It's a rough time to be an altcoin. Insecurity reigns.A slew of altcoins - a catch-all for most cryptocurrencies except bitcoin and ether - have been harpooned in lawsuits filed by U.S. regulators against exchanges Binance and Coinbase last week, hammering the prices of the tokens.It's big. Over 50
A slew of altcoins - a catch-all for most cryptocurrencies except bitcoin and ether - have been harpooned in lawsuits filed by U.S. regulators against exchanges Binance and Coinbase last week, hammering the prices of the tokens.
"Security classifications would affect all U.S. crypto exchanges, leading to a forced closing of various altcoin pairs," said Vetle Lunde, senior analyst at K33 Research. "Securities can only be traded by brokers, and only on regulated exchanges, and only with clearing houses and transfer agents and physical certificates," Ryan Rasmussen, analyst at Bitwise Asset Management told the Reuters Global Markets Forum. "It would certainly be a hurdle for exchanges to implement."
The Cardano Foundation and Solana Foundation told Reuters they disagreed with the SEC's classification of their tokens as a security under U.S. law but looked forward to working with regulators to gain further clarity. Polygon Labs declined to comment.Bitcoin and ether weren't named in the SEC's lawsuit, nor were stablecoins such as tether and USC Coin.
Many investors also tend to turn to bitcoin in times of uncertainty, considering it a relatively safe haven among crypto assets, and this time is no different. Bitcoin's share of the cryptocurrency market rising to 47.6 per cent from 45 per cent prior to the lawsuits, according to data tracker CoinMarketCap.com.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
It’s POSSIBLE! Starting a tech company with less than $100Starting a tech company with less than $100 is highly challenging, but entirely possible. While $100 is an extremely limited budget, there are a few strate
Read more »
US limits exports to flight schools, others for training Chinese military pilotsThe Biden administration on Monday (Jun 12) added 43 entities to an export control list, including Frontier Services Group Ltd, a security and aviation company previously run by Erik Prince, for training Chinese military pilots and other activities that threaten US national security, The Test Flying Academ
Read more »
The Big Read: Buy local but at what price? Costlier Singapore produce could hamper quest for greater food securitySINGAPORE: Though local food produce costs more than imported ones, Ms Doreen Chan still believes she is getting more bang for her buck by buying local, as they are “fresher” and “better in quality”. “I like hydroponic vegetables because they are much cleaner to me,' said the 76-year-old, who wor
Read more »
Trump to fly to Florida to face charges in documents caseFormer president Donald Trump flies to Miami on Monday (Jun 12) to face criminal charges of unlawfully keeping US national-security documents and lying to officials who tried to recover t
Read more »
Several killed, wounded in Vietnam police station attacksHANOI: Several people were killed and wounded in shootings at two police headquarters in Vietnam's Central Highlands on Sunday (Jun 11), authorities said. Six people were arrested in connection with the shootings in Cu Kuin district of Dak Lak province, according to the ministry of public security's websit
Read more »
3 British tourists missing after fire on boat in Red SeaCAIRO - Three British tourists were missing and 12 had been rescued after a motor boat caught fire on Sunday (June 11) off the Egyptian Red Sea coast, Egyptian officials and security sources said. The survivors were brought to safety in the nearby diving resort of Marsa Shagra, about 21 km north of the town of Marsa Alam, along with...
Read more »