BTC price puts $28K support at risk
Bitcoin (COIN:BTCUSD) rebounded from new 10-day lows at the Wall Street open on April 20, as US jobs data boosted investor confidence, reversing higher after hitting $28,360. Amidst an ongoing correction, the pair, however, failed to recover even $29,000 of support as US unemployment data indicated that tighter financial conditions were working to cool inflation. “In terms of participation, at rather mild lows for my taste to stay aggressive for a long time here. Happy to buy the rebound above the local S/R,” said popular twitter trader and analyst Adam.
Societe Generale Subsidiary Launches Euro-pegged Stablecoin on Ethereum
Societe Generale–FORGE (SG-FORGE), a fully integrated and regulated subsidiary of giant investment banking group Societe Generale (EU:GLE) dedicated to digital assets, announced the launch of EUR CoinVertible, a stablecoin pegged to the Euro on the Ethereum blockchain. It will be offered to institutional clients. “It was designed to bridge the gap between traditional capital markets and the digital asset ecosystem,” he said, and “is part of the Societe Generale group’s strategy, developing initiatives in the field of digital assets in a secure and transparent framework for investors institutions, in full compliance with banking, legal and regulatory standards.”
Metropolitan Commercial Bank has only $278.5 million in crypto deposits
O Metropolitan Commercial Bank (NYSE:MCB) is close to exiting the crypto market entirely, with only $278.5 million left in cryptocurrency-related deposits, according to an April 18 SEC filing. “Our previously announced exit from the crypto-related vertical is nearing completion,” the document states, noting that its total core deposits, excluding crypto clients, stood at $4.9 billion as of March 31. Metropolitan Bank served four crypto clients that accounted for around 1.5% of its total revenue, around $1 million, and 6% of its total deposits, which totaled $342 million, according to Q3 of 2022 results of the company. The bank’s parent company announced in January that it was shutting down crypto-related services following recent industry developments and regulatory pressure.
Silvergate receives multiple lawsuits over alleged FTX connection
A US judge has consolidated three investor lawsuits against defunct cryptocurrency bank Silvergate involving bankrupt cryptocurrency exchange FTX, Law360 reports. The three cases were brought against Silvergate by four former investors, each alleging that Silvergate helped facilitate investor fraud committed by FTX. “The Silvergate cases involve common issues of law and fact because they name common defendants, arise from the same alleged course of conduct, and assert overlapping causes of action, so the Silvergate cases are appropriate for consolidation,” the filing said.
Reginald Fowler faces 7 years in prison
U.S. federal prosecutors are seeking a seven-year prison sentence for a former minority owner of the NFL’s Minnesota Vikings who pleaded guilty to running a crypto shadow bank that lost $850 million in client funds it held for the Bitfinex exchange. Crypto Capital operator Reginald Fowler, they said, gambled while awaiting sentencing, wasting hundreds of thousands of dollars instead of saving money to pay his victims. Fowler will be sentenced today.
Do Kwon faces prosecution from Montenegro
Montenegro prosecutors have filed a proposed indictment of Terraform Labs co-founder Do Kwon and its chief financial officer Han Chang-joon for falsifying personal documents. He faces criminal charges in his native South Korea and the United States. Kwon had been on the run since the Terra collapse, which sent shockwaves through cryptocurrency markets.
Thodex founder extradited to Türkiye
Faruk Fatih Özer, founder of Thodex, a leading Turkish cryptocurrency exchange, was extradited to Turkey and detained by police upon arrival in Istanbul, according to Anadolu Ajansı. He is facing charges of fraud and running a criminal organization. Wanted with red notice, Özer was caught in Albania in August 2022.
Voyager wins US green light to sell assets to Binance
Bankrupt cryptocurrency lender Voyager Digital Holdings, the Official Committee of Unsecured Lenders and the U.S. federal government have agreed to allow Voyager’s $1 billion plan to sell its assets to Binance.US, according to an April 19 lawsuit in a New York District Court. “The resolution is embodied in a joint stipulation that the resources related to the Plan’s exoneration clause will continue. The Government has agreed that the Plan can go ahead without such a provision and will not be subject to suspension”, the Committee tweeted.
Deribit launches zero-fee spot trading
Deribit announced the launch of zero-fee spot trading, allowing clients to buy and sell assets while simultaneously managing risk using derivatives, Insights reported. Spot trading will begin on April 24 with three pairs (BTC/USDC, ETH/USDC and ETH/BTC), with a zero fee structure for trading these pairs. “Due to the chosen structure, there will be no volume discounts, affiliate sharing or partners offered under this model,” the announcement added.
BlockFi gets extra time to file Chapter 11 exit plan
Cryptocurrency lender BlockFi filed for bankruptcy in November 2022 and reportedly received a 48-day extension until May 15 to file an exit plan. The company is estimated to owe up to $10 billion to more than 100,000 creditors. BlockFi is exploring a potential sale of company assets or the possibility of getting an outside sponsor to support a restructuring deal, BlockFi attorney Joshua Sussberg said at a hearing on Wednesday.
