Robinhood Penalty, ETH Plunge, and BTC Sell-Off
It is about that time to evaluate the worlds of Fintech, Crypto, and Forex.
ETH Balance Plunges on Crypto Exchanges
The crypto week started with ETH whales moving their Ethereum coins to digital wallets from crypto exchanges. According, to Glassnode, a crypto analytic firm, at the moment, crypto exchanges have the lowest Ethereum holding since 2019 June.
Crypto exchanges have not more than 13 million ETH, a drastic decline from around 19 million in July last year. ETH supply on cryptocurrency exchanges has been declining since January 2021.
Is the market crash over?
Well, the crypto market suffered a crash over the past month, most cryptocurrencies recovering gradually at the moment. Finance Magnates attempts to answer the pressing question, is May’s crypto market crash is over? Or should traders expect more?
If you plan to invest in the current market situation, you may need to be extra alert. However, institutions and retailers are expressing their increased interest in digital coins. For instance, over the past few days, El Salvador legalized BTC. Moreover, the crypto market has been through ups and downs since launching. As usual, market players expect a boom after recent drastic drops. As much as the crypto market might surge with the current indications, no one knows how long that would take. Beware of the associated investment risks before venturing into the volatile space.
US SEC Issues Plan to Allocate Robinhood Penalty ($65)
According to Finance Magnates, the Unites States SEC had printed a strategy to allocate $65 million, collected from Robinhood Brokerage Company. The crypto firm faced the charges by failing to disclose the “Payment for Order Flow” practice.
On its proposal, the market regulator plans an evaluation process to allocate the penalties collected to Robinhood users who fall victims.
Ken Moelis Compares BTC to the 1848 Gold Rush
An investment banker and American billionaire Ken Moelis told Bloomberg that the current BTC crazes resemble the 1848 gold rush.
When asked about the future of digital currency, the billionaire admitted the increased interest in BTC and other cryptocurrencies.
Stay tuned for more updates on the cryptocurrency market.
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