Binance Coin (BNB) reached a six-month low. SEC lawsuit against Binance exerted bearish pressure on other major cryptocurrencies. The largest crypto exchange, Binance, native cryptocurrency BNB, witnessing a massive decline due to the ongoing legal battle between the US Securities and Exchange Commission (SEC) and Binance. The lawsuit brought by the SEC against Binance has had a significant impact on the token BNB. And the crypto token price reached a six-month low of below $225. Also, the allegations made against the crypto exchange indicate its alleged engagement in unlawful activities—multiple violations of securities laws. In addition, Binance experiences significant whale activity and outflows from the exchange. SEC Lawsuit Weighs Heavy on Binance The SEC lawsuit against Binance has posed a major hurdle for Binance and had negative effects on BNB. Recently, the price of BNB has experienced a significant drop from its previous value of over $280 against the US dollar, indicating a bearish trend in the market. In mid-April, the price of BNB formed a notable high of around $350 before experiencing a sharp decline. It breached crucial support levels at $280 and $250, eventually reaching the vital support zone at $220. Currently, BNB is trading below the $250 mark and the 100-day simple moving average. Binance Coin (BNB) Price Chart (Source: Tradingview) At the time of writing, Binance coin traded at $225.50 with a 24-hour trading volume of $571 million and a market cap of $35 billion. The price of BNB declined by over 5% in a day and by 24% in just a week. The above chart shows that the BNB price is in the “strong sell” zone. Further, the situation has also exerted bearish pressure on other major cryptocurrencies like Bitcoin and Ethereum. Recommended for you Binance Coin (BNB) Price Prediction 2023

BASINGSTOKE, England–(BUSINESS WIRE)–#regtechgrowth–A new study from Juniper Research, the foremost experts in fintech, has found that spend on regtech by financial institutions and other industries will increase by 124% between 2023 and 2028 globally, from $83 billion in 2023. Complexity and Compliance Increasingly complex regulatory requirements are driving corporates to adopt a range of new technologies to facilitate compliance. New approaches include the use of shared blockchain ledgers to improve anti-money laundering, and fraud compliance at cryptocurrency exchanges. Natural language processing is also being used to detect malicious actors in emails and phone calls; successfully identifying misconduct, conflicts of interest and financial crime. With increased deployment of these technologies, we anticipate rising levels of enterprise investment, as they recognise the vast efficiencies regtech can create. Regtech is a subset of fintech focusing on technology that can enable the delivery of regulatory requirements more efficiently and effectively than existing capabilities. Find out more about the new report, Regtech: Market Forecasts, Trends & Strategies 2023-2028, or download a free sample. The Leaders in Regtech As part of the study, Juniper Research released its latest Competitor Leaderboard for 2023. Underpinned by a robust scoring methodology, the new Competitor Leaderboard ranked the top 23 regtech vendors, using criteria such as the level of innovation of their solutions, the number of industries they support, and their future business prospects. The top 5 vendors for 2023: Encompass Socure Feedzai Chainalysis Fenergo The research found that the leading players offered streamlined identity verification automated by AI, and were able to successfully position themselves in many different industries, as regtech expands beyond just financial services. In order to stay ahead of their competition, vendors must develop solutions that utilise AI and machine learning, which can automate processes such as identity verification. The most successful vendors will leverage AI to reduce the manual requirements needed by compliance teams and allow them to focus on tasks that require human elements; lowering costs and increasing productivity significantly, at a time of strong cost pressures. Regtech market research: https://www.juniperresearch.com/researchstore/fintech-payments/regtech-market-size-report Download the free sample: https://www.juniperresearch.com/whitepapers/how-ai-and-blockchain-are-shaping-regtech Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports and commentary. Contacts Sam Smith, Press Relations T: +44(0)1256830002 E: [email protected]

