Crypto Guides, Knowledge & Insights

ApeCoin Might Turn Out To Be 2023’s Biggest Surprise; APE’s Price Poised For Rally?

Following its surge past $26 in 2022, ApeCoin has not received the attention it deserves in 2023. Despite dropping to around $4, a decline of nearly 90% from its previous peak, many traders have given up on the assets chances of recovering. Nonetheless, some on-chain metrics suggest positive growth indicators that could potentially trigger a new rally for the token used for governance purposes.　　　　　　ApeCoins Network Growth　　Data from Santiment, a crypto analysis platform, indicates that ApeCoin (APE) is currently witnessing a surge in network growth not seen in the past two months. The network has seen the creation of 1,142 new APE addresses on April 7, which is the largest number since February 7.　　A similar pattern was observed on another crypto platform, Stargate Finance, where increased network activity led to a significant surge in the price of STG. Analysts are predicting that ApeCoins native cryptocurrency may experience a similar outcome due to the current high levels of activity on its network.　　APE Price Action　　Recent data from Santiment suggests an increase in APE activity, with token holders accumulating more of the cryptocurrency. This could indicate growing involvement from retail investors, which may lead to a price surge if the market responds positively to

2023-04-10Deep Dive

Legal community expects XRP verdict by May 6, Lawyer admits SEC has one valid claim

The legal community is abuzz with speculation as the verdict in the ongoing legal battle between Ripple and the US SEC is expected by May 6. While some anticipate a verdict by then, others concede that the SEC has one valid claim against Ripple.　　According to Bill Morgan, a lawyer who is supportive of XRP, the SEC may be right about investors buying XRP with the expectation that Ripple will win the case against the SEC. The case centers around the SECs allegations that XRP is an unregistered security.　　Reportedly, the SECs expert has acknowledged that most of XRPs returns from mid-2018 to the present are attributable to Bitcoin and Ethereum. However, the SEC maintains that XRP investors are reliant on Ripples efforts for profits.　　Morgans statement implies that some Ripple and XRP supporters acknowledge the validity of some of the SECs claims, even though they contest the overall legal case against the cryptocurrency.　　According to Bill Morgan, a lawyer who supports XRP, Ripple could be held responsible for the fluctuations in XRPs value if the SECs expert analysis is accurate. Morgan also raises concerns about the decentralization of XRP and the role of Ripple in its market performance. He believes that Ripples centralized

2023-04-09Deep Dive

Binance.US Faces Major Roadblock As Banks Refuse to Accept Customer Deposits

The Wall Street Journal has reported that the U.S. subsidiary of Binance is experiencing difficulties in finding a suitable bank to handle its customers cash, following the unexpected collapse of Signature Bank a month ago. Binance.US is currently relying on at least one intermediary to store its customers assets, resulting in significant delays in transferring and moving funds.　　Binance.US Seeks Banking Support　　Previously, Binance.US used to send user deposits to either Signature Bank or Silvergate Capital Corp, which were known for their support for cryptocurrency. However, when both institutions failed, the exchange is currently struggling to find a new banking partner. As a result, Binance.US is using at least one intermediary to store its customers assets, causing a delay in the process of transferring and moving funds.　　Over the past few months, Binance.US has made several unsuccessful attempts to establish direct banking relationships with various financial firms, including Cross River Bank, which already has connections with a number of crypto companies, and Customers Bancorp Inc., a regional bank headquartered in Pennsylvania.　　According to the Wall Street Journal, a Binance.US spokesperson stated that the exchange works with multiple U.S.-based banking and payment providers, and is continuing to onboard new partners while enhancing its internal systems

