Optimism Completes ‘Bedrock’ Hard Fork, in Pursuit of Superchain

Developers behind the layer-2 scaling solution for Ethereum say the upgrade will reduce gas fees and cut deposit confirmation times.

SEC Named 16 Cryptos As Unregistered Securities Between Binance and Coinbase Lawsuits

Summary: The financial watchdog said 16 cryptocurrencies count as securities according to documents filed at a federal court. Tokens like SOL, MATIC, and ADA were named in lawsuits against Binance and Coinbase alleging violation of U.S. law. Chair Gary Gensler told CNBC that there’s no need for additional digital currencies since the Dollar and other fiat currencies are already digital. SOL, ADA, MATIC, and several other cryptocurrencies were named unregistered securities in two separate but similar lawsuits filed by the

Coinbase CEO confident they’ll “get the job done” against SEC in court

News of the Securities and Exchange Commission filing a lawsuit against Coinbase dominated the crypto space on Tuesday. As reported, SEC alleged that Coinbase has been operating as an unlicensed broker, exchange, and clearing agent. It didn’t take long for Coinbase chief Brian Armstrong to react to the allegation. The CEO remained confident about The post Coinbase CEO confident they’ll “get the job done” against SEC in court appeared first on Invezz .

Cardano Founder Unveils SEC Motivation For Suing Binance

The US Securities and Exchange Commission (SEC) sued the world’s largest crypto exchange Binance and its founder for allegedly violating securities laws. In light of this, Cardano founder Charles Hoskinson has expressed his concerns over the SEC’s complaints against Binance. Cardano Founder Analyzes SEC’s Complaints Against Binance Charles Hoskinson to Twitter to disclose his belief regarding the recent SEC lawsuit against Binance and its CEO, Changpeng Zhao. The Cardano founder noted that such a situation depicts threats to financial freedom and the continuation of crypto in the United States. Related Reading: No All-Time High For Bitcoin In 2023, Former BitMEX Head Arthur Hayes Predicts In his lengthy post, Hoskinson thinks the SEC wants to implement ‘Chokepoint 2.0’ in the country based on the implications of its complaints. He also pointed out the extensive nature of the complaint, which amounted to 136 pages stating that it could be an integral part of a plan to maintain strict control over the personal financial lives of people. Hoskinson further observed that the SEC’s lawsuit against Binance is not just centered on compliance issues with the exchange. He is concerned that the regulator may include the creation of a centrally-backed digital currency (CBDC) connected to a group of chosen and powerful banks. Such a move could provide the government absolute control over every area of financial activities from the customers. And Hoskinson thinks that the SEC’s action displays a political and philosophical disagreement on the existence of crypto and its core principles. Additionally, he mentioned that a group of unappointed persons had streamlined some operations as inappropriate for the open market. These include wallet ownership, economic agency, and self-sovereign identity. So, the SEC intends to have just a few individuals enjoying these privileges. Hoskinson maintained that historically, the current play-out of events indicated the recurring battle between freedom and authoritarianism. According to him, it is not a completely new situation; rather, the clash is between different players and technology, with a change in wording. Related Reading: Tether: How Its $2 Billion USDT Minting Impacts Ethereum’s Success In The Bull Market As such, the Cardano founder noted that the situation demands that the crypto industry unite and create concrete rules to prevent the US from getting into an apocalyptic stage similar to George Orwell’s 1984. SEC’s Lawsuit Against Binance And Its CEO Zhao A June 5 report from Forbes revealed that the SEC had sued the largest global crypto exchange Binance and its CEO, Changpeng Zhao. In line with its operations, Binance functions internationally as but runs a separate platform, Binance.US, for its US customers. The platform for US customers complies with the SEC’s regulatory demands. However, the SEC alleged US users have been trading on, indicating that Binance and its CEO, Zhao violated securities laws. Also, the regulator accused the exchange of allowing the trading of crypto assets which are securities, amounting to $115 billion. Some of the assets include BNB, BUSD, Polygon (MATIC), Solana (SOL), and Cardano (ADA). Featured image from Pixabay and chart from

Solana’s integration with ChatGPT makes waves; DigiToads emerges as the go-to meme coin

Solana’s decision to integrate a ChatGPT plug-in marks a new era in decentralized finance where artificial intelligence (AI) is the driving force. It paves the way for more pioneering technologies to find application in the DeFi ecosystem. Apart from the buzz about Solana, another cryptocurrency that has been making headlines is DigiToads. A meme coin …

Zion Social Network Embraces Bitcoin Payments Via Lightning Network For Instant Transactions Through Secure Messaging

The decentralized social media app now allows for Lightning payments with zero platform fees through direct messages.

