Cryptocurrency

The wave of resignations has raised concerns about employee turnover within Binance. More than a dozen employees have left their roles at the company in recent weeks, including top executives such as former chief strategy officer Patrick Hillmann and key legal officers. These departures are significant given their potential knowledge regarding asset custody and control.Alongside these internal shifts, Binance.US has experienced a significant drop in trading volume. Data from Kaiko reveals that weekly trading volume fell from a peak of $5 billion in March 2023 to around $40 million at the time of reporting on Tuesday.The SEC is urging for a deeper investigation into Binance’s activities, including asset custody. This move follows Binance’s previous opposition to the regulator’s motion to compel. The company had argued that the SEC should consider its provided counsel narratives, meticulously prepared declarations, and a select collection of documents concerning control over customers’ assets. Binance claimed that any remaining concerns were essentially baseless and trivial.However, the SEC’s response suggests that Binance’s opposition has only highlighted the complexities that the regulator has been grappling with for months. The SEC has reiterated its push for depositions in light of recent resignations within Binance.Binance has been under increased scrutiny from the SEC since June 2023 when it was sued for alleged rule violations that included securities fraud, money laundering, and commingling customer assets. The company and its founder, known as CZ, have denied these allegations and vowed to defend their position in court.As the SEC continues to intensify its case against Binance, the future of the cryptocurrency giant hangs in the balance. The outcome of this litigation could have far-reaching impacts on the broader crypto industry.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

BlackRock’s proposal has been highlighted as particularly noteworthy among potential offerings from other financial giants such as Fidelity, Digital Currency Group, and Franklin Templeton, who recently joined the competition. BlackRock’s strong marketing and distribution capabilities are expected to draw a new wave of investors to Bitcoin.The company’s potential entry into the digital currency market is seen as a strong endorsement of cryptocurrency. If successful, this move could inspire other institutional investors to follow suit, further legitimizing Bitcoin within traditional investment circles.A Bitcoin ETF could provide a regulated and accessible gateway into the cryptocurrency market for conventional investors. Upon approval from the Securities and Exchange Commission (SEC), it is anticipated to attract a diverse range of investors. This includes everyone from retail traders to institutional players who have been eagerly waiting for a regulated method to engage with the crypto space.The Bitcoin futures ETFs are already available for public trading. However, these funds do not engage in buying or selling Bitcoin on the open market, which differentiates BlackRock’s proposed product.Experts also noted the broader narrative of Bitcoin as a decentralized digital currency and store of value. They pointed out the upcoming halving event, where the rewards given to miners that secure the Bitcoin protocol will be decreased. The overall sentiment suggests that these developments could pave the way for an impending bull market in Bitcoin.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

SOL token emerged as the leading performer among the top 10 cryptocurrencies on Tuesday, registering a growth of 4.59% within 24 hours leading up to late afternoon in Hong Kong. The token, priced at $20, recorded a weekly growth of 10.83%, bouncing back from its two-month low of $17.74 on September 9.Bitcoin, the world’s largest cryptocurrency by market capitalization, also experienced a positive shift in its value, increasing by 0.89% in the past day to reach $26,940. This short-term recovery is being closely watched by investors who are concurrently observing larger movements in the stock market.Ether, the second-largest cryptocurrency globally, also witnessed an increase in its value. During Tuesday afternoon trading, Ether’s price rose by 0.49% to reach $1,640, culminating in a weekly gain of 3.78%.The cryptocurrency market has been known for its volatility, but there are signs of stability due to the entry of large institutions into this space. The recent launch of Standard Chartered (OTC:SCBFF)’s crypto custody arm is one such example that has lent credibility to this otherwise volatile market and may attract more investors.In other developments in the digital asset space, ImmutableX became the second-largest NFT chain by daily sales owing to the popularity of Gods Unchained Cards. Additionally, the Forkast 500 NFT index increased by 0.19% to reach 2,017.57 points within the 24 hours leading up to late afternoon in Hong Kong, despite a weekly drop of 3.46%.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

The counsel for FTX debtors and debtors-in-possession, represented by the law firm Sullivan & Cromwell, filed a lawsuit against SBF’s parents, Joseph Bankman and Barbara Fried, on Sept. 18.Continue Reading on Coin Telegraph More

The Economic Crime and Corporate Transparency Bill was introduced in September 2022 and primarily aims to tackle crypto-related financial crimes. Over the past year, the bill went from the House of Commons to the House of Lords and is now in the final stages of approval.Continue Reading on Coin Telegraph More

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The Bitcoin (BTC) market sentiment has shifted towards the negative for the first time since the end of 2022. Almost 98% of short-term holders (STH) supply is now held at a loss, Glassnode revealed in a recent report.The market is now at the deepest level since FTX collapsed. The analysts add that the cost basis of those investors who are spending crypto at current levels fell below the cost basis of holders.Bitcoin investors confidence since 2019 | Source: GlassnodeThis behavior suggests a “degree of panic” among short-term investors, which might indicate the unwillingness of STH to buy or sell crypto in the near term.Glassnode pointed out the market has seen a “modest influx of new investors.” And yet, the influx of new investors is relatively weak compared to previous cycles, the analysts said.Given the macroeconomic conditions, regulatory challenges, and liquidity issues, the market is likely to remain uncertain in the foreseeable future, the analysts concluded.As crypto.news reported, Bitcoin whale transactions plunged by around 10% to less than 4,200 transfers, according to data from the market intelligence platform Santiment. The drop indicates that smaller investors rather than sharks and whales could have triggered the recent bullish momentum.Moreover, the total amount of Bitcoin supply on exchanges dived to 1.15 million BTC, showing signs of self-custodial accumulation after consistently declining since Sept. 7.This article was originally published on Crypto.news More

Crypto exchange-traded products are designed to track crypto prices. When shares of these funds fall below their target prices, they sell off cryptocurrencies, causing outflows. Continue Reading on Coin Telegraph More