2023-11-18 18:04
Copyrighted Image by: Reuters NEW YORK - In a significant development for the cryptocurrency sector, a class action lawsuit against Bitfinex and Tether has been definitively closed today, as plaintiffs decided not to pursue an appeal. The legal challenge, initiated by Shawn Dolifka and Matthew Anderson, was based on allegations that Tether's USDT stablecoin was not fully backed by US dollars as claimed. This decision follows the dismissal of the case by Chief Judge Laura Taylor Swain in August. Despite past regulatory challenges, including an $18.5 million settlement with the New York Attorney General and a $41 million fine from the Commodity Futures Trading Commission (CFTC) in 2021, Tether has continued to see growth in the circulation of its USDT stablecoin. It has now surpassed the circulation of its main competitor, USDC. In an effort to bolster confidence among users and regulators, Tether's new CEO Paolo Ardoino has made a forward-looking announcement. Starting in 2024, Tether plans to enhance its transparency by publishing real-time data on its reserves. This move is seen as an attempt to address ongoing concerns about the backing of USDT and provide assurance to the market regarding the stability and reliability of one of the most widely used stablecoins in the world. The cryptocurrency community is closely watching these developments, as increased transparency from major players like Tether could have significant implications for the industry's relationship with regulators and investors alike. https://www.investing.com/news/cryptocurrency-news/tether-lawsuit-closed-company-to-publish-realtime-reserve-data-from-2024-93CH-3238311
2023-11-18 18:00
Copyrighted Image by: Reuters. WORLDWIDE – Bitcoin's utilization of sustainable energy now surpasses traditional sectors such as banking and gold mining, with more than half of its energy consumption being eco-friendly this achievement, noting that 52.6% of Bitcoin's energy comes from sustainable sources. This milestone comes despite the cryptocurrency's network hashrate and user base expanding by over 450% and nearly 290%, respectively. In a recent analysis, Batten pointed out that while Bitcoin's network activity has significantly increased, its environmental footprint measured in emissions has remained stable at 35 MtCO2e. Moreover, there has been a reduction of 9.4% in these emissions over the past four years. This is particularly noteworthy when compared to the electric vehicle (EV) industry, which largely relies on coal for its indirect energy needs, whereas Bitcoin predominantly harnesses hydroelectric power. This revelation challenges the widely held belief that Bitcoin is detrimental to the environment due to its energy consumption. Instead, it presents the cryptocurrency as a potential candidate for ESG (Environmental, Social, and Governance) investments because of its comparative sustainability benefits. The data suggests that as Bitcoin continues to grow, it does so with a conscientious approach to its energy sources, which could make it an attractive option for investors concerned with environmental impact. https://www.investing.com/news/cryptocurrency-news/bitcoin-leads-in-sustainable-energy-use-outpacing-banking-and-gold-mining-93CH-3238310
2023-11-18 17:50
NEW YORK - The cryptocurrency market is witnessing a notable upswing with Kaspa (KAS) leading the charge, as its value soared over 15% today following an announcement by Binance to list KAS for perpetual trading. This move by one of the largest crypto exchanges has significantly contributed to the overall crypto market cap increase of about 2%. Kaspa's recent performance has been nothing short of remarkable. CoinMarketCap highlighted that, following the Binance announcement, KAS's trade price hit $0.135884, marking a daily appreciation exceeding 15%. This surge is part of a broader trend observed over the past week, where KAS achieved more than a 51% price hike, according to CoinGecko data. The fortnightly gain stood at about 148%, with an almost 192% increase over the month. The Binance listing has not only elevated the trade price but also prompted an immediate price uplift of around 15%, alongside an approximately 80% spike in trading volumes. The market's optimism surrounding KAS is further fueled by the anticipated integration with the OKX wallet and an expected $1 million airdrop, which could continue to stimulate investor interest. In other cryptocurrency news, Avalanche (AVAX) has also made headlines with a significant surge of 66% this week. AVAX's rise comes on the heels of its inclusion in Singapore's Monetary Authority of Singapore (MAS) tokenization initiative, Project Guardian. Trading at $22.10, AVAX has experienced a monthly spike of 142.59%. This growth is partly attributed to J.P. Morgan's Onyx platform utilizing AVAX for asset management innovation under Project Guardian. Meanwhile, Near Protocol (NEAR) has not been left behind in this bullish crypto climate, with a notable growth of 25% this week and a monthly rise of 82%. NEAR's partnership with Nym Technologies and achieving a market cap of $1,833,935,569 has played a pivotal role in its ascent. In contrast to these gains, Bitcoin has faced a slight dip of 1.5% over the week but still shows an overall monthly increase of 28%. Ethereum has seen a decline of 4.9% yesterday and a weekly fall of 6.60%, trading at $1,970.23. Investors are closely monitoring these developments as they reflect both the volatility and the potential within the cryptocurrency markets. The recent surges underline the dynamic nature of crypto assets and their sensitivity to market developments such as exchange listings and technological partnerships. https://www.investing.com/news/cryptocurrency-news/kaspa-sees-a-15-surge-as-binance-lists-it-for-perpetual-trading-93CH-3238308
