Crypto
Binance is sued by another US regulator, sparking plunge in cryptocurrency values and shares
US regulators have filed a lawsuit against cryptocurrency exchange Binance alleging a string of violations including the misuse of investor funds.
Cryptocurrencies and shares in crypto and blockchain-related companies tumbled after the Securities and Exchange Commission (SEC) revealed 13 charges against the world’s largest exchange and its founder Changpeng Zhao.
The watchdog claimed they artificially inflated trading volumes and diverted customer funds, and also failed to restrict US customers from its platform and misled investors about market surveillance controls.
Its lawsuit further accused them of secretly controlling customers’ assets, allowing them to mingle and divert investor funds “as they please.”
Binance responded by saying it would “defend our platform vigorously”.
It added that, in its view, the SEC’s powers were limited because it was not a US exchange.
The sell-off in values was predictable given historic volatility for prices in times of trouble.
Bitcoin, the world’s biggest cryptocurrency was down 5.3% – falling to its lowest level since mid-March.
Binance’s cryptocurrency fell 9.4%.
Shares of rival crypto exchange Coinbase Global were down 11.6%.
In March, Binance and Zhao were sued by the US Commodity Futures Trading Commission for operating what the regulator said was an “illegal” exchange and a “sham” compliance program.
The charges against Binance have dented a rally for crypto values following a torrid 2022.
The collapse in November last year of FTX and the subsequent arrest of its founder, Sam Bankman-Fried, raised the focus of regulators on the sector.
Coinbase was earlier this year sent a ‘Wells Notice’ by the SEC which is usually an indicator of looming legal action.
Crypto
Cryptocurrency Guru Forecasts 30% Bitcoin Plunge Amid Market Volatility
In the tumultuous and unpredictable landscape of cryptocurrency, the latest buzz making the rounds originates from renowned cryptocurrency guru, Cold Blooded Shiller, who has offered a bleak forecast for the near future of Bitcoin. His predictions suggest that Bitcoin is tottering on the edge of a significant downturn, and it could plummet as much as 30% amidst the current market’s heightened volatility.
The peculiarity of an imminent Bitcoin crash, as per Shiller’s outlook, is based on the cryptocurrency’s current stability and newfound vigor. His viewpoint acknowledges the myriad factors that are currently shaping the nascent segment, ranging from Exchange Traded Funds (ETFs) and fundamentals to the anticipated Halving phenomenon.
What’s more compelling is the historic pattern of Bitcoin undergoing substantive 30% pullbacks, and Shiller asserts that history could be all set to repeat itself. If his prophecy pervades, the value of Bitcoin stands a chance to plummet to a staggering low of $51,000 in the forthcoming months.
Taking a leap back into time, the seasoned analyst recalled a previous post that equipped potential investors with insights into capitalizing on such market shifts. Shiller remains cautiously optimistic about Bitcoin undergoing the aforementioned correction. If that happens, it could trigger a cascading effect on altcoins, potentially causing them to nosedive nearly 50%.
As per his ideologies, Shiller noted that quite a few investors are engrossed in reaping profits amidst a bull cycle often overlooking the inherent risks during such a period. He put forth his stance, advising about risk management that can brace a 30% downside and ensuring a continuous buying process.
The analyst strongly advocates for a systematic and comprehensive understanding of the bullish market’s landscape teeming with opportunities. He urges investors to review their risk management strategies and investment tactics to adeptly steer through the ever-evolving cryptocurrency ecosystem.
Meanwhile, the Bitcoin price has sustained a downward trajectory, stooping to $63,000, despite hinting at a recovery on Monday, it seemed to be a fleeting respite. Over the most recent 24-hour window, the crypto asset has slipped by 5%, sending ripples across the general market.
At the pivotal moment of writing, Bitcoin was trading at $63,854, shedding over 10% throughout the past week. In a span of the last day, the trading volume saw a bone-sparing 1% increment, meanwhile, its market capital drained by over 5%.
Given the ongoing trend in the crypto market, Bitcoin could be staring at an even steeper fall in the upcoming days. Several analysts are in the consensus of anticipating a further slide before the Halving event due in less than five days.
In an ever-changing marketplace like cryptocurrency, predictions and data may serve as navigational aids, but paths are never etched in stone. Hence, potential investors are always advised to conduct their due diligence and research thoroughly before jumping the investment wagon.
Crypto
Bitgert Coin: The Cryptocurrency Everyone’s Talking About | CoinCodex
The major purpose of investors’ presence in the crypto space is to attain financial freedom. Investors are regularly on a hunt, seeking crypto projects that can make this a possibility.
Coins like Bitgert have been able to give many investors good returns and this has made it become a topic of discussion amongst investors. With the visible potential in Bitgert, many investors see it as an opportunity to tap into and get good profit ahead of the incoming bull run via BTC halving.
Superb Scalability Of Bitgert, Making Investors Interest Heightened
The growth attained by Bitgert is made possible via the offerings to investors. Scalability is one key feature of Bitgert that has given it the attention it needs from investors.
Investors found it difficult to find a platform that can allow them easily carry out a variety of blockchain related activities without experiencing unnecessary delays due to slow speed.
This issue has been hugely corrected by Bitgert, thanks to the integration of PoA consensus that makes it attain a speed as high as 100k transactions per second. This allows both developers and other users to enjoy Bitgert features to the fullest and carry out all sorts of transactions, Defi related inclusive, without experiencing any form of disappointment.
A feature of this nature will make investors get attracted to a project and this is also experienced in the case of Bitgert with the influx of investors.
