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Top News in Crypto for April 4, 2023

by 4. Apr 2023 @ 10:02Daily News Summary about Crypto

Key Points

Greetings to you on this fine Tuesday! Here’s the latest in the world of cryptocurrency:

  • Dogecoin (DOGE) soars following Elon Musk’s Twitter logo change
  • Binance sees market share dip as US regulators and fee changes take effect
  • Voyager Digital faces $100 million loss if US government legal obstacles aren’t cleared

Top Stories

In a flurry of recent events, the crypto world has seen Dogecoin skyrocket after a logo change on Elon Musk’s Twitter profile, Binance’s market share fall due to regulatory pressure and fee changes, and Voyager Digital racing to overcome legal hurdles in a high-stakes situation.

 

Dogecoin Ascends as Musk Embraces the Shiba Inu

Dogecoin (DOGE) experienced a dramatic 35% increase in value after Elon Musk’s Twitter profile replaced the platform’s iconic blue bird with the Shiba Inu dog, representing the popular cryptocurrency. DOGE reached a trading value of around 10 cents on Tuesday, a price it hadn’t seen since December, as per CoinDesk’s records. Elon Musk has been a vocal supporter of DOGE, hinting at its potential superiority in payment functionality over Bitcoin. Following the logo switch, Musk’s first public response was a tweet featuring a cartoon image.

 

Binance Market Share Dips Amid Regulatory Tensions and Fee Changes

The world’s largest crypto exchange, Binance, witnessed a significant decline in market share after being accused of fraud by a US regulator and eliminating zero-fee trading for certain pairs. Research platform Kaiko revealed that Binance’s trading volume market share dropped from 70% to 54% within two weeks, marking the lowest level since November 5th and the lowest sustained market share since August. In the US, Coinbase’s (COIN) market share dipped to a weekly average of 49% from 60% during Q1, while Binance.US saw an increase in market share from 8% to 24% during the same period.

 

Voyager Digital’s $100 Million Predicament Amid Legal Tussle

Voyager Digital and its creditors are at risk of losing $100 million if the US government’s legal objections aren’t resolved by April 13, as stated in legal documents filed on Monday night. The bankrupt crypto lender is urgently pursuing legal action to allow a $1 billion acquisition by Binance.US to proceed, fearing that disputes over contract drafting might lead the exchange to withdraw. Voyager’s creditors filed a document claiming, “Consummation of the plan by April 13 is necessary to preserve massive creditor value.” They also noted that “if the deal is not completed, Voyager’s creditors will lose roughly $100 million in value.”

 
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Top News in Crypto for April 5, 2023

by | Apr 5, 2023 |

  • 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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