Category: Cryptocurrency News

In a shock move that has forced the cryptocurrency markets lower, the United States Securities and Exchange Commission (SEC) on June 5 sued Binance, the world’s largest cryptocurrency exchange, accusing them of 13 charges, one of which is allegedly enabling the trading of unregistered securities. Top of the list, the regulator said, was that Binance allegedly allowed the trading of several crypto assets, including BNB, the platform’s native currency; Cardano’s ADA; and MATIC, the token priming the Polygon ecosystem. XRP Not A Security? The SEC didn’t mention payment company Ripple, the native currency of the XRP Ledger, a platform through which the company bases its flagship products. The two entities have been entangled in a legal fight since late 2020, when the regulator accused the payment company of allegedly selling an unregistered security, XRP.  It should be noted that despite the regulator mentioning XRP, the coin’s price is lower and weighed by the market-wide collapse that has so far wiped billions in value from the total crypto market capitalization, according to CoinMarketCap (CMC), a coin tracker. Related Reading: Ethereum Top 10 Whales Now Hold 31.8M ETH, A New All-Time High When writing on June 5, the total cryptocurrency market cap had contracted by over 5% to $1.09 trillion. During this time, the XRP price has been down 7% in the past 24 hours.  However, comparing the current performance to how XRP faired last week, the coin is the only one in the green territory, adding 3%. This means XRP has outperformed all the top-10 cryptocurrencies, including Ethereum and Bitcoin. The failure of the SEC to mention XRP in their lawsuit could be a huge boost for the token and its ecosystem in the days and weeks ahead. This is especially considering the ongoing case.  Ripple Supporters Remain Bullish Despite SEC’s Accusations The case is ongoing, but there have been rulings in recent weeks that make XRP supporters optimistic. The presiding judge has denied SEC’s motion to seal the Hinman documents.  Although the SEC vehemently campaigned for these documents to remain private, claiming they were deliberative and privileged, the judge said the public had the right to know since they are relevant to the case.  These documents are critical in the case as they detail internal communication by the SEC on how they classified XRP as a security.  Related Reading: Cardano (ADA) A Security? Price Collapses On SEC v. Binance Lawsuit Still, the judge is yet to make a ruling though the SEC, in March 2023, filed an amended complaint against Ripple, claiming they were engaged in market manipulation. Ripple has since filed a motion to dismiss the regulator’s amended complaint saying they are “baseless.” Feature Image From Canva, Chart From TradingView

The world’s largest cryptocurrency exchange has been hit with an SEC suit that many saw coming, but the details will be studied closely.

Binance betrayed our interests with its decision to delist privacy coins. In the long run, it may mean that users leave Binance in the dust.

Bitcoin’s price dropped to $25,500 after the SEC announced a lawsuit against Binance and Changpeng Zhao, a move which also has BTC bulls wondering if the bottom is truly in.

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Bitcoin (BTC) and other cryptocurrencies have taken a hit in the wake of recent news regarding Binance, the world’s largest cryptocurrency exchange by trading volume. The market has reacted with concern to the disclosure of a complaint against the exchange, which has sparked a wider downtrend throughout the cryptocurrency industry. As of this writing, Bitcoin has declined by over 5% in response to the news, trading at $25,700. This drop in value mirrors the current market sentiment as investors grapple with the implications of the complaint against Binance. Related Reading: Cardano Founder Urges ADA Investors to Beware of New Scams The Bitcoin MA Standoff According to the analysis firm Material Indicators, their popular Fire Charts tool shows approximately $6.3 million in bid support defending the 200-week moving average (MA) placed at $25,200 for Bitcoin. If the bid support can maintain its strength and consolidate above this level, it would be a bullish sign for Bitcoin’s prospects. However, Material Indicators notes they are not confident that the 200-week MA will hold without additional bid support. The 200-week MA is crucial for Bitcoin, representing a long-term trend line historically supporting the cryptocurrency. A breach of this level could signal further downside for Bitcoin and the wider cryptocurrency market. Furthermore, Market analyst Maartun has reported $650 million of Bitcoin open interest flushed from the market, resulting in a 5% price decline. Open interest is the total number of outstanding contracts not settled in the Bitcoin futures market. These contracts represent positions taken by traders who are betting on the future price of Bitcoin. The $650 million of open interest flushed from the market suggests that traders were caught off guard by the sudden decline in Bitcoin’s price, highlighting the ongoing volatility of the cryptocurrency market. However, the market will likely remain volatile in the short term as investors continue to digest the news surrounding Bitcoin and the wider regulatory landscape for cryptocurrencies. It remains to be seen how this will impact the industry in the long term, but for now, investors are bracing themselves for further turbulence in the cryptocurrency industry. Crucial Moment For The Crypto Market The total market capitalization of the cryptocurrency market has been volatile in recent months, experiencing significant ups and downs as the market reacts to various news and events. However, many analysts remain bullish on the market’s long-term prospects, citing increasing adoption and institutional interest as factors that could drive prices higher in the future. However, according to trader and analyst Michael Van De Poppe, the total market capitalization of the cryptocurrency market is currently undergoing a test of its 200-week moving average and exponential moving average (EMA). This is a significant technical indicator that traders and analysts closely watch as it provides insight into the market’s long-term trend. Van De Poppe explains that if the market can hold above the 200-week MA and EMA, it could signal the current correction’s end and a new bullish trend. On the other hand, if the market fails to hold above the 200-week MA and EMA, it could indicate a continuation of the bear market.  Related Reading: Cardano (ADA) A Security? Price Collapses On SEC v. Binance Lawsuit Featured image from iStock, chart from TradingView.com 

