Category: Cryptocurrency News

Commonwealth Bank executive James Roberts cited a huge scale of “investment scams” involving crypto exchanges.

South Korean senior prosecutor Dan Sunghan says Kwon’s extradition to South Korea makes better sense, but suggested Kwon could also serve time in the US too.

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While a federal judge dismissed the lawsuit last year, U.S. District Judge Michael Fitzgerald has given the plaintiffs a new chance at pursuing action against the celebrities.

Monthly trading volumes on centralized exchanges continued to fall in May as regulators tighten their grip on the industry.

According to sources on June 6, Bitcoin is trading at a $2,000 premium on Binance US, an exchange the United States Securities and Exchange Commission (SEC) claims is controlled by Changpeng Zhao and Binance Global. According to screenshots widely circulated on Twitter, BTC, at one point, was reportedly trading at $28,505, a price level that was roughly $2,000 higher than the global BTC average of around $26,500 at the time. Bitcoin Trading At A $2,000 Premium on Binance US From price charts, Bitcoin remains volatile even at spot rates. Less than 24 hours after slumping to as low as $25,900 on June 5, the coin reversed losses on June 6.  Yesterday, the price of BTC surged, reaching levels as high as $27,000. This upward movement contradicted the bearish forecasts that analysts had previously made for June 5. Additionally, this positive price movement helped alleviate concerns that the SEC lawsuit against Binance would hurt the value of BTC. Related Reading: Bitcoin 24-Hour Volatility Soars, Why Bulls Could Win Fight In Short-Term Tumbling Bitcoin and crypto prices on June 5 coincided with accusations from the US regulator. The SEC listed 13 charges against Binance, including that together with the Binance US, the exchange allegedly enabled US citizens to illegally trade a wide range of cryptocurrencies. Moreover, the SEC pressed that Binance and Binance US were unregistered trading platforms that continue to offer “multiple unregistered offers and investment schemes” aimed at “defrauding equity, retail, and institutional investors about purported surveillance and controls over manipulative trading.” In response to the SEC’s lawsuit, on-chain data from Nansen shows that investors have continued to pull billions worth of crypto assets from Binance Global and Binance US.  The analytics platform observes that over $3 billion of assets from multiple chains have been withdrawn from Binance. Out of this, over $1.3 billion was from Ethereum.  Intervention Fueling Bitcoin’s Demand Meanwhile, Binance.US has suspended its over-the-counter (OTC) trading platform and reduced the number of supported trading pairs.  The announcement of Binance US’ changes affects roughly 90 pairs of the USDT, BTC, and BUSD pairs. It is also unclear when Binance US will resume its OTC trading services. Related Reading: Shiba Inu (SHIB) Price Could Soar To Major Highs Soon, Here’s Why Furthermore, Binance US has reduced the trade and convert options to USDC, USDT, Bitcoin, Ethereum, and some of the top crypto assets, including Cardano’s ADA. However, while there is a limitation on which assets existing clients can convert to, Binance US has placed caps on the maximum buy, sell, and convert options to USD at $10,000.  The suspension of the Binance US OTC platform and caps on USD conversion and assets could explain why Bitcoin is a highly sought asset and trading at a $2k premium in the United States for clients who used Binance US.  SEC and the Commodity Futures Trading Commission (CFTC) have previously stated that Bitcoin is a commodity. Feature Image From Canva, Chart from TradingView

Speaking in a Twitter Space hosted by Coinbase on June 7, Ryan Selkis praised the new crypto bill for providing new firms with a clear path to compliance.

Ethereum price is moving lower from the $1,900 resistance against the US Dollar. ETH could decline heavily if there is a clear move below the $1,800 support. Ethereum is still struggling to clear the $1,900 and $1,920 resistance levels. The price is trading below $1,880 and the 100-hourly Simple Moving Average. There is a major bearish trend line forming with resistance near $1,855 on the hourly chart of ETH/USD (data feed via Kraken). The pair could still struggle to clear the $1,900 resistance zone. Ethereum Price Dips Again Ethereum’s price started a fresh increase from the $1,775 zone. ETH climbed above the $1,850 resistance but the bears were again active near the $1,900 zone, similar to Bitcoin. A high is formed near $1,898 and the price is now moving lower. There was a break below the $1,850 support zone. The bears pushed the price below the 50% Fib retracement level of the upward move from the $1,777 swing low to the $1,898 high. Ether is now trading below $1,880 and the 100-hourly Simple Moving Average. There is also a major bearish trend line forming with resistance near $1,855 on the hourly chart of ETH/USD. It is now holding the $1,820 support and the 61.8% Fib retracement level of the upward move from the $1,777 swing low to the $1,898 high. Immediate resistance is near the $1,855 zone and the trend line. The next major resistance is near the $1,900 level or the recent high. Source: ETHUSD on TradingView.com A proper move above the $1,895 and $1,900 resistance levels might send Ether toward $1,920. The next resistance sits near $1,950, above which Ethereum could rise toward $2,000. Any more gains above the $2,000 resistance zone might send the price toward the $2,040 resistance. More Downsides in ETH? If Ethereum fails to clear the $1,855 resistance, it could continue to move down. Initial support on the downside is near the $1,820 level. The next major support is near the $1,800 level. If there is a break below the $1,800 support, the price could decline toward the $1,740 support. Any more losses may perhaps send the price toward the $1,700 level or even $1,660 in the coming sessions. Technical Indicators Hourly MACD – The MACD for ETH/USD is gaining momentum in the bearish zone. Hourly RSI – The RSI for ETH/USD is below the 50 level. Major Support Level – $1,800 Major Resistance Level – $1,900