Coinbase CEO Brian Armstrong Looks Forward To Facing Off Against SEC In Court

Responding to the lawsuit filed by the SEC against Coinbase, CEO Brian Armstrong has stated that his firm is proud to represent the industry in court in pursuit of clarity surrounding rules for the crypto.

US CFTC Chair Says Claim That the Agency Is a ‘Light Touch Regulator’ Could Not Be ‘Farther From the Truth’

US Commodity Futures Trading Commission Chair Rostin Behnam pushed back on assertions that his agency would be a “light touch regulator” for cryptocurrency, following an eventful week and as lawmakers contemplate legislation to regulate the industry. Behnam was asked on Tuesday during a House Agriculture Committee hearing on opinions that the CFTC is seen as taking a lighter touch when it comes to regulating the crypto industry. ... Read More: US CFTC Chair Says Claim That the Agency Is a ‘Light Touch Regulator’ Could Not Be ‘Farther From the Truth’

Binance Receives Massive Deposit from Mystery Whale

Binance, the world’s largest crypto exchange, has faced a lawsuit by the U.S. Securities and Exchange Commission (SEC). The SEC

SEC sues Binance and Coinbase: is Web3 Gaming under threat?

The Securities and Exchange Commission (SEC) has tightened regulation over cryptocurrencies, with Web3 gaming being a prominent target. Things aren’t looking good for Crypto in the United States Binance and Coinbase, two of the world’s largest cryptocurrency exchanges, have recently…

SEC sues Coinbase for operating as unregistered broker; stock slumps (updated)

Coinbase Global ( NASDAQ: COIN ) stock tumbled 14% in Tuesday morning trading after the U.S. Securities and Exchange Commission filed a lawsuit against the cryptocurrency exchange , alleging that it's operating as an unregistered securities broker. Bitcoin ( BTC-USD ), which initially slid after the news, has erased most of the decline and at about 11:36 AM is down 0.3% to almost $26K. As recently as April 17, the token had been trading at ~$30K. Ethereum ( ETH-USD ), meanwhile, completely reversed its drop, adding 0.7% . Since at least 2019, Coinbase ( COIN ) has unlawfully facilitated the buying and selling of crypto asset securities, the SEC said, according to its complaint. The suit comes a day after the regulator sued Binance, the world's largest crypto exchange, and its CEO for allegedly violating U.S. securities regulations. "We allege that Coinbase, despite being subject to the securities laws, commingled and unlawfully offered exchange, broker-dealer, and clearinghouse functions," said SEC Chair Gary Gensler. "In other parts of our securities markets, these functions are separate." Update at 11:28 AM ET: In addition, individual states are exerting pressure in the crypto space. Alabama issued a "show cause order" that gives Coinbase ( COIN ) 28 days to show why it shouldn't be directed to stop selling unregistered securities in the state. The order is the result of a multi-state task force of 10 states securities regulators, the Alabama Securities Commission said in a statement Tuesday. The states allege that Coinbase ( COIN ) violated securities law by offering a staking rewards program without a registration to offer or sell securities. Under staking, investors lock their crypto assets for a set period to help support the operations of a blockchain. In exchange, the investors are promised more crypto assets, the states said. Other states taking action against the crypto exchange are: California, Illinois, Kentucky, Maryland, New Jersey, South Carolina, Vermont, Washington, and Wisconsin. Crypto-related stocks also mostly recovered from their early swoon. MicroStrategy ( MSTR ) +3.5% after announcing a new AI partnership with Microsoft ; Riot Platforms ( RIOT ) -0.8% ; Marathon Digital ( MARA ) +1.4% ; Hive Blockchain ( HIVE ) +0.3% . The SEC has long contended that most digital tokens qualify as securities rather than currency. In 2018, though, an SEC official had said that neither bitcoin ( BTC-USD ) nor ethereum ( ETH-USD ) are securities. 2:40 PM ET: Coinbase ( COIN ) has been wrangling with the SEC for months. In March, when the crypto exchange received a Wells notice for a potential enforcement action from the SEC, the company said the SEC has refused to respond to its proposals regarding registration. In April, Coinbase ( COIN ) sued the SEC seeking to force a response on its rulemaking petition. The confusion over crypto regulation is far from resolved. In a document on Tuesday, the Committee on Capital Markets Regulation, a group made up of finance industry leaders, academics, former poliymakers and legal and accounting experts, said :"the SEC's own policies in fact make it impossible for crypto asset trading platform to do what the SEC now insists that they do — that is, registering and operating in compliance with the regulatory framework for securities exchanges." (Editor's note: A previous version erroneously described the Committee on Capital Market Regulation as a House committee.) More on the Crypto Clampdown: Binance's Canada exit has been a boon for rival Kraken Canada's OSC probes Binance over whether the crypto exchange tried to skirt rules SEC asks court to reject Coinbase petition on crypto rulemaking SEC's Gensler defends crypto regulation at House oversight hearing

