Welcome to today’s overview of crypto news:
After reaching its all-time high from last week, the BTC price gradually headed south. Failed to stay above $ 67,000 and lost $ 7,000 in a matter of days. Earlier this week, the asset managed to regain some ground and approached $ 64,000, but stopped again.
This time the bears took full control and pushed the BTC hard to the south. Within hours, the cryptocurrency had lost more than $ 5,000 in value. As a result, it fell to $ 58,000, the lowest price point in two weeks. The BTC was difficult to recover at first, but has risen $ 1,500 in the last few hours to close to the $ 60,000 mark and is currently (at the time of writing) trading at $ 60,650.
Alternative coins also fell sharply yesterday. ETH dropped to $ 3,900, but bounced back and jumped above $ 4,000 at the time of writing.
Banks, crypto exchanges, companies
Coinbase has become the most popular application for the iPhone and has overtaken TikTok
Coinbase made money at this rally by adding the ticker SHIB to the name of its application in addition to BTC and ETH. The daily volume of trades with Shiba Inu reached $ 5.1 billion on the exchange, which is about five times more than with BTC and Ether.
This isn’t the first time Coinbase has become the most popular app in the Apple App Store. At the beginning of May, when Dogecoin mania was in full swing, the exchange took first place. It also happened just a few weeks after the exchange entered the Nasdaq.
It is worth noting that Coinbase became the best application on the threshold of a major market crash on May 19. The Coinbase application also came in first place at the end of 2017, when a cryptocurrency bubble was about to burst.
DBS Bank was the first in Southeast Asia to become a member of the Hedera Board of Governors
Singapore’s DBS Bank, the largest lender in Southeast Asia, has joined the Governors’ Board of Hedera, a diverse group of companies that manages and supports the Hedera network, a public ledger of corporate-level transactions, according to a media statement.
DBS, the first and only bank in Southeast Asia to join the Governing Council, will operate a network node and investigate use cases for the use of blockchain and distributed ledger (DLT) technologies in banking.
Unlike a traditional blockchain such as BTC, which uses a proof-of-work consensus, Hedera Hashgraph uses a hashgraph consensus that enables fast and secure transactions.
Bitpanda has appointed a former JPMorgan director to head a fully regulated crypto exchange
The crypto ecosystem has chosen another manager from traditional finance. Two months after raising $ 263 million, Bitpanda’s European cryptocurrency trading platform announced that Joshua Barraclough, a former CEO of JPMorgan, has joined the board of directors of Bitpanda Pro’s fully regulated digital asset exchange.
Prior to moving into the world of cryptocurrencies, Barraclough worked as the global leader of the fintech team and then as co-leader of digital innovation at JPMorgan. In response to Cointelegraph’s questions about the transition, Barraclough said leaving JPMorgan for Bitpanda was an easy decision.
Fraudulent crypto entities closed by a watch dog in New Jersey
The New Jersey Securities and Exchange Commission has issued injunctions to a total of five fraudulent crypto-investment companies. This was in response to the Authority’s finding that these companies were using routine investment fraud to lure naive investors into their bogus crypto funds. Some of the red flags included vague promises of profit, false confirmation from clients, limited and misleading information, and indeterminacy of company principles.
Sean Neafsay, Deputy Director of Consumer Affairs, called on participants to look more closely at the entities they want to invest in.
The Securities and Exchange Commission (SEC) reportedly rejected the Valkyrie’s leveraged BTC ETF
Since the first BTC ETF was launched in a flood of speculation and expectations last week, financial institutions across the United States have been vying to apply for approval of their own funds. However, not everyone was as lucky as ProShares.
The reports suggest that one or perhaps the two most recent applications were rejected by the US Securities and Exchange Commission (SEC) within one or two days of their filing.
Earlier this week, two creative ETFs were presented to the Securities and Exchange Commission (SEC). These deviated from the structure that was currently approved. Valkyrie has applied for ETF for leveraged BTC futures and Direxion for a bear reversal fund. Both of these funds were allegedly rejected by the regulator.