Cryptocurrency

In June, the SEC initiated a lawsuit against Binance and the company’s CEO, Changpeng Zhao, accusing them of improperly handling customer funds and breaching securities laws. Both Binance and Zhao have since moved to dismiss the case, challenging the SEC’s claims.The legal dispute intensified when, on November 21, Binance agreed to a $4.3 billion settlement with the DOJ and other U.S. authorities. As part of the agreement, Binance made admissions that the SEC now argues bolster their case regarding financial misconduct and deceptive practices aimed at investors.Efforts to secure comments from Binance representatives or Zhao’s defense attorney have been met with silence, leaving the public narrative in the hands of regulatory statements and court filings.The ongoing litigation highlights increasing scrutiny by U.S. regulators on cryptocurrency exchanges and the broader digital asset industry, particularly concerning compliance with securities laws and consumer protection standards. The outcome of this case could set a precedent for future regulatory actions within the rapidly evolving crypto market.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The crypto community was quick to respond, highlighting JPMorgan’s own history of legal settlements under Dimon’s leadership. These include a November 2013 settlement of $13 billion over misleading mortgage securities, a judgment in April 2012 for more than $2 billion related to mortgage loan servicing abuses, and an obligation from August 2008 to repay investors $7 billion over securities sales misrepresentations. Further legal issues for JPMorgan included a September 2020 settlement of $920 million regarding market fraud charges and a May 2015 fine exceeding $2.5 billion for currency exchange manipulation. Additionally, in 2013, the bank faced a substantial fine of $1.9 billion related to mortgage foreclosures. These penalties have intensified scrutiny on Dimon’s leadership amidst ongoing regulatory debates involving both traditional finance and cryptocurrency sectors.In a separate development, Senator Warren echoed some of Dimon’s concerns about cryptocurrencies in a recent interview, describing them as a significant threat that could be linked to global crimes such as terror financing and North Korea’s nuclear program funding. This stance drew criticism from crypto advocates, including Dogecoin founder Billy Markus, known by his pseudonym “Shibetoshi Nakamoto,” and entrepreneur Elon Musk. They argued that Warren showed favoritism towards traditional banking and wealthy interests at the expense of average citizens.Contrasting with these views, research by Andrzej Gwizdalski from the University of Western Australia presented evidence countering Warren’s claims. Gwizdalski’s findings indicated that cryptocurrency is implicated in less than 1% of financial crimes, whereas fiat currencies like the USD are involved in roughly $3.2 trillion of illegal transactions annually. He pointed out that blockchain technology offers transparency that is generally unfavorable to criminals due to the traceability of transactions on the network.The back-and-forth between high-profile critics like Dimon and Warren and defenders of cryptocurrency underscores the ongoing debate over the role and regulation of digital currencies in today’s financial system.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The initial enthusiasm that boosted XRP’s price following a court ruling by Judge Analisa Torres, which determined that XRP is not a security, has since waned. Despite the legal clarity provided by the decision, XRP saw all its post-ruling gains erased in the subsequent weeks, underperforming in comparison to other cryptocurrencies.While Ripple’s direct sales of XRP seem to have little direct impact on market prices, the selling activity of On-Demand Liquidity (ODL) customers on exchanges may exert downward pressure on the value of the digital asset. This distinction is particularly relevant for retail investors who experience the market differently depending on whether they are affected by direct sales or exchange-based selling pressure.The observed decrease in circulating supply is indicative of Ripple’s substantial buyback efforts. These efforts are perceived as a response to concerns over the tepid movement in XRP’s price and may serve as a countermeasure against the potential price depression caused by ODL customer sales on exchanges.This strategic acquisition by Ripple underscores the complexities of cryptocurrency markets, where various factors including legal decisions, company actions, and customer behaviors intertwine to influence prices. As the crypto market continues to recover, Ripple’s proactive measures aim to bolster confidence and stability within its investor community.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The new time-locked upgrade system is open source from the onset and can be used by projects interested in “emulating” Blast, he stressed. Robinson attached two GitHub Gist links with the updates to the LaunchBridge.sol contract.In particular, the withdrawAndLosePoints function is affected. As explained by Paradigm’s GP, the upgrade is aimed at “setting a better precedent.”As covered by U.Today previously, Blast was criticized for abusing the L2 narrative, promoting a “single-node sidechain” as an Ethereum-based rollup.However, criticism fails to prevent Blast from reaching new highs in terms of total value locked (TVL). By press time, LPs injected over $838 million in equivalent in USDC, DAI and Ethereum (ETH), as displayed by the DefiLlama tracker.Largely, this sum was injected in the first days of Blast’s public beta launch. In its Dune Analytics dashboard, crypto investor 21Shares Blast as the fastest-growing network, stressing that it cannot be treated as a second-layer scaling solution:DefiLlama also Blast as a yield farming app, not as a separate L2 blockchain on Ethereum (ETH).This article was originally published on U.Today More

