Cryptocurrency firm Circle has achieved a significant milestone by securing registration as an electronic money institution (EMI) in France. This move grants Circle a crucial license to operate as a compliant stablecoin issuer under the European Union’s rigorous crypto laws. Circle Breakthrough According to a CNBC report, the approved license positions Circle as the first global stablecoin issuer to achieve compliance with the European Union’s regulatory framework known as Markets in Crypto-Assets (MiCA). This framework, considered a cornerstone in the EU’s approach to governing cryptocurrencies, sets out comprehensive rules and obligations for crypto companies to ensure investor protection and safeguard against market manipulation. Related Reading: Bitcoin Weekend Trading Takes A Siesta: Volumes Plunge To Record Lows Circle’s acceptance into the MiCA regulatory framework means that both its USDC and Euro Coin (EURC) tokens can now be issued within the European Union while meeting the stablecoin regulatory obligations outlined by MiCA. Additionally, Circle is opening up its Circle Mint service, enabling businesses to mint and redeem Circle stablecoins, to customers in France. Expressing his satisfaction with the achievement, Jeremy Allaire, co-founder and CEO of Circle, emphasized the company’s longstanding commitment to building compliant and well-regulated infrastructure for stablecoins. He stated: Our adherence to MiCA, which represents one of the most comprehensive crypto regulatory regimes in the world, is a huge milestone in bringing digital currency into mainstream scale and acceptance. European Stablecoin Adoption The EU’s MiCA law, which officially came into effect in May 2023, introduced the world’s first comprehensive regulatory framework for cryptocurrency operations. Last week, provisions specifically governing stablecoins were approved, imposing stringent measures on trading volume limitations for certain stablecoins, particularly those denominated in US dollars. As a registered EMI in France, Circle can now extend its services, including the minting and redemption of USDC through Circle Mint, not only to customers in France but also to individuals and businesses across the European Union. This is made possible by the concept of “passporting” outlined in MiCA, which allows crypto businesses to offer services in one EU country and expand into other markets within the bloc. Related Reading: Dogecoin Could Eclipse $1 Mark This Bull Run, Predicts Analyst While Circle’s achievement is commendable, it should be noted that additional obligations under MiCA about crypto asset service providers will become applicable by December 30, 2024. Crypto companies will then have until July 2026 to ensure full compliance with MiCA’s requirements. Since its launch in September 2018 by Circle and crypto exchange Coinbase, USDC has gained significant traction and now holds the position of the second-largest stablecoin globally. According to CoinGecko data, USDC’s circulation amounts to $32.4 billion, trailing only Tether’s USDT, which holds the title of the world’s largest stablecoin with a circulation of $112.7 billion. Featured image from Shutterstock, chart from TradingView.com
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Following the bullish weekend of a 1.75% jump and a morning star pattern, Ethereum’s price fails to sustain the momentum. With a higher price rejection after a top at $3,518, the ETH price reverts to $3,420. The delay in the Ethereum ETF listing leads to an anxious market and results in some underlying weakness. Further, …
Robinhood has acquired Pluto Capital, an AI powered investment research firm.
A GameStop investor who accused Roaring Kitty of committing securities fraud has voluntarily dropped the complaint "without prejudice" meaning he can file another similar lawsuit again in the future.
