Veteran Trader Tone Vays Says Bitcoin (BTC) Presenting Prime Opportunity for Bulls – Here’s His Outlook
Bitcoin's recent correction presents a buying opportunity for bulls, according to experienced trader Tone Vays. He attributes the dip to news that the SEC is suing Binance and its CEO, causing investors to panic. Vays notes that Bitcoin's daily chart looks bearish as it trades below a key moving average, but he expects a rebound in the coming days and doesn't anticipate the price falling below $25,000.
Mike Novogratz Anticipates Further Legal Battles for Crypto Exchanges, Expects Delays in Litigation
Renowned billionaire investor and founder of Galaxy Digital, Mike Novogratz, predicts further legal battles by the US Securities and Exchange Commission (SEC) against crypto businesses, with protracted legal processes. Novogratz commented that the ongoing cases against Coinbase and Binance probably won't be litigated for a few months, making it difficult to determine what to do.
Crypto Community Mints "Stand with Crypto" NFT in Response to SEC Lawsuits
The crypto industry has faced a tough 48 hours, with the SEC filing lawsuits against Binance and Coinbase for allegedly violating securities laws. The SEC also sought to freeze assets related to Binance.US. The lack of policy and regulatory clarity in the US surrounding crypto has added to the frustration. However, figures in the crypto space have minted Coinbase's Stand with Crypto NFT to show their commitment to crypto and demand regulatory clarity. The NFT is free to mint, and platform mint fees will be donated to support crypto advocacy efforts.
Binance.US Faces Funding and Regulatory Issues Amid Deviations in Coin Prices
Several coins and tokens listed on Binance.US were trading at premiums on June 7, with Bitcoin and Ether priced higher than CoinMarketCap averages. Stablecoin tokens such as Tether and USD Coin also broke their par value. Binance.US removed USDT-based trading pairs, paused its over-the-counter trading portal, and limited maximum trade amounts to $10,000. The exchange also experienced funding issues and faced an SEC emergency motion to freeze assets and repatriate funds held by US customers.
Coinbase Pushes for Regulatory Clarity Amid Legal Battles with SEC
Coinbase, the world's second-largest cryptocurrency exchange, is advocating for regulatory clarity in the crypto industry while also facing legal battles of its own. The Securities and Exchange Commission (SEC) recently sued Coinbase for alleged securities law violations, and the company's chief legal officer, Paul Grewal, testified before Congress this week.
Robinhood Reconsiders Crypto Offerings After SEC Clamps Down on Binance and Coinbase
Robinhood is reviewing the SEC's analysis of its cryptocurrency offerings to determine if any actions need to be taken, following the SEC's recent action against two major digital asset trading platforms. The brokerage firm currently offers users access to a limited list of 18 different tokens, some of which have been classified by the SEC as unregistered securities.
Coinbase CEO Armstrong Says Not Shutting Down Staking Service
Crypto exchange Coinbase (COIN) will continue operating its crypto staking service despite facing lawsuits from state and federal regulators over the program and several of its other offerings, Coinbase CEO Brian Armstrong said Wednesday at the Bloomberg Invest Conference.
Crypto Users Turn to DeFi as US Regulatory Actions Target Major Exchanges
Following the recent lawsuits against two major cryptocurrency exchanges by the US Securities and Exchange Commission (SEC), many crypto users are turning to decentralized finance (DeFi). Decentralized exchanges (DEX) have seen a surge in volume, with Uniswap experiencing a 41% increase in daily transactions and PancakeSwap also seeing double-digit gains.
Coinbase Chief Legal Officer:We Have Made No Decision at All To Delist Assets
The chief legal officer of cryptocurrency exchange Coinbase said the company has not yet decided whether to delist any assets. Coinbase was sued by the U.S. Securities and Exchange Commission (SEC) for violating security regulations. Unlike rival Binance, Coinbase does not appear to be canceling any trading pairs or suspending its OTC trading portal for now. The company believes its business is legitimate, active and productive and will continue to operate as usual.
Binance CEO Summoned by US District Court Following SEC Lawsuit Allegations
Binance CEO Changpeng Zhao has been summoned by the United States District Court in Washington, D.C. following the SEC's lawsuit against the exchange for alleged unregistered securities operations. The summons requires a response from Binance and its CEO within 21 days of service, and failure to respond could result in a default judgment.
