Crypto news

Germany’s on-chain Bitcoin wallet balance has officially reached zero, according to Arkham Intelligence, meaning sell pressure from the European economic powerhouse is likely at or near its end. The wallet’s latest outflows bring an end to a bearish narrative that’s hung over the crypto market for weeks, at a time when on-chain indicators are signaling that a local bottom is near. Germany’s Last Bitcoin Sale As of late Thursday, Arkham said that the government had just 4925...

The Security and Exchange Commission’s accounting bulletin 121 (SAB 121) requires companies, including banks, to hold crypto assets for clients as a liability on their balance sheets. This makes it inefficient for large banks to offer crypto custody services. Both the House and Senate passed a bipartisan Congressional Review Act (CRA) resolution to nullify this guidance, which the Biden Administration vetoed in May. However, a House vote to overturn the veto failed to reach...

In a July 11 hearing, Judge Katherine Polk Failla expressed skepticism about Coinbase’s efforts to subpoena SEC Chair Gary Gensler in the ongoing SEC case against the cryptocurrency exchange. As detailed by Inner City Press, the hearing showcased Coinbase’s persistent efforts to acquire Gensler’s communications, including statements made before he became SEC Chair in 2021. Judge Skeptical of Coinbase’s Subpoena Judge Failla stated, “I understood from the SEC’s opening...

The US Securities and Exchange Commission (SEC) has dropped its investigation into Paxos’ alleged securities violation for issuing the BUSD (Binance USD) token. Paxos received a Wells Notice in February 2023 from the regulator, stating its intent to investigate the stablecoin issuer’s role in offering unregistered securities to US investors. Paxos took to X to announce this development, “Paxos prevails in SEC investigation of BUSD stablecoin.” It continued to state it received an...

Bitcoin’s correction this month may be short-lived as institutions appear to have taken the drawdown as a juicy buying opportunity, according to on-chain data. The findings arise alongside other blockchain-based signals suggesting that Bitcoin’s price is at an appetizing entry point. Institutions Just Bought The Dip As shared by market intelligence platform CryptoQuant on Thursday, “institutions” – loosely defined as Bitcoin wallets holding between 1000 BTC and 10,000 BTC –...

Popular DeFi platform Compound Finance has been breached by scammers, with its website redirecting users to a phishing link. Compound’s dApp and smart contracts remain unaffected. Hackers are redirecting Compound’s users from its site to a lookalike that gathers sensitive information, potentially providing them access to user funds. ZachXBT warned the platform’s users through a Telegram post, “Compound Finance website seems to be hijacked potentially do not visit the site for the time being....

Ethereum’s price has been dropping recently, following a second rejection from the $4,000 resistance level, and it has yet to recover. Technical Analysis By TradingRage The Daily Chart On the daily chart, the price has been making lower highs and lows since failing to break the $4,000 level to the upside a while ago. The market has also broken below the 200-day moving average, around the $3,100 mark. The price is currently retesting the 200-day moving average but is seemingly...

Shares of Bitcoin mining company IREN, formerly known as Iris Energy, tumbled by 24% on the Nasdaq following a report from short-seller firm Culper Research. The paper, released on July 11, labeled the company as “wildly overvalued” and suggested its stock should be valued 52-79% lower than its current market price. HPC Plans and Underinvesting Following the report, according to Google Finance data, IREN’s shares fell 24.5% to $10.36 before partially recovering to $11.20 by...

The cryptocurrency market has gone through a considerable rollercoaster in the past seven days, with the price action being as volatile as it can get. At the time of this writing, the total capitalization settled at around $2.5 trillion, up 3.5% during that period. Bitcoin wasted no time and, on July 7th, pushed above $58K for the first time this week. The bears intercepted the move immediately and, on the following day, pushed it back below $55K, where buyers found a quick...

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