SEC Chair Gary Gensler: The US Doesn't Need Cryptocurrency

Gary Gensler has said what he really thinks about how crypto exchanges operate in the States.

Swift Using Chainlink (LINK) in New Experiment With Citi, BNY Mellon, BNP Paribas and Others

Payments giant Swift is teaming up with Chainlink (LINK) and several financial giants for a blockchain interoperability settlement experiment. According to a new announcement from Swift, the payments company says it is testing blockchain interoperability with over a dozen institutions. Swift says that institutions that want to interact with tokenized assets face the problem of blockchains The post Swift Using Chainlink (LINK) in New Experiment With Citi, BNY Mellon, BNP Paribas and Others appeared first on The Daily Hodl .

Bitcoin User Surge Defies LUNA, FTX Crises

In a show of undeniable resilience, Bitcoin has seen a surge of 5.42 million new unique addresses, despite the catastrophic failures of both FTX and LUNA

BTCS believes its non-custodial staking model doesn't create securities

Blockchain technology-based company BTCS Inc. ( NASDAQ: BTCS ) on Tuesday pointed out the differences between its cryptocurrency staking model and Coinbase Global's ( COIN ). Earlier on Tuesday, the U.S. Securities and Exchange Commission sued Coinbase ( COIN ), saying that it's violating securities regulations by offering crypto assets that qualify as securities. A group of 11 states also said COIN's staking rewards program breaks securities law. BTCS ( BTCS ) uses a non-custodial staking model, in contrast with Kraken, Coinbase ( COIN ) and those that use custodial models, i.e., in which they hold investors' private keys to their crypto in the staking process. The difference between the two models is that BTCS's StakeSeeker "operates within the Howey test and does not in our view create securities," the company said. The SEC uses the Howey test to determine if a product is a security. Under that test, an investment contract exists "when there is the investment of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others," the SEC said . BTCS ( BTCS ) said its staking does not keep custody of the crypto assets being staked, does not pool crypto assets with others, and does not have the expectation of generating profits from the efforts of others. "We have proactively analyzed our staking model and drawn conclusions that align with those presented by Coinbase regarding 'Core Staking' and while we believe our non-custodial staking does not create securities, we cannot provide assurances that either the SEC or other regulatory authorities will agree," BTCS CEO Charles Allen said. BTCS stock gained 1.8% in Tuesday afternoon trading. Coinbase (COIN ) slumped 13% . More on Crypto Clampdown: Crypto prices suffer as SEC sues Binance and CEO Changpeng Zhao Binance's Canada exit has been a boon for rival Kraken Canada's OSC probes Binance over whether the crypto exchange tried to skirt rules Coinbase gets SEC warning of potential charges SEC said to be investigating if issuing stablecoins violates investor protection laws

Why is Bitcoin price down today?

Bitcoin price is down today after lawsuits against Binance and Coinbase led to $106 million in BTC long liquidations.

CAKE’s May success may not carry into June: Here’s why

Despite multiple migrations, PancakeSwap v3’s transactions declined in May. CAKE’s state was also concerning, as metrics were bearish.

Small business lending protocol Defactor tokenizes $100M in bonds

The bonds are tokenized on Polygon using the ERC-3643 token standard.

One-Two Punch Finally Registers SEC View on Binance, Coinbase, Rest of Crypto

The U.S. Securities and Exchange Commission (SEC) tore off crypto’s bandage this week, with its back-to-back enforcement actions against two of the most prominent digital assets platforms, Binance and Coinbase (COIN), finally establishing its legal argument against the industry and setting up the future court fights that could decide everything.

