2023-11-03 21:40

The US Supreme Court is set to hear an appeal from cryptocurrency company Coinbase (NASDAQ:COIN), regarding a legal dispute with its users over a $1.2 million Dogecoin sweepstakes held in 2021. The case, known as Coinbase v. Suski, 23-3, centers around two conflicting agreements - an initial user agreement advocating for arbitration in disputes, and a later sweepstakes-specific agreement that calls for court resolution. The crux of the matter is whether an arbitrator or judge should determine the controlling agreement. Users have filed a class-action lawsuit, alleging that Coinbase breached California's false advertising law with the sweepstakes. They argue that the company did not fully disclose the ability to enter the sweepstakes without crypto transactions. Coinbase maintains that its user policies necessitate arbitration for disputes such as these. Despite their appeal for arbitration based on the initial user agreement, a federal judge in California and the 9th US Circuit Court of Appeals have upheld the decision to proceed in court. The case brings into focus Coinbase's user policies and consumer rights, and it's worth noting that Coinbase won a previous litigation stage at the Supreme Court in June. As the case unfolds, the Supreme Court's decision will be pivotal in determining which agreement holds sway - the initial user agreement advocating for arbitration or the sweepstakes-specific agreement calling for court resolution. https://www.investing.com/news/cryptocurrency-news/coinbases-12-million-dogecoin-sweepstakes-dispute-reaches-us-supreme-court-93CH-3222064

2023-11-03 20:36

Bittrex Global CEO Oliver Linch, a seasoned Shearman & Sterling solicitor, has expressed support for the UK Treasury's crypto asset regulation proposals, viewing them as a significant step towards establishing the UK as a primary hub for digital assets. The proposals come in the wake of events such as the FTX failure and aim to integrate crypto activities into existing financial services laws, including the recently revised Financial Promotions rules. Linch commended the UK's swift implementation of these rules, highlighting their importance in providing clarity, safeguarding consumers, and promoting institutional investment. Under these proposals, firms that interact with UK retail consumers are required to obtain authorization from the Financial Conduct Authority (FCA), regardless of their geographical location. The new proposals also encompass new standards for crypto advertising, adherence to the Financial Action Task Force's Travel Rule, stringent criteria for crypto exchanges admission, and mandatory disclosures for new asset listings. Notably absent from these regulations, however, are provisions concerning Decentralized Finance (DeFi). These measures contrast with Dubai's VARA Regulations and the European Union's MiCA but align with Prime Minister Rishi Sunak's ambition to build a Web3 hub in the UK. This integrated approach also signifies the government's agreement with Bittrex Global's stance that crypto is an essential part of the financial sector and encourages corporations to establish operations in the UK. https://www.investing.com/news/cryptocurrency-news/uk-treasurys-crypto-regulation-proposals-endorsed-by-bittrex-global-ceo-93CH-3222030

2023-11-03 19:28

Copyrighted Image by: Reuters. Invesco Galaxy's spot Bitcoin Exchange-Traded Fund (ETF), listed under the ticker BTCO on the Depository Trust & Clearing Corporation (DTCC) website, signals a potential product launch, despite the Securities and Exchange Commission (SEC) approval still being uncertain. The global firm Invesco Ltd manages the ETF and its listing on DTCC, which handles trillions in daily securities transactions, typically precedes new ETF launches. The DTCC added BTCO to its list after October 25, according to Wayback Machine records. However, this does not guarantee SEC approval due to concerns over market manipulation and investor protection. These concerns have previously led to rejections of similar applications from firms such as BlackRock (NYSE:BLK), Grayscale, Bitwise, and Valkyrie. Despite these hurdles, Invesco Galaxy's Bitcoin ETF meets DTCC's technical and operational standards. This indicates readiness for potential increased institutional investment in Bitcoin if it gains SEC approval. The yMedia founder and Ethereum maximalist, Shashank, is closely observing these developments. Institutions like BlackRock, Fidelity Investments, and ARK Invest are also considering similar ventures. This interest has contributed to a surge in filings for Bitcoin ETFs. Notably, during "Uptober", Bitcoin's value hit $34,656 after DTCC listed BlackRock's ETF. This mirrors its earlier rise past $30,000 following the news of BlackRock’s filing. A report from JPMorgan anticipates possible SEC approval of a spot Bitcoin ETF before Ark 21Shares applications' January 10, 2024 deadline. This speculation comes even though the SEC had earlier rejected Invesco's application citing market manipulation and investor protection concerns. Interestingly, these developments have not influenced Bitcoin's value significantly. https://www.investing.com/news/cryptocurrency-news/invesco-galaxy-bitcoin-etf-dtcc-listing-signals-potential-launch-awaits-sec-approval-93CH-3221984

