Contents hide 1 US SEC Sues Binance and CEO Zhao for Breaking US Securities Rules 2 Binance’s outflow spikes after SEC suit 3 The end goal of the US crypto crackdown is an agenda-based CBDC, says Cardano founder 4 BNB, and other major altcoins take a hit amid SEC Binance lawsuit 5 SEC names SOL, ADA, MATIC, FIL, ATOM, and others as securities 6 BTC and ETH’s long-term volatility hit 2-year low 7 BNB market depth on Binance has more than halved since news of the SEC lawsuit 8 Jeffrey Wilcke, one of the Ethereum co-founders, just sent 22k ETH to Kraken 9 Atomic Wallet had a malicious update that sent your private keys to an attacker once you opened the app 10 Debt Ceiling raised, $1T in new bonds to hit the market US SEC Sues Binance and CEO Zhao for Breaking US Securities Rules Bloomberg reported that the US SEC Sues Binance and CEO Zhao of Breaking US Securities Rules. https://t.co/d4blJA2chv Earlier, the U.S. CFTC sued Binance and its CEO Zhao for violating U.S. derivatives rules. Today’s media…

Breakdown of SEC filing against Binance/CZ 1/14 Breakdown of SEC filing against Binance/CZ Covers Binance, Binance US, CZ and all his entities. pic.twitter.com/uF7618KYf9 — Adam Cochran (adamscochran.eth) (@adamscochran) June 5, 2023 2/14 Claims was aware of the rules and avoided registration. This is one that is debatable because of the rule clusterfuck that the US is. pic.twitter.com/BRV500bgQW — Adam Cochran (adamscochran.eth) (@adamscochran) June 5, 2023 3/14 Calls out BNB, simple earn, and BNB Vault on the US platform as investment schemes. That will be a slam dunk for them. Tries to lump in BUSD in there – which is a snake move. Doubt that one sticks. pic.twitter.com/NR8skaPV7E — Adam Cochran (adamscochran.eth) (@adamscochran) June 5, 2023 4/14 Meh. pic.twitter.com/s86rsgrVdy — Adam Cochran (adamscochran.eth) (@adamscochran) June 5, 2023 5/14 Intermingling of the international and US entities – which gives US nexus exposure to their international entity and employees. Pretty bad and opens them up to more action. pic.twitter.com/vQSiKr6kMP — Adam Cochran (adamscochran.eth) (@adamscochran) June 5, 2023 6/14 Specifically targeting US users does make the SEC’s case pretty easy here. pic.twitter.com/1tkENpWSfP — Adam…

TL;DR Breakdown Polkadot price analysis shows a bearish trend Support for DOT is present at $4.94 DOT is down by 5.31% as price corrects lower The Polkadot price analysis indicates a strong bearish sentiment in the market. DOT/USD pair has been on a downward trajectory since the start of today and is now at $5.05 and nearly 5.31% down from its opening price of $5.35. The market crash is strong as the bears are in full control of the price movement, and any attempts to break out of this bearish momentum have been unsuccessful. The support level for Polkadot is $4.94, a zone where buying pressure has been strong enough to try and push the price back up. A successful breakout of this level could see DOT/USD pair rise once again. The resistance is present at $5.30, which needs to be broken for bullish sentiment to take over and allow the price to rise further. Polkadot price analysis 1-day chart: DOT trades in a bearish zone The one-day  Polkadot price analysis is confirming a decline in coin value, as the…

TL;DR Breakdown The UK proposes the creation of a “Crypto Tsar” to oversee crypto regulation. Cryptocurrencies are deemed not to pose a systemic risk but require careful monitoring as they scale. The UK aims to avoid falling behind other countries in crypto regulation and seeks legal clarity. The Crypto and Digital Assets All Party Parliamentary Group (APPG) has released a comprehensive report today outlining 53 key recommendations for regulating cryptocurrencies in the United Kingdom. To establish the nation as a global hub for the burgeoning industry, the party has suggested creating a new role, the “Crypto Tsar,” to coordinate efforts and ensure a consistent approach to crypto regulation. The report recognizes that cryptocurrencies do not pose any systemic risk. However, it urges the government to closely monitor the industry’s growth and take necessary risk management measures as it scales. The party acknowledges the risk of falling behind other countries in the race to regulate the crypto sector and advises the government to provide legal and regulatory clarity within the next 12 to 18 months. Finding a balance between consumer protection…

TL;DR Breakdown Speculating the potential valuation of the Shiba Inu token (SHIB) for November 5, 2023, we consulted OpenAI’s language model, GPT-4, for insights. GPT-4 indicated the inherent complexities in predicting cryptocurrency prices, given their inherent volatility. Shiba Inu currently appears to be in a consolidation phase, with a notable resistance level at $0.0000083, hinting at a potential breakout. With an ever-rising interest in the dog-themed cryptocurrency, the curious financial world seems to be incessantly pondering: What does the future hold for the Shiba Inu token (SHIB)? Speculating the potential valuation of this volatile digital asset come November 5, 2023, the question takes a plunge into the murky waters of crypto fortune telling. To seek insights, I turned to OpenAI’s highly regarded language model, GPT-4, known for its ability to generate human-like text based on an extensive database of online information. A tricky forecast for SHIB It’s no secret that predicting the exact value of a digital asset like Shiba Inu is a complex task. The world of cryptocurrency is notorious for its unpredictability, often leaving even seasoned analysts scratching…

