The regulatory fervor in the United States continued unabated on Monday after New Jersey’s acting Attorney General issued a Summary Cease and Desist Order to the crypto-lending platform BlockFi. The New Jersey-based financial services platform was asked to suspend its Interest Account (BIA) operations in the state, with the agency citing the sale of unregistered securities as the cause.
CryptoQuant CEO Ki Young Ju is highlighting a possible catalyst driving Bitcoin’s selling pressure as the leading cryptocurrency now trades below $30,000.
In a CryptoQuant quick take, the head of the on-chain analysis firm points to the exchange whale ratio, an on-chain indicator that tracks the activity of deep-pocketed investors by dividing the top 10 BTC transactions by the total amount of BTC sent to crypto exchanges.
Many traders fear that the bear market might officially be here after dropping more than 50% from all-time highs on average. Several large-cap decentralized finance (DeFi) tokens, such as Badger, ThorChain, Alpha Finance, and others, have now fallen up to 85% from their 2021 highs.
Bitcoin Price fell below $30,000, slipping below a four-week trading range and likely pointing to further price falls for the flagship crypto. BTC is currently trading at $29,829 down by 6.4% in the last 24 hours.
The New Jersey Bureau of Securities had issued a cease and desist order to centralized crypto lending firm, BlockFi, preventing it from onboarding new interest account clients in the state.
One of Ethereum’s founding members has stepped down from the crypto space to concentrate on work in other impactful industries, reported Bloomberg over the weekend.
Anthony Di Iorio, who worked with Vitalik Buterin, Charles Hoskinson, Gavin Wood, and other developers in 2013 to build the blockchains of blockchains, is additionally even downplaying the overall use case of cryptocurrencies.
New data shows that institutional investors’ interest in cryptocurrencies and crypto-related businesses is continuing to grow.
Fidelity Digital Assets, the crypto arm of the global asset management giant Fidelity Investments Inc, tasked Coalition Greenwich to survey 1,100 institutional investors to understand their expectations regarding digital asset investments.
Tether issued USDT is the biggest stablecoin player in the market with $61.9 billion in market cap. The top stablecoin has been often associated with Bitcoin (BTC) price boost FUDs in the past. The ongoing bearish market sentiments that have continued since May market mayhem also coincides with USDT’s non-issuance. The last market issuance of USDT came 7 weeks earlier on May 31st which saw Tether add 1 billion USDT to its market cap.
Bitcoin dropped to under $30,000 last night and sparked a selling frenzy in the crypto market—one that led to half a billion dollars in liquidations, $285 million of that in BTC alone.
As per data from analytics app Bybt, over 113,956 traders were liquidated on various crypto exchanges, with the largest single liquidation order occurring on futures powerhouse Bybit—a Bitcoin trade valued at $4.5 million.
According to CNN Turk, a cryptocurrency law in Turkey is coming to parliament this October. The Deputy Minister of Treasury and Finance, Şakir Ercan Gül announces that they have completed a draft bill for crypto.
In particular, the legislative work is expected to strengthen investor protection, prevention of black money, and control in crypto trading. The bill will be proposed to the Grand National Assembly of Turkey, the unicameral Turkish legislature.