The company’s crypto practice, which manages $7.6 billion (£6.05 billion) of committed capital, will establish the firm’s first international office in London. a16z plans to locate its next Crypto Startup School accelerator program in the UK in 2024 and the company will work closely with UK universities to support the development of blockchain technologies and startups. a16z crypto leads the $43 million (£34.25 million) investment in UK-based Gensyn, which provides decentralized computing resources for AI systems and applications. NEW YORK–(BUSINESS WIRE)–Andreessen Horowitz (a16z) announced today that it will open its first international office in London, and that it is planning the next Crypto Startup School accelerator program to take place in the UK in Spring 2024. a16z’s U.K. office will allow it to work closely with universities throughout the UK to help provide talent and support to develop blockchain clubs and encourage blockchain related curriculum. From a16z crypto founder and managing partner, Chris Dixon: “The UK has deep pools of talent, world-leading academic institutions, and a strong entrepreneurial culture. Following a productive dialogue with the Prime Minister, and months of constructive conversations with HM Treasury, UK policymakers, and the Financial Conduct Authority, we’re thrilled to open our first international office in a jurisdiction that welcomes blockchain technology and is committed to creating a predictable business environment by pursuing regulations that both embrace web3 and protect consumers. We look forward to helping foster the growth of the UK web3 ecosystem while the proper regulations come online.” From UK Prime Minister, Rishi Sunak: “As we cement the UK’s place as a science and tech superpower, we must embrace new innovations like Web3, powered by blockchain technology, which will enable start-ups to flourish here and grow the economy. “That success is founded on having the right regulation and guardrails in place to protect consumers and foster innovation. While there’s still work to do, I’m determined to unlock opportunities for this technology and turn the UK into the world’s Web3 centre. “That’s why I am thrilled world-leading investor, Andreessen Horowitz, has decided to open their first international office in the UK – which is testament to our world-class universities and talent and our strong competitive business environment.” The London office, slated to open later this year, will be led by General Partner, Sriram Krishnan. a16z crypto has invested in a number of UK-based crypto companies including Arweave, Aztec, and Improbable. We are also excited to announce our newest investment in UK-based Gensyn. Founded by computer science and machine learning research veterans Ben Fielding and Harry Grieve, Gensyn’s decentralized compute protocol will enable developers to build state-of-the-art AI systems on any connected hardware. Their novel cryptographic verification system allows users to trust that the protocol’s machine learning work was completed correctly. a16z Crypto Startup School, an accelerator program designed around the specific needs of web3 startups, plans to locate its next program in London in Spring 2024 with the aim of attracting UK and international entrepreneurs to build web3 startups in the UK. More details on applications will be released later this year. The most recent CSS program attracted more than 8,000 applicants with the final 26 companies chosen receiving investments from a16z, mentorship from industry experts, as well as the opportunity to participate in a Demo Day that reaches investors at the end of the course. Participants came from a range of countries including the UK, U.S., India, Germany, France, Argentina, Ecuador, and Canada. A16z will seek the appropriate regulatory permissions to ensure it conducts its activities in the UK in compliance with the applicable regulations. Contacts Paul Cafiero, [email protected]

Shiba Inu has been one of the worst-hit in the crypto bear with the coin losing over 90% of its all-time high value already. As a result of this, the number of SHIB millionaires has been declining rapidly and has now reached one of its lowest points. Only 1,207 Shiba Inu Millionaires Left As the price of Shiba Inu declined rapidly due to the bearish market headwinds, various holders rapidly lost their millionaire status. This has seen the number declined to only 1,207 SHIB addresses that can boast of the millionaire status at current prices. These addresses which are holding at least $1 million worth of tokens are becoming fewer by the day. One cause of this decline is the fact that the meme coin lost support at $0.000008 and declined further. However, there is also the issue of large investors selling their holdings as they rush to get out of the cryptocurrency which seems to have no end to its decline. These coins being distributed back into the market are apparently being scooped up by smaller investors, leading to a more even distribution among holders. Currently, the total number of wallets holding at least $1 million worth of tokens only makes up 0.1% of its total holder base. SHIB Investors Still Nursing Losses Just as the large investors are being hit hard, others have been left out of the onslaught. Shiba Inu holders are worse off than any other holder base in the top 20 cryptocurrencies by market cap with only 11% of all holders being in profit right now. The rest of its over 1.3 million holders, amounting to 86% are all in losses at present prices, with only 3% sitting in the neutral territory. For comparison, Dogecoin (DOGE) which is Shiba Inu’s fiercest competitor is still seeing around 50% of its holder base sitting in profit. Bitcoin (BTC) profitability is at 62% of total holders, while Ethereum holders in profit are 65% of total investors, data from IntoTheBlock shows. If the current market headwinds do not reverse soon and prices continue to fall, then SHIB’s profitability levels for holders could drop further. This would also mean that the number of SHIB millionaires would decline even further. At the time of writing, SHIB is trading at a price of $0.0000079, seeing meager gains of 0.33% in the last 24 hours, and larger losses of 6.25% on the 7-day chart. Its market cap is now sitting at approximately $4.7 billion, making it the 17th largest cryptocurrency by market cap.

The VIX is a hot topic across finance at the moment, falling to one of its lowest levels in years. In an unusual look at Bitcoin and its ratio against the VIX, the chart could be hinting at the crypto market being on the cusp of an explosive rally… or massive rejection. Crypto Market Under Pressure SEC And Ready To Explode Bitcoin price is falling, and crypto is crumbling under the might of the US SEC. The SEC launched a string of enforcement actions against Binance and Coinbase, and labeled several top altcoins to be securities. The resulting sell pressure and panic has BTC struggling to maintain support. However, if you switch from your run-of-the-mill BTCUSD chart to BTCUSD versus the VIX, the ratio between the two vastly different measures tells a completely different story than the USD chart. The chart below highlights that the BTCUSD/VIX ratio shows a strengthening relationship on the BTCUSD side. This makes sense with the Volatility Index falling. In the past, a falling VIX and rising BTCUSD meant a major bullish rally. Why VIX Versus Bitcoin Could Mean A Massive Move On The Way The Volatility Index signals volatility, not necessarily the direction of which the volatility will take price. And it rarely stays low for long. Elevated VIX levels are often associated with fear. Low levels of fear in the market, could eventually support the idea of a further rise in risk assets. The ratio between BTCUSD and the VIX is also at former all-time high resistance, which failed previously to hold as support. Making it back above the level could give the crypto market the push it needs. Failure to push through resistance at this level could be the result of either failure in BTCUSD or a massive move higher in the VIX. Which will it be? This chart appeared in issue #7 of CoinChartist VIP alongside a dozen other exclusive crypto charts.