2023-11-18 17:26
NEW YORK - Ripple's General Counsel, Stuart Alderoty, has publicly criticized the U.S. Securities and Exchange Commission (SEC), accusing the regulatory body of suffering courtroom defeats and engaging in unethical actions. The comments come amid an ongoing legal battle between Ripple Labs and the SEC that commenced in December 2020. Alderoty took to social media today, drawing comparisons between SEC Chairman Gary Gensler and a stubborn character from cinema, while also alleging that the SEC faced an auditor's rebuke and deliberately concealed details of meetings with a felon. This sharp critique reflects Ripple's mounting frustration with a series of adverse pretrial rulings that have required the SEC to disclose internal communications about cryptocurrencies. The legal proceedings have drawn attention from various quarters, including Coinbase (NASDAQ:COIN)'s CEO, who has echoed similar accusations of improper conduct against the SEC. The crypto community has closely followed the case, which many see as a bellwether for broader cryptocurrency regulation in the United States. Adding to the intensity of the debate, on Thursday, Bill Morgan responded to Alderoty's comments with a provocative GIF, indicating the contentious nature of discussions surrounding the lawsuit. Meanwhile, attorney James K. Filan revealed that Judge Analisa Torres has scheduled the remedies discovery and briefing phase for the case, underscoring questions about the SEC's role in global cryptocurrency regulation. The lawsuit against Ripple Labs alleges that the company conducted an unregistered securities offering through its sale of XRP tokens. The outcome of this high-profile case is anticipated to have significant implications for the cryptocurrency industry and its oversight by regulatory agencies like the SEC. https://www.investing.com/news/cryptocurrency-news/ripple-executive-criticizes-secs-conduct-in-ongoing-legal-battle-93CH-3238302
2023-11-18 17:06
NEW YORK - Ethereum's recent spike in transaction costs has intensified interest in alternative layer-1 blockchains, with industry participants exploring options like BNB Chain, Solana, and Cardano for lower fees and faster transactions. On November 17th, Ethereum's gas fees, the price paid for transactions on the network, soared from an average of $1.5 to $6.35, with daily fees reaching $6.9 million as reported by CryptoQuant. This significant increase has put a spotlight on BNB Chain, favored for its economical transaction costs and swift confirmations. The chain's native token BNB saw a substantial rise of 14.66% to $242.13 as investors looked for more cost-effective solutions amidst the Ethereum fee hike. Solana also captured market attention due to its unique Proof of History consensus mechanism, which contributed to an impressive 136% surge in its token SOL, now valued at $56.13. Additionally, Cardano's ADA experienced a notable increase of 46%, bringing its price to $0.36. While these platforms are gaining traction due to their lower fees and scalable infrastructures, investors are encouraged to consider factors like security and adoption rates along with gas fees and network performance. Despite the potential of these alternatives to offer more efficient transactions, it's still uncertain whether they will substantially impact Ethereum’s dominance in the DeFi sector's total value locked. As the market evolves, users and investors alike are closely monitoring these developments to see how they might influence the broader landscape of blockchain technology and digital finance. https://www.investing.com/news/cryptocurrency-news/ethereum-gas-fees-surge-spotlighting-alternative-blockchains-93CH-3238300
2023-11-18 17:03
BANGKOK - Binance, the global cryptocurrency exchange, has set its sights on Southeast Asia with the latest approval from Thailand's Securities and Exchange Commission (SEC) for a new venture. The joint effort with Gulf Innova, a subsidiary of Gulf Energy Development Pcl, will see the launch of a regulated digital asset exchange in Thailand. This strategic move comes as Binance faces regulatory challenges in Western markets, prompting the company to withdraw from the European Union, including the Netherlands, and consider closing U.S. operations. The legal scrutiny from the U.S. SEC against Binance and its CEO Changpeng Zhao has intensified, highlighting the need for crypto businesses to seek regions with clearer regulatory frameworks. Alex Chehade has pointed out the United Arab Emirates as a favorable destination for such companies, and now Binance is turning to Thailand to expand its footprint. The Thai SEC granted Gulf Binance Co., backed by Binance Holdings Ltd., permission to start operating a crypto exchange this coming January, as revealed in a stock exchange filing earlier this week. The new platform will initially be available to an invitation-only group before opening up to the general public. Gulf Energy holds a majority 51% stake in the joint venture. The announcement was accompanied by imagery from photographer Andre Malerba, documenting the presentation of the upcoming exchange. By entering into this joint venture, Binance is not only adhering to Thai laws but also diversifying its global presence by tapping into the growing interest in digital assets within Southeast Asia. This latest development signifies a pivotal step for Binance as it navigates through the complex landscape of international cryptocurrency regulation. https://www.investing.com/news/cryptocurrency-news/binance-to-launch-thai-digital-asset-exchange-in-january-93CH-3238298