Ethereum co-founder Vitalik Buterin ignited a firestorm this week with his scathing critique of US crypto regulations, urging a major overhaul of the system. In a move that has sent ripples through the industry, Buterin slammed the expansive definition of securities employed by the Securities and Exchange Commission (SEC), arguing it stifles innovation and incentivizes […]
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Polkadot’s Treasury spent $87M (11M DOT) in H1 2024, with 13% via executive bodies. The Treasury holds $245M (38M DOT) in assets, including $188M (29M DOT) liquid and $8M in stablecoins, plus $16M (2.5M DOT) for more stablecoin purchases. Allocations include $24.5M (3.8M DOT) for marketing, DeFi tooling, gaming, and business development, and $6.4M (1M …
The recent report released by the Polkadot Treasury for the first half of 2024 has raised concerns over an impending funding crisis. The report indicates that the Treasury’s assets, spread across multiple chains, have become increasingly complex and challenging to manage effectively. Decentralized finance (DeFi) researcher DeFi Ignas has analyzed the report, highlighting the Treasury’s limited runway of approximately two years at the current burn rate of $87 million every six months. Funding Concerns Mount For Polkadot Polkadot’s expenditure during the first half of 2024 paints a worrying picture. An extensive outreach program accounted for $37 million, aiming to attract new users, developers, and businesses. Additional expenses included $10 million on ads/sponsorships, $4.4 million on influencers, and $4 million on digital ads. Surprisingly, despite such expenditures, Polkadot’s visibility on social media platforms, including “Platform X,” remained notably low. Related Reading: Bitcoin Weekend Trading Takes A Siesta: Volumes Plunge To Record Lows The Treasury spent a total of $86 million in the past six months, managing $245 million (38 million DOT) in assets, with $188 million (29 million DOT) in liquid form. The burn rate indicates that the Treasury may face bankruptcy in less than two years. Polkadot’s token supply experiences a 10% annual growth, primarily fueling staking rewards. With a $10 billion market cap, stakers receive $1 billion per year, which significantly affects network security costs. However, a proposal to reduce inflation was rejected by 57% of the stakeholders, further compounding the Treasury’s financial challenges. New Governance Model The report reveals that direct fee revenue remains marginal for Polkadot. In 2023-H2, Polkadot generated 300,000 DOT through fees during a short-lived inscription campaign. Under regular conditions, fee revenue stabilizes at around 20,000 DOT per quarter. On the expense side, the report highlights a 2.4x increase in DOT spending compared to 2023-H2. Ambitious proposals and larger ask sizes contributed to this significant spending surge. Although the average DOT price rose, resulting in more value per DOT, concerns about the Treasury’s usage are mounting within the ecosystem. Related Reading: Dogecoin Could Eclipse $1 Mark This Bull Run, Predicts Analyst To address these challenges, Polkadot is moving towards a more structured approach. Executive bodies, such as bounties and collectives, are emerging to assume departmental roles within the ecosystem. These bodies are responsible for security, data research, core functionality development, network operation, marketing, and business development activities. The key question now is how to establish effective structures quickly to guide Polkadot toward success. The solution, according to the blockchain’s treasury, is to delegate more responsibility to these executive bodies. These bodies are made up of competent individuals who evaluate new proposals and deliver value. Collectives, similar to subDAOs, have OpenGov capabilities and sub-treasuries to facilitate their work. By leveraging these executive bodies, Polkadot can outsource operational issues and mundane tasks, allowing OpenGov stakeholders to focus on making critical decisions. The effectiveness and performance of the executive bodies are evaluated, and budget allocations are negotiated with OpenGov based on the results. At the time of writing, DOT is trading at $6.35, representing a price recovery of nearly 4% in the 24-hour time frame. However, the 17th largest cryptocurrency by market cap is still down 10% over the past month. Featured image from DALL-E, chart from TradingView.com
Coinbase's filing challenges a recent court decision that allowed the SEC's lawsuit against Coinbase to proceed.
