Kategorie: Crypto News

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Court approves protective order in SEC vs. Binance lawsuit

  • Court approves info disclosure order in SEC vs. Binance lawsuit.
  • The protective order allows confidentiality for trade secrets and customer info in discovery.
  • Binance challenges the SEC’s broad demands, protecting proprietary data.

A significant development has taken place in the ongoing legal battle between the US Securities and Exchange Commission (SEC) and Binance entities, including CEO Changpeng Zhao.

The US court has approved a protective order governing the production, use, and disclosure of information and materials related to the SEC vs. Binance lawsuit.

Protecting confidential information

The approved protective order establishes guidelines for the treatment and disclosure of confidential information generated during the lawsuit.

Parties involved are permitted to designate discovery material as confidential, provided it falls within specific categories defined by the court. These categories include nonpublic trade secrets, proprietary financial information, details about the ownership or control of non-public companies, and non-public customer information, such as customer identities.

The order emphasizes that the confidentiality designation won’t apply universally but only to discovery material that precisely aligns with the court’s stipulations. This move seeks to strike a balance between the transparency required in legal proceedings and the protection of sensitive information.

Binance’s defence against SEC’s “fishing expedition”

Binance.US, amidst the legal proceedings, in August 2023 sought a protective order against the SEC, alleging an unwarranted “fishing expedition.” Binance argued that the SEC’s extensive discovery demands were overly broad and unreasonable. The regulatory body’s requests, Binance claimed, aimed at acquiring every document related to customer assets, posing a potential threat to the company’s proprietary information.

Binance expressed concern over the perceived unlimited authority granted to the SEC, enabling an investigation into all aspects of Binance.US’s asset custody practices without apparent limitations. This legal manoeuvre underscores the importance of establishing clear boundaries in regulatory investigations, preventing overreach and safeguarding the interests of the entities under scrutiny.

As the lawsuit unfolds, the protective order stands as a crucial mechanism ensuring a fair and controlled exchange of information. It reflects the court’s commitment to preserving the confidentiality of sensitive materials while facilitating a thorough examination of the issues at hand in the SEC’s case against Binance entities and CEO Changpeng Zhao.

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Bitcoin’s rise tops traditional markets: Injective & InQubeta prepare to jump

Bitcoin (BTC), InQubeta (QUBE), and Injective (INJ) are among the top crypto coins to invest in now. BTC, the king of cryptocurrencies, is officially back as its prices surge past the $37,000 mark for the first time in almost two years. Prices have expanded 31% in the past month and there’s a solid chance they will reach $50,000 before the end of 2023. 

Top DeFi projects InQubeta and Injective have enjoyed 130% and 113% price surges respectively. 

InQubeta uses decentralized finance to open up access to artificial intelligence (AI) investments, while Injective provides a wide range of decentralized finance tools from spot exchanges to lending protocols. 

InQubeta (QUBE) surges past $4.6 million 

The InQubeta project has been a massive hit with cryptocurrency investors since the start of its presale raising over $4.6 million in token sales. The ambitious new DeFi project provides an alternative investment medium for those who don’t meet the requirements of traditional investment avenues or don’t have access to them. 

The project aims to help push AI by helping companies that focus on the technology to secure capital, while simultaneously providing easier-to-access investment opportunities. The timing of the project’s launch couldn’t be any better as investor interest in AI is at an all-time high. The capital devoted to AI has grown 12x since 2015, and about $120 billion is invested in AI as of now. That’s an insignificant sum when compared to the $1.5 trillion expected to come into the AI space by 2030.

Artificial intelligence’s role in our lives will increase exponentially in the next several years as concepts that were once restricted to sci-fi content become a reality. Amazon now uses humanoid robots to perform repetitive tasks in one of its warehouses and Coca-Cola just created a new flavour using AI that had been fed large volumes of consumer data. 

AI is on course to create rewarding investment opportunities and those who back the technology position themselves to earn substantial profits. InQubeta now opens access to these opportunities to all who wish to participate. 

