Top Crypto News for Wednesday June 7, 2023
Global crypto market rallies amid Binance FUD
The global cryptocurrency market surged on Tuesday, despite the ongoing FUD (fear, uncertainty, and doubt) surrounding Binance. The total market capitalization of all cryptocurrencies rose to over $1.2 trillion, with Bitcoin (BTC) and Ethereum (ETH) leading the way. The surge in the crypto market comes despite the fact that the US Securities and Exchange Commission (SEC) is seeking to freeze the assets of BinanceUS, the US arm of Binance. The SEC alleges that BinanceUS has violated securities laws by failing to register as a broker-dealer. However, the news of the SEC lawsuit did not seem to deter investors, as they continued to buy cryptocurrencies.
SEC seeks expedited court order to freeze BinanceUS assets
The US Securities and Exchange Commission (SEC) has asked a federal judge to issue an express order freezing the assets of BinanceUS, the US arm of Binance. The SEC alleges that BinanceUS has violated securities laws by failing to register as a broker-dealer. The SEC is seeking the express order in order to prevent BinanceUS from moving its assets around and making it difficult for the SEC to collect any fines or penalties that may be imposed. The SEC’s move is a sign that the agency is taking a more aggressive stance towards cryptocurrency exchanges.
Ethereum whales accumulate $59.47B in ETH, hitting all-time high
According to data from Santiment, a blockchain analytics firm, the amount of Ethereum (ETH) held by massive whales has reached an all-time high of $59.47 billion. Whales are defined as addresses that hold more than 100,000 ETH. The increase in the amount of ETH held by whales is likely due to the fact that the price of ETH has been on the rise in recent months. As the price of ETH has increased, whales have been accumulating more and more of the cryptocurrency. The accumulation of ETH by whales is a bullish sign for the cryptocurrency, as it suggests that there is strong demand for ETH from institutional investors.
Bitcoin investors shrug off Binance asset freeze risk
Bitcoin investors seem indifferent to the potential asset freeze of Binance. The price of Bitcoin has remained relatively stable in the wake of the news, and there has been no significant sell-off. This suggests that investors are not worried about the potential impact of the asset freeze on the cryptocurrency market. There are a few possible reasons for this. First, investors may believe that the asset freeze is unlikely to happen. Second, investors may believe that even if the asset freeze does happen, it will not have a significant impact on the cryptocurrency market. Finally, investors may believe that the potential benefits of investing in Bitcoin outweigh the risks.
Senators blast SEC’s Coinbase lawsuit, demand clearer crypto rules.
On Tuesday, a group of US senators slammed the Securities and Exchange Commission (SEC) for its lawsuit against Coinbase, demanding clearer crypto regulations. The senators, led by Elizabeth Warren, sent a letter to SEC Chair Gary Gensler, criticizing the lawsuit and calling for more clarity on how the agency will regulate cryptocurrencies.
The senators argued that the SEC’s lawsuit against Coinbase is “overbroad” and “unfair,” and that it could have a chilling effect on innovation in the crypto industry. They also called for the SEC to provide more clarity on how it will regulate cryptocurrencies, saying that the current regulatory framework is “unclear and inconsistent.”
The SEC’s lawsuit against Coinbase alleges that the cryptocurrency exchange violated securities laws by offering and selling digital tokens that are not registered with the agency. Coinbase has denied the allegations, and the case is still ongoing.
Robinhood reviews crypto offerings after SEC crackdown
Robinhood is reassessing its crypto offerings in response to the SEC crackdown on cryptocurrency exchanges. The company said in a statement that it is “actively evaluating” its crypto products and services, and that it will “continue to comply with all applicable laws and regulations.”
The SEC has been cracking down on cryptocurrency exchanges in recent months, filing lawsuits against Coinbase and Binance. The agency has also warned that it will take action against exchanges that offer digital tokens that are not registered with the SEC.
Robinhood’s decision to reassess its crypto offerings is a sign that the company is taking the SEC’s crackdown seriously. It is also a sign that the crypto industry is facing increasing regulatory scrutiny.
Summary of Top Crypto News Today June 7, 2023
Overall, today’s crypto news suggests that the cryptocurrency market is still hyper volatile, but it is also resilient. Despite the ongoing FUD surrounding Binance and the SEC’s aggressive stance towards cryptocurrency exchanges, investors continue to buy cryptocurrencies. This suggests there is strong demand for cryptocurrencies, despite the current bearish market.
