market turns.This article was originally published on U.Today More

This article was originally published on U.Today More

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