A new way to invest in AI

InQubeta showcases the major role decentralized finance will play in the future as it comes up with a secure, transparent, and efficient way for investors to back AI firms. Startups fundraise by making non-fungible tokens that represent investment opportunities. These are InQubeta’s version of stocks and they provide similar benefits. Some even give investors unique rewards like exclusive access to new products developed. 

Also called ERC20 coins, the NFTs made by these AI startups are posted on the marketplace where investors can learn more about the opportunities they represent and purchase tokens they find interesting with QUBE. QUBE can be acquired with top crypto coins like BTC, ETH, and LTC or debit and credit cards.

Investors can monitor the growth of any tokens bought through their InQubeta accounts and they can resell them on the NFT marketplace at any time. 

Injective (INJ) enjoys a massive 113% price surge

Injective is one of the best DeFi projects in the cryptocurrency space and its recent 113% surge is proof of how useful investors find the decentralized financial services it provides. However, technical indicators like its momentum at 2.11 might be a sign a strong reversal is about to occur. 

Bitcoin (BTC) is close to making $50k predictions a reality

Bitcoin (BTC) prices have been on a major bull run in the past 30 days, growing by over 33%, breaking the $37,000 resistance level. 

Standard Chartered’s predictions that BTC will reach $50,000 is a step closer and prices are expected to explode if one of the pending spot BTC ETFs are approved in the coming months. 

Summary

BTC, QUBE, and INJ should be on your list if you’re looking for the best cryptos to buy. QUBE’s growth potential has been compared to where Bitcoin was a decade ago, and prices are expected to grow up to 100x once launched. BTC and INJ could enjoy about 3x growth during that period. 

For more information on InQubeta, visit InQubeta Presale| Join The InQubeta Communities.

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Analyst says ETH could spike to $3,100 if key resistance breaks

  • Ethereum is looking to break above a key resistance level at $2,150.
  • Crypto analyst Michael van de Poppe says ETH price could jump to between $3,100  and $3,600 if a breakout happens.
  • Catalyst for the market include a spot Bitcoin ETF approval and developments on Ether spot ETF applications.

Ethereum (ETH) traded to highs of $2,136 last week, before giving up some of the gains over the weekend to touch $2,016.

The top altcoin has however seen an uptick on Monday, rising to change hands around $2,120 as buyers looked for a first green candle in three days.

Various market observers see a potential approval for a spot Bitcoin ETF as a catalyst that could catapult both BTC and ETH. While many experts opine that the most likely period for approval is early January, there’s a window for the SEC to greenlight the first spot Bitcoin ETF for the US market. 

This window is open until November 17.

Analyst on what next for ETH if resistance breaks

For one top analyst, ETH/USD faces a major hurdle near $2,150 – break this and the price of the world’s second largest cryptocurrency by market cap could surge to the next supply zone around $3,100. Above this would be the key resistance at $3,600.

The prediction thus forecasts a 44%-67% price jump for Ethereum if bulls break higher.

According to Michael van de Poppe, the highlighted resistance at $2,150 is comparable to the massive wall that rebuffed numerous bullish attempts for Bitcoin (BTC) at $30,000. Sharing his prediction with more than 672k followers on X, the founder and CEO of crypto trading group MN Trading wrote:

“Ethereum faces the final resistance. Breaking above $2,150 marks the end of the bear market, as this level is comparable to the $30,000 barrier of Bitcoin. If it breaks, then we’re likely seeing a run towards $3,100-3,600.”

Van de Poppe shared a price chart for Ethereum showing an ascending triangle pattern, which in technical analysis, signals a potential bullish breakout. The chart marks the two anticipated primary resistance zones as shown below.

Ether was trading around $2,093 on Monday evening, 2.4% up in the past 24 hours. The cryptocurrency’s value shows an 11% and 35% surge in the past week and 30 days respectively.

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Crypto ETP inflows surpass $1B year-to-date as total AuM hits May 2022 high

  • Digital asset investment products recorded inflows of $293 million last week.
  • Bitcoin saw $240 million, Ethereum $49 million and Solana $12 million.
  • A report by CoinShares shows year-to-date inflows have surpassed $1 billion.

