Coindesk

An ether (ETH) whale, who has held the token since its initial coin offering (ICO), made waves on Monday as it moved ETH worth millions to crypto exchange Kraken, according to blockchain sleuth Spot on Chain.The whale deposited 7,000 ETH, worth $13.8 million at press time, to Kraken as the token's price plummeted along with the broader market on U.S. recession fears. Ether tanked to $1,760, reaching the lowest since October 2023, and last changed hands at $1,900.Large inflows into exchanges are said to represent investors' intention to liquidate the asset or deploy the same as margin/collateral in derivatives trading. This often breeds price volatility.The ether ICO whale still holds 30,070 ETH worth over $50 million.Source link

There is more to SEC’s recent memecoin guidance than meets the eye. On Feb. 27, the staff of the SEC’s Division of Corporate Finance issued guidance explaining that memecoins — which the SEC described as digital assets “inspired by internet memes, characters, current events, or trends for which the promoter seeks to attract an enthusiastic online community” — are generally not sold as securities.This is consistent with the SEC’s shift away from efforts under former Chair Gary Gensler to claim regulatory power over virtually the entire digital-asset industry, and it could have implications for the industry that go far beyond memecoins.The SEC’s attempts to regulate digital assets during the Biden Administration largely hinged on the Supreme Court’s so-called “Howey test”...

Ethereum's ETH has been spiraling on Monday, jeopardizing a large decentralized finance (DeFi) loan on lending platform Sky (formerly Maker) of being liquidated.The borrower in danger took out a $74 million loan in DAI stablecoin by pledging 65,680 ETH as collateral, worth nearly $130 million earlier today, per a Sky vault data dashboard.In an already weak crypto prices, ETH plunged nearly 10% during the day to $1,820, below the loan's liquidation level slightly above $1,900.Blockchain data by Debank shows that the borrower withdrew 2,000 ETH, worth nearly $4 million at current prices, from crypto exchange Bitfinex earlier Monday and deposited the assets to the Maker vault, propping up the loan's collateral to avoid liquidation.Following the deposit, the liquidation level for...

One of the U.S. Securities and Exchange Commission's regulation proposals that was meant to grab segments of the crypto space under the agency's jurisdiction had sought to expand what trading venues it believes need to register in a way that included digital assets businesses, and Acting Chairman Mark Uyeda is looking to reverse that effort.The rule has been years in the making and is waiting to be finalized at the agency, but Uyeda has asked staff at the SEC to put the brakes on that."In my view, it was a mistake for the commission to link together regulation of the Treasury markets with a heavy-handed attempt to tamp down the crypto market," he said in remarks set for delivery on...

Deribit-listed bitcoin (BTC) futures set to expire this Friday now trade marginally below the exchange’s index price, flashing a discount in a sign of weak demand for the cryptocurrency.“What we have seen is that near-tenor (7d and shorter) yields have dipped to the negative for the first time in over a year,” Andrew Melville, a research analyst at Block Scholes told CoinDesk in a Telegram chat. “This means that futures prices are trading below spot, which we take as a significantly bearish indicator.”Deribit is the world’s leading crypto options exchange and a preferred venue for sophisticated traders looking to employ synthetic strategies involving futures, options and spot markets.Source link