Coinbase Receives License to Operate in Bermuda
Coinbase (NASDAQ:COIN) has obtained a Class F license from the Bermuda Monetary Authority (BMA), which allows the company to operate as an asset exchange to offer its services in Bermuda as part of its international expansion efforts, the company announced in a blog post on wednesday. The exchange is also in discussions with financial regulators in Abu Dhabi over a potential license, according to Reuters.
Bitget will provide services in Lithuania
Bitget has completed its crypto registration in Lithuania. This registration will allow the company to offer cryptocurrency-related services in Lithuania in compliance with regional laws and regulations, the press release said. It will also increase Bitget’s international reach.
Brazilian Authorities Investigate Binance
The Brazilian Securities Commission (CVM) continues to press Binance in the case regarding the stop order given by the municipality in the offer of Bitcoin futures to Brazilian customers. Binance allegedly may have continued to offer cryptocurrency derivatives to its clients after the CVM issued a stop order on such offerings in 2020. Futures contracts are considered securities under Brazilian law, regardless of the nature of the underlying assets. Binance said in a statement that it “reiterates that it does not offer derivatives in Brazil, that it operates in compliance with the local regulatory scenario and maintains a permanent dialogue with the authorities for the development of the crypto and blockchain segment in Brazil and in the world.”
Coinflow Labs Raises $1.45 Million in Pre-Seed Funding
Web3 payment stack provider Coinflow Labs has announced the closing of its $1.45M pre-seed round led by Jump Crypto and Reciprocal Ventures, with participation from CMT Digital, Digital Currency Group, Gumi Cryptos, Builder Capital, Prompt Ventures, Blocktech Ventures and various angel investors. According to the press release, the funding will allow Coinflow to further accelerate its product, software and business development initiatives, onboard new customers and expand its team.
CoinFund Leads $8M Round for Tableland
Decentralized cloud database Tableland raised an $8 million Series A led by crypto-focused investment firm CoinFund. Other investors in the round include Multicoin Capital, Blueyard and A Capital. Tableland’s total funding now stands at $10.4 million. Funds will help support Tableland’s mainnet launch, the launch of new developer tools and the debut of Tableland Studio later this year. “The ease and familiarity of SQL combined with a network of composable, pre-built data models will enable developers to turn ideas into dapps faster than ever before,” said Tableland co-founder Andrew Hill.
P2P.org raises $23 million in funding round
P2P.org, infrastructure provider for Ethereum and 49 other blockchains, completed its latest round of funding and raised $23 million, led by Jump Crypto, Bybit and Sygnum through its venture fund DAO in collaboration with SBI and Azimut, according to the press release. “With this round of funding, the focus will be on research and development initiatives that specifically address new areas of expansion, building a stronger P2P.org community and developing an easily accessible blockchain infrastructure that will provide an enhanced user experience for staking, 24/7 customer support, reducing insurance and security certification”.
1inch will be released on zkSync Era
1inch, the decentralized exchange (DEX) aggregator, is launching a version of its platform on zkSync Era, Matter Labs’ newly launched Ethereum scaling network. ZkSync Era, launched in March 2023, uses zero-knowledge cryptography to allow people to transact on Ethereum with higher speeds and lower fees. By porting its protocol to the zkSync Era, 1inch becomes one of the biggest-name cryptographic applications yet to launch on a zkEVM, or zero-knowledge Ethereum Virtual Machine. Decentralized funding “has been a driving force behind the explosive growth of the zkSync era,” said Alex Gluchowski, CEO and co-founder of Matter Labs, in a statement. “We hope that the 1-inch deployment will contribute to even greater adoption and use of zkSync Era.”
ZEBEDEE and Guilds Wagering Platform to Host Bitcoin Games Day
Gaming fintech ZEBEDEE and skill-based betting platform Guilds will host Bitcoin Games Day on Saturday, April 22. According to the announcement, the event will host players from around the world who will compete for Bitcoin (COIN:BTCUSD) rewards worth hundreds of dollars worth of sats to celebrate over a decade of Bitcoin rewards in games. Bitcoin Games Day is the first annual community event sponsored by ZEBEDEE, Guilds, Dubbz, THNDR Games, Geyser and several other Bitcoin game studios, developers and startups, and will encompass multiple events, tournaments and games, they said.
Bitcoin football club Real Bedford FC wins league in UK
Real Bedford Football Club football team won the UK’s South Midlands League for the 2023 season. Fans from around the world, from Vancouver to Beijing, flew in to watch the last game at home and see the trophy lifted. “We had a record attendance of 327, up from 50-80 last season. Thank you to everyone who came out and supported us,” tweeted club president Peter McComarck.