Bitcoin Plunges, Over $160M in Realized Losses Triggered

Crypto Market Downturn and $160M in Realized Losses

• Bitcoin dropped to $26,298, leading to over $160 million in realized losses on-chain.
• The derivatives market witnessed a staggering over $1 billion in liquidations.
• This event is different from previous ones due to the aftermath of the losses.

Rep. Maxine Waters Criticizes PayPal’s Stablecoin

Congresswoman Maxine Waters has spoken out against PayPal’s stablecoin and called for it to be regulated on par with other financial institutions. She highlighted that if these digital assets are not properly regulated, they could have serious implications for the economy and consumers’ safety.

SEC vs Ripple Labs Jury Trial Set For Q2 2024

The SEC has recently set a jury trial date for their lawsuit against Ripple Labs Inc., which is scheduled to take place in Q2 2024. The SEC claims that Ripple illegally sold XRP as an unregistered security since 2013 and have been seeking damages from them ever since then.

Coinbase Launches Ethereum Layer-2 Chain Base

Coinbase recently announced that their Ethereum layer-2 scaling solution, Coinbase Base, is now live to the public. According to Coinbase, this will allow users to process transactions faster, cheaper and more securely than ever before by leveraging smart contracts on Ethereum’s blockchain network without having to pay high fees or wait long confirmation times.

Bitstamp Halts U.S Trading of Seven Tokens Identified As Securities By SEC

In response to recent actions taken by the SEC against both Coinbase and Binance, Bitstamp has decided to halt trading of seven tokens identified as securities by the regulator in order ensure legal compliance with all applicable laws and regulations in the United States.