2023-04-09Deep Dive

Goldman Sachs, KPMG Sued Over SVB Collapse

Legal troubles have emerged for industry leaders in the aftermath of the global banking crisis caused by the collapse of Silicon Valley Bank (SVB), which was friendly to cryptocurrency. KPMG LLP, the auditor of SVB, along with underwriters Goldman Sachs Group Inc, Morgan Stanley s balance sheet strength, liquidity, and market position, while concealing the magnitude of the risks the bank was facing.　　The complaint specifically targets KPMG LLP, SVBs auditor, and underwriters including Goldman Sachs Group Inc, Morgan Stanley s stock offering registration comments, which ultimately led to its collapse. The lawsuit alleges that these statements were false.　　According to WikiBIT, SVB Financial Group filed for Chapter 11 bankruptcy after failing to meet bond obligations due to a rise in interest rates. The report clarifies that the bankruptcy filings do not include SVB Securities, SVB Capitals funds, or general partner entities.　　The lawsuit claims that KPMG is partially liable for the alleged misconduct because it approved Silicon Valley Banks 2022 annual report just a week before the market close on March 8, 2022.　　Looking for more information about cryptocurrencies？ WikiBIT offers you a one-stop service! Not only can you access numerous hot news topics, but you can also search for relevant trading firms

2023-04-08Deep Dive

XRP Lawsuit To End In A Tie? Attorney Suggests This

The protracted legal dispute between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) is currently awaiting a Summary Judgment from the district court. Nevertheless, an attorney involved in the XRP lawsuit has hinted at a potential deadlock in the case.　　　　　　XRP Sales After 2018 Not A Security？　　　　Attorney Bill Morgan has pointed out that the US Securities and Exchange Commissions (SEC) expert witness has acknowledged that since mid-2018, the prices of Bitcoin and Ethereum, the two largest cryptocurrencies, can explain up to 90% of the price movement of Ripples native token, XRP. However, the narrative that Ripple Labs large holdings of XRP indicate centralization of the XRP ledger (XRPL) and make XRP a security continues to persist.　　This implies that if the SECs expert is correct, then one would have to assume that Ripple is somehow allowing BTC and ETH price movements to control the price of XRP in order to maintain control of the price as a centralized entity.　　According to lawyer Bill Morgan, the narrative that Ripple Labs high proportion of XRP holding means that XRP is a security persists, despite the US SECs own expert admitting that Bitcoin and Ethereum price movements could explain as much as 90% of

2023-04-08Deep Dive

Robinhood To Pay $10.2 Million For Halting Trade During Pandemic Days

According to the California Department of Financial Protection and Innovation, Robinhood, a prominent fintech company that offers a platform for trading stocks and cryptocurrencies, is expected to pay over $10 million in fines. The penalties stem from Robinhoods operational and technical breakdowns in March 2020, which occurred during the pandemic and prevented numerous customers from participating in trades on the platform.　　　　Robinhood Settles In Multistate Probe　　During an investigation conducted by state securities regulators, it was found that Robinhood, a California-based brokerage firm known for providing free stock trades for retail consumers, had multiple operational flaws. The regulators revealed that Robinhood did not perform proper due diligence before allowing options trading, neglected to report complaints to a regulator, and failed to supervise technology necessary for providing users with basic broker-dealer services, among other concerns.　　In addition, in March of 2020, the platform experienced various system disruptions that caused customers to miss out on trades while many of the sites features remained inaccessible. Several states, including Alabama, California, Colorado, Delaware, New Jersey, South Dakota, and Texas, agreed to abide by the settlement terms. Andrew Hartnett, Iowas securities regulator, stated that the settlement sends a clear message that Robinhood must take its customer care obligations

2023-04-07Deep Dive

Ripple Or US SEC, Who’s Winning Investment Contract Claim?

The U.S. Securities and Exchange Commission (SEC) and Ripple Labs, along with other defendants, are awaiting a summary judgment from the district court that will determine whether XRP qualifies as a security. John Deaton, the lawyer representing XRP holders in the Ripple vs. US SEC lawsuit, has emphasized the importance of cases surrounding the investment contract claim.　　　　　　Ripple Dismisses US SEC Theory　　　　According to court documents, Ripple has argued in its preliminary statement for the summary judgment motion that the US SECs claim involves interpreting the term “investment contract.” The theory of the case suggests that if an individual purchases an asset with the expectation of making a profit, the interests of the buyer and seller are partially aligned. However, Ripple argues that this is not the law.　　Experts suggest that Ripples argument is that the SECs theory would require the court to accept that an investment contract can exist without a contract, rights, or obligations between the parties. However, the defendant argues that there have been no pre- or post-Howey cases without a contract or post-sale contractual agreement with investors.　　The case in question will ultimately determine whether XRP is a security or not, and both Ripple Labs and the US SEC, along

