BTC/ETH prices per CoinDesk Indices, as of 7 a.m. ET (11 a.m. UTC)
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The Bahamas’ attorney general has defended the country’s regulatory regime amid crypto exchange FTX’s “debacle.” The Bahamas “is a nation of laws,” Ryan Pinder said in support of the island’s actions in the wake of the exchange’s collapse. During a 23-minute pre-taped speech, Pinder summarized FTX’s downfall and alluded to the Bahamas’ government’s actions, while also seeking to reassure investors and tourists that the country is a safe place to both visit and operate a business.
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Cryptocurrency fraud has climbed in the United Kingdom by a third, according to data from the U.K. police unit Action Fraud. Crypto fraud in the nation has risen by 32% to 226 million pounds ($273 million) in one year.
U.S. state regulators are investigating crypto trading firm Genesis Global Capital for possibly violating securities laws, according to a report from Barron’s. The report said Alabama Securities Commission Director Joseph Borg indicated that his agency and several other states are involved in the investigations, which focus on whether Genesis and other companies persuaded residents of their states to invest in crypto securities without having the proper registrations. Genesis is owned by CoinDesk’s parent company, Digital Currency Group.
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Market Insight: Ether Drops on Big Transfer
Source: CoinDesk, Highcharts.com
Ether traded weak early Monday amid reports of large cryptocurrency transfers to Binance. The native token of Ethereum’s blockchain fell nearly 4% to $1,170.
A whale address moved 73,224 ETH, worth $85.67 million, to Binance during the Asian trading hours, according to an analysis by on-chain researcher Lookonchain. Investors typically transfer coins to centralized exchanges when intending to sell or use the coins as a margin in derivatives trading. Therefore, an uptick in exchange inflows often paves the way for heightened price volatility.
“Watch out for the selling pressure of ETH,” Lookonchain tweeted, after noting the large inflow into Binance.
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.