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The only scenario that would push the BTC price to such levels implies some sort of global disaster to come, he stated in an optimistic message today, Dec. 9, 2023:He stressed that the progress the Bitcoin (BTC) price accomplished so far looks massive: The orange coin managed to surge by 150% in 2023. One year ago, it struggled to stay above the $16,500 level, decimated by the FTX collapse.At the same time, the trader is sure that a healthy correction is “due” at this stage of the Bitcoin (BTC) bull market. The upcoming correction might be “deep,” so the trader recommends to avoid treating this analysis as an immediate buy call.His views are echoed by Bitcoiner Samson Mow, who “didn’t mind a Bitcoin pullback,” as covered by U.Today previously.The Bitcoin (BTC) “Fear and Greed” index climbed to 73/100, which is an indicator of overheated market sentiment.Also, as demonstrated by leading trading portal TradingView, the Bitcoin (BTC) price’s relative strength index (RSI) is 75, which indicates an overbought status of the largest cryptocurrency.This article was originally published on U.Today More

In professional circles he is known as 50 Cent. Hoskinson posted a link to 50 Cent’s song “In Da Club,” adding: “We are both in the same club.”At the time of this writing, Cardano’s ADA is trading at $0.5184, thus entering the “50 Cent Club.”Notably, in November, ADA also demonstrated an impressive rise, soaring by 28.4% within that month and reaching the highest price level since May this year. Data published by CryptoRank suggests that in December an may await ADA this month.Aside from that, a wave of interest from cryptocurrency whales has hit Cardano’s coin, as over the last three months, ADA saw a massive increase in transactions, each worth more than . Santiment on-chain data company’s team believes that this signifies growth in interest from financial institutions and whales and may be considered as a sign of upcoming price surges.Back in 2010-2011, Hoskinson stated, there was only Bitcoin, and all crypto enthusiasts were on more-or-less friendly terms with each other, sharing their ideas in peaceful talks. They mostly occurred on the bitcointalk forum, and a younger Hoskinson was also there.He revealed that Bitcoin started as a completely centralized venture since Satoshi was the only one who kept 100% of BTC mining (and therefore, the network) under his control, and he could change anything he wanted.The reason why he chose not to reveal his real name was, per Hoskinson, that he wanted to avoid the legal ambiguity of issuing a currency.This article was originally published on U.Today More

The enthusiasm surrounding Shiba Inu is not solely based on its correlation with Bitcoin. The dog-themed cryptocurrency’s potential is also being fueled by the expected launch of Shibarium, a technological upgrade designed to enhance transaction capabilities. This development is poised to draw both investment and usage, contributing to SHIB’s growth prospects.Moreover, Shiba Inu’s appeal is further strengthened by an ongoing token burn campaign aimed at increasing its scarcity and thereby its perceived value among investors. Such strategic initiatives are reminiscent of past meme coin rallies and could signal a new era of heightened interest and value in Shiba Inu as these milestones approach.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More