23.06.[News of the day] • Cryptocurrency crimes in the US is growing by 300% per year • and other articles
4 min readTable of Contents
Welcome to today’s overview of crypto news:
MARKETS
On the weekend, when BTC was in the range of $ 35,000 to $ 36,000, everything seemed calm. However, the cryptocurrency seldom likes to remain calm, and its eternally volatile nature has reappeared in the past 48 hours. Initially, the bears took the lead and pushed the asset down sharply. Within hours, BTC had lost more than 20% of its value, dropping below $ 30,000 for the first time since January and continuing to fall to a minimum below $ 29,000.
At this point, however, the bulls intensified. They reversed the trajectory of the price relatively quickly and sent the cryptocurrency north. BTC has recovered more than $ 5,000 worth of value and is currently trading for approximately $ 34,000.
The Altcoins suffered even more during their fall yesterday than their leader. ETH fell from nearly $ 2,300 to a low below $ 1,700. However, it was also reflected by the addition of $ 300 in value and is currently around $ 2,000.
Cryptocurrencies
ARK Cathie Wood buys BTC dip
While BTC’s recent drop below $ 30,000 has caused panic in some of the most ardent bulls, ARK Investment Management Cathie Wood has bought the drop. According to the daily business overview of ARK Next Generation Internet, ETF bought 1,046,002 shares of Grayscale BTC Trust on Tuesday.
Since Wednesday, the fund has a weight of 4.57% in the GBTC. The shares represent the third largest share of the ARK Next Generation Internet ETF (right after Square and Tesla). ARK Innovation ETF, meanwhile, also bought 214,718 shares in Coinbase, America’s largest crypto exchange. [2a]
Cryptocurrency crimes in the United States is growing by 300% a year
According to a new study by Crypto Head, the number of cryptocurrency crimes in the United States increased by an average of 300% each year between 2017 and 2020. The study found that cryptocurrency offenses are also on the rise in Australia and the United Kingdom, although not by as much.
The vast majority of cryptocrimes in all three countries concerned BTC, while ETH was the second most common case. Between 2016 and 2020, more than 110,000 cases of fraud, pump-and-dump schemes or theft related to cryptocurrencies were reported in the United States, up from a total of 82,135 last year alone.
The study points out that the actual number of cases may be higher, as the data only reflect reported crimes and, due to the relatively new nature of the crimes, some victims may not even know how to report them.
Banks, crypto exchanges, companies
Nasdaq Dubai launches trading with 3iQ’s BTC fund
Canada’s largest digital asset investment fund manager, 3iQ, is expanding its reach to global investors by launching its public fund BTC (BTC) in a major market in the Middle East.
According to an official statement from 3iQ, it has launched its BTC fund (QBTC) for trading on Nasdaq Dubai. Trading started on Wednesday at 10:00 Dubai time.
The new listing marks the creation of the first index-based fund based on digital assets in the Middle East, said Frederick Pye, Chairman of the Board and CEO of 3iQ.
Goldman Sachs will jump on JPMorgan’s Repo Blockchain and start trading in cryptocurrencies
In an interview with Bloomberg, Mathew McDermott, Goldman Sachs’ global head of digital assets for global markets, verified the first transaction, which took place on June 17.
Goldman Sachs exchanged a tokenized version of a US Treasury bond for JPM Coin, JPMorgan’s stablecoin pegged to the dollar. Last year, JPMorgan launched its own blockchain solution to increase the efficiency of repo transactions. JPM Coin is used on this platform to exchange US Treasury digital bonds.
CBDC, Regulation
The SEC has reached an arrangement with Loci for an unregistered offer of securities
The U.S. Securities and Exchange Commission has filed charges against Virginia-based Loci, the developer of the InnVenn software platform, and its CEO, John Wise, for allegedly “false and misleading statements about an unregistered offering and sale of securities for digital assets,” he said. in the statement.
According to the SEC, Loci and Wise allegedly earned $ 7.6 million through an “unregistered and fraudulent primary offering” of LOCIcoin tokens between August 2017 and January 2018. Wise also allegedly misused $ 38,163 in investor income for personal expenses.
According to the regulator, Loci and Wise agreed with the SEC’s order to stop operations. The SEC order also imposes a $ 7.6 million civil fine on Loci.
Britain continues to curb cryptocurrencies by warning against unregistered companies
British financial regulator has issued warnings about unregulated cryptocurrency-related companies, which it says pose a threat to the financial system.
The United Kingdom seems to be moving in the same light as the United States when it comes to its approach to cryptocurrencies. There were further warnings and bank interventions, the latest coming from the Financial Conduct Authority (FCA).
FCA’s head of law enforcement and market surveillance, Mark Steward, issued a warning at a weekly virtual summit, saying the crypto companies were high-risk, volatile and unregulated. According to Reuters, he stated that there were 111 of them in Britain without the necessary registration.