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Dogecoin (DOGE) could be on the brink of a major bullish reversal based on a technical indicator recently flashing a bullish signal for the meme coin. While highlighting the bullish signal, crypto analyst Ali Martinez also hinted at how high Dogecoin could rise when this reversal occurs. A Rebound For Dogecoin On The Horizon Martinez mentioned in an X (formerly Twitter) post that the TD Sequential is presenting a buy signal on Dogecoin’s 3-day chart, thereby “predicting a rebound of one to four candlesticks for DOGE.” Based on the chart he shared, Dogecoin could enjoy a reversal to around $0.17, the area in which it began its downtrend in early June. Related Reading: Bitcoin Remains Bullish As New BTC Addresses Surge To New 2-Month Highs A massive rebound for Dogecoin will undoubtedly be a welcome development for its holders, who have had to deal with the meme coin’s bearish outlook for some time now. Dogecoin failed to make any impressive rally, while other foremost meme coins rallied following Roaring Kitty’s return. Meanwhile, the meme coin took one of the worst hits following the recent avalanche that plagued the crypto market. Bitcoin led altcoins on a downward trend towards the end of June. However, with the flagship crypto reversing and back above $63,000, Dogecoin could also enjoy an impressive recovery from its current price level. Moreover, data from the market intelligence platform IntoTheBlock shows a strong positive correlation between Dogecoin’s price and Bitcoin’s. As such, Dogecoin could significantly move to the upside as the flagship crypto rebounds. Crypto analyst Kevin (formerly OG Yomi) also recently provided a bullish narrative for Dogecoin. He stated that his indicator had flashed a weekly buy signal for the first time since the meme coin was at $0.05. Additionally, Kevin noted that Dogecoin is about two green weekly candles away from confirming its first weekly golden cross in four years. He claimed that this is something to watch, suggesting that Dogecoin’s rally could be parabolic when this happens. DOGE Could Reach $0.6 On Next Leg Up Crypto analyst Javon Marks recently predicted that Dogecoin could reach $0.6 on its next leg up. He stated that the move towards the breakout target at $0.6533 “may be a matter of time, and prices could be preparing here for a break above.” The crypto analyst seemed confident as he again reaffirmed that a price rally of over 400% to reach this target might already be loading. Related Reading: SEC Serves Fresh Lawsuit To Metamask Developer Consensys – What’s The Problem This Time? Marks had previously predicted that Dogecoin would rise to as high as $17 in this bull run. He claimed that such a meteoric move was possible based on the meme coin’s historical trend. He noted that the foremost meme coin has always made a larger run in every subsequent bull run, meaning it could enjoy a rally that will overshadow its price move of 22,800% in the 2021 bull run. Featured image created with Dall.E, chart from Tradingview.com
Bitfarms increased its online hashrate to 10.4 exahashes per second in June, marking a 39% month-on-month increase.
In a notable shift, June witnessed a significant reduction in cryptocurrency losses due to hacks, down by 54.2% from the previous month, according to the latest data from PeckShield. This downturn in cyber theft indicates an evolving space in the crypto security domain, even as the industry grapples with ongoing challenges. Related Reading: Crypto Catastrophe: […]
In a move indicative of growing corporate confidence in Bitcoin, Tokyo-listed Metaplanet has once again increased its BTC reserves, with a recent acquisition pushing its total holdings past the $10 million mark. This purchase coincides with Bitcoin’s positive start in July, as the cryptocurrency begins to recover recently lost gains. Currently, Bitcoin is trading above $63,000, marking an increase of nearly 3% in the past day. Related Reading: Is The Bitcoin Price Correction Over? Here’s The Support Level To Watch Metaplanet’s Expansion Into Bitcoin Earlier today, Metaplanet made headlines by acquiring an additional 20.195 Bitcoin, valued at approximately $1.2 million, as announced just after market close on the Tokyo Stock Exchange. This acquisition is part of a larger strategy, previously declared on June 24, which involves significant capital allocation towards Bitcoin through upcoming bond issuances. This latest transaction not only represents its first purchase using the bond process, but has also now brought Metaplanet’s total Bitcoin holdings to approximately 161.2677 BTC, worth roughly $10.1 million, showcasing a bullish stance on the future of this leading cryptocurrency. The purchase price, averaging $63,427 per Bitcoin, underscores the bold plan to invest in Bitcoin regardless of its fluctuating market conditions. Notably, the implications of such significant investments by publicly traded companies are quite manifold. Firstly, it reinforces the legitimacy of Bitcoin as an investment asset, encouraging other firms to consider similar ventures. For instance, prior to Metaplanet’s plan to start purchasing BTC, Microstrategy has long been doing this bringing its total BTC holdings to over 226k BTC as of today. Secondly, these acquisitions can influence market sentiment, potentially stabilizing