Top Crypto New Stories for June 8, 2023
The cryptocurrency market has been volatile in recent days, with Bitcoin falling below $26,500 and other cryptocurrencies also down sharply. Here are the leading crypto news stories of the day…
Binance US to Pay $1.25 Million Fine to Settle SEC Charges
Binance US, the U.S. arm of the world’s largest cryptocurrency exchange, has agreed to pay $1.25 million to settle charges from the Securities and Exchange Commission (SEC). The SEC alleged that Binance US failed to register as a national securities exchange and failed to comply with certain anti-money laundering requirements.
Bitcoin Falls Below $26,500, BNB and Solana Down 6%
Bitcoin fell below $26,500 on Tuesday, extending its losses from the previous day. The world’s largest cryptocurrency is now down more than 70% from its all-time high of $68,789, which it reached in November 2021.
Other cryptocurrencies also fell sharply on Tuesday. Binance Coin (BNB) fell by more than 6%, while Solana (SOL) fell by more than 7%.
The sell-off in cryptocurrencies was likely triggered by a number of factors, including the recent SEC investigations and lawsuits which are plaguing the industry.
Shiba Inu Burns Over 41% of Total Supply, Reaches New Milestone
- Shiba Inu (SHIB) has reached a major milestone, as it has now burned over 410 trillion tokens.
- This means that over 41% of the total supply of SHIB tokens has been burned, making it one of the most heavily burned cryptocurrencies in the world.
- The burning of SHIB tokens is a deflationary measure, which means that it reduces the supply of tokens over time. This can lead to an increase in the price of SHIB tokens, as there are fewer tokens available to buy.
- The burning of SHIB tokens is also a sign of confidence in the project, as it shows that the community is committed to making SHIB a success.
Bitcoin ATMs in the United States Surpass 35,000
The number of Bitcoin ATMs in operation worldwide has risen sharply in the past month, reaching a new high of over 35,000, according to the latest data from Coin ATM Radar.
There are now over 35,069 Bitcoin ATMs in the U.S. Despite the rise in the price of Bitcoin (BTC) in December 2022, the number of Bitcoin ATMs worldwide decreased by over 3,600 in March, according to data from CoinATM Radar. This represents a decline of over 9% from December’s peak of 39,000 ATMs.
The number of Bitcoin ATMs had been decreasing since December. However, this trend reversed in May with an increase of nearly 1,400 machines, and an additional 278 were added in the first few days of June.
AI Demand Drives AI-Based Crypto Growth Despite SEC Crackdown
- The demand for artificial intelligence (AI) is booming, and this is having a positive impact on the growth of AI-based cryptocurrencies.
- AI is being used to develop new and innovative cryptocurrencies, such as those that are designed to be more secure or more efficient.
- The US Securities and Exchange Commission (SEC) has been cracking down on cryptocurrency projects, but this has not deterred the growth of AI-based cryptocurrencies.
- In fact, the SEC’s crackdown may have even made investors more interested in AI-based cryptocurrencies, as they are seen as being more secure and compliant.