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Fred Cole

An editor at FOMOdrive

  • Jun 18, 2023
  • 3 min read

Bitcoin Jumps 7% Above $26,500 - What's Happening?

Bitcoin regained all the losses it had experienced during the first half of the week.

An investigation into the operations of Binance has been initiated by the French authorities.

The SEC will designate Ethereum as a distinct category of assets.

BTC could appreciate by 45% against ETH.

The cryptocurrencies Solana, Polygon and Cardano have been removed from the Bakkt platform.

Since the conclusion of Thursday, Bitcoin has seen an increase of over $1,700, recovering from the sharp decline on Wednesday that followed the US Federal Reserve's meeting results announcement. The rise of BTC was bolstered by the appreciation of risky assets and the US dollar's weakening due to the suspension of rate hikes in the US.

Bloomberg reports that the proportion of Bitcoin in the total market value of all cryptocurrencies has reached its highest level since mid-autumn 2021. Traders appear to be more inclined to hold their funds away from altcoins.

Bakkt, a digital asset platform, has declared that it will be removing cryptocurrencies Solana, Polygon and Cardano from its platform until the regulatory issues are cleared up.

An agreement has been made between the US Securities and Exchange Commission (SEC) and the Binance exchange to restrict the access of personnel from the parent platform to the assets of Binance.US customers.

JPMorgan suggests that the US Congress could direct the SEC to create a distinct category of digital assets for Ethereum, in order to protect investors by not labeling the largest altcoin as a security.

Benjamin Cowan, a well-known YouTube analyst, has cautioned that Ethereum could experience a significant drop in comparison to Bitcoin. The ETH/BTC pair could potentially decrease by 45% from its current rate of 0.066 BTC.

More than $200 million is being invested in MicroStrategy stocks by American financial giants BlackRock, Bank of America, and Fidelity. This company holds a total of 140,000 Bitcoin.

An investigation has been opened by the French authorities into the operations of the Binance exchange, according to Le Monde, citing the Paris prosecutor's office. The authorities are suspecting the exchange of money laundering, not adhering to the KYC procedure, and other violations of French law.

Elon Musk, CEO of Tesla, has denied any involvement in insider trading of the Dogecoin cryptocurrency. He has stated that he does not possess any cryptocurrency wallets, which were supposedly used for transactions involving DOGE.

The Russian Federation's Ministry of Energy has backed the legitimization of mining, yet in order to do so, it is essential to devise mechanisms for tracking and potential limitations for miners.

The Ministry of Finance of the Russian Federation has estimated that Russian miners are mining cryptocurrencies worth approximately 335 billion rubles (or $4 billion) annually, resulting in a profit of 100 billion rubles. It is estimated that taxation of the industry could bring in 20 billion rubles in budget revenues.

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