NFT Whale Transfers Millions Worth of NFTs to Binance To Show Support

Machi Big Brother, a well-known NFT whale and former musician and tech entrepreneur, recently made headlines when they announced that

Coinbase Traders Withdraw $600M in a Day Amid SEC Lawsuits

The U.S. Securities and Exchange Commission sued Coinbase for violating federal securities laws on Tuesday, a day after filing a lawsuit against rival exchange Binance.

PepeCoin Rebounds 13% After Taking Severe Blow Amid SEC Tussle

Following the filing of a new lawsuit by the United States Securities and Exchange Commission (SEC) against Binance, the overall

Coinbase COIN Shares Dump 13% as Alabama Regulator Joins SEC Lawsuit

Alabama and 9 other state-level securities regulators are taking issue with Coinbase’s staking product.

Coinbase Sued By SEC, Regulator Says Crypto Exchange Is Offering Unregistered Securities

A day after suing Binance, the U.S. Securities and Exchange Commission (SEC) has targeted Coinbase in its latest offensive on the crypto industry. In a new press release, the SEC says it’s charging Coinbase for “operating as an unregistered securities exchange, broker, and clearing agency.” The regulator is also charging Coinbase for “failing to register The post Coinbase Sued By SEC, Regulator Says Crypto Exchange Is Offering Unregistered Securities appeared first on The Daily Hodl .

Coinbase Caught In SEC Legal Crossfire, COIN Price Suffers

Coinbase, the leading cryptocurrency trading platform in the United States, has recently found itself embroiled in a legal battle with the US Securities and Exchange Commission (SEC). The SEC filed a lawsuit on Tuesday, accusing Coinbase of operating without proper registration, thereby violating regulations designed to safeguard investors. This lawsuit has sent shockwaves through the crypto market, impacting not only the global cryptocurrency market but also Coinbase’s stock value and triggering concerns about the broader implications for the industry. The SEC Lawsuit Against Coinbase In a complaint lodged with the Manhattan federal court, the SEC alleges that Coinbase has been functioning as an unregistered broker since about 2019, breaching disclosure requirements aimed at protecting investors. Related Reading: When Is A Token Coming For Coinbase’s Base L2? Here’s What The Roadmap Says The regulator also claims that Coinbase, through its various services such as Coinbase Prime and Coinbase Wallet, facilitated cryptocurrency transactions without obtaining the necessary authorization. SEC Chair Gary Gensler emphasized the gravity of Coinbase’s alleged failures, stating that they deprived investors of crucial protections against fraud, manipulation, conflicts of interest, and routine inspections. The SEC chairman noted: Coinbase’s alleged failures deprive investors of critical protections, including rulebooks that prevent fraud and manipulation, proper disclosure, safeguards against conflicts of interest, and routine inspection. During an interview with CNBC on Tuesday, Gensler remarks about crypto trading platforms and questioned their operational models. He highlighted the fact that these platforms, often referred to as exchanges, encompasses various functions that go beyond traditional exchange activities. Drawing a comparison, he said that the New York Stock Exchange does not engage in hedge fund operations. Market Impact And COIN Stock Decline News of the SEC lawsuit had an immediate impact on Coinbase’s stock value, which plunged significantly during premarket trading following the filing. The legal action against Coinbase comes on the heels of the SEC’s recent lawsuit against Binance, the world’s largest cryptocurrency exchange, and its founder Changpeng Zhao, further intensifying scrutiny on the industry. Related Reading: Bitcoin (BTC) Dominance Trend Shifts Alongside Stablecoin Flows: Glassnode In the wake of the SEC lawsuit, Coinbase’s stock (COIN) has experienced a significant downturn, recording a 13% loss in just one day. This downward trend has seen Coinbase shares tumble from a high of $64 last Tuesday to $50.15 within the past 24 hours. Coinbase stock (COIN)’s value moving sideways on the 1-day chart. Source: COIN on The outcome of the legal battle and its potential implications for Coinbase’s operations could have lasting effects on the company’s stock performance and the broader cryptocurrency market. Already, the fallout from these legal challenges has resulted in a 2.8% decline in the global crypto market, causing its overall value to dip below the $1.2 trillion mark, which had previously served as a plateau. Larger crypto market such as Bitcoin (BTC) and Ethereum (ETH) has also fallen dramatically with both recording 2.7% and 1.3% decline in the past 24 hours, respectively. Featured image from Shutterstock, Chart from TradingView