2023-11-03 19:15

Copyrighted Image by: Reuters The cryptocurrency market experienced a significant "long squeeze" event, resulting in substantial futures liquidations over the past day, according to data from CoinGlass. The forced closures of futures contracts, which occurred when losses reached a certain percentage of traders' provided collateral, amounted to approximately $137 million. The majority of these liquidations, over 82% or about $113 million, were long positions. This large-scale liquidation event was primarily triggered by a significant drop in Bitcoin's price from above $35,400 to around $34,000. Bitcoin contracts led this squeeze, contributing $40 million in futures liquidations. Ethereum followed with nearly half that amount at $21 million. Among altcoins, Solana (SOL), which has been experiencing a recent surge in popularity and speculator interest, reported the highest liquidations. Despite this mass liquidation event, Bitcoin open interest—an indicator of total contracts open on the futures market—remains high, suggesting potential for ongoing volatility and subsequent liquidation squeezes. Earlier this week, the volatile cryptocurrency market saw a massive $110 million worth of long positions being liquidated within 24 hours. This was largely due to major players Bitcoin and Binance leading intense price fluctuations. Bitcoin's value skyrocketed to an 18-month high before experiencing a 4% plunge and landing back at the $34.5K range within a day. On November 1, Bitcoin's price was at a mere $34.25K but rapidly rose to hit $36K on November 2. During the same period, around $22 million worth of shorts were liquidated, affecting 51,553 traders and resulting in total liquidations of $132.91 million. Bitcoin represented the largest share of these liquidations with over $38.85 million worth of longs liquidated. Additionally, Ethereum saw a significant drop in price, leading to the liquidation of $21.78 million worth of longs, and Solana experienced liquidations amounting to $10.7 million. Despite the massive short liquidations, Cardano and MASK managed to record positive price actions. The most significant single liquidation took place on the Bitmex exchange XBTUSD pair with $2 million being liquidated. Major crypto exchanges like Binance, OKX, Huobi, Bitmex, and Bybit were at the helm of this substantial wave of liquidations. https://www.investing.com/news/cryptocurrency-news/cryptocurrency-market-faces-massive-137-million-futures-liquidations-93CH-3221974

2023-11-03 19:11

Copyrighted Image by: Reuters In a recent Yahoo Finance Live session, Bill Miller IV, a renowned investor, emphasized the resilience of Bitcoin in the face of cryptocurrency market volatility and legal issues. The session took place on Friday, where Miller discussed the current state of the digital asset market. Miller addressed the conviction of Sam Bankman-Fried, a significant event in the cryptocurrency world, but stressed that despite such legal issues, Bitcoin maintains its robustness. He attributed this resilience to Bitcoin's network strength and uncensorability, distinguishing it from other cryptocurrencies. "Bitcoin is very different from crypto," Miller declared during the session. This statement underscores his view that Bitcoin's unique attributes set it apart from the broader cryptocurrency market. Looking ahead, Miller predicts favorable long-term trends for Bitcoin. He believes that its uniqueness as a digital asset will continue to uphold its value and stability in the future despite market turbulence. This perspective from a seasoned investor like Miller may provide some reassurance to those concerned about the volatility and legal challenges facing the broader cryptocurrency market. As always, investors are encouraged to conduct thorough research and consider various factors before making investment decisions. https://www.investing.com/news/cryptocurrency-news/bitcoins-strength-underscored-amid-market-turbulence-says-bill-miller-iv-93CH-3221978

2023-11-03 18:17

Binance, one of the leading cryptocurrency exchanges, announced the launch of its TWTUSDT Perpetual Contract today. The contract went live at 17:30 and offers users increased trading flexibility in the dynamic crypto market. This move marks a significant expansion of Binance's future offerings. The TWTUSDT Perpetual Contract provides traders with 50x leverage and a maximum funding rate of +2.00% / -2.00%. To ensure alignment with the spot market, Binance has implemented quad-hourly funding fee payments. This approach ensures that the contract price accurately reflects the spot market price. Binance also indicated that it retains the ability to adjust contract elements such as funding fees, tick size, leverage, and margin requirements in response to market fluctuations. This flexibility allows Binance to maintain a competitive edge and adapt to ever-changing market conditions. This strategic move by Binance aims to provide users with enhanced trading opportunities in the rapidly evolving crypto market. As cryptocurrencies continue to gain mainstream acceptance, Binance's expanded futures offerings could potentially attract more traders seeking diverse investment options. https://www.investing.com/news/cryptocurrency-news/binance-expands-futures-offerings-with-twtusdt-perpetual-contract-launch-93CH-3221950