Bitcoin News and Finance: What You Need to Know

The latest data from Cryptocompare shows that assets under management (AUM) of crypto investment products reached record lows during the month of June. The data also shows 21 Shares Short Bitcoin ETP as the only digital investment product that registered a positive 30-day return (30.8%) as of June 23. Three Arrows Capital Insolvency Factor The AUM of crypto investment products dropped to record lows in the month of June 2022, the latest data from Cryptocompare has shown. According to the regulated benchmark administrator and digital asset data firm, this drop in the AUM was primarily caused by the uncertainties surrounding the future of crypto lending companies like Three Arrows Capital. As the data shows, crypto exchange-traded funds (ETFs) had the most significant drop, a 52.0% decline to $1.31 billion in AUM. On the other hand, trust products which account for 80.3% of the market fell by 35.8% finishing the month at $17.3 billion. Exchange-traded commodities (ETCs) and exchang...

The U.S. Commodity Futures Trading Commission (CFTC) has charged Mirror Trading International (MTI) and its operator with a $1.7 billion fraud involving bitcoin. This action is the regulator’s largest fraud scheme case involving the cryptocurrency. CFTC Takes Action Against MTI The CFTC announced Thursday that it has charged a “South African pool operator and CEO with $1.7 billion fraud involving bitcoin.” The regulator added: This action is CFTC’s largest fraud scheme case involving bitcoin. The derivatives watchdog has filed a civil enforcement action, charging Cornelius Johannes Steynberg and Mirror Trading International Proprietary Ltd. (MTI) with “fraud and registration violations.” From approximately May 18, 2018, through March 20 last year, “Steynberg, individually and as the controlling person of MTI, engaged in an international fraudulent multilevel marketing scheme … to solicit bitcoin from members of the public for participation in a commodity pool operated by MTI,” ...

Coincoinx, a cryptocurrency exchange, will reportedly launch a service that will allow users to skip trading crypto for fiat to make payments in Venezuela. The service, which is called Coinpago, will allow users to make payments in every store and retailer in the country that accepts Pagomovil, a banking service that allows seamless fiat transfers between banks in the country. Coincoinx to Ease Crypto Payments in Venezuela While cryptocurrency is slowly going mainstream, becoming more popular in many locations around the world, there are still many retailers and service providers that are not accepting cryptocurrency as a means of payment. However, services that combine traditional bank-based payments and crypto are growing, and bringing functionality to crypto users. Coincoinx, a cryptocurrency exchange in Venezuela, has announced the launch of a service that will combine crypto and fiat for traditional payments. The service, called Coinpago, aims to allow customers of the exchang...

After the downfall of the two most popular crypto assets on the Terra blockchain, the digital currencies terrausd (UST) and luna classic (LUNC) increased a great deal in value against the U.S. dollar in recent times. During the last seven days, LUNC has risen 96.3% and the once-stable coin UST has increased 472.4% this week. Luna Classic and the Once-Stable Coin UST Rise Significantly Against the US Dollar It’s pretty well known in the world of digital currencies that some crypto assets never die. That seems to be the case with the two notorious crypto assets luna classic (LUNC) and terrausd (UST), a former stablecoin that is sometimes referred to as terraclassicusd (USTC). LUNC took the name luna classic because Terra’s new token is now referred to as LUNA. UST was once stable and held the $1 parity from October 2020 up until May 9, 2022. When UST depegged it dropped below a U.S. penny, and tapped a low of $0.006 per unit on June 18, 2022. However, since the $0.006 per unit low, ...