prices or even driving price upwards due to reduced market supply. Does BTC’s Current Rebound Signals Further Climb? In tandem with Metaplanet’s investment, the Bitcoin market itself is showing signs of an upturn. The cryptocurrency has recently seen a 2.6% increase, with prices rebounding above the $63,000 threshold. This resurgence is supported by comments from Credible Crypto, a prominent analyst in the space, who points out that the critical $63-64k zone could herald a new bullish phase for Bitcoin if reclaimed effectively. Related Reading: Market Tremors: $10 Billion in Bitcoin Dumped in May Alone, What Does This Signal? The analyst further remarks on the importance of this price level, suggesting that a confirmed break could signal a bottom is in place, setting the stage for a potential rally. Zooming in a bit, and as explained in my latest Youtube vid, the 63-64k zone in RED is the key region that needs to be re-claimed for confirmation that our bottom may be in and that we may be seeing a scenario like below developing. Just as it was at our 38k bottom, a break of… https://t.co/9jvJ3Iq9UU pic.twitter.com/1mH93c1SL0 — CrediBULL Crypto (@CredibleCrypto) June 30, 2024 Moreover, the broader market trends offer additional context. CryptoQuant CEO Ki Young Ju notes the current market’s low volatility as an opportune moment for whales to accumulate BTC, reinforcing a bullish outlook for the continuing cycle. Similarly, analysts like Daan Crypto Trades have observed substantial buy bids accumulating below the spot price, indicating strong support levels that could prevent further significant downturns. Featured image created with DALL-E, Chart from TradingView
Quick Take Short-term holders (STHs) are investors who have acquired Bitcoin within the last 155 days, while long-term holders (LTHs) are those who have held Bitcoin for longer. Notably, the launch of the Bitcoin ETF in the US on Jan. 11, approximately 172 days ago, means that investors who bought Bitcoin at that time are […]
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In the financial market, historical trends often offer a glimpse into potential future outcomes and so far, July has historically been a strong month for both Bitcoin and Ethereum, and analysts are eyeing this pattern to predict another fruitful period. A Profitable July For Bitcoin And Ethereum According to seasoned market analysts from QCP Capital, Bitcoin has displayed a median return of 9.6% in July over the years, with a pattern of bouncing back significanly following lackluster performances in June. This year, Bitcoin’s decline of nearly 10% in June sets the stage for a possible uplift in July based on these historical insights. 3/ Looking at seasonality, BTC has a median return of 9.6% in July and tends to bounce back strongly especially after a negative June (-9.85%). — QCP (@QCPgroup) July 1, 2024 Adding to the optimistic outlook, Coinbase analysts David Duong and David Han have corroborated the trend, noting that improved liquidity conditions expected in July could further “bolster” the market. Related Reading: Bitcoin Nears $64,515 Resistance: Will A Breakthrough Ignite A Bullish Run? The aftermath of June’s sell-offs has cleansed the market of excess positions, potentially paving the way for more stable and positive price movements. Moreover, the trading volumes for Bitcoin and Ethereum, encompassing both spot and futures across global exchanges, have witnessed a dip from $90 billion in May to $75 billion in June. This consolidation in trade volumes is seen as setting a healthier stage for the next wave of market activity, according to the analysts.. The positive July seasonality is not just a pattern observed in the top cryptocurrencies but is also underpinned by broader market dynamics. Analysts like Ali have pointed out that the recovery patterns post-June slumps particularly indicate “strong bounce back” in July performances historically. Historically, when #Bitcoin has had a negative June, it tends to bounce back strongly in July. In fact, $BTC has shown an average return of 7.98% and a median return of 9.60% during this month. pic.twitter.com/fJaIwc7Eob — Ali (@ali_charts) June 30, 2024 This has been particularly true for Bitcoin, which has shown an average return of nearly 8% during this month. BTC Current Market Performance It is worth noting that the setup for a bullish July is further supported by the technical analysis of Bitcoin’s recent price movements. In the past 24 hours alone, Bitcoin has surged by 2.7% currently trading at $63,104, marking a promising start to the month. This recent uptick has pushed its weekly gains to a similar 2.7%, reflecting growing investor confidence. Despite these historical and current positive indicators, the predictions aren’t without their challenges. Market conditions, including macroeconomic factors and regulatory developments could still influence crypto prices in a way not expected. Related Reading: Bitcoin Weekend Trading Takes A Siesta: Volumes Plunge To Record Lows Additionally, while analysts provide a hopeful outlook based on statistical and historical data, the volatile nature of cryptocurrency markets means that significant divergences from past trends can still occur. Featured image created with DALL-E, Chart from TradingView
The case was dropped as Keith Gill was issued a summons to respond to it.