Bitcoin price has been a topic of great interest and speculation in the financial world, with investors eagerly watching its price movements for potential opportunities. Recently, an interesting development has caught the attention of both seasoned traders and crypto enthusiasts alike. According to Mikybull Crypto, there is a long-term chart feature that, if it continues to hold, could potentially lead to a significant upside for Bitcoin (BTC). In his latest analysis, the popular trader highlighted encouraging signs on the BTC/USD weekly chart, suggesting the possibility of a remarkable 60% surge in value. This potential surge would catapult bitcoin price to an impressive point of approximately $40,000. The question on everyone’s mind is: Will Bitcoin indeed experience this substantial upside, and what factors might contribute to such a surge? Long-Term Chart Signals Potential Upside For Bitcoin Price With Bitcoin still confined within a narrow trading range it entered nearly three months ago, traders and investors find themselves in a quandary when it comes to predicting short-term price targets. The day-to-day performance of the cryptocurrency has failed to establish a clear trend, leaving $30,000 as a formidable resistance level hanging overhead. Nonetheless, renowned trader Mikybull Crypto remains optimistic, as he identifies an intriguing price action on the higher time frames that could signal a significant move in the near future. According to his analysis, the weekly chart reveals the completion and subsequent retesting of an inverse head-and-shoulders pattern for BTC/USD. In contrast to the standard head-and-shoulders pattern, which typically indicates a solidified resistance followed by a downward trend, the inverse head-and-shoulders pattern is a bullish counterpart. This suggests that Bitcoin may be on the verge of a positive breakout. “Bitcoin is flashing a text book inverse head and shoulders on the weekly TF. Price is currently retesting the Neckline after the breakout,” Mikybull Crypto wrote. “As taught, if the range between the head and neckline is usually the sprint, we are anticipating another 60% rally on BTC,” he said Bitcoin Price Faces Speculation On $40K Target Amid Halving Predictions As Bitcoin’s price drops to the $25K level on CoinGecko, market participants continue to keep a close eye on the highly anticipated $40,000 mark. This significant price level has become a popular target for many traders and investors, as it symbolizes a potential breakthrough for the leading cryptocurrency. Adding to the discourse, renowned trader and analyst Credible Crypto recently made a prediction suggesting that Bitcoin may enter a sideways phase, ranging between $20,000 and $40,000, for approximately 12 months following the upcoming halving event in April 2024. Bitcoin halving, which occurs approximately every four years, is a significant event in the cryptocurrency’s ecosystem. It is marked by a reduction in the block rewards earned by miners, resulting in a decreased rate at which new Bitcoins are generated. This event has historically been associated with bullish trends, as the reduced supply of new coins often drives up demand and subsequently impacts the price. Featured image from TechSpot

Ethereum, the renowned blockchain platform and brainchild of Vitalik Buterin, faces a crucial crossroad on its path to further growth and adoption. In a blog post recently shared by the Ethereum co-founder himself, Buterin highlights the imperative need for three pivotal transitions that Ethereum must undergo in order to ensure its prosperous future. These transitions, aptly dubbed “The Three Transitions,” revolve around the realms of Layer-2 scaling solutions, the implementation of smart contract wallets, and the augmentation of privacy in fund transfers. Without embracing these transformative changes, Buterin says Ethereum risks hindering its own expansion and jeopardizing its position as a frontrunner in the ever-evolving landscape of decentralized technologies. Layer-2 Scaling: Addressing Ethereum’s High Gas Fees One of the most pressing challenges faced by the Ethereum network is the issue of exorbitant gas prices, according to Buterin. To tackle this problem head-on, Buterin proposes the adoption of Layer-2 rollups, which offer a promising solution. By embracing rollups on a large scale, Ethereum can effectively mitigate the persistently high gas fees that have been a significant deterrent for users. Even in the current crypto winter, widely considered the harshest downturn in the history of cryptocurrencies, gas fees for Ethereum transactions still hover around $3. Buterin emphasizes the unsustainability of this situation, emphasizing that widespread adoption of Layer-2 solutions is the key to resolving the issue. Neglecting to do so would inevitably lead users to seek out “centralized workarounds” that offer more affordable alternatives and are easier to navigate. Wallet Security: Enhancing User Experience And Trust According to Buterin, the lack of improved wallet security creates a barrier to users fully embracing the self-custody of their assets, leading them to seek centralized alternatives like exchanges. To overcome this challenge, it is crucial to enhance wallet security measures and provide a user-friendly experience that instills trust. Furthermore, Buterin highlights the significance of interoperability between wallets and networks. Seamless integration allows for a smoother experience when utilizing cryptocurrencies for day-to-day transactions such as purchasing groceries. Ethereum Privacy: Overcoming The Transparency Challenge The absence of privacy in individual transactions poses a significant hurdle to Ethereum’s goal of becoming the preferred network for everyday users, according to the developer. The lack of confidentiality and the public visibility of transactions can deter individuals from embracing cryptocurrencies in their daily lives. Buterin contends that if transactions are easily traceable and linked to users, people would be reluctant to use crypto for everyday activities. Acknowledging the importance of privacy, he proposes the utilization of stealth addresses as a potential solution. However, he also admits that privacy concerns remain a formidable problem without a readily available remedy. While Buterin recognizes the significance of privacy, finding a comprehensive and practical solution is a complex challenge. Ethereum, like many other blockchain networks, grapples with balancing transparency and security with the need for individual privacy. Resolving this issue requires ongoing research, development, and collaboration to ensure that privacy concerns are adequately addressed within the Ethereum ecosystem. Featured image from Cryptonomist