There is no shortage of regulatory efforts to mitigate the negative impacts of artificial intelligence.

Bitcoin and several altcoins took a beating on reports that the SEC filed a suit against Binance in U.S. district court.

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The Bitcoin Ordinals protocol developers have introduced a new upgrade to rectify over 71,000 invalid inscriptions previously untradeable. These inscriptions often result from incorrect usage and were rendered useless and untradeable until now. Related Reading: Shiba Inu (SHIB) Poised For Significant Breakout: Here’s What To Watch Out For However, with this recent development, developers have taken the first step toward addressing this long-standing problem. Developers Unleased the New Ordinals Protocol Version 0.6.0 Bitcoin Ordinals refer to nonfungible asset artifacts that allow data to be inscribed onto the smallest unit of Bitcoin, known as a satoshi. According to Dune Analytics, $45.5 million have been generated from 10.8 million ordinal inscriptions since the beginning of this year. On June 4, a notable developer, Raphjaph, announced that Ordinals’ latest version, 0.6.0 is available. He added that this development would mark a turning point in recognizing these previously unrecognized inscriptions enabling them to be traded once again. Essentially, “Cursed Inscriptions” was coined to describe inscriptions generated through improper usage or manipulation of opcodes during the creation.  As a result of these processes, the inscriptions became invalid and unacknowledged by the system. Ordinals creator Casey Roadarmor first proposed to fix the issue in late April by recognizing and converting these cursed inscriptions to “Blessed” ones. Related Reading: Ethereum Top 10 Whales Now Hold 31.8M ETH, A New All-Time High Roadarmor desired to modify the ordinals protocol to recognize multiple inscriptions per transaction, inscriptions with unrecognized even headers, etc. As such, the enhancements in the latest version optimize the “ord” system, streamline inscriptions, and ensure client agreement, enhancing efficiency, flexibility, and compatibility. Meanwhile, Ordinals promoter LeonidasNFT said that the “cursed inscriptions,” as recognized by the Ordinal’s latest version, act as a “stepping stone,” offering a pathway for previously invalid inscriptions to become visible. Ordinals Spark Controversy and Record Transaction Costs Since the inception of the Bitcoin Ordinals protocol in January 2023 by Casey Rodarmor, there have been multiple speculations concerning its transaction costs and slower speeds. One of the most significant concerns raised by the community is the undeniable and undesired impact of Ordinals on Bitcoin’s network capacity and scalability. There has been a sharp increase in BTC transaction fees caused by the surge in BRC-20 activity which relies heavily on Ordinal inscriptions. The trading frenzy surrounding BRC-20 meme-coins like Pepe (PEPE) pushed transaction costs to their highest levels since 2021. The blockchain has been experiencing massive congestion as users continue to pour BTC into minting new tokens settled via Ordinals inscriptions. On May 7, the congestion reached a critical point when Binance halted BTC withdrawals temporarily due to approximately 400,000 pending transactions congesting the mempool. Balancing the innovation brought by Ordinals with the need for a scalable Bitcoin network poses a challenge that must be addressed to ensure the continued success of the cryptocurrency. Featured image from Pixabay and chart from TradingView