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Following a recent $2 billion settlement with cryptocurrency companies, New York Attorney General Letitia James warned similar companies on Saturday to “play by the same rules.”
James announced on Monday she reached a $2 billion settlement with cryptocurrency companies in a move that will assist investors, including nearly 30,000 New Yorkers, to recoup losses over alleged fraud by the businesses.
Read more: Common Cryptocurrency Scams and How to Avoid Them
The settlement involved cryptocurrency businesses Genesis Global Capital, Genesis Asia Pacific PTE and Genesis Global Holdco as James’ office accused them of hiding more than a billion dollars in losses from investors. Earlier this year, the case widened to allege that Digital Currency Group and Genesis, along with their top executives, defrauded investors of $2 billion.
As part of the settlement, the companies will be barred from continuing to operate in the state and create a victims’ fund that will provide some money back to investors after creditors are paid.
“When investors suffer losses because of fraud and manipulation, they deserve to be made whole,” James said in a statement. “We see the real-world consequences and detrimental losses that can happen because of a lack of oversight and regulation within the cryptocurrency industry. New York investors deserve the peace of mind that comes from a properly regulated marketplace.”
Read more: Best Cryptocurrency to Invest In Now
In a Saturday morning post to X, formerly Twitter, James reiterated her efforts around regulating the cryptocurrency industry and wrote, “Crypto companies must play by the same rules as everyone else. We will go after those that don’t.”
Newsweek has reached out to James’ office and Genesis via email for comment.
According to the attorney general’s office, the recent settlement continues James’ effort to “increase oversight and regulation in this industry and protect New York investors, which has secured more than $2.5 billion from predatory cryptocurrency platforms to date.”
This follows last year’s proposed legislation to tighten regulations on the cryptocurrency industry, which James announced in May 2023. The bill would increase transparency, eliminate conflicts of interest, and impose commonsense measures to protect investors, consistent with regulations imposed on other financial services.
Read more: Bitcoin, Ethereum and Tether Price Predictions
The bill would also require independent public audits of cryptocurrency exchanges and prevent individuals from owning the same companies, such as brokerages and tokens, to stop conflicts of interest.
In addition to the warning to cryptocurrency companies, James is also urging New Yorkers who have been affected by deceptive conduct in the cryptocurrency industry to report these issues to her office and encourages workers in the industry who may have witnessed misconduct or fraud to file an anonymous whistleblower complaint with her office.
However, the settlement is contingent upon approval from the bankruptcy court. Genesis has not accepted guilt.
“Under this settlement, Genesis neither admits nor denies the allegations of this lawsuit, and the suit will continue against the remaining defendants, as well as Genesis’ former business partner, Gemini Trust Company, LLC,” James’ office said.
In a previous statement to Newsweek, a Genesis spokesperson said the company would not comment beyond the settlement, but has been focused on “maximizing value for all creditors.”
“Our goal throughout this process has been to maximize value for all creditors, and we are gratified that the court approved both our Plan and the NYAG settlement agreement. We look forward to putting the Plan into effect and making distributions as expeditiously as possible,” Derar Islim, interim CEO of Genesis, said in the statement.
In addition, the company also said in its statement that creditors will compensated “in the form of the original assets they loaned as much as possible, rather than being limited to the USD value of the cryptocurrency assets as of the petition date and converting these into cash or other forms of repayment that might not reflect the current or future value of the cryptocurrency assets.”
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
You mostly know cryptocurrencies for their impact on the financial world, but there’s more to learn about their social impact on communities and individuals. Their impact on philanthropic initiatives is quickly becoming noticed by individuals, communities, and governments of all levels in different regions. They boast borderless and decentralized features, offering a new path toward financial freedom and empowerment.
If you plan to explore the uses of cryptocurrencies, especially how they help empower communities and individuals, this is the right place. Below, we’ll look at four ways cryptocurrency empowers communities and individuals to help you get started with crypto correctly.
As a digital asset, cryptocurrency provides greater financial inclusion to individuals and communities disadvantaged by the lack of access to traditional financial systems. With superpowers like the U.S. still having 2.6% of an unbanked population, the situation could worsen in less developed countries with inferior banking systems. Registering cryptocurrency as a substitute solution is a great reprieve for many individuals and communities in these regions.
