Quick Take Bitcoin (BTC), once viewed as a fringe digital asset, has ascended to claim the rank of the 16th largest currency worldwide when compared to various fiat currencies on a market capitalization basis. Measured by multiplying the total circulating supply of 19.5 million BTC by its unit price, Bitcoin’s…

Terraform Labs obtained a partial victory on Dec. 28 within a case initiated by the U.S. Securities and Exchange Commission (SEC). Judge Jed Rakoff issued one summary judgment in Terraform Labs’ favor and declared that the firm did not offer and effect transactions in security-based swaps. The judge said that…

India’s Financial Intelligence Unit (FIU) has taken stringent measures against nine offshore Virtual Assets Service Providers (VASPs) for non-compliance with India’s Anti-Money Laundering and Counter Financing of Terrorism (AML-CFT) laws, according to a Dec. 28 annoucement. These entities, which include major players like Binance, KuCoin, and Huobi, have been served…

Former Binance CEO Changpeng Zhao asked for parts of his travel request to be made private on Dec. 27. Though Zhao has sought permission to travel outside the U.S. for some time, the latest filings provide more context around his plans. The first court filing indicates that Zhao and his…

In a bold move, U.S. Congressman Warren Davidson, with support from House Majority Whip Tom Emmer, has advocated for the firing of SEC Chair Gary Gensler in 2024, attributing his stance to alleged corruption and abuses of power. This development comes amid escalating tensions between the SEC and the digital…

Coinbase International Exchange said on Dec. 28 that it has set leverage limits to 10X on its various perpetual future contracts. The company said in a post on X: “Did you hear? We upgraded our leverage to 10x on all perpetual futures contracts, empowering you to execute more efficient trading…

Chinese authorities have intensified efforts to regulate the use of cryptocurrencies in illegal foreign exchange (forex) trading, South China Morning Post reported. The crackdown specifically targets the misuse of stablecoins like Tether (USDT) in unlawful transactions. The Supreme People’s Procuratorate and the State Administration of Foreign Exchange (SAFE) issued a…

Yesterday’s stock market, Dec. 27, reflected a surge in investor interest in Bitcoin-related stocks ahead of potential ETF approvals. Bitcoin mining companies’ stocks soared, outstripping the cryptocurrency’s gains amidst anticipating an imminent spot Bitcoin ETF approval. Marathon (MARA) led the charge as trading volumes swelled, surpassing even Tesla’s activity on…

Quick Take Bitcoin transaction fees continue to eclipse Ethereum after consistently outperforming for over two weeks. This evolution has raised several important questions about the Bitcoin landscape. With Bitcoin fees reaching a high of $12 million on Dec. 27 and maintaining a steady seven-day average of $11 million, the implications for…

Bankrupt FTX seeks court approval to estimate its customers’ digital asset claims in U.S. dollars, according to a Dec. 27 court filing. The exchange clarified that the action was essential to prevent any hindrance in the bankruptcy proceeding, adding that: “The liquidation of every individual Claim in respect of a Digital…