Markets, Sec, And Bitcoin Prices: The Crypto Crisis

It was no surprise to us that the crypto industry has been experiencing a crisis of this magnitude as of late:

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It appears that stablecoins are under the spotlight as the SEC increases its efforts to control crypto currencies. Stablecoin issuances are currently under investigation by the agency to determine whether they violated the laws protecting investors.

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Trading company Mango Markets has revealed that a code that enabled a trader to withdraw millions from the exchange was hacked. According to the prosecution, the defendant crossed a line that had to be crossed.

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Those investors who still believe that cryptocurrency is capable of making them rich on the long run. The large losses and big risks associated with digital currencies have not deterred the majority of those who voice the opinion that other methods of making money are not available to them.

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In light of a canceled merger between Circle and a SPAC, the company is now focusing more on growth. There are reports in the crypto world claiming that the operator of the USD Coin stablecoin is planning to double its headcount in the coming weeks by as much as 25%.

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A relatively short time after the startup of FTX's Japanese subsidiary, customers were able to withdraw assets as a result of Tokyo's strict crypto laws. This seemed like a relatively quick turnaround.

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Recently, the market has responded in the following ways:

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• On Tuesday, Bitcoin fell 0.3% from late Tuesday to about $24,113, down from about $24,230 on Monday.

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• According to CoinDesk, the price of Ether stands at roughly $1,646, which represents a decline of 1.9% from 24 hours ago.

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