InQubeta (QUBE) Presale Launch Surpasses Expectations, Attracting Bitcoin (BTC) Holders

06The cryptocurrency market is abuzz with the recent presale launch of InQubeta (QUBE), an innovative platform that bridges the gap between AI and crypto. InQubeta aims to revolutionize the way AI startups receive funding and investors participate in the growing AI industry. Since its highly anticipated presale started, InQubeta has exceeded expectations, drawing the attention

House Ag Committee looks at digital assets regulatory bill, Dems ask how to pay for it

The full Agriculture Committee heard testimony from CFTC chair Rostin Behnam, a full roster of former regulators and Coinbase’s chief legal officer.

Judge Rules Against FTX in Genesis Bankruptcy Mediation Case

FTX will not be allowed to join in the mediation between now-bankrupt crypto lender Genesis Global and its parent company, Barry Silbert’s crypto conglomerate Digital Currency Group (DCG), a judge has ruled. In the ruling, US Bankruptcy Judge Sean Lane decided against FTX's inclusion in the settlement talks, where Genesis and its major creditors, along with DCG, aim to develop a revised payout proposal, Bloomberg reported on Monday.... Read More: Judge Rules Against FTX in Genesis Bankruptcy Mediation Case

AI Deepfakes Becoming Tool of Choice in Cyber Extortion, Says FBI – How is Crypto Being Used in the Process?

The Federal Bureau of Investigation has issued a stark warning about the growing threat of "deepfakes" being used in cyber extortion. In a recent report, the FBI said that malicious actors are using deepfakes to manipulate photographs or videos, often obtained from social media accounts or the open internet, and create sexually-themed images that appear authentic.... Read More: AI Deepfakes Becoming Tool of Choice in Cyber Extortion, Says FBI – How is Crypto Being Used in the Process?

Bitcoin Price Live: Here are the Bottoms for the Ongoing Bearish Trend

The post Bitcoin Price Live: Here are the Bottoms for the Ongoing Bearish Trend appeared first on Coinpedia Fintech News The Bitcoin price witnessed a massive drop in the past trading day, washing out more than 6.5% of its value, marking the lows at $25,388. Despite the current recovery, the price continues to trade in an acute bearish trend. However, the price appears to have found strong support and may soon trigger a healthy upswing …

Tether invests in renewable energy project to power El Salvador bitcoin mining

Coinbase Still Holds Their Stocks Up Comparing January Losses

Following the dispute between the U.S. Securities and Exchange Commission (SEC) and Coinbase, the cryptocurrency exchange, the stock of Coinbase

Top 10 Ethereum Whales Grab $4 Billion Worth Of Coins, Setting a New Record High

Despite a sluggish beginning to the month, Ethereum is poised to gain bullish momentum, with key fundamental indicators signalling a potentially positive trajectory ahead.

SEC Chairman Gensler Stresses Existing Fiat Digital Currencies Are Sufficient Amid Coinbase and Binance Actions

In the aftermath of the U.S. Securities and Exchange Commission’s (SEC) enforcement actions against Coinbase and Binance, chairman Gary Gensler engaged in a conversation, maintaining that further digital currencies are unnecessary. “We already have digital currency. It’s called the U.S. dollar. It’s called the euro or it’s called the yen, they’re all digital right now,”

Gary Gensler Says The US Doesn’t Need More Digital Currency

SEC Chair Gary Gensler stated in a recent interview that the United States doesn't need more digital currency. Chair Gensler added that digital currency already existed, in the form of the U.S. dollar and other fiat currencies.

AGIX, MATIC, GRT, VET Show Potential To Print 50x Gains: Experts

In their latest YouTube video, the crypto news and analysis platform Altcoin Buzz shared some of the altcoins under $1 that could blow up soon. The altcoins included in the list were SingularityNET (AGIX), Polygon (MATIC), The Graph (GRT), and VeChain (VET), and were referred to as Chinese altcoins in the analysis. Altcoin Buzz stated The post AGIX, MATIC, GRT, VET Show Potential To Print 50x Gains: Experts appeared first on Coin Edition .

How AI is Transforming Music Creation in Web3

While AI and automation threaten to kill creative jobs, here's how the Web3 music world is embracing the technology to enhance their craft.