2023-04-06Deep Dive

Binance Faces Scrutiny As Dubai Demands Crucial Information; BNB Price Drops

Recent reports suggest that Dubai is intensifying its scrutiny of firms that are applying for licenses to operate in the cryptocurrency market, following the collapse of the now-bankrupt FTX. The emirate is now requiring additional information from exchanges, such as Binance, to establish stricter compliance measures that would protect both retail and professional investors.　　　　Dubai Questions Binance　　Over the last few weeks, the Virtual Assets Regulatory Authority (VARA) of Dubai has asked Binance to provide further details regarding its ownership structure, governance practices, and auditing procedures. As per a Bloomberg article, VARA is also seeking similar information from all other multinational corporations that are seeking licenses in the city.　　The United Arab Emirates, which includes Dubai, has taken action against numerous unlicensed over-the-counter cryptocurrency exchanges. This move is reportedly part of a broader effort to remove the country from the Financial Action Task Forces “grey list” of jurisdictions that do not adequately identify and restrict illicit transactions.　　Mounting Pressure On Binance　　Binance has responded to recent reports that Dubais regulatory authority has requested additional information from the company, saying that it has already disclosed all necessary information to the Virtual Assets Regulatory Authority (VARA) in line with its regulatory and fiduciary responsibilities. The company confirmed

2023-04-06Deep Dive

Justin Sun Clarifies About Plans To Sell Huobi Global

On Wednesday, Justin Sun provided clarification regarding the speculation around his exploration of options to sell stakes in the cryptocurrency exchange, Huobi Global. This follows reports that he had been in discussions with investors about selling a stake in the exchange. Sun clarified that the current owners of Huobi wish to continue, and he reiterated his support for the cryptocurrency space by stating that they believe in the power and potential of cryptocurrencies. These reports have sparked debate and interest in the cryptocurrency community.　　　　Justin Sun Clarifies About Sale Plans For Huobi　　In a statement, Justin Sun confirmed that there are no plans to change the ownership of crypto exchange Huobi Global. This comes after reports emerged last week that Sun was exploring options to sell some of his stakes in the exchange and had reached out to potential investors. Sun clarified that the current owners of Huobi are committed to continuing and reiterated his belief in the potential of cryptocurrency.　　According to Sun, Huobi Global has been a trusted and compliant platform for digital asset trading for over a decade. He assured users that there are no plans to change ownership and emphasized that Huobi remains committed to providing a safe and

2023-04-06Deep Dive

Paxful, a Peer-to-Peer Bitcoin Marketplace, Ceases Operations

Peer-to-peer (P2P) bitcoin exchange Paxful has revealed that it is closing its marketplace. The cryptocurrency exchange cites legal difficulties in the P2P market and in the United States as some of the factors for this decision. The business said it is uncertain as to whether activities will restart in a statement from CEO Ray Youssef posted on its website. This latest development comes after Paxful suspended the trading of ether on its marketplace in December 2022.Regulatory challenges　　Youssef noted that the business had encountered legal difficulties while attempting to adhere to the greatest standards over the previous five years. Although the business has made an attempt to conform, authorities have not been helpful. Youssef called the circumstance “painful to see” and listed it as one of the causes for the companys decision to stop offering its services.Safety of customer funds　　In addition to regulation issues, Youssef expressed worry about the security of client money as a result of a case brought by Paxful co-founder Artur Schaback. Schabacks lawsuit team, according to the CEO, was “really nasty” and drove away all of the companys senior-level employees. Additionally, Schaback declined to pay the companys programmers and safety team, leaving Youssef unable to ensure the

2023-04-05Deep Dive

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