Users can send and receive crypto coins between family and friends in record time without worrying about huge transaction fees and delayed remittance. For example, you can now buy Bitcoin faster and add it to your wallet, where you can send it to your loved ones whenever and wherever you are. Organizations in these disadvantaged regions can equally receive generous donations through crypto donations for their sustenance.
When inflation and other economic mishaps occur, traditional fiat currencies tend to lose their value, which disadvantages holders. However, with cryptocurrency, especially scarce ones, you can enjoy an alternative store of value not subject to inflationary pressure and government manipulation. This is a great way for individuals and businesses to protect their wealth and hedge against economic uncertainties.
Cryptocurrencies have opened many opportunities for individuals and businesses looking to explore decentralized finance (DeFi) and innovative blockchain projects. Through these two main paths, individuals can now lend, stake, and tokenize assets to grow wealth and diversify their investment portfolio. The good thing about crypto investment opportunities is that you can explore its borderless features and interact with clients and businesses across the globe.
Since it also allows for satisfactory privacy when transacting, cryptocurrency can open your thinking about money, ushering you to an open gateway to endless investment options. Whether your interest is in crowdfunding, NFTs, or tokenization of assets, crypto offers numerous avenues to generate crypto tokens or income.
The challenges of transparency in charity organizations are slowly becoming a thing of the past with the adoption of Bitcoin technology in philanthropy. Organizations and individuals can now track the flow of funds, ensuring that donations are used for their intended purpose. This way, donors can be confident that their funds are put to good use, thus building trust and opening doors for more future donations.
Thanks to crypto’s borderless acceptance, organizations can receive donations from anywhere in the world instantly and even anonymously. All the bureaucratic transaction processes associated with traditional fiat currency barely concern organizations already subscribing to crypto donations.
The use of cryptocurrency has had its fair share of benefits, especially in empowering individuals and communities. Regardless of the angle of opportunity you want to explore with your new-found crypto assets; you can always find something to smile about from these four options above. So, if you had doubts about the uses of crypto and its communal and individual benefits, now you have something to help you explore your options courageously.
* The information in this article and the links provided are for general information purposes only
and should not constitute any financial or investment advice. We advise you to do your own research
or consult a professional before making financial decisions. Please acknowledge that we are not
responsible for any loss caused by any information present on this website.
Bitcoin (BTC), the world’s oldest and most valued cryptocurrency, dipped below the $67,000 mark over the weekend. Other popular altcoins — including the likes of Ethereum (ETH), Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) — landed in the reds across the board as the overall Market Fear & Greed Index stood at 55 (Neutral) out of 100, as per CoinMarketCap data. The BRETT token emerged to be the biggest gainer, with a 24-hour jump of over 15 percent. Notcoin (NOT) became the biggest loser, with a 24-hour dip of nearly 8 percent.
The global crypto market cap stood at $2.43 trillion at the time of writing, registering a 24-hour dip of 0.88 percent.
Bitcoin price stood at $66,480.09, registering a 24-hour gain of 0.42 percent, as per CoinMarketCap. According to Indian exchange WazirX, BTC price stood at Rs 59.66 lakh.
ETH price stood at $3,517.76, marking a 24-hour dip of 1.25 percent at the time of writing. As per WazirX, Ethereum price in India stood at Rs 3.21 lakh.
DOGE registered a 24-hour loss of 1.30 percent, as per CoinMarketCap data, currently priced at $0.1394. As per WazirX, Dogecoin price in India stood at Rs 12.23.
Litecoin saw a 24-hour dip of 0.58 percent. At the time of writing, it was trading at $77.25. LTC price in India stood at Rs 6,959.64.
XRP price stood at $0.4816, seeing a 24-hour loss of 1.15 percent. As per WazirX, Ripple price stood at Rs 43.87.
Solana price stood at $150.85, marking a 24-hour dip of 2.19 percent. As per WazirX, SOL price in India stood at Rs 13,358.12.