The Crypto Queen accomplice, like his former boss Ruja Ignatova, has disappeared prior to facing legal proceedings in the United States. Frank Schneider, who worked as the “crisis manager” and security advisor for OneCoin’s mastermind Ignatova, is currently evading authorities and is being pursued by the French legal system. Schneider, 53, was placed under house arrest in France while awaiting extradition to the US. The Crypto Queen Accomplice Evades Justice, Questions Fair Trial Initially apprehended by French authorities in April 2021 while traveling with his family near the Luxembourg border, Schneider endured a seven-month incarceration before being granted release under house arrest. Accused of participating in a massive cryptocurrency scam worth $4 billion, Schneider could potentially receive a maximum prison sentence of 40 years on charges of fraud and money laundering. Astonishingly, he managed to evade electronic surveillance, despite being strapped with an ankle tag, according to French officials who confirmed the development to the BBC. Throughout this period, Schneider resided in a village in France and granted interviews to journalists while collaborating with his legal team to contest his extradition. Expressing doubt about receiving a fair trial in the US, the crypto queen adviser conveyed his concerns to the BBC during an interview conducted in August 2022 while he was still under house arrest. “I fear that I have not got access to a legal system in which I can defend myself properly,” he said at the time. “The system is very much based on so-called plea bargaining. Now, for me, that already is a problem, because I profoundly believe that I’m not guilty. Crypto Queen: OneCoin Scam Unraveled The OneCoin cryptocurrency scam, one of the most notorious fraudulent schemes in recent years, continues to captivate global attention. At the center of this elaborate web of deception stands Ruja Ignatova, known as the Crypto Queen, whose vanishing act has left a trail of unanswered questions and a tangled web of financial ruin. Ignatova, a Bulgarian national, founded OneCoin in 2014, promising unparalleled returns on investments in the cryptocurrency. With slick marketing tactics and a charismatic persona, the crypto queen enticed unsuspecting individuals from all walks of life to pour their savings into what she claimed would be the next big thing in digital currency. However, in 2017, cracks began to appear in the empire she had built. Investigations by authorities around the world started to expose the fraudulent nature of OneCoin. As the pressure mounted, Ignatova disappeared from the public eye in late 2017, leaving behind a trail of disgruntled investors seeking answers. Schneider’s arrest by French authorities in April 2021 brought a glimmer of hope to the victims of the OneCoin scam, as they believed it would lead to the recovery of their investments. Yet, his subsequent release under house arrest and escape from electronic monitoring have dealt a blow to those seeking justice. Featured image from Slate/Getty Images Plus

In a significant move, Nigeria’s market regulator has issued a directive to suspend the operations of Binance, the largest cryptocurrency exchange globally, within the country. The regulator stated that the exchange’s local unit, which had been attracting Nigerian investors through its website, was operating illegally. Binance and its affiliated companies continue to find themselves in increasingly troubled waters, as they grapple with a series of challenges following the recent lawsuit filed by the US Securities and Exchange Commission (SEC). The lawsuit has brought about significant legal and regulatory difficulties for the cryptocurrency exchange and its associated entities. This week, the SEC took legal action against both Binance and Coinbase, accusing them of violating its regulations. Nigeria’s Regulatory Stance Casts Doubt On Future Of Binance Last year, Nigeria’s SEC took a major step by publishing a comprehensive set of regulations specifically designed for digital assets. This move demonstrated that Africa’s most populous country was actively seeking a balanced approach between an outright ban on cryptocurrencies and their unregulated use. By implementing these regulations, Nigeria aimed to create a regulatory framework that would enable the responsible and secure utilization of crypto assets within the country while addressing potential risks and concerns. In light of recent developments, the SEC issued a warning to Nigerians, cautioning them against engaging with the mentioned entity. The exchange has emerged as a prominent cryptocurrency platform in Nigeria, establishing itself as a market leader following the collapse of FTX. In 2022, Binance was in talks with the Nigerian Export Processing Zones Authority (NEPZA) to establish a virtual free zone centered around blockchain and the digital economy. However, with the regulatory challenges faced by Binance and the SEC’s warning, the future of such initiatives remains uncertain. Furthermore, the agency has directed the crypto exchange to cease facilitating investments from Nigerian individuals on its platform. It has explicitly warned that regulatory action may be taken against cryptocurrency exchanges, including Binance. Binance Faces Ongoing Scrutiny From Multiple Regulatory Bodies In the midst of these challenges, the Binance.US platform has made a significant decision to transition into a “crypto-only exchange.” As part of this transition, Binance.US has announced its intention to delist all USD trading pairs from its platform by June 13. This move indicates a strategic shift in focus towards catering exclusively to cryptocurrency trading activities. The exchange made the decision to exit the Canadian market in May, citing an unfavorable regulatory environment as the reason behind this move. Prior to that, the company had also cancelled its derivatives license with the Australian Securities and Investments Commission (ASIC). The Australian financial regulator had raised concerns and initiated a review of Binance’s compliance with local laws.

