This week has been an exciting one for cryptocurrency investors, with news ranging from central bank use of Blockchain to new NFT projects.
Here are the five top news of the week in the world of cryptocurrencies:
- Bitcoin in an uptrend, according to predictions from Credible Crypto.
- US SEC suspends $30 million fine on BlockFi until debts to creditors are paid.
- The crypto world celebrates the approval of the first leveraged Bitcoin ETF in the United States.
- France gives CACEIS Bank the green light to offer cryptocurrency custody services.
- Binance under scrutiny by French authorities for possible money laundering.
Bitcoin in Bullish Trend, According to Credible Crypto
Credible Crypto, a prominent trader, has claimed that Bitcoin is on track to hit new all-time highs. According to their analyses, the Bitcoin price is in an uptrend and could exceed previous price levels in the coming months.
Credible Crypto argued that the next four months should provide the BTC price bullish momentum needed to break above $69,000. This is information that needs to be monitored before making major financial decisions.
US SEC Suspends BlockFi’s $30M Fine Until Debts to Creditors Are Paid
The amount represents the balance of a $50 million settlement with the regulator from February 2022. In fact, the SEC will waive the amount owed by BlockFi to avoid delays in distributing funds to investors.
In February last year, the SEC announced action against the crypto lending company for failing to register its high-yield interest accounts as securities. BlockFi agreed to pay $50 million to the regulator as part of the settlement, and another $50 million to 32 US states.
In November 2021, BlockFi filed for Chapter 11 bankruptcy, after the FTX crisis raised questions about its financial health.
The Crypto World Celebrates the Approval of the First Bitcoin Leveraged ETF in the US
The SEC has approved the issuance of the country’s first leveraged Bitcoin ETF, the x2 Bitcoin Strategy ETF (BITX) from Volatility Shares. This exchange-traded fund will debut on the New York Stock Exchange next week. This means that if Bitcoin goes up 10%, the ETF investor will earn 20%.
Said approval comes at a time when Bitcoin has surpassed $30,000 due to institutional interest.
France Authorizes CACEIS Bank to Offer Cryptocurrency Custody Services
CACEIS Bank, owned by Crédit Agricole and Santander, has registered with the French Authority for Financial Markets (AMF) to offer cryptocurrency custody services. The bank, which services asset managers, joins other traditional financial firms showing interest in the crypto market. France has supported the crypto industry and was the first European country to grant registration to Binance.
CACEIS Bank is the latest to be recognized in Europe’s advanced crypto regulatory framework, as the EU prepares to set new crypto licensing rules in 2024.
Binance Under Scrutiny by French Authorities for Possible Money Laundering
Binance is being investigated for money laundering and illegal client solicitation by the French authorities. Binance CEO Changpeng Zhao downplayed the investigation, stating that “Binance fully cooperated. And it is not the only crypto business inspected. It has also happened to others in Paris as well. Binance France continues to be our flagship in Europe.”
By Audy Castaneda
