FTX, a major crypto trading firm, has filed a lawsuit in the United States Bankruptcy Court for the District of Delaware, seeking over $700 million from investment firms it had previous ties with. The lawsuit, filed on June 22, contains 16 counts.
The defendants named in the lawsuit include K5 Global, Mount Olympus Capital, SGN Albany Capital, and individuals Michael Kives and Bryan Baum. They are accused of being involved in transactions that resulted in the transfer of funds from FTX-affiliated firm Alameda Research.
The internet has undoubtedly transformed our world, revolutionizing communication, transactions, and access to data. However, as we move forward into the future, new technologies are emerging that have the potential to reshape the Internet as we know it. One such technology is blockchain, a decentralized and secure system revolutionizing various industries.
A new crypto exchange backed by firms including Fidelity Digital Assets, Charles Schwab Corp. and Citadel Securities has confirmed that it has gone live. This launch could reshape the digital-asset landscape amid heightened regulation and scrutiny of the cryptocurrency sector.
EDX Markets is a new crypto exchange designed to meet both the needs of native digital assets firms and the largest financial institutions globally. The creators of EDX intended to enable faster, safer, and more efficient cryptocurrency trading, leveraging best practices from traditional financial markets on a purpose-built platform.
The spectacular rise of the cryptocurrency industry has presented a fresh challenge for financial regulators. Some researchers and policymakers have warned the overly aggressive crypto market regulation might clutter the promising new financial asset class. Others have indicated that businesses could flee the jurisdictions whose regulations they consider ‘anti-crypto’ to the less regulated jurisdictions. Moreover, some have suggested that crypto regulatory actions will inspire market activity by offering clarity to participants.
Wash trading is a form of illicit market manipulation where an entity buys and sells the same financial asset to create a false impression of market activity. This practice gained traction with the rise of electronic trading in the early 2010s, as algorithmic trading programs began churning trades at unprecedented speeds. This old illegal financial market trick has unfortunately found its way into the crypto industry.
Many factors affect the value and price of cryptocurrencies, but supply and demand have proven the most significant. Supply and demand have prominent factors that determine the value and price of cryptocurrencies. For instance, if users are not interested in buying a particular coin, the demand for that coin falls, leading to a bearish price trend.
As the crypto industry grows and matures, creating a legal framework that can balance innovation with consumer protection and financial stability is necessary.
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African nations should build robust and stable economies that are less reliant on natural resources and more diverse. Potential transformation might come from investing in education research and innovation, infrastructure, improving governance, and reducing corruption.
While Bitcoin could offer future advantages as a reserve currency, it is unlikely to be a realistic alternative for many African nations in the short term. Instead, African governments should concentrate on developing robust and stable economies less exposed to external shocks while remaining resilient to global market challenges.
European Union (EU) legislators voted 517-38, with 18 abstentions, to establish a new cryptocurrency regulation framework.
Additionally, the European Parliament approved the Transfer...
African policymakers have remained apprehensive that people could use cryptocurrencies to illegally transfer funds from the region and sidestep local rules to avert capital outflows. Widespread crypto usage could also create risks for financial and macroeconomic stability by undermining the effectiveness of the monetary policy.
The risks become even greater if countries adopt crypto as legal tender. Many people feel that if governments accept and hold crypto assets as means of payment, it could put public finances at risk. Until the time comes that African governments evolve a suitable regulatory response to the rise of web3 and blockchains, crypto self-regulation will help to shield customers against fraudulent elements within the ecosystem.
Crypto adoption and usage have remained on the rise as Kenyan investors explore new ways to preserve their wealth and carry out international transactions for individual remittances and commercial purposes, including importing goods.
Crypto experts have touted the payment of imports through digital currency as quick and convenient. People do not have to buy dollars using Kenya shilling or transfer money to cash transfer firms. Nevertheless, Kenyans, mainly the youth, have previously lost their hard-earned millions in crypto scams due to a lack of regulation in the sector.
The report is based on a survey of over 12,000 people from 16 countries, providing valuable insights into individuals' attitudes and behaviours towards...
The UK government opened a public consultation on cryptocurrency regulation
The Bank of England simultaneously released a consultation paper on "Britcoin"
There could...
Given these actions, one cannot rule out that global authorities are preparing to confront the industry through legal and regulatory means. And if some of these companies lose their battles with the securities regulator, this could negatively affect cryptocurrency prices.
As such, no one should be cracking open the Champagne just yet. Yes, prices have recovered to some extent in the past few weeks, but with the global economy still mostly slowing down its decline rather than showing real strength, it would be just too premature to conclude that the 2022 crypto bear market has ended.