Crypto.com, one of the world’s largest crypto exchanges, has halted its institutional trading platform for US clients. The release of this news comes in the wake the Securities and Exchange Commission’s (SEC) decision earlier this week to take legal action against two of the most well-known cryptocurrency exchanges; Coinbase and Binance. Shutting Down Institutional Service For American Clients Starting from June 21, Singapore-based cryptocurrency exchange Crypto.com, will no longer provide institutional exchange service for American customers. The company stated that the decision was made due to the present market climate, which features a low level of demand from institutions located in the United States. However, the decision can be related to an unfortunate consequence of the uncertain regulatory environment for cryptocurrencies in America. How The Suspension Impacts Crypto.com’s US Clients According to the company, this decision will only affect institutional traders. These are that can invest large amounts of money in cryptocurrencies compared to retail investors. For regular Crypto.com users, the platform remains fully operational. Users can still buy, sell, and trade dozens of cryptocurrencies as well as use the company’s popular crypto debit card and mobile application. Additionally, regulated derivatives trading and UpDown Options will continue to be accessible to retail users. Crypto.com is one of the many crypto companies trying to increase its clientele in the US, with the company even buying the naming rights to Los Angeles Lakers’ home arena in 2021 in a $700 million, 20-year arrangement. However, in recent years, the country has become increasingly difficult for crypto companies to do business in. At this point, it’s unclear if or when Crypto.com may resume exchange services for US institutional clients as regulations around crypto trading for big players like hedge funds and investment firms are still evolving in America. Nevertheless, the company is still taking steps to make crypto trading more accessible to its 80 million plus customers worldwide. This week, the company announced an integration with CoinRoutes to boost its liquidity. Customers of CoinRoutes include investment managers, OTC desks, and trading companies. As a result of its association with CoinRoutes, both companies will be able to provide improved access to liquidity and minimize friction for institutional investors in cryptocurrencies who are located outside of the United States. The SEC’s hardline stance is frustrating for many crypto enthusiasts and companies. But as the agency ramps up oversight of the crypto industry, exchanges like Crypto.com have to adapt to the changing regulatory landscape.

The Russian banking giant Sberbank is getting into the cryptocurrency trading business. According to a release, the bank will begin providing crypto asset services to its customers this month. This exciting new phase in the bank’s continuous foray into cryptocurrency is expected to take place in the coming weeks. In particular, the financial institution will soon permit customers to trade bitcoin and other cryptocurrencies. Sberbank’s deputy board chairman Anatoly Popov said the bank is prepared to launch cryptocurrency-related services. Customers can purchase, sell, and trade digital goods. Soon, the bank will begin issuing digital financial assets (DFA) transactions. Sberbank Makes Foray Into Digital Assets Trading To paraphrase what Popov wrote in his original post: Moscow-based Sberbank is Europe’s second-largest financial institution; it had hoped to release an Ethereum-compatible DeFi platform in April but has since pushed back its debut to June. Tokens would be issued, smart contracts would be developed, and the bank’s commercial and retail banking services would be integrated. Sberbank believes in and uses blockchain systems. The bank’s investment arm, Sber Asset Management, has announced plans to introduce Russia’s first exchange traded fund based on blockchain technology in December 2021. Alexander Vedyakhin, the bank’s vice chairman, outlined the positive effects of the change. More money could be brought into the bank by investors who are interested in the cryptocurrency market. On the flip side, the bank has also implemented new assessment features. The purpose of this change is to facilitate financial transactions involving digital assets. Russian Banking Giant Embraces Future Of Digital Currencies From Vedyakhin: Sberbank attempted to get the Russian government to greenlight the release of its stablecoin in 2021. The Russian central bank has been hesitant to allow the creation of private cryptocurrencies, but Sberbank is pushing ahead with the development of its platform anyhow. Sberbank was granted permission to issue and trade digital currency the following year. Meanwhile, Russian private bank Alfa Bank, in addition to state-owned Sberbank, is authorized to issue cryptocurrency. Lighthouse, a Fintech startup, and Atomyze, a tokenization platform supported by the Russian Federation, are two more recognized financial institutions. This is an exciting time for Sberbank and its customers as it enters the trading of digital currencies. Sberbank is clearly embracing the future of digital currencies and setting the pace in Russia as the bank continues to innovate and adapt to the ever-evolving financial landscape. Featured image from Sergei Fadeichev/TASS

Lummis has been collaborating with Senator Kirsten Gillibrand on a new bipartisan move. Senator Gillibrand had promised more specificity in the updated bill’s definition of tokens. Senator Cynthia Lummis of the United States made headlines when she turned to Twitter to promote her efforts to create a legislative framework. That would allow people and businesses to own and trade digital assets inside the United States. Lummis has been collaborating with Senator Kirsten Gillibrand on a new bipartisan push to implement extensive regulations for cryptocurrency. The momentum for this legislative effort to create a regulatory framework for the digital asset market is likely to grow on Capitol Hill later this year. Eliminating Regulatory Gray Areas Moreover, Lummis said that the opposition was successful in blocking a 30% tax on digital asset mining from being included in the latest debt limit accord. But underlined that the battle for a clear regulatory framework for the crypto industry is far from done. At a symposium on digital assets. Senator Gillibrand had promised more specificity in the updated bill’s definition of tokens and the procedures for acquiring them. Senators have often claimed that their action is motivated by a desire to clarify and eliminate regulatory gray areas. In this case, around cryptocurrencies. Recent sources suggest that the primary goal of the next measure is to define cryptocurrencies. With the added benefit of perhaps eliminating the “security” label. Further, the proposed law is said to enforce a global prohibition on algorithmic stablecoins. However further discussion is needed to establish the businesses permitted to create stablecoins. And the restrictions involved with maintaining their USD reserves. On the other hand, the Nigerian Securities and Exchange Commission said on Saturday that Binance, the largest cryptocurrency exchange in the world, was “illegal” to operate in Nigeria. Trouble for Binance has arisen since the US Securities and Exchange Commission (SEC) filed a lawsuit against it and numerous related entities. Binance has been labeled an “illegal” exchange by the Securities and Exchange Commission of Nigeria. It has issued an order for Binance to cease operations in the country.