El Salvador’s Bitcoin Mining Industry Sees Tether Join its $1 Billion Venture

After the massive losses that followed the collapse of the crypto exchange FTX, users lost confidence in lending, custody, and cryptocurrency service providers. The fear of losing assets, as with FTX, plagues people's minds after the commotion. Some experts believe it will take a while for fear, uncertainty, and doubt (FUD) to clear from people's minds. It is a critical time for crypto firms as many are experiencing the effects of the FUD caused by the FTX collapse. ... Read More: El Salvador’s Bitcoin Mining Industry Sees Tether Join its $1 Billion Venture

Shiba Inu Whale Transactions Hit $61M+ as Accumulation Picks up

Shiba Inu (SHIB) addresses are scooping up more tokens as transactions worth $100K+ skyrocket amid an uptick in whale accumulation. Shiba Inu (SHIB) is feeling the heat brought by the recent market downturn. Like most mainstream assets, SHIB is down in the past 24 hours. However, whales have leveraged the opportunity to amass more SHIB The post Shiba Inu Whale Transactions Hit $61M+ as Accumulation Picks up first appeared on The Crypto Basic .

Experts Say SEC Lawsuits Against Top Exchanges Suggest “Ripple Case Is Over”

XRP stakeholders comment on the SEC crackdown on exchanges, asserting that the recent developments suggest an end to the Ripple case. Crypto community experts have been discussing recent events in the industry, especially the SEC’s decision to sue the world’s two biggest cryptocurrency exchanges: Binance and Coinbase. For context, the SEC sued Binance and Coinbase in less than 24 The post Experts Say SEC Lawsuits Against Top Exchanges Suggest “Ripple Case Is Over” first appeared on The Crypto Basic .

SEC alt-coin clampdown could put 30% of Coinbase revenue at risk, Mizuho says

Even before the Securities Exchange Commission on Tuesday sued Coinbase ( NASDAQ: COIN ), Mizuho Securities USA estimated that more than 30% of the crypto exchange's revenue could be at risk. The suit against Coinbase ( COIN ), alleging that it offered unregistered crypto asset securities , came a day after the U.S. securities regulator filed a lawsuit against Binance , the world's largest cryptocurrency exchange. "SEC's complaint vs. Binance may turn alt-coins into 'halt-coins,'" Mizuho analyst Dan Dolev wrote in a note to clients. With a number of alt-coins listed in the Binance complaint, "our interpretation is that this language is a potential sign that the SEC views alt-coins (i.e., non-Bitcoin or Ethereum tokens) as securities," he said. In the Coinbase ( COIN ) suit, the SEC specifically named a number of popular alt-coins, including solana ( SOL-USD ) and cardano ( ADA-USD ), that are offered and sold as investment contracts, "and thus as securities." Others named are: polygon ( MATIC-USD ), FileCoin ( FIL-USD ), The Sandbox ( SAND-USD ), Axie Infinity ( AXS-USD ), chiliz ( CHZ-USD ), flow ( FLOW-USD ), internet computer ( ICP-USD ), near ( NEAR-USD ), voxels ( VOX-USD ), dash ( DASH-USD ), and nexo ( NEXO-USD ). In addition, the SEC said the crypto assets that it considers securities aren't limited to that list. "In the event that alt-coins require registration, the cumbersome process and risk of application denial for tokens may inhibit COIN's ability to generate transaction revenue," Dolev said. He noted that alt-coins accounted for ~45% of Coinbase's ( COIN ) trading volumes and ~46% of transaction revenue, or ~22% of total company revenue. Dolev reiterated the firm's Underperform rating on the stock with a price target of $27. Coinbase ( COIN ) stock dropped 14% in Tuesday midday trading to $50.74 at 1:01 PM ET. In alt-coins, cardano ( ADA-USD ) fell 0.3% , solana ( SOL-USD ) +0.4% , polygon ( MATIC-USD ) -4.1% , filecoin ( FIL-USD ) +3.3% , the sandbox ( SAND-USD ) -2.5%. More on the Crypto Clampdown: Binance's Canada exit has been a boon for rival Kraken Canada's OSC probes Binance over whether the crypto exchange tried to skirt rules Coinbase gets SEC warning of potential charges SEC said to be investigating if issuing stablecoins violates investor protection laws

