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Today’s News Summary about Crypto 23.3.2023

by 23. Mar 2023 @ 3:15Daily News Summary about Crypto

Key Points

Greetings on this Thursday! Here’s the latest news in the world of cryptocurrencies:

  • The SEC issues a warning to Coinbase, potentially leading to legal action.
  • Tron founder Justin Sun faces a lawsuit from the SEC for selling “unregistered securities.”
  • Bitcoin’s value dips below $28,000 following an interest rate hike by the Federal Reserve.

The U.S. Securities and Exchange Commission (SEC) has sent a Wells notice to cryptocurrency exchange Coinbase, a move that might result in legal action or other enforcement measures against the company. The SEC claims that Coinbase may be violating securities laws with its exchange and staking services. The notice allows Coinbase the chance to respond and potentially reach a settlement with the regulatory body.

On Wednesday, the SEC filed a lawsuit against Justin Sun, the founder of the Tron blockchain, accusing him of selling and airdropping unregistered securities and engaging in fraud and market manipulation. The SEC’s press release stated that it was suing Sun, the Tron Foundation, the BitTorrent Foundation, and BitTorrent over the sale of tronix (TRX) and BitTorrent (BTT) tokens, which the regulator classified as unregistered crypto-asset securities. Following the announcement, the Tron network’s native TRX token experienced a 13% drop in value, falling to 5.8 cents, as per CoinDesk data.

On Thursday, Bitcoin’s value edged slightly below $28,000 as market participants processed the Federal Reserve’s quarter-point interest rate hike, which met expectations. The decision underlined the Fed’s ongoing concerns about inflation and its strong commitment to achieving a 2% inflation target. Bitcoin’s price dropped to below $27,000 right after the Fed’s announcement, as traders cashed in on a 20% increase over a rolling seven-day period. However, the volatility led to over $150 million in losses for bitcoin-tracked futures traders, with billions in open interest – representing unsettled contracts – effectively being wiped out.

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Top News in Crypto for April 5, 2023

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  • Ether has surged to a nine-month high, up 5% to $1,920 in the past 24 hours, ahead of the upcoming Ethereum network upgrades.
  • PostFinance, a Swiss financial services firm, is partnering with Sygnum Bank to offer cryptocurrencies to its 2.5 million customers, enabling them to buy, store, and sell bitcoin and ether, with more crypto tokens to be added in the future.
  • Paxful, a popular peer-to-peer Bitcoin trading platform in Africa, has suspended its operations. Its co-founder, Ray Youssef, is rallying the Bitcoin community to help build and fund a new decentralized platform called Civilization Kit (Civ Kit), which is a decentralized peer-to-peer Bitcoin trading app built on Nostr, a decentralized social media app.
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