Hey Crypto Enthusiasts! Here's the Latest Scoop from Coinpedia Daily News:
Crypto Market in Turmoil: Bitcoin (BTC) Takes a Dip Below $30,000, Other Altcoins in the Red.
It's been a rough day in the crypto world, with Bitcoin (BTC) sliding down to around $28,800, and other popular altcoins like Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), and Litecoin (LTC) also landing in the reds across the board.
What's Causing the Dip? It's believed that the release of the latest UK inflation figures, possible rate hikes by the US Fed, and the increased crackdown by the US SEC on crypto firms are contributing to the market downturn.
But there's a Bright Spot! BTT (BitTorrent Token) emerged as the biggest gainer of the lot, with a 24-hour gain of over 8%.
As of writing, the global crypto market cap stands at $1.21 trillion, marking a 5.22% dip in the past 24 hours.
Stay tuned to Coinpedia Daily News for all the Latest Updates on Cryptocurrency Prices and Market Trends. Keep an eye on the market and ride the crypto waves with us!
Latest News
Bearish Bitcrash: Bitcoin (BTC) Price Dips 5% Amidst Sell-off Frenzy, Could $30K be the New Reality?
Bitcoin (BTC) price drops by over 5%, falling below $29,000, amid a sell-off frenzy. Top ten altcoins also experience corrections of 5-10%, with bears dominating the market. Despite the dip, Bitcoin's year-to-date gains remain impressive at 75%. Optimism persists as Bitcoin whales start accumulating BTC again after a prolonged sell-off period, with historical data suggesting potential for a rally to $30,000 and above. Analysts highlight support levels and derivatives positioning as indicators of a potential short-lived drop and a bias to accumulate. However, caution is maintained due to recent regulatory crackdowns, especially in the United States.
Coinbase sets sail to Bermuda: Secures license to expand crypto operations!
Coinbase has obtained a Class F License under the Digital Asset Business Act from the Bermuda Monetary Authority (BMA) to operate in Bermuda. Bermuda was one of the first countries to pass full digital asset regulation in 2018, and Coinbase praised its rigor, transparency, compliance, and cooperation. Coinbase may launch its offshore derivatives exchange in Bermuda by the end of the month, according to separate reports. Coinbase's expansion in Bermuda is part of its broader global expansion strategy, which also includes progress in Singapore, Brazil, Canada, the United Arab Emirates (UAE), and Europe.
Unveiling the Legal Drama: Riveting Silvergate Lawsuits Alleging FTX Ties, All Rolled into One by Judge!
Three investor lawsuits against Silvergate Bank involving FTX have been consolidated by United States District Judge Jacqueline Scott Corley in California. The lawsuits were brought against Silvergate by four former investors who allege that Silvergate aided and abetted FTX's alleged misconduct, including processing illegitimate transfers of FTX customer funds. The consolidated lawsuits will remain separate from other federal cases against FTX and its founder Sam Bankman-Fried, but will be combined by mutual agreement of the litigants. Silvergate had previously disclosed plans to "voluntarily liquidate" assets and shut down operations in March following a bank run, and had also been hit with a class-action suit in January for securities law violations.
Breaking News: Union Bank of Nigeria Slapped with ₦200 Million Fine by Central Bank for Cryptocurrency Rule Violation!
Union Bank of Nigeria (UBN) has been fined 200 million naira by the Central Bank of Nigeria (CBN) for violating cryptocurrency regulations. UBN disclosed the fine in its financial statements for the year 2022, which were published recently. The CBN has previously warned commercial banks against conducting cryptocurrency transactions, as it took an opposing stance on cryptocurrencies. Nigeria banned cryptocurrency transactions on February 5, 2021, with the CBN being proactive in enforcing the regulations.
Democrat Dismay: House Committee's Draft Stablecoin Bill Raises Eyebrows
The first draft of the bipartisan stablecoin legislation was met with criticism from Democrats. The bill was created by Reps. Maxine Waters (D-Calif.) and Patrick McHenry (R-N.C.) and praised by Republicans, but called 'outdated' by Democrats. The House Financial Services Committee published a draft of the stablecoin bill, which would provide requirements for payment of stablecoin issuers and research on a digital dollar. Democrats expressed concerns over the bill not representing negotiations between Waters and McHenry and questioned the function of stable coins, while Republicans called for fast action to update the bill to keep up with the rest of the world.