Cryptocurrency News Today TheBitTimes.com

In just over a week since the United States Securities and Exchange Commission (SEC) approved spot Ethereum (ETH) exchange-traded funds (ETFs), cryptocurrency exchanges have seen substantial ETH outflow, demonstrating the impact of regulatory decisions on market dynamics. As it happens, since the securities watchdog’s approval of Ethereum spot ETFs on May 23, 2024, approximately 777,000 ETH – valued at around $3 billion – has left crypto exchanges , according to the chart data and observations shared by renowned crypto trading expert Ali Martinez in an X post on June 2. Ethereum balance on exchanges. Source: Ali Martinez Indeed, the Glassnode chart shared by the analyst showcases the massive changes in the total balance of Ethereum on all crypto exchanges, which has witnessed a significant drop in the days following the approval to the areas of around 12.5 million ETH, coinciding with a price increase. ...

A Ripple-related account has recently transferred over 50 million XRP to cryptocurrency exchange s, indicating a significant sell-off.  On May 1, Ripple released 1 billion XRP from its initial distribution, with the tokens locked in monthly escrows until 2027. The company sent 200 million XRP to its treasury account and locked the remaining 800 million in new escrows. After receiving the 150 million XRP this month, Ripple’s destination account rP4X2…sKxv3 distributed some tokens to different unlabeled accounts. Picks for you We asked ChatGPT-4o what will be SOL price if a Solana ETF is approved: Here’s what is said 2 hours ago Short squeeze alert: Bitcoin short-sellers could fuel another rally 2 hours ago ...

South Korea has set a new reserve requirement for crypto exchanges, mandating them to have at least $2.3 million in reserves. Cryptocurrency exchanges in South Korea with bank-issued real-name accounts will have to reserve 30% of their daily average deposits or a minimum of 3 billion won ($2.26 million) starting from September 2023, according to a report by local news outlet News 1. The directive comes from the “Virtual Asset Real-Name Account Operation Guidelines” published by the Korea Federation of Banks in July. Meanwhile, the reserve requirement is capped at 20 billion ($15 million). The requirement aims to ensure that crypto exchanges can compensate users if a hack or system failure happens. You might also like: South Korea enacts comprehensive laws to protect crypto users The reserve standard will take effect in September. Other rules, such as robust know your customer (KYC) and authentication for collection transfers, will be implemented in Jan...

By now, it’s common knowledge that Sam Bankman-Fried (SBF) was secretly routing FTX customer funds to his trading firm, Alameda Research, and used it to trade against those same customers on FTX. Oh, the irony. Unfortunately, FTX isn’t the only crypto exchange that trades against its own customers — and the practice has a long history. In the 1990s and 2000s, binary options exchanges and forex exchanges regularly operated ‘B Book‘ exchanges — where forex brokers take the opposite of a customer’s bet and accept the market risk. As opposed to ‘A book’ forex brokers who actually fill customer orders on an independent exchange, B book brokers simply notate customer orders and settle trades internally. Digital asset exchanges likely trade against their customers more often than they want to admit. Its prevalence is likely as pervasive as B book binary options and forex exchanges. In fact, the name of major crypto exchange Binance, currently embroiled in a mountain...