Kategorie: Crypto Markets

• The US Department of Justice is looking for $4 billion from Binance as settlement over the prolonged investigations against the crypto exchange.
• Bloomberg says in a report that talks between the DOJ and Binance have been ongoing for a while and could end within weeks.

The US government is reportedly seeking over $4 billion from Binance, the world’s largest cryptocurrency exchange by trading volume, in order to settle the criminal investigation against it. 

The US Department of Justice and Binance have held discussions over this, Bloomberg News said in a report published on Monday.

The US Justice Department is seeking more than $4 billion from Binance as part of a proposed resolution of a years-long investigation into the world’s largest crypto exchange https://t.co/T3jDuKygLF

— Bloomberg Crypto (@crypto) November 20, 2023

Per the report, the DOJ will want Changpeng Zhao’s crypto behemoth to pay the colossal amount as part of a settlement in a case involving multiple criminal violations.

The talks between Binance and the DOJ also highlight the possibility that Zhao could face criminal charges in the US. This relates to allegations of bank fraud, money laundering and sanctions violations, according to people familiar with the said discussions.

According to the report, talks between the US government and Binance could conclude within weeks.

Bitcoin and BNB prices have spiked to above $37,600 and $262 respectively, up 3% and 7% in the past 24 hours.

The post US wants over $4B from Binance to end criminal case: Bloomberg appeared first on CoinJournal.

• The new digital securities platform is known as Start.
• Start’s operations are scheduled to commence on December 25.
• The platform will start with a $20 million real estate securities issuance

Osaka Digital Exchange (ODX) is set to make history by launching Japan’s inaugural digital securities trading platform, named “Start,” on December 25.

The platform’s regulatory approval from Japan’s financial watchdog on November 16 paves the way for ODX to revolutionize the country’s financial landscape.

Japan’s first digital securities trading platform

Founded in 2021, ODX comprises key players in traditional Japanese finance, including SBI Holdings and Sumitomo Mitsui Financial Group (SMFG). Its proprietary trading system, Start, is designed exclusively for security tokens. This strategic move aligns with the growing global trend of incorporating blockchain and tokenization into traditional financial systems.

To kick off Start’s operations, ODX will issue approximately 3 billion yen (about $20 million) worth of tokenized securities. The issuer, Ichigo Owners, a prominent real estate firm, signifies the practical application of digital securities within the real estate sector. This issuance underscores the potential for blockchain technology to enhance liquidity and accessibility for investors.

ODX’s regulatory approval and the subsequent launch of Start mark a significant milestone in Japan’s digital asset evolution. The involvement of heavyweight financial institutions like SBI Holdings and SMFG highlights the increasing support and interest from traditional finance in Japan for digital asset initiatives. This initiative comes at a time when the broader Asian market is witnessing a shift towards digital securities, with Hong Kong and South Korea also embracing the trend.

The introduction of digital securities trading through the Start platform positions ODX at the forefront of Japan’s financial transformation, offering new avenues for investment diversification and addressing the challenges posed by an ageing population.

The post Osaka Digital Exchange introduces Japan’s first digital securities trading platform appeared first on CoinJournal.

• Yearn Finance (YFI) price fell more than 45% to below $9k on November 18.
• The decline occurred amid market manipulation claims, including from the dYdX team.
• YFI price was around $9,260 on Sunday morning.

Yearn Finance (YFI) is changing hands just above $9,260 on Sunday morning, November 19.

The YFI token’s 45% slump from highs of $15,548 to lows of $8,918 on Saturday wiped out all of last week’s gains. YFI/USD had climbed by over 170% over the past month.

YFI price nosedives – what happened?

Yearn Finance’s steep price decline came as negative sentiment hit the market amid allegations of potential market population. 

Amid this, YFI saw huge deposits to exchanges and on-chain data shared by market platform Lookonchain shows one whale selling as prices plummeted.  

Why did $YFI suddenly plummet more than 40%?

Wallet „0x48f9“ transferred 446 $YFI($5.8M) out, most of which was deposited to exchanges.https://t.co/Scw2wsE7lK pic.twitter.com/mrikh2dviO

— Lookonchain (@lookonchain) November 18, 2023

Alleged market manipulation was pointed out by the dYdX team, which revealed it had used $9 million from its v3 insurance fund to plug liquidation gaps in the YFI market.