TL;DR Breakdown Ripple is reportedly considering an IPO as its legal battle with the SEC approaches its conclusion. Experts suggest that Ripple’s true value may be significantly higher than its current market valuation, pointing to its substantial holdings of XRP. The recent private investor meeting and positive developments in the XRP lawsuit indicate Ripple’s strategic planning for the future and potential impact on the cryptocurrency market. Ripple, the blockchain firm currently embroiled in a legal dispute with the U.S. Securities and Exchange Commission (SEC), is reportedly considering an initial public offering (IPO) as the legal battle concludes. Industry veteran Linda P. Jones has analyzed the potential implications of a Ripple IPO, shedding light on the valuation and investor interest surrounding the company. Based on data from private investment firm Linqto, Jones estimated Ripple’s current share price to be $35, with a corresponding valuation of $5.7 billion. However, she highlighted the disparity between this valuation and Ripple’s extensive holdings of XRP. She pointed out that the 42 billion XRP tokens held in escrow are currently valued at $21 billion, suggesting a…

TL;DR Breakdown The Bitcoin Ordinals protocol is updated to remove approximately 71,000 invalid or “cursed” inscriptions. The upgrade will index previously unidentified inscriptions made via improper or intentional opcode usage, allowing them to trade. This update supports a subset of the various cursed inscriptions and specifies a block activation height for indexing them. One of the most popular crypto platforms, Bitcoin Ordinals, has released a significant update that finally solves the age-old problem of inscription. This update aims to make using Bitcoin even easier while improving its security and speed. The phrase “cursed inscriptions” describes Bitcoin Ordinals protocol inscriptions that have become invalid and unrecognized owing to the wrong usage of opcodes or malicious misuse. These inscriptions have yet to be tradable, frustrating some users and stifling the protocol’s full potential. Contents hide 1 Bitcoin Ordinals version 0.6.0 protocol upgrade – What is it? 2 How the latest version operates 3 Implications for the Ordinals on the Bitcoin ecosytem 4 Possible future opportunities and threats Bitcoin Ordinals version 0.6.0 protocol upgrade – What is it? Bitcoin Ordinals protocol creators released…

TL;DR Breakdown Pro-Ripple attorney John Deaton predicts that the SEC’s chances of succeeding in its legal battle against Ripple are less than 3%.   The Hinman docs are being closely watched by the Ripple community as they could serve as XRP’s last hope. The court ruling on whether XRP is a security, or a commodity is likely to be rendered by September 30 of this year. According to pro-Ripple attorney John Deaton, the Securities and Exchange Commission’s (SEC) chances of succeeding in its legal battle against Ripple are less than 3%. According to the attorney, Ripple has a 25% chance of outright victory over the SEC and a 50% chance of winning by “splitting the baby.” The verdict rendered by Judge Torres may have a significant effect on the classification of XRP as well as the entire crypto market. The deadline for a decision is September 30. Judge Torres to decide XRP’s classification: Security or Commodity? The SEC has been litigating Ripple because of the alleged sale of unregistered securities, XRP, since December 2020. The attorney estimates that there is a…

TL;DR Breakdown Hedge funds are moving their focus from European equities to American and Japanese stocks, propelled by positive economic data in these countries. Commodity Trading Advisors are specifically transitioning their investments away from Europe and Hong Kong. Investments in information technology, consumer staples, and healthcare are driving the net buying of North American stocks to a five-month high. Fueled by positive economic figures and promising investment opportunities, hedge funds are noticeably moving their attention away from European equities, turning instead to the alluring American and Japanese stock markets. Reports from major banking players including JP Morgan, Morgan Stanley, and Goldman Sachs have highlighted this trend, suggesting a potential shift in investment strategies and priorities. Capitalizing on robust economic growth A significant catalyst for this transition is the release of favorable US economic data, including an uplifting job report and the successful avoidance of a debt ceiling crisis. These developments have reinvigorated the S&P 500 Index, propelling it to its loftiest peak since the prior summer. This bullish outlook has made US stocks an attractive proposition for hedge funds looking…

TL;DR Breakdown Ethereum gas fees have began to stablize following an upsurge from memecoins.  As of June 3, the national average gas price was 24 gwei. The quantity of NFT trades on the Ethereum network has increased. The first week of June the crypto market experienced a sharp decline in Ethereum network gas fees, which fell to $7.34 from a peak of $20 in May. Miner Extractable Value (MEV) bot usage and the waning memecoin mania are blamed for the fall. This decrease in gas costs might benefit Ethereum and its native currency, ETH, in the long run. Contents hide 1 Memecoin frenzy and MEV bots contribute to lower gas prices on Ethereum 2 How the rise of memecoins influenced Ethereum’s gas charges 2.1 Ethereum is gassed up 2.2 The NFT Angle 3 Shapella hard fork and ETH’s price surge: Uncertain impact Memecoin frenzy and MEV bots contribute to lower gas prices on Ethereum According to on-data, the average gas price, or transaction fee, on the Ethereum network dramatically dropped in the first week of June after reaching a multimonth…