The CFTC issued a statement on June 9 summarizing the extent of the default judgment. Ooki DAO has been issued permanent trading and registration bans. A district court in the United States has issued a default judgment ordering Ooki DAO to cease operations. Furthermore asked to pay a $643,542 civil penalty. In September 2022, the CFTC sued Ooki DAO for “unlawfully acting” as a futures commission merchant. And providing consumers margin and leverage trading services. Ooki DAO had until January 2023 to file an answer to the action, thus a default judgment has been looming for some time. The CFTC issued a statement on June 9 summarizing the entire extent of the default judgment and calling the ruling a “sweeping victory” in the litigation, which became final on June 9. Moreover, Ooki DAO has been issued “permanent trading and registration bans,” and its website and all associated data must be removed from the Internet. As reported by the commission: Operating Without Legal Accountability One of the first occasions a government body has gone after a DAO and its token holders was in this case involving Ooki DAO. Industry participants had previously assumed that the decentralized character of DAOs and decentralized financial platforms shielded them from regulatory oversight. However, the CFTC claimed that Ooki DAO’s forerunner bZeroX’s creators Tom Bean and Kyle Kistner tried to transfer control of the non-compliant trading platform to Ooki DAO in order to escape legal repercussions. CFTC Division of enforcement director Ian McGinley stated: The recent crackdown by U.S. SEC has hit the crypto sector hard and now all eyes are on the upcoming Fed interest rate hike.

SHIB experiences record-breaking burn rate surge, defying market trends. Price dips but SHIB’s burn rate skyrockets, hinting at scarcity-driven growth. SHIB’s massive token burn offers hope amid bearish market sentiment. In the volatile world of cryptocurrency, Shiba Inu (SHIB) bucks the trend with an astounding 4,181% surge in its burn rate. This indicates a massive reduction of 256,266,011 SHIB tokens from circulation within the last 24 hours. The tokens are gone, sent off to a ‘dead’ wallet, as Shibburn data reveals. Contrarily, a surprising 13.20% price dip has accompanied this unprecedented increase in burn rate. SHIB’s price fall even outstrips losses of altcoins, despite the token’s exclusion from recent SEC security classifications. Burn, Baby, Burn – The Path to Long-term Growth? In essence, the increased burn rate could trigger a scarcity phenomenon. This potential could rekindle buyer sentiment; even if recent developments like the impending launch of Shibarium, the Layer-2 protocol still need to bolster the price. Indeed, over the past day, the community has eradicated a significant 211,140,844 SHIB tokens from circulation. In particular, one transaction worth 207.71 million SHIB set a record, the largest event since June 4th. The resulting 3874.12% jump in the overall burn rate adds a remarkable twist to the tale. The eye-catching move came when the Binance 14 wallet dispatched a whopping 207,715,716 SHIB to a dead wallet. Despite the grim picture painted by the market’s current bearish trend, this monumental burn offers a glimmer of hope for SHIB investors. Moreover, another significant event has unfolded, with 4,000,379,151,023 SHIB (USD 31,709,005) transferred from Shiba Staking to Binance. This development, combined with the burn event, might add the required fuel to spark SHIB’s long-term price revival. In conclusion, the road ahead for SHIB remains uncertain. Yet, the escalating burn rate introduces a scarcity aspect that could propel the value upwards. Therefore, while immediate growth may stall, the Shiba Inu community is anything but pessimistic.

The overall number of deposits on the exchange increased by 208%. DefiLlama reports that Binance had a net outflow of $3.128 billion over the previous 7 days. U.S. authorities’ legal action against Binance and Coinbase, two of the most popular cryptocurrency exchanges, has driven users in Latin America to Bitget. Moreover, Bitget informed that from June 6 to 9, new users in the area grew 43% compared to daily norms, with Brazil and Argentina topping the market share rise. The overall number of deposits on the exchange also increased, by 208%, while the number of new customers in Brazil rose by 54%. The number of Argentine customers climbed by 33%, while the total amount deposited grew by 87%. The cryptocurrency exchange is available in Mexico, Colombia, and Venezuela. In the last few days, deposits to Bitget have increased by 134% in the area. More than 8 million people in 100 different nations use Bitget every month. The number of Latin American customers was not disclosed by the corporation. Losing Out on Key Region Furthermore, after recent regulatory developments in the US, we now have these numbers. The U.S SEC sued Binance, a cryptocurrency exchange, on June 5 on 13 allegations, including, among others, the alleged sale and offer of securities, failure to register as an exchange or broker, and commingling of client money. Moreover, DefiLlama reports that Binance has had a net outflow of $3.128 billion over the previous seven days, while Bitget has witnessed an inflow of $14.8 million. OKX, a cryptocurrency exchange, reported receiving $603 million in deposits last week, making it the largest recipient of new capital. After Binance was sued by the SEC on June 5 for purportedly providing unregistered securities and acting as an unregistered security broker since 2019, Coinbase was also sued by the SEC on June 6. Brazil is one of Binance’s top markets internationally, and the exchange’s local partner was recently granted a payment provider license there. Coinbase is also growing its regional presence here. Recommended For You: Binance Pay Partners With Credencial Payments in LATAM