Dow lags Nasdaq, S&P amid small moves; regional banks surge, crypto falls

U.S. stocks on Tuesday seesawed, as investors took a bit of a breather on a relatively light news day with little on the economic data front. Wall Street's three major averages opened with marginal losses and have since fluctuated, with the Dow ( DJI ) lagging behind the other two indices. By afternoon, the blue-chip index was down 0.19% to 33,498.93 points. The tech-heavy Nasdaq Composite ( COMP.IND ) was up 0.03% to 13,233.54 points, with gains capped by continued weakness in shares of Apple ( AAPL ) as investors digested the implications of the iPhone-maker's highly priced new mixed-reality headset. The S&P 500 ( SP500 ) was lower by 0.04% to 4,280.45 points. The benchmark index retreated further from a key level at 4,292.44 points. If it rises above that level, it would mark a more than 20% gain from its October 2022 closing low and an exit from its longest bear-market run since 1948. "Markets certainly stopped chasing and squeezing yesterday, in part thanks to a weak ISM services print that helped to ramp up fears about a recession," Deutsche Bank's Jim Reid said. "Earlier in the day it had looked rather different, and at one point the S&P 500 ( SP500 ) was even on track to close in bull market territory, having risen by over 20% since its closing low last October. But the negative data surprise ultimately dominated, and that led to a decent risk-off move that meant the index fell short of that milestone by the close." On Tuesday, eight of the 11 S&P sectors were trading in the green, led by an outsized +1% gain in Financials on the back of strength in regional bank stocks. The SPDR Regional Bank ETF ( KRE ) and the Invesco KBW Regional Bank ETF ( KBWR ) added more than 5% each, while Zions Bancorporation ( ZION ) and Comerica ( CMA ) were among the top S&P 500 ( SP500 ) percentage gainers. Meanwhile, cryptocurrencies were in focus after the U.S. Securities and Exchange Commission (SEC) sued crypto exchange Coinbase ( COIN ), which tumbled more than 13%. Bitcoin ( BTC-USD ) and ethereum ( ETH-USD ) had both reversed course and were now higher. The economic calendar was empty, and the Federal Reserve is in its blackout period ahead of its monetary policy committee meeting from June 13 to 14. According to the CME FedWatch tool, markets are seeing a solid ~79% chance of no rate hike next week, followed by a nearly 53% probability of a 25 basis point bump in July. "With our expectation that the May core CPI data looks strong, in light of Friday's robust gain in nonfarm payroll employment, and given our expectation that the FOMC participants' assumption of appropriate policy revises up at the June FOMC meeting, we expect the FOMC raises the target range for the federal funds rate by 25 bps at the July FOMC meeting," UBS' Jonathan Pingle said on Monday. "We do not expect a rate hike at the June meeting, consistent with how we view the recent FOMC communications. That implies the July FOMC meeting rate hike would leave the target range for the federal funds rate at 5.25% to 5.50%. Yes, we think the FOMC skips June and raises rates in July," Pingle added. Treasury yields were slightly higher on Tuesday. The longer-end 10-year yield ( US10Y ) was up 1 basis point to 3.70% while the more rate-sensitive 2-year yield ( US2Y ) was up 4 basis points to 4.52%. The dollar index ( DXY ) was up 0.18% to 104.19. Turning to active stocks, chipmakers were in focus after reports that Taiwan Semiconductor Manufacturing ( TSM ) revised its annual capital spending outlook. Advanced Micro Devices ( AMD ) and Intel ( INTC ) both advanced more than 3% each and were among the top percentage gainers on the Nasdaq Composite ( COMP.IND ). Conversely, Broadcom ( AVGO ) fell more than 3%. More on the markets Saudi production cut unlikely to boost oil prices to high $80s-low $90s, Citi says SP500: I'm Getting Ready To Short More Aggressively S&P 500: Next Stop 4,600

Former Minnesota Vikings Co-Owner Convicted in $700 Million Cryptocurrency Scam

The Manhattan federal court has convicted the former co-owner of the Minnesota Vikings, Reginald Fowler, for a $700 million crypto scam. Washington Post reported that Fowler, aged 64, defrauded the Alliance of American Football (AAF), a now-shut-down professional football league, in a fraudulent crypto investment. The sentence announced by the US Attorney’s Office in New York noted that the Arizona-based businessman would serve a 75-month jail term. ... Read More: Former Minnesota Vikings Co-Owner Convicted in $700 Million Cryptocurrency Scam

