Despite the growing loss, BingX has tried to calm users, claiming that the damage is “minor”.
Bitcoin’s recent rise above $62,000 is an important breakthrough, as the cryptocurrency has been consolidating near the $60,000 mark for a while.
BitGo’s main goal with USDS is to attract institutional interest by rewarding those who provide liquidity to the system. This would set USDS apart from other stablecoins in the market.
One major factor behind this rise is the decline of altcoins. Ethereum, the second-largest cryptocurrency, has seen its market share fall sharply.
The regulator claims that Kraken has been engaging in unregistered securities activities, meaning it failed to comply with the legal requirements that apply to traditional financial markets.
Cryptocurrency
Protecting investors: CFTC’s new initiative targets sophisticated ‘pig butchering’ scams
Pig butchering scams typically start on social media, where fraudsters make contact and create fake romantic relationships to gain the victim’s trust.
The use of ENS names makes cryptocurrency transfers much easier. Traditionally, transferring crypto requires users to input lengthy addresses made up of random letters and numbers.
Under the leadership of its current chair, Gary Gensler, the SEC has made clear its intent to regulate the crypto industry more aggressively.
The deal was confirmed in a filing with the United States Securities and Exchange Commission (SEC), showing that Tether now owns over 10 million shares in the company.
Other major cryptocurrencies have also seen significant price drops. Ethereum ($ETH), the second-largest cryptocurrency by market value, is down 2.23%. Solana ($SOL) has fallen by 2.82%, and XRP by 2.19%.