Ethereum’s profitability declines, but market resilience persists. Investors remain confident as Ethereum withstands market challenges. Technical indicators suggest a potential market correction for ETH/USD. Ethereum (ETH) has established itself as a prominent player, captivating investors and enthusiasts alike. Glassnode Alerts, a leading data analytics platform, recently reported that the number of profitable ETH addresses had reached a one-month low. However, Ethereum’s price has experienced a modest 1.14% increase amidst this decline, currently trading at $1,745.82. This juxtaposition of diminishing profitability and a resilient market sets the stage for an intriguing analysis of Ethereum’s current state. Declining Profitability Signals Market Shift: Besides the encouraging price surge, the decline in profitable ETH addresses represents a notable shift in the market landscape. Glassnode Alerts’ data reveals that Ethereum holders face reduced profits compared to the previous month. While this may initially seem concerning, examining the broader context and underlying factors is essential. One possible explanation for the decline in profitable ETH addresses could be the recent stabilization of the cryptocurrency market. Ethereum, like other digital assets, experienced substantial volatility in the past months, with rapid price fluctuations. Consequently, the decreased number of profitable addresses indicates a more balanced market environment where extreme profit margins are less common. Moreover, it suggests a maturing market that promotes sustainable growth and stability. Price Resilience and Investor Confidence: Despite the reduced profitability, Ethereum’s price showcases promising resilience. The price increase to $1,745.82 demonstrates that investors and traders still perceive Ethereum as an asset with potential. This minor but significant surge reaffirms the confidence investors place in the long-term prospects of Ethereum, even during a period of lower profitability. Additionally, this price uptick highlights Ethereum’s ability to sustain its value amidst challenging market conditions. While profitability may ebb and flow, Ethereum’s price movements indicate that the underlying demand and utility of the cryptocurrency remain intact. Consequently, the slight increase further solidifies Ethereum’s reliable and potentially lucrative investment position. ETH/USD Technical Analysis During the bull run, trading volume fell 41.11% to $5,401,685,387, while market capitalization increased 0.32% to $209,728,187,783. This action indicates that investors are becoming more cautious and selective in their trading activity to minimize the hazards of a future market drop. However, the minor gain in market capitalization suggests that investors remain optimistic and confident that the general trend is still favorable. On the 4-hour price chart, the Bollinger bands on the ETHUSD are widening and moving south, with the upper and lower bands touching $1894.39 and $1703.89. This movement shows that the positive trend of the previous 24 hours is losing steam and that a market correction is possible. The price movement towards the lower band while generating a red candlestick pattern suggests that the bears are taking control. The stochastic RSI reading of 39.59 and movement below the signal line indicate that selling pressure is building. If the stochastic RSI reading continues to fall and falls below the oversold level of 20, it might indicate a further price drop. ETH/USD 4-hour price chart (source: TradingView) In conclusion, Ethereum’s declining profitability and resilient price demonstrate a maturing market, fostering sustainable growth and investor confidence in its long-term potential.

Services for minting and redeeming TUSD via alternative banking partners not interrupted. Prime Trust is being acquired by BitGo, a cryptocurrency custodian. After a brief interruption in minting activity via its technological partner Prime Trust, the stablecoin TrueUSD (TUSD) lost its dollar peg in the early hours of June 10. At its lowest in the last 24 hours, the market price of the fifth most valuable stablecoin by capitalization was $0.9958. Its current worth, as reported by CMC, is $0.9979. According to statistics provided by LedgerLens, the current supply of TUSD is $2.04 billion, while the collateral is valued at $2.08 billion. Following a statement from TrueUSD, which said that the minting of TUSD through Prime Trust has been suspended until further notice, a depeg was witnessed recently. Services for minting and redeeming TUSD via alternative banking partners have not been interrupted. The announcement read: BitGo to Acquire Prime Trust In the last year, the stablecoin has regularly devalued from its initial $1 USD peg. The latest rumors about Prime Trust’s bankruptcy may or may not be connected to the suspension of minting. A third of the workforce at the Nevada-based fintech infrastructure firm was let go in January. It also served as a go-between for Binance.US. Keeping its customers’ money in banks with whom it has partnered in light of the debanking of crypto firms there. Prime Trust is being acquired by BitGo, a cryptocurrency custodian. BitGo reportedly signed a nonbinding letter of intent to purchase the firm on June 8th, per an announcement. Moreover, BitGo will be able to broaden its wealth management offerings by acquiring Prime Trust’s payment rails and crypto IRA fund. The details of the deal were kept confidential. The possible purchase coincides with proposed regulatory changes by the U.S. Securities and Exchange Commission that would restrict the ability of crypto businesses to operate as a customer’s custodian.