Zero Gas Fee Of Bitgert, Taking Everyone By Surprise And Making It The Talk Of Crypto Space
Before the launch of Bitgert, it was impossible to find a cryptocurrency project that offers investors a zero gas fee privilege. Gas fee has always posed a problem for many investors as it gives unfair advantage to those with higher gas fees as they get to have their transactions processed first before others, this can be seen in the case of Ethereum.
Gas fee has also caused frustrations amongst investors due to how expensive it can be, pushing many investors away from the crypto space as they can not meet with the demands of high gas fees.
An expensive gas fee also affects scalability negatively and this is the reason Ethereum has scalability issues. With Bitgert, it’s a whole different story as Bitgert totally removes gas fee thereby completely eliminating all problems posed by gas fee. This gives Bitgert an edge over every other cryptocurrency in the industry.
Wrapping Up
The noise generated from Bitgert is no surprise as it has the features to back it up. As a result of Bitgert’s impressive features, it keeps growing with ease, making Investors choose with high expectations. Research should however not be ignored as it provides needed knowledge on Bitgert coin.
Disclaimer: This is a sponsored article. The views and opinions presented in this article do not necessarily reflect the views of CoinCodex. The content of this article should not be considered as investment advice. Always do your own research before deciding to buy, sell or transfer any crypto assets.
Crypto
Demystifying bitcoin: a closer look at cryptocurrency ETFs
Let’s peel back some of the mystery around the recent news propelling bitcoin into the spotlight – the new crypto exchange-traded funds (ETFs).
Cryptocurrency is digital money secured by a specific type of public ledger called blockchain. Without a governing body like a government, a public digital ledger transparently records peer-to-peer transactions. Bitcoin, launched in 2009, became the first widely adopted cryptocurrency. Because the number of coins is limited, bitcoin has become a tempting speculative investment.
A historic milestone: the approval of bitcoin ETFs by the SEC
On January 10th 2024, the U.S. Securities and Exchange Commission (SEC) marked a significant milestone in the cryptocurrency world with the approval of 11 spot bitcoin exchange traded funds (ETFs). This includes offerings from fund titans BlackRock and Fidelity. This move is set to potentially transform the landscape of cryptocurrency investing and open new opportunities for traders.
To understand the impact of this development, it is essential to grasp what spot ETFs are. A spot ETF is a type of fund that directly tracks the current, or ‘spot’, price of an asset and in this case, bitcoin (BTC). Unlike futures-based ETFs, which are tied to contracts betting on the future price of an asset, spot ETFs are backed by the actual price of the asset itself.
Boosting confidence in Bitcoin investments
This means that when you invest in a spot bitcoin ETF, the fund purchases actual bitcoin, and the value of your investment fluctuates with the real-time price of bitcoin in the market. These bitcoins are held by a custodian. Coinbase is the custodian for eight of the 11 spot bitcoin ETFs.
The introduction of spot bitcoin ETFs is a game-changer because it provides a bridge between the traditional financial world and the burgeoning crypto market. For traders, this means easier access to bitcoin investments without the complexities and security concerns of managing a digital wallet or trading on a cryptocurrency exchange.
Liquidity, price stability and broader adoption
One of the most significant advantages of these ETFs is the potential for increased liquidity and price stability. As more institutional and retail investors gain exposure to bitcoin through these funds, trading volumes are expected to rise. This could lead to a more stabilised market with less price volatility, which is beneficial for traders who seek to capitalise on incremental price movements.
Moreover, spot bitcoin ETFs could also lead to broader adoption and acceptance of bitcoin as a legitimate asset class. With the SEC’s stamp of approval, investor confidence in bitcoin could grow, potentially leading to increased demand and, consequently, higher prices.
This parallels the journey of gold ETFs, which increased gold demand substantially and reduced volatility long term.
Bitcoin ETFs vs. futures contracts
Bitcoin ETFs make investing in bitcoin much more accessible to casual traders and retail investors. While futures contracts based on the price of bitcoin require oversight of settlement dates and delivery complexities, an ETF trades like a stock. It simply tracks an underlying index price — in this case, bitcoin spot price.
The bitcoin ETF offers simple exposure tied to bitcoin’s price swings without needing to directly buy crypto from an exchange or wallet and take on the hassles of storage and security. You can buy and sell the ETF seamlessly like stocks from a standard brokerage account.
The ETF format opens the door to mainstream investment funds, retirement accounts like 401ks, and amateur stock dabblers — not just specialised futures traders. This instantly widens the pool of potential bitcoin investors dramatically.
The ETF coincides with another important moment for bitcoin prices: halving day.
Bitcoin halving day explained
Bitcoin mining is how new coins are created and verified transactions are added to the blockchain ledger. Miners compete to solve complex maths puzzles and earn rewards for each block added. Originally, successful bitcoin miners were rewarded 50 BTC per block, an incentive for mining activity. However, bitcoin has a hard cap of 21 million total coins that can exist.
To ensure controlled supply until the cap is reached, mining rewards decrease by 50% every 210,000 blocks mined. This pre-set halving of mining rewards happens approximately every four years, with the next halving day estimated to be in April 2024.
When halving days reduce the supply of new bitcoins flowing in, simple economics kicks in. All else being equal, when supply drops but demand keeps growing, prices tend to rise. The anticipation of this can spur speculative investing leading up to the halving day.
Impact of halving day on supply and prices
Even without the ETF news, bitcoin’s next ‘halving day’ in April 2024 suggests this built-in increasing scarcity could drive prices up in the coming years.
Of course, cryptocurrencies still come with plenty of risk and uncertainty. But the possibility of more investors and financial giants embracing bitcoin and its derivatives indicates prices could continue climbing. For intrepid investors, crypto ETFs offer a simpler way to stake your claim!
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