Rumors of an impending crypto ban came to fruition on Feb. 9 with the Securities and Exchange Commission’s enforcement action against Kraken, which resulted in a settlement where the exchange agreed to end its staking services for American users. The action will likely extend to all companies based in the United States. Reactions were predictable…
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The United States Securities and Exchange Commission is ramping up pressure on the crypto sector. On Feb. 9, the SEC reached a $30 million settlement with Kraken over the centralized staking program it offered to its users. The news of the crackdown sent the price of Bitcoin (BTC) to a three-week low as investors became…
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Two members of the United States House Financial Services Committee have call out Securities and Exchange Commission Chair Gary Gensler “regarding the timing of the charges filed against FTX founder Sam Bankman-Fried” based on his scheduled appearance at a hearing. In a Feb. 10 notice, committee chair Patrick McHenry and Representative Bill Huizenga, who chairs…
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The coinbase transaction’s value is based on factors such as each individual transaction’s value, block height, and halving. Miners can add any customizable text to the blocks they have created. The value of a coinbase transaction is determined by several factors. These include the value of every transaction validated by the block, the height of…
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Bitcoin (BTC) saw no relief at the Feb. 10 Wall Street open as United States equities dipped further. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView “All eyes” on 200-day moving averages Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it tracked sideways following a volatile 24 hours of trading. Existing market weakness was…
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United States Securities and Exchange Commission chair Gary Gensler issued a warning to crypto companies to “come in and follow the law” after the agency announced a settlement with crypto exchange Kraken. Appearing on CNBC’s ‘Squawk Box’ on Feb. 10, Gensler said crypto exchanges should register with the SEC in order to be compliant with…
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Mining is the process of extracting valuable minerals, metals and other resources from the earth. This may entail extracting minerals from underground deposits or from the earth’s surface. The minerals and resources extracted through mining are used for a wide range of purposes, including energy production, construction and manufacturing. Mining can take many forms, including…
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Global payment giant PayPal holds a significant part of its financial liabilities in cryptocurrencies like Bitcoin (BTC) offered to its customers. As of Dec. 31, PayPal held a total of $604 million in various cryptocurrencies including Bitcoin, Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH), according to the annual report filed with the United States…
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The Virtual Asset Regulatory Authority (VARA) recently provided the much-awaited guidelines for virtual asset service providers (VASPs) in Dubai, United Arab Emirates, which included a ban on privacy coins. On Feb. 7, VARA released several rulebooks for VASPs including the “Virtual Assets and Related Activities Regulations 2023” in which VARA mentioned a prohibition on privacy…
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Amid Coinbase cryptocurrency exchange standing up for crypto staking and economic freedom, the online community has also urged the company to support XRP (XRP). On Feb. 9, Coinbase’s chief legal officer Paul Grewal claimed that Coinbase’s staking program is not affected by rival exchange Kraken shutting down its staking services. The executive argued that Kraken’s…
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