Bitcoin reached an all-time high of over $69,000 in November 2021, but this recent ATH was short-lived as the price quickly dropped to $59,300, marking a 14% correction. Despite regaining some ground and stabilizing around $66,000, the market experienced intense price volatility on Mar. 5. The surge in Bitcoin’s price volatility led to record-breaking trading
Exchanges
In a recent announcement, crypto exchange Binance revealed its decision to discontinue all services associated with the Nigerian local fiat currency, Naira (NGN), in a phased approach. This move comes amidst ongoing tensions between Binance and the Nigerian government regarding the exchange’s operations in the country. Binance informed its Nigerian users that they would no
Crypto exchange Coinbase recently encountered a technical issue on March 4, leaving some users with an empty balance in their accounts. The problem was identified at 5:36 pm UTC, with Coinbase acknowledging that a “small subset of users may see intermittent zero balance across their Coinbase accounts and latency across pages.” Although trading was not
After recently settling with the U.S. Department of Justice on charges of money laundering and terrorism financing, Binance now faces scrutiny from Nigeria’s House of Representatives Committee on Financial Crimes. The committee has issued an ultimatum to Binance CEO Richard Teng, demanding his appearance before them by March 4. The allegations against Binance include involvement
The Nigerian government is contemplating imposing fines as high as $10 billion on Binance, a major cryptocurrency exchange. Reports from local media sources suggest that Bayo Onanuga, the special adviser to the Nigerian president, has accused Binance of profiting from facilitating illegal transactions within the country, leading to substantial losses for Nigeria. Onanuga views the
The Chamber of Digital Commerce recently filed an amicus curiae in defense of the crypto exchange Kraken in the lawsuit brought against it by the US SEC. The Chamber’s main argument in the brief is that the SEC is overstepping its bounds by attempting to regulate the digital asset industry through enforcement actions, rather than
After withdrawing its initial application for a Virtual Asset Trading Platform (VATP) license in Hong Kong, Justin Sun-related crypto exchange HTX has resubmitted its application, as indicated by a notice on the Securities and Futures Commission (SFC) website. The initial application, filed through its Hong Kong subsidiary Huobi HK, was pulled back on Feb. 23
The recent events surrounding Hong Kong-based crypto exchange BitForex have left users in a state of confusion and concern. The suspension of the website and trading application on Feb 23 has led to a complete blackout, with users unable to access their funds or receive any official communication from the exchange. This comes as a
Kraken, a prominent digital asset exchange, recently found itself embroiled in legal action initiated by the US Securities and Exchange Commission (SEC). The charges against Kraken were purportedly a result of the firm’s vocal advocacy for regulatory boundaries within the industry. This advocacy came to light during Kraken’s testimony before the House Financial Services Committee
Bitcoin enthusiasts are closely monitoring the movement of Bitcoin as it approaches the $52,000 mark. However, beyond just tracking the price, there is a deeper layer to Bitcoin’s market dynamics that is often overlooked. A closer examination of Bitcoin’s liquidity reveals a complex interplay of buy and sell orders that occur within a critical 2%