“This was pretty clearly a targeted attack against dYdX, including market manipulation of the entire $YFI market,” dYdX founder Antonio Juliano stated in a post on X.

This was pretty clearly a targeted attack against dYdX, including market manipulation of the entire $YFI market

We are investigating alongside several partners and will be transparent with what we discover https://t.co/djWHaaPIua

— Antonio | dYdX (@AntonioMJuliano) November 18, 2023

The FUD surrounding YFI price on November 18 saw an increase in liquidations. Data from Coinglass shows a total of $4.55 million liquidated in 24 hours, with longs accounting for over $3.07 million.

What is Yearn Finance?

YFI is the governance token of Yearn Finance, one of the leading yield farming protocols in the decentralized finance (DeFi) ecosystem. 

The platform’s suite of products that include lending aggregation, yield generation, and insurance are integrated by some of the top DeFi players, including Aave, dYdX and Compound.

The price of its token had seen a significant spike in recent weeks amid a resurgence across the crypto market. In reaching highs of $15,548, YFI was trading at a peak last seen in May 2022. Profit deals are therefore likely to have been a possible factor.

As  of writing, YFI has cut weekly gains to just over 2% and 30-day performance is down to +85%.

The post Yearn Finance (YFI) price nosedives amid alleged market manipulation appeared first on CoinJournal.

• Republic aims to leverage Avalanche’s features for global scalability.
• Republic Note has already attracted over $30 million in pre-sale participation.
• The move could potentially help stop the current AVAX price drop.

Investment platform Republic has selected Avalanche as the blockchain for its Republic Note token.

The move is part of Republic’s strategic vision to leverage Avalanche’s strengths for global scalability.

What is Republic Note?

Republic Note allows investors to earn returns from a diverse portfolio of over 750 private assets. The digital asset, not yet deployed to the mainnet, has already garnered significant interest, with over $30 million in pre-sale participation from individual and institutional investors.

Republic President Andrew Durgee highlighted Avalanche’s role in providing the foundation needed for Republic Note to reach a global audience of investors. The choice of Avalanche is strategic, considering its innate features, including the ability to set up controllable subnets. These subnets, highly customizable side chains, play a crucial role in optimizing for regulatory compliance associated with being a digital security.

Republic’s profit-sharing approach

Republic Note is designed to share profits generated from Republic’s extensive venture portfolio with investors. It plans to distribute up to 25% of the dividend pool to token holders, emphasizing a profit-sharing model.

The token’s price during the pre-sale round was $0.36, with a total supply capped at 800 million.

A potential boost for AVAX price

Republic’s move to launch Republic Note on Avalanche could have implications for AVAX price. The strategic partnership between Republic and Ava Labs and Republic Note’s unique profit-sharing model might instil confidence in AVAX investors, potentially mitigating further price declines.

AVAX price today plummeted to a low of $20.18 losing more than 10% in value before the Republic Note announcement was made. After the announcement, the price recovered about 3% with the price rising to $20.52 at press time.

The post Republic chooses Avalanche blockchain for its Republic Note token appeared first on CoinJournal.

• VeChain (VET) price was at $0.023, down 5% in the past 24 hours, while Ethereum (ETH) traded near $1,940.
• Both altcoins have retreated from recent highs amid profit deals and as Bitcoin drops below $36k.

VeChain (VET) broke higher earlier this month as the crypto sentiment around Bitcoin and Ethereum ETFs combined with other positive news to buoy buyers. VET surged as high as $0.023, the cryptocurrency’s highest level since April 30.

But in reaching a six-month high, VeChain welcomed profit takers amid similar struggles for crypto and equities. Indeed, VET/USD is down 5% in the past 24 hours and nearly 8% this past week. 

VeChain’s 30-day gains are currently trimmed to just over 26% as price falls to $0.020.

VeChain price outlook as ETH eyes major support area

The struggles for VET price come as the top altcoin by market cap Ethereum battles to hold onto gains above $2k. Ether price is changing hands near $1,940 at the time of writing, down 3% in the past 24 hours and nearly 9% this past week.

Looking at VeChain, we see a similar scenario where bulls are struggling to shed the sell-off pressure after prices spiked to multi-month highs.

Further support could be found between $0.016 and $0.014.

The post VeChain price prediction as VET mirrors Ethereum (ETH) appeared first on CoinJournal.