As per CoinMarketCap data, here are the top five crypto gainers over the past 24 hours:
Brett (Based) (BRETT)
Price: $0.1595
24-hour gain: 15.45 percent
JasmyCoin (JASMY)
Price: $0.03748
24-hour gain: 11.77 percent
Lido DAO (LDO)
Price: $2.17
24-hour gain: 9.21 percent
Dog (Runes) (DOG)
Price: $0.0073
24-hour gain: 9.18 percent
Jupiter (JUP)
Price: $0.9176
24-hour gain: 7.48 percent
As per CoinMarketCap data, here are the top five crypto losers over the past 24 hours:
Bitcoin (NOT)
Price: $0.0186
24-hour loss: 7.24 percent
Akash Network (AKT)
Price: $3.18
24-hour loss: 5.04 percent
BitTorrent [New] (BTT)
Price: $0.0000009525
24-hour loss: 4.70 percent
Oasis (ROSE)
Price: $0.1117
24-hour loss: 4.22 percent
Ondo (ONDO)
Price: $1.14
24-hour loss: 4.04 percent
Mudrex co-founder and CEO Edul Patel told ABP Live, “Bitcoin witnessed selling pressure over the past week as prices dropped below the $67,000 mark, but then easing up over the past 24 hours as price movement flattened. Bitcoin’s closest support level lies at $64,825, while the next resistance point awaits at $66,978. Meanwhile, Ethereum too has witnessed marginal selling pressure in the past week as the market gears up for Ethereum ETFs to go live in early July. The overall sentiment in the market continues to point to greed.”
Rajagopal Menon, Vice President, WazirX, said, “Bitcoin remains below its 50-day moving average, a technical indicator that could suggest a potential short-term price decline. However, a healthy buffer above the key 200-day moving average hints at a possible long-term bullish trend. If bulls can push Bitcoin above the 50-day hurdle at $66,425, it could trigger a rally towards the crucial resistance level of $69,000. Breaking decisively above that level could even put the coveted all-time high of $73,808 back on the table.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, said, “The Biden administration is set to discuss bitcoin policy in early July, signalling a potential shift in US crypto strategy. The round table is organized by the pro-crypto-democratic Rep. Silicon Valley’s Ro Khanna and will be attended by billionaire Mark Cuban and other lawmakers. The meeting aims to maintain US leadership in bitcoin and blockchain innovation amid regulatory debates. Cuban believes Biden’s crypto stance could influence the 2024 election. Meanwhile, Trump has pledged to end Biden’s “war on crypto” and support bitcoin mining, promising a more favourable regulatory environment if elected. Bitcoin is trading around $66,400 with a bearish outlook.”
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.
America’s largest bank says the state of the cryptocurrency market may not be sustainable.
This year has seen crypto net inflows of $12 billion thus far — a figure that could jump to $26 billion by year’s end assuming flows continue apace — a trend driven by demand for spot bitcoin exchange-traded funds (ETFs), JPMorgan Chase analyst Nikolaos Panigirtzoglou wrote in a note cited in a Sunday (June 16) report by Seeking Alpha.
While this number is impressive, Panigirtzoglou wrote it might not be entirely made up of new funds coming into the crypto space.
“We believe there has likely been a significant rotation away from digital wallets on exchanges to the new spot bitcoin ETFs,” he explained.
This movement is noticeable, he noted, as bitcoin reserves on exchanges have dropped by 220,000 BTC, or $13 billion, since the Securities and Exchange Commission (SEC) approved bitcoins ETFs in January.
“This implies that the majority of the $16 billion inflows into spot bitcoin ETFs since launch likely reflects a rotation from existing digital wallets on exchanges.”
Panigirtzoglou attributed the rotation to “the cost effectiveness, deeper liquidity, regulatory protection and convenience of the ETF wrapper that has become market participants’ preferred choice of instrument for bitcoin exposure for both existing and new crypto investors.”
All told, the analyst has doubts that crypto inflows will continue at the same pace for the remainder of 2024, considering how high the price of bitcoin is relative to the cost to produce one or when compared to gold.
This isn’t the first time this year that the banking giant has expressed its doubts about bitcoin ETFs, writing soon after the SEC’s ETF approval that the funds would draw money for existing crypto products but not attract new capital.
“We are skeptical of the optimism shared by many market participants at the moment that a lot of fresh capital will enter the crypto space as a result of the spot bitcoin ETF approval,” the banks’ analysts wrote in January.
Last month saw reports that venture capital investment in crypto companies had begun increasing after cooling for two years, climbing to $2.4 billion in the first quarter of 2024.
“The crypto industry is still in its early stages, and there is a lot of room for growth and innovation,” PitchBook senior analyst Robert Le wrote in a report quoted by Reuters.
“Barring any major market downturns, we expect the volume and pace of investments to continue increasing throughout the year,” he added.
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