The cryptocurrency market has seen a spike in popularity in recent years, with many investors jumping to this digital asset class with the hope of securing their financial future.However, the crypto space has also seen a growing number of bankruptcies, raising concerns about the stability and security of these investments.Recently, crypto lender Genesis Global Capital has rocked the financial world with its stunning chapter 11 bankruptcy filing, leaving its largest creditor, crypto exchange Gemini, facing severe heat from the New York regulator on FDIC allegations, according to a report.Gemini Prepares For A Legal Battle Last year, the crypto world was sent into a frenzy when Gemini and its lending partner Genesis halted their operations.The popular Gemini Earn program, which offered a lucrative 7.4% interest rate on crypto deposits, was forced to suspend operations, leaving over 340K investors in the lurch and putting a staggering $900 million at risk.Moreover, Gemini stopped accepting withdrawals in November after being affected by the impact of FTX’s demise.Amidst the chaos, Gemini made bold statements as it claimed that users’ assets were safe as they were backed by the Federal Deposit Insurance Corp (FDIC).
However, this claim ignited controversies as it is illegal for a firm to falsely state an uninsured product as FDIC-insured.
In addition, the Federal law stops anyone from claiming an uninsured product as FDIC–insured.Gemini Put Customers In An Illusion The statement from Gemini assured investors and users of the safety of their assets through a government agency, but the funds are still at risk.As a result, nearly $900 million is stuck on the platform, and users are unsure whether they will ever get their funds back.To thrash the burden and bring back its reputation, Gemini accused its lending partner, i.e., the now-bankrupt firm Genesis, of halting transactions as Gemini deployed all its customers’ funds into it.Both Genesis and Gemini now face strict actions from the SEC as the authority has accused Genesis Global Capital LLC and Gemini Trust Company LLC of offering unregistered services and selling securities through the Earn program.The SEC commented, “Gemini Earn investors tendered their crypto assets to Genesis, with Gemini acting as the agent to facilitate the transaction.Genesis then exercised its discretion in how to use investors’ crypto assets to generate revenue and pay interest to Gemini Earn investors.” Was this writing helpful? No Yes Shayan Chowdhury Shayan is a digital nomad and a professional journalist.He delivers high-quality engaging articles to Coinpedia through his in-depth research and analysis.
Crypto news Jump Trading Transfers Lido: LDO Price Dips As Sell Pressure Increases After holding Lido DAO (LDO) tokens for nearly six months without selling, investment company Jump Trading has engaged in a series of LDO token transfers to the Binance cryptocurrency exchange.The Jump Trading LDO transfers have coincided with price dips due to an increase in sell pressure.
The ERC 20 token which grants holders governance rights in the Lido DAO, has attracted crypto investors’ attention as Ethereum staking grows exponentially.Already, 5,017,116.132 ETH has been staked via Lido infrastructure by 157,104 users.
As such, the LDO token has attracted over 27,763 since its market launch.Nonetheless, the Jump Trading subsequent sales could trigger fear on the LDO holders and lead to a significant price crash.Moreover, LDO holders could interpret the subsequent sales as a long term holder taking profits after a relief crypto rally.According to aggregate market data provided by Coinglass, approximately $548k has been liquidated from the LDO market in the past 24 hours.
Lido DAO (LDO) Price Outlook As a fresher altcoin with immense potential backed by real world utility, LDO token is significantly affected by whale trading.Following the recent Jump Trading sales, short term LDO traders will be keen on future sales to identify price action.The LDO token has received massive support from both CEX and DEXes in terms of listing.Today, centralized crypto exchange Bitpanda announced the listing of Lido DAO (LDO) tokens.However, with the upcoming Ethereum Shanghai upgrade, which will oversee the withdrawal of staked Ethers, the overall demand for LDO is expected to decline.As such, more LDO whales are expected to offload the token in the coming weeks which could induce further decline.Crypto news Top Reasons Why Crypto Market is Down Today The four-week crypto relief rally has lacked upward momentum in the past two days.According to our latest crypto price oracles, Bitcoin and Ethereum have dropped approximately 4 percent in the past 24 hours to trade around $22,803 and $1,566 respectively.
As major stock indexes edged lower in the past 24 hours – Dow, S & P 500, and Nasdaq down 1 percent today – Morgan Stanley analysts are convinced the new year rally will end this week.“We think the recent price action is more a reflection of the seasonal January effect and short covering after a tough end to December and a brutal year,” wrote a team of strategists led by Wilson, Morgan Stanley’s chief equity strategist.“The reality is that earnings are proving to be even worse than feared based on the data, especially as it relates to margins.” The selling pressure emanating from short-term holders and crypto miners seems to have outdone the buy squeeze from long-term holders and whales.
Furthermore, a crypto correction had been predicted by most analysts in the past few weeks citing minimal buy momentum as observed with prior bull markets.
What Next for Crypto Market? The crypto market has experienced heightened volatility amid the upcoming FOMC statement, which economists believe will encompass an interest rate hike.While the crypto market has previously shown a high correlation with macroeconomic factors, analysts anticipate more volatility in the next few days, in all directions.Notably, over $160 million has been liquidated in the crypto market in the past 24 hours.Bitcoin, Ethereum, and Aptos have led in total liquidations with approximately $49M, $47M, and $9M respectively according to aggregate data provided by Coinglass.
Crypto news Ripple vs SEC: SEC To Declare XRP As A Token? Decoding The Truth The Ripple vs Securities and Exchange Commission (SEC) lawsuit is one of the long running cases.The lawsuit against XRP began in December 2020.
Now, the crypto community is eagerly awaiting the results as the lawsuit is very close to the conclusion.To add on to this Ripple vs SEC case, John Deaton who is closely following the case had claimed that the hearing in the LBRY case will play an important role for the crypto market.
The lawsuit against LBRY by SEC had its last hearing on January 30, 2022 where the Judge concluded that LBC secondary market transactions are not security.Here, John Deaton, who is also a founder of Crypto Law played an important role during the hearing.LBRY Case To Influence Ripple vs SEC Case After referring to an article written by commercial contract lawyer Lewis Cohen, Deaton argued that as per the article there is no mention of LBC as a security.This gave rise to discussion in the court after which the judge stated that he cannot stop LBRY users to trade LBC as it’s not a security.
This statement will now act in favor of other crypto-related cases like Ripple vs SEC.John Deaton gained appreciation for his commendable action where SEC claimed that LBC is a token and not security.
One such appreciation came from Hogan & Hogan law firm partner, attorney Jeremy Hogan and Eleanor Terrett, Journalist at Fox Business through a twitter post.Hence, this win against the SEC is now expected to impact Ripple’s XRP lawsuit on a positive note.Currently, XRP is valued at $0.395 after a fall of 3.97% over the last 24hrs.Was this writing helpful? No Yes Elena R Elena is an expert in technical analysis and risk management in cryptocurrency market.She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.Back to top button Top posts $16002 hours ago Ethereum To Reach Peak Of $2,474 Per Token In 2023, Finder’s Survey Of Crypto And Fintech Experts Reveals Seven days ago, finder.com, a product comparison website, published a forecast report based on predictions from several crypto and fintech…
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