Stark warns against unregulated, high-risk crypto trading platforms. Crypto exchanges’ disregard for standards exacerbates customer risks. Regulatory uncertainties drive investors towards decentralized options. In a bold warning, former Securities and Exchange Commission (SEC) chief, John Reed Stark, issued an urgent call to “get out of crypto platforms now.” In addition, he highlighted recent lawsuits against Binance Holdings Ltd. and Coinbase, citing these as critical reasons for his concern. Stark Backs SEC’s Crypto Pursuit Emphasizing the high-risk nature of crypto trading platforms, Stark asserted on Twitter that the SEC is spot-on with their crypto-related enforcement efforts. According to him, these platforms operate without proper registration with the SEC, leaving them devoid of operational supervision and customer protection. On the same note, Stark pointed out that the absence of regulatory oversight translates into significant gaps in customer protection and record-keeping. He further emphasized the platforms’ non-adherence to U.S. regulations on market manipulation, insider trading, and trading against customers. Consequently, he underscored the absence of pricing or order flow requirements on these platforms. Moreover, Stark argued that crypto exchanges have no obligation to adhere to cybersecurity or privacy protection standards, lack internal compliance requirements, and ignore the need to address customer complaints. Furthermore, he noted the absence of minimum financial standards for operation, painting a grim picture of the current state of these platforms. This warning comes when centralized exchanges are already experiencing declining trading volumes. Even before the recent legal actions, May witnessed a sharp decrease in trading volume on centralized exchanges, while decentralized exchange volume saw a modest increase. Stark’s advice aligns with a growing sentiment among investors becoming wary of the regulatory uncertainties surrounding crypto platforms. The combination of legal scrutiny, inadequate safeguards, and a lack of compliance measures has prompted many to seek alternative decentralized options.

The company expressed its disagreement with the market regulator in a recent post. The Solana Foundation’s attempt to reassure its members came somewhat late. After being silent for some time, the Solana Foundation has commented on the SEC’s recent decision to classify Solana (SOL) and other cryptocurrencies as securities. The company expressed its disagreement with the market regulator in a recent post it tweeted. The Solana Foundation issued a statement saying it appreciates lawmakers’ efforts to work together as “constructive partners.” On regulation to clarify the law for the thousands of American businesses working to develop the digital assets market. Moreover, the organization said that its developer’s community is the best in the digital currency sector, with a solid determination to create groundbreaking innovations. Calming Investors The Solana Foundation’s letter is meant to comfort its members. But it also emphasizes the organization’s commitment to helping “those building for the long-haul to continue to create the best blockchain for a decentralised future.” Furthermore, in its recent lawsuit against Binance and Coinbase, the SEC included SOL as a security. Along with Cardano (ADA), Polygon (MATIC), and Filecoin (FIL), among others. Although there seems to be no legal action taken against the Solana Foundation at this time. The accreditation may cause investors to lose faith in the SOL token. The Solana Foundation’s attempt to reassure its members came somewhat late, despite the message’s stated goal of calming tensions. The effects of the SEC’s crackdown are already being felt. Moreover, recently it was revealed that cryptocurrency exchange Robinhood Markets Inc. will stop supporting Solano, Cardano, and Polygon by the end of the month. This change has had a significant influence on SOL. And the bulk of other cryptocurrencies, contributing to the current negative trend.

Shiba Inu’s upcoming announcement promises a groundbreaking advancement. The ecosystem aims to combine governance, real-life applications, AI, and DAOs. The anticipation for the Shibarium update is growing within the community. Shytoshi Kusama, the enigmatic persona driving the Shiba Inu project, unveiled an exhilarating update on the progress of Shibarium. Consequently, the Shiba Inu community is eagerly bracing for new developments in the ecosystem. The upcoming “Something is Coming” trailer significantly highlights the ecosystem’s next breakthrough. Moreover, Kusama clarified that this revelation isn’t just an incremental step. Instead, it will represent a pioneering stride in decentralized technologies and protocols. However, he remained cryptic about the details, hinting at a rollout for early July. Hence, we expect a vibrant discussion around this exciting announcement in the coming weeks. Shiba Inu’s All-Encompassing Ecosystem: An Unrivalled Offering Envisioned by Kusama, the future Shiba Inu ecosystem aims to include elements like governance, real-life applications (IRL), and MV, Blockchain. Furthermore, the inclusion of Artificial Intelligence (AI) and Decentralized Autonomous Organizations (DAOs) will also be incorporated. Kusama further claims it’s a package unmatched by any other on the planet. This all-inclusive approach suggests the Shiba Inu project is creating a robust, multi-faceted platform. It would intertwine various aspects of the modern, decentralized world into a seamless experience. Besides, it reiterates the project’s commitment to developing a completely decentralized product. As the Shibarium update looms closer, the anticipation among the Shiba Inu community continues to grow. This announcement will undoubtedly drive new interest from the broader crypto sphere. To wrap it up, this intriguing reveal from Shytoshi Kusama reaffirms that Shiba Inu is not just a meme coin. Instead, it is a complex, developing ecosystem with an ambitious vision. Consequently, all eyes are now on early July when the “Something is Coming” trailer will blossom into reality.