Cardano founder Charles Hoskinson has raised the alarm over the implications of artificial intelligence (AI) censorship, coinciding with crypto exchange Robinhood’s recent acquisition of AI-powered investment advice platform Pluto. According to Bloomberg, the move aims to bring tailored investment strategies and analytics to Robinhood’s retail brokerage users. Still, Hoskinson’s concerns shed light on the potential […]
Silvergate Capital settled with the SEC for $50 million as Federal Reserve governors and California financial regulators demanded $63 million in fines on July 1. The SEC claimed Silvergate Capital, its subsidiary Silvergate Bank, and two executives misled investors about the strength of its BSA/AML compliance program and the monitoring of crypto customers, including the […]
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This metric can be used to spot relative bottom points in the market price of Bitcoin and signal potential accumulation opportunities.
Enforcement director Gurbir Grewal said Silvergate allegedly “failed to detect nearly $9 billion in suspicious transfers among FTX and its related entities.”
Robinhood has acquired AI-powered investment research platform Pluto Capital for an undisclosed amount. According to a July 1 statement, the purchase would allow Robinhood users to access several features, including enhanced data analysis, personalized investment strategies, real-time insights, and portfolio management. Under the deal, Pluto Founder and CEO Jacob Sansbury will join Robinhood to accelerate […]
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Bitcoin is trending higher at spot rates, breaching $63,000 on June 30 before recoiling. Even though momentum is building, the action of the coin’s price is a source of debate. Still, some are doubtful, thinking there is reason for a possible overvaluation. Analyst: Bitcoin Is Overvalued, Here’s Why In a post on X, one analyst argues that the coin may likely cool off, extending the 18% drop registered in June. To conclude this, the analyst said the preview factored in several parameters, including time, the number of active Bitcoin addresses, and hash rate. Through this model, the analyst said there was reason to doubt the uptrend, dampening the spirits of optimistic holders expecting bulls to push on. As of writing, Bitcoin is back in the multi-week range with caps at all-time highs and support at $56,800 registered in May. Related Reading: Ethereum Goes Budget-Friendly: Transaction Fees Drop To Lowest Since 2016 From price action, it is clear that buyers are in charge, at least from a top-down preview. Despite the lower lows, especially in May when prices breached $60,000, bulls have a chance from a top-down preview. Notably, prices are inside a bull flag after gains in Q1 2024. However, buyers’ failure to confirm gains in mid-March is slowing down the uptrend. Buyers have failed to breach $74,000 from the daily chart, and $72,000 is a strong liquidation line. In the short term, the trend could shift if prices break out decisively above $66,000, preferably at the back of rising trading volume. Germany Selling As BTC Gains Versus M1 Money Supply In The United States Further fueling concerns is the recent dump by the German government. On July 1, they transferred 1,500 BTC, worth over $94 million. Lookonchain data shows 400 BTC were sent to three exchanges, including Bitstamp. Though it is not immediately clear if they sold, sending them to exchange means they are keen on offloading them–a net bearish. The address associated with the German government currently holds over 44,000 BTC worth more than $2.5 billion at spot rates. Even amid these concerns, others are bullish on BTC. Citing the relationship between the United States M1 money supply and BTC prices, one analyst said the coin is priming for major gains. Looking at the chart, the analyst argues that Bitcoin has not reached a new all-time high relative to the United States M1 money supply in over six years. Related Reading: Avalanche (AVAX) Price Rallies: Can It Break Through the $30 Barrier? However, considering the steady surge in BTC prices since mid-2023, it is highly likely that bulls will take over, pushing the coin to fresh all-time highs. Feature image from DALLE, chart from TradingView
Large outflows from Ether funds contrast with movements seen in Bitcoin and other cryptocurrencies.
Hawaii’s regulator announced the official end of the Digital Currency Innovation Lab (DCIL) on June 30. The DCIL concluded that crypto firms no longer needed a Money Transmitter License (MTL) to operate in the state. Related Reading: Coinbase CLO Accuses SEC Of Continued Stonewalling, As Legal Battle Intensifies Hawaii Crypto Firms No Longer Need MTL […]
The Bahamas will provide access to its central bank digital currency (CDBC) the “Sand Dollar” through commercial banks to increase adoption, Reuters reported on July 1, citing the country’s central bank governor. Governor of the Central Bank of The Bahamas John Rolle said the country intends to establish the regulations within two years and has […]
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Edge AI, in agricultural equipment or sensors, has great potential to address future food needs.
