Bitcoin News and Finance: What You Need to Know

Spot and futures trading volumes on centralized crypto exchanges (CEXs) have increased in June, a new report shows. At the same time, website traffic to major trading platforms for digital assets continued to decline, according to the study which also tracks its geographical distribution. Spot Volume on Leading Exchanges Jumped by Over 10% in a Month Spot trading volume on major centralized platforms for cryptocurrency exchange rose 10.4% in June over the previous month, according to data from Coingecko compiled by Chinese crypto journalist Colin Wu, also known by his Twitter handle ‘Wu Blockchain.’ The highest increases were registered by Bitmart (61%), Upbit (48%) and Bybit (35%). Those with the most negative rates were Crypto.com (-18%), Huobi (-17%) and Mexc (-11%), Wu detailed in a blogpost published earlier this week. The futures trading volumes on these exchanges climbed by a similar percentage last month (9.5%). The top three change rates were Bitmart (46%), Deribit (15%...

A recently published survey by Bankrate reveals that there is a 3-in-5 likelihood of a recession occurring in the United States within the next year. Bankrate’s survey of economists firmly indicates that the chances of a recession taking place in the U.S. are greater than the chances of it not happening. Bankrate Survey: 3-in-5 Chance of U.S. Recession in Next Year According to economists surveyed by Bankrate, the probability of a recession occurring in the U.S. is significant. The survey, published on July 12, 2023, reveals that Bankrate’s experts estimate a 59% chance of a recession taking place by July 2024. Bankrate states that the expert forecasts “suggest a downturn is more probable than not.” “Illustrating those odds even more, most respondents (78 percent) indicated that the percentage chance of a recession was greater than 1-in-2, while 28 percent said the odds were 70 percent or higher,” Bankrate’s Sarah Foster writes. Bankrate’s most recent poll is not the sole survey ...

Ripple Labs’ chief legal officer has broken down Thursday’s ruling on the U.S. Securities and Exchange Commission (SEC) v. Ripple case. Emphasizing that the landmark ruling is “a huge win” for the crypto firm, he stressed that “as a matter of law – XRP is not a security.” In addition, he noted that crypto sales on exchanges are also not securities. Ripple Lawyer on SEC v Ripple Case Ruling Ripple Labs’ chief legal officer, Stuart Alderoty, explained the ruling in the U.S. Securities and Exchange Commission (SEC) v. Ripple case in a series of tweets on Thursday. The lawyer wrote: A huge win today — as a matter of law — XRP is not a security. Also a matter of law — sales on exchanges are not securities. Sales by executives are not securities. Other XRP distributions — to developers, to charities, to employees are not securities. “The only thing the court found constitutes an investment contract is past direct XRP sales to institutional clients. There will be further court pro...

Two weeks ago, Bitcoin.com News used six artificial intelligence chatbots to predict the price of bitcoin ( BTC ) by the end of 2023. After the release of Anthropic’s Claude 2 in July, we conducted another experiment, tasking Claude with predicting the prices of the top 40 cryptocurrencies on Jan. 1, 2024. Along with providing a projected price list of 40 crypto assets, Claude also detailed the reasoning behind the forecasts. An AI Chatbot’s Comprehensive Crypto Predictions for 2024 The AI firm Anthropic recently unveiled its second iteration of Claude , rivaling the likes of Google’s Bard and Openai’s Chatgpt 4. Claude can handle substantial data, consuming nearly 75,000 words via Anthropic’s large language model. Therefore, our news desk put Claude to the test, supplying it with the top 40 cryptocurrency assets by market capitalization, along with the assets’ one-hour, 24-hour, and seven-day performance and daily volumes in a single prompt. Before supplying Claude with the inform...

The Nasdaq-listed cryptocurrency exchange Coinbase has relisted XRP following a landmark ruling in the U.S. Securities and Exchange Commission (SEC) v. Ripple Labs case. Several other crypto exchanges have also resumed trading of XRP . Crypto Exchanges Bring Back XRP Trading Following the landmark ruling in the U.S. Securities and Exchange Commission (SEC) v. Ripple Labs case regarding XRP , multiple cryptocurrency exchanges have relisted the cryptocurrency. The Nasdaq-listed crypto exchange Coinbase tweeted Thursday afternoon: Our XRP-USD trading pair is now in full-trading mode on Coinbase Exchange, Coinbase Pro, and Advanced Trade. Limit, market, and stop orders are all now available. Coinbase explained earlier: “Once sufficient supply of this asset is established trading on our XRP-USD, XRP- USDT , and XRP-EUR trading pairs will launch in phases. Support for XRP may be restricted in some supported jurisdictions.” Crypto exchange Kraken has also made XRP trading avail...

On Thursday, following the U.S. Securities and Exchange Commission (SEC) suing the insolvent crypto lender Celsius, the Federal Trade Commission (FTC) divulged a settlement with the firm and imposed a $4.7 billion fine for “duping consumers.” Nevertheless, the penalty will be deferred to enable Celsius to return its remaining assets to consumers in bankruptcy proceedings. FTC’s Settlement to Be ‘Suspended to Permit Celsius to Return Its Remaining Assets to Consumers in Bankruptcy Proceedings’ The now-defunct crypto lender Celsius has incurred a fine from the FTC for allegedly hoodwinking investors and “squandering billions in user deposits.” The company contended that it possessed “more than enough” assets to safeguard customer deposits, but according to the FTC, this was a spurious claim. The platform and its affiliated entities are indefinitely barred from managing customer assets, and three executives have been charged. Per the FTC, the case against Alexander Mashinsky, former ...

Singapore’s state-owned investment fund Temasek does not plan to put money into crypto firms amid the current regulatory uncertainty, according to a top executive. The statement comes months after Temasek lost $275 million from its involvement in the failed cryptocurrency exchange FTX. Temasek to Refrain From Investments in Crypto Companies for Now The sovereign wealth fund Temasek , owned by the Singapore government, is not currently looking to invest in companies dealing with crypto asserts due to the regulatory uncertainty in the industry, its Chief Investment Officer, Rohit Sipahimalani, said in an interview on Tuesday. Speaking with CNBC, he elaborated: There’s a lot of regulatory uncertainty in this environment. And I do think that be very difficult for us to make another investment and exchange in the middle of all this regulatory uncertainty. Sipahimalani’s comments come at a time when the crypto sector finds itself under heightened pressure from regulators around the wo...

Binance’s U.S. platform has rejected rumors regarding its bitcoin cash ( BCH ) reserves, reassuring customers that their funds are safe. On Sunday, the exchange restored BCH withdrawals after a brief suspension attributed to a technical issue with the automated system managing deposit flows. Binance US Restores BCH Withdrawals Amid More FUD The American subsidiary of the world’s largest cryptocurrency exchange, Binance US , addressed what it described as FUD (fear, uncertainty, and doubt) about users’ bitcoin cash holdings. “Binance US maintains 1:1 reserves, which means for every BCH you hold on our platform, we maintain a BCH in reserve,” the company said. In statement posted Tuesday on Twitter, the exchange explained a pause in BCH withdrawals last week citing a technical issue in its deposit sweeping system. “Under normal conditions, our systems based on predetermined thresholds automatically sweep funds from our customers’ individual deposit wallets into our platform’s h...