Inflows into digital asset investment products hit $293 million last week, the seventh consecutive week of positive flows. 

According to data from asset manager CoinShares, the 7-week streak of inflows has brought the total year-to-date flows into crypto exchange traded products to $1.14 billion. This follows increased institutional interest that has pushed yearly inflows YTD to its third highest yearly level. 

Meanwhile, total assets under management (AuM) in cryptocurrencies have increased 9.6% this past week.

The weekly flows report shows total AuM stood at $44.3 billion last week, up 99% this year and at the highest level since May 2022.

Bitcoin inflows hit $240 million last week

In specific investment products, Bitcoin saw $240 million in inflows last week to bring the total YTD reading to $1.08 billion. ETP trading volume for the flagship cryptocurrency accounted for nearly 20% of volume on trusted exchanges.

James Butterfill, the head of research at CoinShares, notes that the increase in ETP volume compared to BTC trading volume is a rare occurrence that “suggests ETP investors are participating much more in this rally compared to 2020/21.”

Also notable were the inflows into Ethereum investment products.

According to CoinShares’ weekly report, inflows of $49 million last week was the largest for Ether since August 2022. The sentiment around Ether-based ETPs has improved significantly over the past two weeks. Notably, this outlook is unfolding as spot Ethereum ETF filings spark interest.

Solana sees huge inflows

Solana, one of the top performing crypto assets these past few weeks, also recorded notable inflows this past week. $12 million were poured into SOL products over the seven days , while the altcoin leads the segment with $121 million in year-to-date inflows.

The optimism is reflected in the SOL price, which had fallen dramatically in November 2022 as the market reacted to the collapse of FTX. At current levels of $59, Solana is trading 170% over the past 30 days and 315% over the past year.

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Bitget halts plans for crypto licence in Hong Kong

  • Bitget announced that it will halt operations for its Hong Kong unit by December 13.
  • The crypto exchange said the decision is down to “business and market related considerations.”
  • Users have until then to withdraw their funds.

Bitget has announced that its Hong Kong unit will not pursue registration as a Virtual Asset Trading Platform in Hong Kong.

The crypto exchange will also be halting all operations on December 13.

Bitget halts Hong Kong unit

Bitget’s decision to halt operations of its Hong Kong unit and to withdraw from the pursuit of a licence comes amid rumours that the firm may be looking at a potential deal with OSL, the first crypto exchange to be licensed in Hong Kong.

According to crypto news account Wu Blockchain, OSL announced a suspension to its stock trading on Monday. 

A notice by the BC Technology Group, which owns OSL, to the Hong Kong Stock Exchange quoted a “notifiable transaction which constitute inside information.”

Bitget on the other hand pointed to “business and market related considerations.”

“With a heavy heart, we regret to inform you that due to business and market related considerations, we have decided not to pursue a Virtual Asset Trading Platform (VATP) licence in Hong Kong. As a result of this decision, the BitgetX website (www.BitgetX.hk) will cease its operations effective December 13, 2023. At the same time, Bitgetx.hk will permanently exit the Hong Kong market,” the crypto exchange wrote.

According to the platform, users are advised to withdraw their assets by the indicated deadline, thereafter the BitgetX.hk website will go offline.

“It is crucial that you withdraw your assets before the deadline. Failure to do so will result in the inability to access these assets once BitgetX is closed,” the exchange said in a FAQ section of the announcement.

Hong Kong’s new crypto licensing framework

Bitget unveiled its HK unit in April this year, offering access to spot trading and peer-to-peer (P2P) transactions to its customers. The move came ahead of Hong Kong’s crypto licensing framework rolled out in June.

The new requirements mandated crypto providers to seek and receive licences from the Securities and Futures Commission before offering trading services and products to retail customers. The SFC also warned crypto firms against misleading customers about potential licensing by pointing to local arms that were yet to be registered.

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