The conservative members of the U.S. Supreme Court sided with two majority opinions that could have lasting implications for federal agencies to enforce laws.
Over the weekend, a crypto trader turned 70 SOL into $3 million with a Solana-based token. However, the investor’s success story was overshadowed by the controversial launch of the memecoin that made it possible. Related Reading: Avalanche (AVAX) Price Rallies: Can It Break Through the $30 Barrier? Trader Makes $3 Million In Minutes A crypto trader made millions in 30 minutes after investing $9,923 in Solana-based memecoin BAKED. Lookonchain reported that a sniper spent 70 SOL to buy 81.78 million BAKED. 30 minutes later, the trader sold his holdings for 21,581 SOL, worth around $3.06 million, in 76 transactions. The feat was achieved by a seemingly “lucky” trader who previously invested and lost money in other Solana memecoins. The on-chain analysis platform concluded that the investor was likely not an insider as it had bought the tokens from Raydium’s pool instead of the Degen Fund. However, Lookonchain revealed that BAKED’s team and insiders hold over 70% of the supply. Per the report, the dev wallet spent 11.82 SOL to buy 300.72 million BAKED from the Degen Fund, where the token was launched. The wallet bought the Solana memecoin “while minting tokens and 206.9M $BAKED was added to liquidity.” 19 wallets snatched up the remaining 492.37 million tokens in one second. These wallets were created simultaneously with the dev wallet and were funded by Bitget. 15 out of 19 wallets withdrew SOL from Bitget three days ago and are suspected to be linked to BAKED’s team and insiders. As a result, 78% of the supply, worth around $15.6 million, was held by insider and dev-related wallets. The wallets spent 82.4 SOL, around $11,700, to buy 779.85 million BAKED before selling. At the time of Lookonchain’s report, the insiders had sold a small portion of their tokens and still held 76.36% of the supply. BAKED has plummeted by 58% in the last 24 hours, currently trading for $0.01260. Is The New Solana Token Launch Baked Or Burned? Crypto investors refuted the claims that the “lucky” sniper was not an insider and expressed discontent with the Solana memecoin launch. Additionally, users have called the BAKED token a scam due to an alleged lack of transparency. GUMMY investors were supposed to earn a 15% reward on BAKED tokens for staking their tokens on July 1. However, users reported they did not receive any reward after unstaking their holdings. According to Web3 Forensics, users successfully unstaked their GUMMY tokens but no investor had been able to get BAKED rewards by Monday morning. One investor considers the project’s team “held our $GUMMY hostage so we couldn’t profit off of the $BAKED launch.” Moreover, many users highlighted that GUMMY’s value has significantly decreased since they staked their holdings. Per the reports, every $1,000 staked in the token is now worth around $140. Many believe that the team behind the Solana-based tokens, including Crypto Banter’s founder Ran Neuner, used “every single investor or Community Member who trusted you.” On the official telegram group chat for the token, the team asked investors to “calm down” and “relax.” The team assured the project was not a scam and explained that none of them “got an early entry.” Moreover, the message stated that a higher price for the token meant a “better valuation for your gummy airdrop” and that the airdrop details would be announced soon. Related Reading: Bitcoin Price Blasts Past $63,000: Top 3 Reasons Ultimately, the launch didn’t receive a positive response. Several users stated they would “get away” from the GUMMY, BAKED, and Crypto Banter community as quickly as possible. Featured Image from Unsplash.com, Chart from TradingView.com
VanEck Head of Digital Assets Research Matthew Sigel confirmed speculation that the company’s Solana spot ETF proposal bets on Donald Trump winning the US presidency. The deadline for VanEck’s application is set for March 2025, which would put it well beyond the aftermath of the US Presidential elections in November. Sigel simply responded with a […]
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Shuttered crypto-friendly bank Silvergate and three former executives have been charged with securities violations by the SEC. Here's why.
Bitcoin and the wider crypto market have historically rallied in July, but traders are worried that the Mt. Gox repayments could impact the strength of this trend.