Category: Cryptocurrency News

This week’s Crypto Biz explores Binance Connect shutdown, BitGo’s funding round, PayPal Crypto Hub, and other news.

Alternative funding options, such as grant programs, have grown in popularity as the bear market continues to slash venture capital investments in the crypto industry.

Algorand’s (ALGO) performance on the charts has been nothing short of a rollercoaster. According to data from CoinGecko, yesterday, the asset’s value plummeted to a historical bottom, and it’s currently down by nearly 10% in the past 24 hours. Related Reading: Algorand Delivers Lightning-Fast Transaction Finality With Major Protocol Upgrade Algorand Records New Low Just yesterday, amid the significant downturn in the crypto market, Algorand’s price fell below notable support. The asset dropped to a price of $0.0905 despite maintaining its stability and striving to hold its ground above the $0.11 mark over the past week. This price move resulted in more than $50 million being wiped away from the asset’s market capitalization in the past day. Algorand’s market cap stands at a valuation of $755 million, a 7.1% drop from its earlier record of $808 million on Thursday. Despite the bloodbath the asset’s market cap and price currently suffer, its trading volume has moved in the opposite direction. ALGO’s trading volume has surged from a low of $46.5 million yesterday to as high as sitting above $73 million at the time of writing. This isn’t surprising as it indicates a potential violent sell-off. Furthermore, it is worth noting that before ALGO’s current bloodbath, the US Securities and Exchange Commission Chairman once recognized Algorand as a “great technology.” At least on Algorand, I agree with Gary. Gensler is bullish on Algorand!😅 pic.twitter.com/BnKkU8d8gS — Mr. Huber🔥🦅🔥 (@Leerzeit) November 14, 2021 However, despite receiving positive reviews, even from the SEC, the asset eventually became entangled in legal disputes, leading to its inability to maintain stability and ultimately hitting a historic low. Legal Complications Taking A Toll? Besides ALGO’s price action, the last few months have been tumultuous for Algorand. Two lawsuits have cast long shadows over its progress. In its suit against the cryptocurrency exchange Bittrex in April, the SEC hinted that ALGO is a security under US laws. This classification opened Pandora’s box of regulatory challenges for Algorand, impacting its perception among investors. Further complicating matters for Algorand was another SEC lawsuit aimed at the behemoth crypto exchange, Binance, in June 2023. This litigation mentioned ALGO, exacerbating its woes and dragging it to its recent historically low prices. Related Reading: Algorand (ALGO) Price Turns Positive, Bulls Eyeing Further Gains? When reviewing a potential cause for ALGO’s bearish moves in the past months, both of these high-profile legal disputes within a short time frame could be considered one of the reasons, as external factors such as regulatory challenges can significantly sway investor sentiment. Featured image from iStock, Chart from TradingView

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Listing numerous areas of concern, IBM Automation’s Jerry Cuomo lays out the potential pitfalls for businesses using ChatGPT.

​ https://preview.redd.it/tl6fde5vfxib1.png?width=1992&format=png&auto=webp&s=91306080a14164ff479994618c18be5d8ce9bc7e This post is from the Kinto.XYZ blog. We are launching our community, and wanted to share what we are all about. Kinto is a layer 2 blockchain designed specifically for finance. Kinto has multiple features and core product offerings that make it different from any other L2. Join the Kinto community discord: https://discord.gg/vXeHbmRCF9…
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The United States Securities and Exchange Commission (SEC) has reopened old wounds after a federal Judge grants the regulator’s request to file a new appeal against Ripple.   Ripple And SEC Legal Battle Continues Ripple, the crypto firm behind XRP cryptocurrency, had secured a partial victory in July in its case against the SEC that had raged on for almost three years. However, the regulator has not taken this lying down as on Thursday, August 17, Judge Analisa Torres reportedly gave official approval to the SEC’s motion to file an interlocutory appeal against XRP cryptocurrency.  Related Reading: Here Are The Factors That Could Be Behind The Latest Bitcoin Wipeout According to the court proceedings, the SEC will file its motion in court from Friday, August 18 until Friday, September 1. This gives the regulator the opportunity and ample time to develop and provide a compelling argument for its allegations of XRP being a security.  This is because the appeal will be focused on the judge’s decision on Ripple’s programmatic sales and direct sales and offerings of XRP tokens as a trade for goods and services.  The new filing is not an official approval of an appeal by the judge but a gateway for the SEC to file its motion. But regardless, this new development could be bad for Ripple who recently celebrated Judge Torres’ declaration that secondary sales of XRP did not count as a security.  Ripple’s Chief Executive Officer, Brad Garlinghouse, and Chief Learning Officer, Stuart Alderoty have addressed the SEC’s decision to put forward an appeal motion. They publicly opposed the SEC’s interlocutory appeal, detailing that the Judge’s ruling on July 13 refutes any allegations the SEC may harbor of XRP being a security.  “We oppose the SEC’s request for an interlocutory appeal. There is no extraordinary circumstance here that would justify departing from the rule requiring all issues as to all parties to be resolved before an appeal,” Alderoty stated in a Twitter post.  On his part, CEO Brad Garlinghouse commented:  Reminder – the request for appeal (even if granted) doesn’t change the fact that XRP is not a security. That’s not up for debate/trial. But the SEC continues to claim that Chris and I acted recklessly in believing that XRP is not a security. That’s utter nonsense. XRP price dumps alongside crypto market | Source: XRPUSD on Tradingview.com SEC Regulator Criticizes Judge Ruling The SEC’s move to file an interlocutory motion does not come as a surprise as the regulatory body has previously made complaints about the proceedings of Judge Torres’s ruling in the XRP case. The regulator made criticisms of the case’s outcome by questioning the ruling’s alignment with legal principles and stating that the verdict was “wrongly decided.” Related Reading: Post-Hack Shenanigans: Curve (CRV) To Launch On TRON Following $2 Million Investment The regulator has also been adamant about an interlocutory review and has stated that the case requires a higher review and better clarification by higher judicial authorities, to ensure legal proceedings are executed according to established laws and legal principles.  “Interlocutory review is warranted here. These two issues involve controlling questions of law on which there is substantial ground for differences of opinion, as reflected by an intra-district split that has already developed,” the SEC said in its new filing. Featured image from iStock, chart from Tradingview.com