New Shiba Inu, China-Japan INU Meme Coin Price Explodes 40,000%, Wall St Memes Pumps to $4.5m

The latest meme coin to challenge for the Shiba Inu crown by grabbing buyers’ dollars is $INU, which launched two days ago and has risen 40,000%. $INU is trading at $0.000000008840 and reached a high yesterday of $0.000000009831, according to Dextools price data. 24-hour volume is around $20 million and the market cap is a little over $8 million. The token’s DEX liquidity is $1.29 million. When it launched on June 4, total liquidity was just 20 ETH.... Read More: New Shiba Inu, China-Japan INU Meme Coin Price Explodes 40,000%, Wall St Memes Pumps to $4.5m

Piers Ridyard on Radix, One of Crypto’s Oldest Companies

Piers Ridyard is the CEO of Radix, one of the world’s oldest digital currency companies. The project is on the verge of turning ten, and he believes many new opportunities and challenges are coming not only for his enterprise, but for the crypto industry in general. Piers Ridyard Discusses His Crypto Journey Discussing his early ... The post Piers Ridyard on Radix, One of Crypto’s Oldest Companies appeared first on Live Bitcoin News .

Unigrid Secures $25M Investment Commitment from GEM Digital, Partners WeSendit, Targets Cloud Giants

PRESS RELEASE. June 6th, 2023: Unigrid, a pioneering force in the development of a decentralized and anonymous Internet, is excited to announce a significant milestone, a new strategic partnership, and an ambitious market positioning. Unigrid has recently secured a $25 million investment commitment from GEM Digital Limited. Additionally, Unigrid has partnered with WeSendit, the world’s

Not Immune To FUD? Binance Sees $1.5 Billion In Outflows In 24 Hours

EThe United States Securities and Exchange Commission (SEC) announced on June 5 that it had sued the largest crypto exchange in the world, Binance, for alleged securities fraud. The announcement triggered a market crash as BNB’s price and others suffered, and users clamored to remove their crypto from the exchange. $1.5 Billion In Withdrawals In 24 Hours In the 24 hours following the SEC’s announcement, the volume of withdrawals from Binance saw a surge, as expected. According to data from DeFiLlama, Binance’s net flows climbed quickly but with outflows remaining high, it offset all of the inflows as withdrawals dominated its volume. In total, the exchange saw $1.5 billion in crypto assets leave the exchange in the 24-hour period following the SEC announcement. Related Reading: LSD Tokens Rally As Ethereum Staking Ramps Up, Here Are The Leaders On-chain data aggregation firm Nansen also reported on the Binance outflows. The dashboard showed that transfers on the Ethereum blockchain alone on the exchange reached a negative net flow of $778 million on the worldwide platform, while the US arm saw negative net flows of $12,982,964. Outflows reach $1.5 billion | Source: DeFiLlama Trading volume on the exchange has also remained high during this time with $6.24 billion in spot volume in the one-day period. Open interest on the trading platform also climbed to $8.8 billion with an average leverage of 0.17x. Despite the outflows, Binance still remains ahead of the rest of the market with around $50 billion in assets in its reserves. This means that the $1.5 billion in outflows only accounts for less than 3% of the exchange’s total reserves. Can Binance Recover From Here? This is not Binance’s first rodeo when it comes to an event triggering massive outflows from the exchange. In fact, the current outflows remain in the realm of ‘normal’ for the exchange which saw over $2 billion in single-day outflows back in December 2022. Given that the exchange was able to come out of the FTX event unscathed even after investor trust had been eroded greatly, the possibility of it coming out of this unscathed as well remains high given the outflows are lower. CEO Changpeng Zhao has also adopted a new mantra of ‘Ignore FUD’ this year as he has assured users in the past that their funds are safe. Related Reading: Galaxy Digital CEO Mike Novogratz Says This Will Kickstart The Bitcoin Bull Market A recent tweet from Zhao seems to be addressing the SEC coming after the exchange. The SEC which has now sued multiple firms looks to be coming after the crypto industry in general and not just one firm. “If you have to pick a fight with everyone, maybe you are the one at fault,” the CEO said. At the time of writing, Binance’s native token BNB is yet to recover from its Monday crash. The coin is trading at $277.58, down 7.81% in the last 24 hours with losses of 11.30% on the weekly chart. BNB price drops over 10% in 24 hours | Source: BNBUSD on Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet… Featured image from CNBC, chart from

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