Bitcoin flounders as Binance and Coinbase sued by US regulator
Written by on July 25, 2023
The decision and the RBA’s hawkish policy statement had sent the Aussie rising 0.8% in the previous session, with governor Philip Lowe warning of more tightening on the cards because inflation was still too high.
BlackRock, the world’s biggest asset manager, on Thursday filed for a bitcoin exchange-traded fund (ETF) that would allow investors to get exposure to the cryptocurrency, as the asset class comes under intense regulatory scrutiny.
The company aims to drastically reduce the amount of BNB available in the market, thus increasing its value. This should happen due to the quarterly “burning” of the tokens performed by Binance.
“The last few months have been completely distracted by the banking crises and the U.S. debt ceiling issue, but now we are very much back to the macro dynamics driving central banks and where their terminal rates are going to be.”
Suppose you have 0.0001 Bitcoin, and you want to purchase Ether. You can transfer your Bitcoin in Ether online with the permission of where your account has opened.
You can also buy other Crypto currencies in the exchange of it, as it is legal by a decentralized authority.
Securities and Exchange Commission sued Coinbase, accusing it of illegally operating without registration with the regulator. That happened a day after the SEC filed a lawsuit against Binance and its CEO, Changpeng Zhao. The U.S.
In the past two weeks, BlackRock, WisdomTree, Invesco, VanEck, and Bitwise have filed new applications with the U.S.
Securities and Exchange Commission (SEC) for spot bitcoin ETFs, sending the price of bitcoin to a more than one-year high of over $31,000 on June 23.
Everyone scared with the ripple cryptocurrency because of that price Down past few months. I knew about it, at that time is very bad for Ripple (XRP) investors, I also lose $300 us dollars in Ripple cryptocurrency but Now I believe on it. I hope I’ll start again to grow.
“The cash rate is now 4.1%, which we think is in a deeply restrictive territory, so that obviously means that the risk of a hard landing in the Australian economy has increased,” said Carol Kong, a currency strategist at Commonwealth Bank of Australia.
July 5 (Reuters) – The market share of Binance, the world’s largest cryptocurrency exchange, and its U.S.
affiliate have shrank this year, as they battle an onslaught of regulatory crackdowns.
Refinitiv data showed the S&P 500 up 20% from its Oct. The most commonly accepted definition of a bull market is a 20% rise off a low, and a 20% decline from a high for a bear market, but that is open to interpretation.
The lawsuits against Binance and Coinbase Global have increased fears the crypto market’s ordeal could be prolonged further after the sector was battered by a string of meltdowns including the bankruptcy of FTX, Binance’s biggest competitor, last year.
Meta and Tesla have learn more than doubled, while AI’s demand for semiconductor chips catapulted Nvidia 180% higher, briefly adding it to the elite club of U.S.
companies with a $1 trillion market value.
The Reserve Bank of Australia was in no mood to hold off, however.
It raised interest rates by a quarter-point on Tuesday to an 11-year high and warned further tightening may be required to ensure that inflation returns to target, boosting the Aussie dollar as markets had been leaning towards a pause.
Coinbase, which was sued by the SEC last month for alleged securities laws violations, saw its shares surge nearly 25% on Thursday as investors hoped that the ruling in the Ripple case would bode well for Coinbase.
Investors piled into cryptocurrencies when interest rates were low, pushing the market to a peak value of $3 trillion in 2021.
But they turned cautious as rates rose, with the value of the market now standing at around $1.24 trillion, according to CoinGecko data.
The lawsuits against Binance and peer Coinbase Global underpin SEC Chair Gary Gensler’s tough approach towards the industry, but a U.S.
judge recently siding with crypto firm Ripple Labs highlights that the regulator is facing an uphill battle.
BlackRock, the world’s biggest asset manager, filed last week to launch iShares Bitcoin Trust, an ETF that would have Coinbase Custody as its custodian as well as offer institutional investors exposure to the cyptocurrency.
The SEC said it had not received “sufficient reassurance” that Binance.US’s customer assets were controlled by its operator, BAM Trading, “rather than under the control or influence of Binance or Zhao, a person who has openly expressed his desire to avoid compliance with U.S.
