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Analytics Reading time: ~2 m The campaign of the American authorities against the Binance and Coinbase exchanges hit the entire crypto industry. However, the depreciation of bitcoin turned out to be uncritical. Bitcoin The week from June 2 to June 9, 2023 was marked by a 2.37% decline in the price of bitcoin. The biggest volatility occurred on June 5 and 6, when the coin first fell by 5.11%, and the next day it rose by 5.82%. At the same time, the maximum trading volumes were recorded. Source: tradingview.com SEC lawsuits against crypto exchanges have affected bitcoin, but indirectly. This…
Regulation Reading time: ~2 m Crypto giant Binance is allocating a lot of money to litigate with the US Securities and Exchange Commission (SEC), the creator of the Bitboy Crypto YouTube channel said, citing a company lawyer. “I spoke with a Binance lawyer: they have allocated $1 billion to fight the SEC. Basically, the exchange could hire all the major law firms at once to fight for the company,” Ben Armstrong tweeted. By comparison, Ripple spent just $150 million fighting the same U.S. regulator in court, the crypto influencer added. Earlier, the US Securities and Exchange Commission (SEC) sued Binance…
Regulation Reading time: ~2 m The founder and CEO of the largest cryptocurrency exchange Binance, Changpeng Zhao, has addressed his employees with a warning that they can be monitored through instant messengers. This was told by Chinese journalist Colin Wu, known on Twitter as Wu Blockchain. Zhao reached out to employees after the US Securities and Exchange Commission (SEC) sued Binance and Zhao for violating securities trading regulations. According to Zhao, he received information that some SEC agents are trying to get in touch with Binance employees through various messaging platforms such as Telegram, WhatsApp, and Signal. He urged his…
Analytics Reading time: ~2 m This week, the cryptocurrency market suffered millions in losses as a result of liquidations that occurred after the US Securities and Exchange Commission (SEC) filed a lawsuit against two major crypto exchanges. The agency filed 13 charges against Binance and its CEO CZ, and the next day accused Coinbase, the only public exchange in the US, of violating securities laws. However, Glassnode’s analysis indicates an increased resilience of market participants. Initially, increased U.S. regulatory pressure on heavyweights Binance and Coinbase caused significant market volatility in both directions. Despite this, the amount of realized losses recorded…
Ethereum Reading time: ~2 m Well-known Russian-Canadian programmer Vitalik Buterin has released a new Ethereum roadmap. He touched upon several key topics for the further development of the blockchain project. According to him, the most important aspects are increasing the level of scaling, privacy and security of the wallet. The specialist noted that the network should work with all components simultaneously; otherwise, the blockchain may fail. The Ethereum co-founder posted a post titled “Three Transitions” on his blog. He wrote that technical upgrades needed to be made simultaneously to support key components of the protocol while providing a “global and…
Regulation Reading time: ~2 m Curve Finance CEO Mikhail Egorov has been sued by three DeFi venture capital firms. The complaint filed in San Francisco alleges that Egorov defrauded ParaFi Capital, Framework Ventures and 1kx. M. Egorov, CEO of decentralized finance company Curve Finance, is accused of fraud by venture capital companies ParaFi Capital, Framework Ventures and 1kx in the US. Curve Finance CEO Egorov sued Mikhail Egorov misappropriated the trade secrets of companies and defrauded them of $1 million The lawsuit, filed in the Supreme Court of California, San Francisco, alleges that Yegorov misappropriated the trade secrets of three…
DeFi Reading time: ~2 m Participants and visitors of the Consensus 2023 forum discussed the growth of the decentralized finance (DeFi) sector. First of all, they were interested in the topic of the need to comply with the rules and laws, as well as the problem of balancing cryptographic concepts with the requirements relevant to traditional finance (TradFi). The main topic was whether decentralized finance (DeFi) should ignore the requirements of regulators or vice versa. The researchers noted that this sector of the crypto economy uses blockchain technology and smart contracts to exclude intermediaries from lending, trading, storage and other…
Analytics Reading time: ~2 m Bloomberg analyst announced that the market situation does not give crypto investors a reason to hope for an explosive growth in assets. Mike McGlone builds his conclusions about the change in the market value of the two leading cryptocurrencies by capitalization on the analysis of the correlation between the movement of bitcoin and ether with the movement of stock market quotes and gold prices. The possibility of a recession in the United States, which is negatively affecting the stock market, as well as the tendency to accumulate gold, coupled with the tightening of the Fed’s…
Blockchain Reading time: ~2 m The average transaction fee on Optimism’s L2 network dropped by 56% from $0.57 to $0.16 after the recent Bedrock update, according to a Dune dashboard. Average gas charge in Optimism before and after the update. Data: Dune. Over the past few days, users have saved nearly $150,000 in gas bills. “Most of the total cost of a transaction, about 86%, comes from the expected costs of sending data to [Ethereum],” Michael Silberling, network data analyst at OP Labs, told The Block. According to him, the decrease in commissions in Optimism is due to the fall…
Analytics Reading time: ~2 m The price of Litecoin began to recover after a 10% collapse, provoked by turbulence in the cryptocurrency market. Readings of key on-chain metrics indicate that miners have played a key role in this, as they remain bullish on LTC. We are looking into whether their confidence will be passed on to other investors. Miners continue to accumulate LTC Despite increased volatility and negative sentiment that has gripped the crypto market this week, miners are still accumulating LTC. Metrics On-chain Miner Reserves platforms IntoTheBlock monitors the balances of coins at addresses associated with miners and mining…