Bitcoin Price: US$ 25,728.20 (-5.12%)
Ethereum Price: US$ 1,810.50 (-4.21%)
Crypto traders faced significant losses of around $320 million due to liquidations within the past 24 hours, triggered by declining cryptocurrency prices following a lawsuit filed by the SEC against Binance. The SEC accuses Binance and its CEO of violating securities laws through the offering of unregistered securities, mixing user deposits, and inflating trading volumes. Binance’s BNB, solana (SOL), and cardano (ADA) tokens experienced a decline of up to 10% as a result. Bitcoin also dropped below $26,000, its lowest point since mid-March. Over 119,000 traders were liquidated during this period. Meanwhile, DYDX, the token associated with decentralised exchange platform DYdX, saw a surge of nearly 10%. Apple unveiled the Vision Pro, an augmented reality headset that combines real and virtual experiences, featuring a sleek design with external cameras that overlay digital content onto the user’s surroundings.
The UK Crypto and Digital Assets All Party Parliamentary Group (APPG) has warned the government about the potential risks associated with central bank digital currencies (CBDCs), urging them to carefully consider and mitigate these risks. The group highlighted concerns regarding financial stability, privacy, and security risks in a report released on Monday. The report also emphasised the importance of not stifling private sector innovation when introducing a digital pound. Meanwhile, Do Kwon, co-founder of Terraform Labs, has been granted bail in Montenegro after his property was verified to be worth millions. Kwon is awaiting trial for falsifying official documents related to the collapsed stablecoin project Terra. In other news, the Atomic Wallet team is investigating a recent $35 million exploit of its software wallet. They have reported that less than 1% of their monthly active users were affected, and they are working with exchange and analytics firms to trace and block the stolen funds. However, some critics have raised concerns about the team’s communication and the fact that the Atomic Wallet is not open-source, limiting public scrutiny of its code.
The Commodity Futures Trading Commission (CFTC) has approved an amended order of registration for Cboe Clear Digital, allowing it to clear margined digital asset futures. This expands Cboe Clear’s clearing services to include futures commission merchants on a margined basis, in addition to fully collateralised futures and swaps. The approval enables Cboe to broaden its clearing of futures contracts on crypto assets while operating within the traditional U.S. futures market structure. In another development, the U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against Binance, alleging that the crypto exchange implemented much of a plan referred to as “Tai Chi” to establish its U.S. entity while subverting controls meant to block U.S. customers. The SEC claims that Binance secretly adopted policies and controls to give the impression of compliance while evading liabilities. Additionally, Tether, the stablecoin issuer, has invested in Volcano Energy, a startup planning to build a bitcoin mining farm in El Salvador. The funding round, valued at $250 million, aims to raise $1 billion for the mining operation, which is expected to combine photovoltaic solar energy and wind energy to generate substantial computing power.
Kraken’s new Chief Technology Officer, Vishnu Patankar, believes that the impact of artificial intelligence (AI) and large language models in the crypto industry will be significant and cannot be ignored. He notes that while there are differences between AI and crypto, there are areas where they intersect, such as generative AI and personalisation applied to non-fungible tokens (NFTs), fraud prevention, cybersecurity, and data analysis. Patankar also expresses excitement about the interplay between quantum computing and the factorisation of large numbers. In other news, Ethereum’s average gas fees, which had surged during the memecoin trading frenzy in May, are now trending towards a two-month low. The average transaction fee has dropped to $7.34 from a high of over $20, and the median gas price has decreased from over 140 gwei to 24 gwei. These lower fees are a welcome development for Ethereum users.
Source:
https://coindesk.com
https://cointelegraph.com
https://decrypt.co
https://theblock.co
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