Author: Coin Telegraph

Bitcoin’s price declined 5% in one hour on June 5 after the United States Securities and Exchange Commission (SEC) filed a lawsuit against Binance on allegations of violating federal securities laws. Even though the $25,500 support held for Bitcoin, investors are still digesting the potential impacts of the regulatory action, which also involves Binance CEO Changpeng “CZ” Zhao.According to digital asset investment firm Arca CEO Jeff Dorman, the direct impact of an eventual shutdown of Binance operations in the U.S. is irrelevant. Furthermore, non-criminal charges from the past should not destabilize Binance’s present international structures. Still, Arca’s CEO expects negative market…

The announcement of the United States Securities and Exchange Commission (SEC) suit against Binance, Binance.US and Binance CEO Changpeng Zhao (CZ) may have surprised the crypto community, but the SEC’s focus on the exchange was well known. The suit’s contents were met with a variety of reactions.CZ claimed in a tweet on the morning of June 5, “Media gets the info before we do,” and the company had not seen the SEC complaint then. Evidence of scrambling behind the scenes may be seen in the two statements Binance issued in response to the suit. The exchange called the suit “disappointing”…

Binance announced in May that it would delist so-called “privacy coins” such as Monero (XMR), Zcash (ZEC) and others in several countries, including France, Italy, Spain and Poland. The decision underscored the reality that some companies might step over their own feet to ban privacy tech — even where it is legal — out of a combination of risk aversion and compliance confusion.Some Monero users have long advocated for keeping their tokens off exchanges, emphasizing that on-exchange transactions undermine user privacy by requiring personal identification data. And yet listing privacy coins on exchanges has its merits: It facilitates new user adoption,…

According to a recent report published by nonfungible token (NFT) money market protocol Paraspace and multichain wallet BitKeep, the current amount of NFT borrowing and lending, or NFTFi loans, has surpassed $430 million across 43,521 borrowers. The highest proportion of collateral comprised the most popular NFT collections, such as Wrapped CryptoPunks, Bored Ape Yacht Club and Mutant Ape Yacht Club.Researchers at Paraspace and BitKeep said that NFTFi added $25 million in outstanding loans from January to March. Also contributing was the introduction of a digital collectible lending protocol by NFT marketplace Blur, which surpassed $16 million in loans one day…

Stablecoin issuer Tether (USDT) has announced that it will be partnering with Bitcoin-friendly nation El Salvador to invest in a planned $1 billion dollar renewable energy initiative.The Central American country continues efforts to drive Bitcoin adoption after becoming the first nation to make BTC legal tender some three years ago. The latest is a renewable power generation precinct in Metapán, which aims to harness solar and wind energy which will power and be monetized by Bitcoin mining operations.Tether is among investors in a first round capital raise to develop Volcano Energy, a soon to be developed 241 MW renewable energy…

It is a goal of many in the crypto industry to evolve the space and bring it into the mainstream, but the industry still faces constant criticism from and continues to be regulated by individuals who may not fully understand how it works. Regulatory bodies worldwide have been increasingly vigilant in addressing potential risks and ensuring compliance within the crypto space. One notable aspect of this regulatory focus is the imposition of fines and penalties on individuals and companies involved in various crypto-related activities. Here’s how the landscape has transformed since 2018, leading to increasing regulation in 2023.Increasing regulatory scrutinySince 2018,…

On June 5, Ethereum blockchain game developer Illuvium announced a partnership with video game and consumer merchandise retailer GameStop to debut a 20,000 nonfungible token (NFT) collection starting June 12. As told by developers:According to developers, the “Illuvitars” NFTS are “dynamic collectable works of art, representing a specific avatar of an Illuvial with a distinct expression. Each Illuvitar carries a power rating, determined by its rarity, which helps you climb the leaderboard.”Each “GameStop x Illuvitar D1SK NFT” will contain a unique GameStop-branded “Illuvitar,” which developers say possess “108 potential combinations based on six different Illuvials, three expressions, three background stages,…

The United States Securities and Exchange Commission (SEC) filed suit against Binance, its U.S. platform and CEO Changpeng Zhao (CZ) in the District Court for the District of Columbia on June 5. 4.Our team is all standing by, ensuring systems are stable, including withdrawals, and deposits. We will issue a response once we see the compliant. Haven’t seen it yet. Media gets the info before we do.— CZ Binance (@cz_binance) June 5, 2023 The U.S. regulator pressed 13 charges against Binance, including unregistered offers and sales of the BNB (BNB) and BUSD tokens, the Simple Earn and BNB Vault products and…

Bitcoin (BTC) fell to multi-day lows at the June 5 Wall Street open as action heated up on exchanges.BTC/USD 1-hour candle chart on Bitstamp. Source: TradingViewVan de Poppe: Trend line failure could mean “bottom isn’t in yet”Data from Cointelegraph Markets Pro and TradingView showed BTC/USD wicking to $26,640 on Bitstamp.Down nearly 3% versus the weekend’s highs, the pair looked weak as key support lines inched closer.Among these was the 200-week moving average (MA), now at $26,400, which had weathered repeated tests to stay as support since mid-March.“Bitcoin is going to get another retest of support at the 200-Week MA (purple),”…

Hong Kong — officially the Hong Kong Special Administrative Region of the People’s Republic of China — is a city of over seven million residents on the eastern Pearl River Delta in South China. The city is known for being pro-innovation and technology, and over the past year, it has introduced legislation to promote and adopt cryptocurrencies.Hong Kong is a major world economy, serving as a center for investment and trade in the region. The city is a cosmopolitan metropolis with Western and Asian influences, and is a well-established data hub for key businesses in finance, shipping, trade and retail,…