Cryptocurrency
Coinbase share price is down 21% due to the SEC investigation. How much will Coinbase shares cost?
Published
2 weeks agoon
By
letizo News
Coinbase Global Inc. is currently under investigation. The regulator is looking into whether the company has created conditions for illegal trading in digital assets, which are required to be registered as securities under U.S. law. The information came to Bloomberg from sources close to the company who wished to remain anonymous. How much will Coinbase shares cost?
Coinbase share analysis
The company’s stock price is down 21% and is trading at $52.93 at the time of this writing. Year-to-date, the company has lost 79% of its original value.
The Securities and Exchange Commission (SEC) has launched an investigation over the platform’s expansion of the list of tokens available for trading. At the very least, that’s what sources say. The investigation was conducted before the insider trading litigation began. As you know, a lawsuit was filed last week against a former top manager of the crypto exchange.
The company’s lawyers argue that the cryptocurrency exchange’s rigorous selection process cuts the likelihood of securities appearing on the platform. In this regard, representatives of the company expect that the regulator will still meet them halfway. The SEC declined to comment on the situation.
Will Coinbase shares go up after such a fall?
Washington began to actively talk about the need to regulate the cryptocurrency market after its level of capitalization fell three times from it’s all-time high. Chairman Gary Gensler has publicly stated that trading platforms should do more to protect every investor.
Is it worth buying coinbase shares? As the most influential trading platform in the U.S., Platform has created an environment for Americans to trade more than 150 tokens. If all of them were recognized as securities, the company would be forced to register with the SEC as an exchange.
Coinbase has already engaged in several public discussions with the regulator regarding regulatory rules. The exchange has also urged the development of clear regulations for the operation of the market. Coinbase has also begun to ramp up tokenization, though it had previously tried to be more cautious in this regard.
Passions heated up on July 21. The SEC then charged a former platform executive with insider trading and leaking information. That allegedly allowed his inner circle to buy up tokens before floating them on the platform. Also, according to the regulator, 9 of the 25 tokens have all the attributes of securities.
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Cryptocurrency
Portugal and cryptocurrency: 12 companies await permission to operate
Published
4 hours agoon
August 8, 2022By
letizo News
Portugal and cryptocurrency news: Central Bank is considering 12 applications submitted by companies that intend to provide cryptocurrency services in the country. These include the Binance exchange.
Final decisions on the applications are expected by the end of this year, unless the regulator asks the companies to provide additional information.
Among the applicants for the license is the world’s largest cryptocurrency exchange, Binance. The company has already started recruiting staff in the country, posting six vacancies on its website.
Portugal is still considered one of the most favorable countries for digital asset businesses in Europe. Among those already approved are Mind the Coin, Criptoloja, Digital Luso, Bison Digital Assets and Utrust.
However, major Portuguese banks Banco Comercial Portuguesa and Banco Santander, as well as two smaller local banks, have recently suspended services to several cryptocurrency exchanges, including CriptoLoja and Mind the Coin. This probably happened because of the situation in the cryptocurrency market.
Cryptocurrency
Vitalik Buterin: Transition to Ethereum PoS algorithm could make crypto payments popular again
Published
4 hours agoon
August 8, 2022By
letizo News
During the Korea Blockchain Week 2022 conference, Ethereum co-founder Vitalik Buterin said that the network’s move to Ethereum PoS algorithm could increase the popularity of cryptocurrencies for everyday payments.
Buterin recalled that previously using cryptocurrencies for payments was more common, but most blockchains faced scalability issues and high fees. So now everyday payments using digital assets are not as popular.
“Cryptocurrency payments somehow lost popularity after 2018. And, naturally, transaction fees were one of the reasons for this. In the future, after the implementation of rollups, after all the efficiency improvements, transaction fees may come down to 5 or even 2 cents,” Buterin stressed.
Recall that Ethereum is to switch to the Proof-of-Stake (PoS) algorithm in mid-September. This will increase the bandwidth of the network. In the future, with the introduction of sharding and other technologies for scaling, the figure will grow even more. Accordingly, transaction fees will also decrease.
Cryptocurrency
Hodlnaut news: cryptocurrency lender halted cryptocurrency withdrawals
Published
4 hours agoon
August 8, 2022By
letizo News
Urgent Hodlnaut news: Cryptocurrency lending site Hodlnaut has unilaterally frozen cryptocurrency withdrawals. This is reported in the blog of the service. Representatives of the project claim that the reason for the stop was the need to “stabilize liquidity.” What exactly hit Hodlnaut’s liquidity remains unclear.
Meanwhile, the company “can’t” give an exact date for the resumption of cryptocurrency withdrawals because the details have not yet been agreed upon between “all stakeholders.” However, Hodlnaut hinted that the process will not be quick, as the company has begun work to “restructure” the business.
“We believe that stopping the withdrawal of funds will give us the necessary respite to explore possible restructuring options and recovery plans with our legal advisors,” Hodlnaut said.
At the same time, the media revealed that Hodlnaut had withdrawn its application for a Singapore license that would have allowed the project to provide a token conversion service. Users who were receiving interest payments on deposits before the freeze will continue to receive rewards until the service expires.
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