Daily Crypto News | June 15th, 2022

1. Ethereum NFTs Bored Ape See A Drop In Entry Price Below $100K First Time In A Year

For a long time, the Bored Ape Yatch Club has been  a symbol for the crypto-wealthy, as multiple sales of these Bored Ape NFTs were worth millions of dollars. Bored Ape’s influence was seen all over the internet, as well-known internet figures were talking about them on all kinds of social media platforms.

However, after its peak back in April, when the floor price to own a piece of this collection sat at around 152 ETH, or approximately $430,000, Bored Ape is now valued at slightly less than $92,000 for entry-level price. This shows how demand for NFTs has been significantly damaged by the crypto market crash.

2. SEC Looks Into Insider Trading At Crypto Exchanges

Regarding the concern over insider trading withing crypto exchanges, SEC has made their moves in order to ensure that these exchanges have enough protection against this issue. Inquiries have been launched into at least one major exchange to collect information on what security the exchange has to protect users against insider trading.

So far, it hasn’t been confirm which major exchange received the inquiry. Coinbase, FTX, Crypto.com and Binance have refused to comment on the matter. SEC also declined to verify the news. It is also reported that SEC is currently investigating to see if Terraform Labs violated any laws by promoting for their currencies.

3. Binance is Hiring While Other Exchanges Are Cutting Down On Workforce

While Binance’s competitions are reported to be cutting on staff, the world’s biggest exchange is doing the opposite. “If we are in a crypto winter, we will leverage that, we will use that to the max,” Changpeng Zhao said earlier. The co-founder of Binance, Yi He, was also quoted saying “the crypto space is still in its early stages,” and she considered this “a great time to bring on top talent.”

It is rather obvious why other exchanges made the decision to lay people off. Looking at the current market, most cryptocurrencies are in the red, and there is no sign of the market bumping up in the near future. However, not just Binance, but FTX CEO Sam Bankman-Fried also tweeted hinting at FTX expanding workforce.

4. EU Commissioner Puts Stress On Regulating Cryptocurrencies

The Commissioner for Financial Services, Financial Stability and Capital Markets Union at the European Commission, Mairead McGuinness, is planning to have a discussion revolving crypto assets regulations in the middle of complicated events going on in the crypto space.

She believes that Celcius’s withdrawal and transaction suspension and Terra’s crash are heightening the urgency for the European Union to step in. McGuinness presented a “political compromise” to the French government through MiCA (Markets in Crypto Assets), which is currently being reviewed.

5. SEC Chair Warns Users In The Middle Of The Crypto Market Crash

Gary Gensler, chair of the United States Securities and Exchange Commission (SEC), emphasizes on the security that users should be provided with by crypto firms. Along with that, he also warns people about the potential risks behind the high return rates crypto users might be promised to have. “If it seems too good to be true, it just may well be too good to be true,” said Gensler.

The SEC chair continued to show his interest for the “technology”, yet he didn’t show any faith for the future, as he anticipated most crypto projects would fail, and left out the question if SEC would be approving Bitcoin as an exchange-traded fund.

 

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