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Paradigm pointed out that the SEC is attempting to use the concerning accusations in its complaint as a means to alter the law, all without adhering to the established rulemaking process. Paradigm, a crypto venture capital firm, has criticized the United States Securities and Exchange Commission (SEC) for bypassing the standard rulemaking procedures in their current legal action against the cryptocurrency exchange Binance. In a statement released on Friday, Sept. 29, Paradigm pointed out that the SEC is attempting to use the concerning accusations in its complaint as a means to alter the law, all without adhering to the established rulemaking process. Paradigm firmly believes that the SEC is exceeding its regulatory boundaries, and we strongly oppose this tactic, they further stated. Back in June, the SEC initiated a legal action against Binance, accusing them of multiple violations of securities laws, such as operating without the necessary registration as an exchange, broker-dealer...

Bitcoin and other cryptocurrencies are likely to witness a pick up in volatility following the Fed’s rate decision on Sep. 20. Bitcoin’s (BTC) recovery is facing selling above $27,000, indicating near-term nervousness due to the Federal Reserve’s meeting on Sep. 20. However, long-term investors are unfazed and they have continued to accumulate. Glassnode data shows that Bitcoin’s inactive supply has been at all-time highs since July. This bullish temperament is not reflected in institutional activity, however. Investors have cut down on their cryptocurrency exposure and are sitting on the sidelines awaiting more clarity on the regulatory and macroeconomic front. Asset manager CoinShares reported that outflows from exchange-traded products hit $455 million over the past nine weeks. Daily cryptocurrency market performance. Source: Coin360 Meanwhile, analysts remain divided about Bitcoin’s near-term price action. Bollinger Bands creator John Bollinger speculated in a X (formerly Twitter)...

The recovery in Bitcoin and altcoins is facing selling at higher levels, indicating that the overall sentiment remains negative. Bitcoin (BTC) has been stuck inside a large range since April, indicating indecision about the next directional move. Efforts by the bears to sink the price below the support of the range were thwarted by the bulls on Sep. 11. However, Bitcoin is not out of the woods yet.  Jamie Coutts, a chartered market technician and crypto market analyst at Bloomberg Intelligence, while speaking to Cointelegraph said that if the tightening cycle extends, followed by “an uptick in unemployment and more stress in the banking sector, then there could be a bit more pain for risk assets like Bitcoin.” Daily cryptocurrency market performance. Source: Coin360 Cryptocurrency traders have also remained cautious. A Bitfinex report shows that the cryptocurrency industry witnessed capital outflows of $55 billion in August. The drop in liquidity has caused isolated events to “have a ...

MKR looks primed to continue the rally given its recent buyback mechanism and two other key metrics that impact Maker’s price. Maker has gained 53.5% over the past month, and the cryptocurrency witnessed a remarkable 28.1% surge between July 15 and July 22, achieving its highest daily close in nearly a year. While the gains are impressive, the real question is: Can the cryptocurrency sustain its current trajectory, or were short-term factors behind the price pump? Average Maker (MKR) price at Coinbase, Binance and Bybit. Source: TradingView MakerDAO, the decentralized autonomous organization (DAO) responsible for the Dai (DAI) stablecoin and the governance token Maker (MKR), unveiled a five-phase roadmap in mid-May. Dubbed “Endgame," the upgrade plan includes a new blockchain, a rebrand and the introduction of two tokens featuring updated functionalities. Rune Christensen, co-founder of MarkerDAO, revealed that the primary component of “Endgame” entails developing incentive prog...

The crypto exchange created a new product, “Nitro Spreads,” to provide institutional investors with an easier way to “trade the basis” and successfully navigate the market. In the highly volatile and ever-changing cryptocurrency market, exchanges are striving to not only survive but thrive in all market conditions. They understand the importance of catering to institutional investors who demand innovative tools and solutions to meet their evolving needs. A common trading strategy for institutional users is trading the basis, or taking advantage of the difference between an asset’s price on different markets, such as spot and futures. Responding to the trading community’s needs, OKX has launched a product for institutional users to execute basis trades with one click. In this interview, Lennix Lai, global chief commercial officer at OKX, highlights the challenges institutional traders are currently facing when trading cryptocurrencies, and discusses how OKX is addressing them by contin...

The strength in the S&P 500 and weakness in the U.S. Dollar Index could limit the short-term downside in Bitcoin and select altcoins. The S&P 500 Index (SPX) has gained for five consecutive weeks, the first such instance since November 2021. In comparison, Bitcoin (BTC) is trading well below its local high of $31,000, made on April 14. This shows a clear divergence between the performance of the two asset classes. Some analysts expect Bitcoin’s range-bound action to continue for some more time. Cryptocurrency traders will be looking for some positive triggers that could push the price above the range. One such rumor floating in the markets is that after BlackRock filed for a Bitcoin spot exchange-traded fund, Fidelity Investments may also follow suit. If that happens, it will be a positive sign for the markets. Daily cryptocurrency market performance. Source: Coin360 Another positive for the cryptocurrency markets has been that the U.S. Dollar Index (DXY) softened in the past...

Terraform and Do Kwon lawyers used a U.S. House hearing, Binance.US complaint and Hinman emails documents to dismiss the SEC lawsuit. The lawyers representing the United States Securities and Exchange Commission (SEC) have contended that the additional documents submitted by Dentons, the legal counsel for Terraform and Do Kwon, in support of their motion to dismiss the lawsuit , lack adequate support for dismiss ing the case. The SEC’s counsel asserts that the Binance.US transcript and internal SEC emails, presented by the defense, hold no relevance to the current case. They argue that the Howey Test clearly defines the parameters of an "investment contract" and contend that UST should be classified as a security. In a court hearing on June 15, Dentons submitted supplementary documents to bolster their motion to dismiss the lawsuit filed by the U.S. SEC. The focus of the hearing was to determine if the digital assets developed by Terraform Labs should be classified as secu...

Crypto ownership among U.S. adults has remained steady over the last 12 months, with a large portion seemingly "frustrated" by the one-sided global financial system. A whopping 80% of American adults believe the financial system favors those with “powerful interests,” while 20% currently own cryptocurrency — a new survey has revealed. Commissioned by crypto exchange Coinbase, the February online survey of more than 2,000 American adults found that 80% of respondents said the “global financial system unfairly favors powerful interests,” while 67% have called for “major changes” or a “complete overhaul” of the financial system. A large portion of respondents are disillusioned with the Global Financial System and want change. Source: Morning Consult  The Survey was conducted by Business intelligence firm Morning Consult and was aimed at examining the perception of the global financial system and how United States adults and crypto investors viewed the future of the crypto m...

Bitcoin and the wider crypto market began to correct after the bullish momentum that drove last week’s rally to year-to-date highs started to fizzle out. Bitcoin (BTC) has been consolidating near $23,000 for the past few days. The next big question troubling investors is whether the rally is over or if Bitcoin resume its recovery. The strong year-to-date rally in Bitcoin has turned several analysts bullish in the short term. They anticipate Bitcoin to extend its up-move and reach $25,000 and even $30,000. However, for the slightly longer term, analysts seem to be divided. In comments to Cointelegraph, economist Lyn Alden said Bitcoin could face “considerable danger” in the second half of 2023 as liquidity risks rise. Daily cryptocurrency market performance. Source: Coin360 On the other hand, ARK Invest CEO and chief investment officer Cathie Wood said in a company video blog on Jan. 23 that crypto assets could witness a huge turnaround in 2023 as the Fed pivots due to falling inflatio...