Bittrex’s bankruptcy plan for U.S. operations receives court approval
Bittrex, a cryptocurrency exchange, has received approval from the bankruptcy court to close its US business. The bankruptcy judge approved Bittrex's bankruptcy plan at a hearing in Wilmington, Delaware, allowing the company to overcome its difficulties through a phased ending plan that will fully repay the remaining creditors.
Bittrex, based in Seattle, stated that the bankruptcy application will not affect Bittrex Global, which provides services to customers outside the United States. The company's non-US business is headquartered in Liechtenstein. Bittrex lawyer Patricia Tomasco stated at a court hearing in September that approximately 36,000 customers withdrew about $143 million in cryptocurrency during the bankruptcy period.
Cumberland deposited 12,000 ETH to CEX, equivalent to approximately US$21.5 million
On October 30th, according to Lookonchain monitoring, crypto market maker Cumberland deposited 12,000 ETH ($21.5 million) into OKX and Coinbase within the past 20 minutes.
CEX trading volume reached US$443.27 billion in October, with Binance and Upbit ranking the top two
According to The Block data board, the cumulative trading volume of cryptocurrency exchanges from October 1st to now has reached 443.27 billion US dollars. Among them, Binance's spot trading volume in October reached 179.41 billion US dollars, ranking first. Upbit, a South Korean exchange, had a spot trading volume of 51.88 billion US dollars in October, ranking second.
In addition, Bybit's spot trading volume from October to now has reached 31.99 billion US dollars. Coinbase's spot trading volume is 28.22 billion US dollars, and OKX's spot trading volume is 27.68 billion US dollars.
In addition, the cryptocurrency spot trading volume of top platforms (7-day average) exceeded 24 billion US dollars on October 26th, reaching a new high since the end of March.
Compared with the summer, the cryptocurrency market has experienced more significant fluctuations, as traders are paying attention to the headline news that a Bitcoin spot ETF may be launched, and supporters believe that this will create new channels for capital inflows. The Block data shows that the BTC Dvol (Deribit Bitcoin volatility index) has reached a new high since April.
The top ten CEX Q3 spot trading volume was US$1.12 trillion, down 20.1% from Q2.
According to CoinGecko data , the total spot trading volume of the top ten centralized cryptocurrency exchanges in the third quarter of 2023 was $1.12 trillion, a 20.1% decrease from the second quarter. Binance's market share has fallen from a high of 66% in February to 44% in September due to regulatory pressure. HTX ranks third with a market share of 8% at the end of September, and its trading volume in the third quarter was $35.3 billion, an increase of 86.9%. Upbit and Bybit saw increases of 4.6% and 6.9%, respectively.
Coinbase seeks dismissal of SEC lawsuit over unregistered securities exchanges
Coinbase is attempting to have the lawsuit filed against it by the SEC dismissed. The SEC had accused Coinbase of operating unregistered securities exchanges by facilitating the trading of digital tokens. Coinbase argued that the tokens traded on its platform are not securities and therefore fall outside the SEC’s jurisdiction. The company also argued that the SEC was overreaching its authority and trying to regulate all commerce that involves investment. A federal judge will now decide whether to accept Coinbase’s motion and dismiss the SEC’s lawsuit.
Coinbase responds to SEC accusations: SEC’s judgments on securities are designed to fundamentally expand its own powers
Coinbase submitted a response brief to the SEC's charges today. Coinbase stated that the SEC claims jurisdiction over all investments and that the terms "securities" and "contracts" in regulations have no limiting effect. As the response shows, this has never been the law and is not the law now. In addition, the U.S. Securities and Exchange Commission believes that any purchase behavior in which the buyer hopes to obtain appreciation constitutes an investment contract, and therefore a security. This is an attempt to fundamentally expand its own power, as the principle of significant issues clearly states that only Congress can do this.
Deribit announces increase in margin requirements due to market volatility
Deribit, a derivatives exchange, announced that it will increase margin requirements gradually by increasing the margin model variable from 45% to 60% by 5% per day, due to potential rapid price and volatility changes. The increase in margin will force traders to provide more collateral, theoretically preventing liquidity crunch. Deribit's Chief Commercial Officer, Luuk Strijers, said that the platform's reserves are secure and that Deribit has "sufficient margin for all open positions." A Deribit representative added that the company's trading activity has not reached current levels since 2021.
Binance Is Performing Ethereum Network (ERC20) Wallet Maintenance, Which Is Expected to Take 2 Hours
According to official sources, Binance has started Ethereum network (ERC20) wallet maintenance, which is expected to last for two hours. During the wallet maintenance period, Ethereum network (ERC20) digital assets/token transactions will not be affected; Binance will suspend Ethereum network (ERC20) deposit and withdrawal services at 14:55 on October 24.
African crypto trading app Vibra is suspected of being out of service, and employees are being asked to resign or be fired
Vibra, a cryptocurrency trading application focused on Africa, has been suspended in Ghana, Kenya, and Nigeria. Vincent Li, co-founder of African Blockchain Labs, claims that this measure only affects Nigerian users and the suspension is temporary. However, messages on Vibra's Telegram channel indicate otherwise. According to a report by Techcabal on October 18th, current and former Vibra employees revealed that the application has been suspended in all African markets. These employees also stated that they have been asked to resign or have been dismissed. Another former employee stated that Vibra has not generated enough revenue.
Wintermute Deposits 100 Million GALA to Binance
Wintermute deposited 100 million GALA, worth $1.28 million, into Binance. Three days ago, Wintermute received 200 million GALA, worth $2.75 million, from Gala.
