Bittrex Exchange's bankruptcy filing raises concerns for the future of cryptocurrency exchanges
Hey there, crypto enthusiasts! We have some news about the top virtual currencies in the market.
Bitcoin, the king of cryptocurrencies, has experienced a slight dip of 1.97% and currently stands at $27,741.6 with a market value of $536.3 billion. The trade volume is nothing to sneeze at, as it is nearly at $18 billion!
Meanwhile, the second-largest virtual currency, Ethereum, has also seen a dip of 1.08% and currently stands at $1,847.6 with a market capitalization of $222.7 billion. However, the trade volume of Ethereum is still impressive at $8.9 billion over the past 24 hours and the Crypto market takes a dip: Litecoin, Polygon, and Dogecoin suffer up to 5% losses!
Latest News
Bittrex Exchange Goes Bankrupt Following Regulatory Setback — Breaking News!
Bittrex Inc., a Seattle-based cryptocurrency exchange, has filed for bankruptcy protection after being accused by the SEC of running an unregistered securities exchange. Despite denying the allegations and claiming that the crypto assets on its platform were not securities or investment contracts, Bittrex agreed to pay a $29 million fine for apparent violations of anti-money laundering provisions and sanctions. However, the bankruptcy case won't affect Bittrex's non-U.S. activities in Liechtenstein.
The company plans to request a restricted reopening of customer accounts to return crypto assets to U.S. citizens who didn't withdraw money before April 30. Despite this, the future of Bittrex remains uncertain as long as the SEC's action against the company continues. The bankruptcy filing is the latest setback for the cryptocurrency sector, which has seen several businesses fail due to falling asset values, increased regulatory scrutiny, and legal issues.
Ripple vs SEC: The Final Verdict is Coming — Experts Weigh In with Their Predictions!
The legal battle between the SEC and Ripple revolves around whether XRP should be classified as an unregistered security. The final ruling is expected soon, and there are polarizing opinions on the outcome. FOX Business senior correspondent Charles Gasparino and attorney John E. Deaton made a friendly bet on the outcome of the legal battle between the SEC and Ripple during a recent episode of CLAMAN COUNTDOWN, with both betting a steak dinner. Gasparino predicts that the SEC will win the case against Ripple, citing the recent collapse of Sam Bankman-Fried's alleged fraud and crypto empire. Deaton remains optimistic about Ripple's chances and expects the SEC to lose at summary judgment, but he does not expect an outright win for Ripple.
FTX Founder Sam Bankman-Fried Fights Back: Urges Court to Dismiss Charges Against Him!
Ahead of his scheduled criminal trial in October, FTX founder Sam Bankman-Fried is seeking to have all but three criminal charges against him dismissed in court. His legal team is arguing that four of the five additional charges added violate the Treaty's rule of specialty provision, as the requesting state is generally bound to trial the extradited offender only for the offense for which they were extradited. The charges include conspiracy to commit bank fraud, other individual wire fraud charges related to his alleged actions at FTX and Alameda, and an alleged $40-million bribery of a Chinese government official. SBF's lawyers are also seeking to dismiss other charges relating to "conspiracy to defraud the United States" and charges relating to wire fraud and conspiracy to commit wire fraud.
Binance's Billion-Dollar Bitcoin Shuffle Sparks Concerns, But Will It Reassure Customers?
Binance moved around billions of dollars of its own Bitcoin, leading some to believe it was withdrawing large amounts of crypto. Data from Coinglass showed that over 183,080 BTC flowed out of the exchange in 24 hours, prompting concern and commentary from experts. However, Binance later reassured customers that the transfers were nothing to worry about, explaining that the movements were down to "newly created change addresses" owned by the exchange. This is not the first time that large movements of funds out of Binance have led to speculation about the exchange's reserves and security.
Canada's Central Bank Seeks Input from Citizens on Developing a Digital Dollar
The Bank of Canada has launched a public consultation until June 19, asking Canadians what features they would like to see in a potential digital Canadian dollar. The consultation aims to explore a virtual loonie, as the world becomes increasingly digital. The bank is not currently working on a central bank digital currency (CBDC) and is not looking to replace cash.