Traders flinch after Ethereum price rejects at $2,000

Ether (ETH) rejected the $2,000 resistance on Aug. 14, but the solid 82.8% gain since the rising wedge formation started on July 13 certainly seems like a victory for bulls. Undoubtedly, the “ultrasound money” dream gets closer as the network expects the Merge transaction to a proof-of-stake (PoS) consensus network on Sept. 16.  Ether price index in USD, 12-hour chart. Source: TradingView Some critics point out that the transition out of proof-of-work (PoW) mining has been delayed for years and that the Merge itself does not address the scalability issue.…

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BitGo to sue Galaxy Digital for $100M over dropped acquisition

Digital asset custodian BitGo said it planned to seek more than $100 million in damages from Galaxy Digital, alleging the investment firm owed the funds as part of a “reverse break fee” in its decision to terminate an acquisition agreement. In a Monday blog post, BitGo referred to Galaxy’s actions as “improper” in claiming a breach of contract to drop an agreement to acquire the digital asset custodian. BitGo has enlisted the services of law firm Quinn Emanuel to pursue legal action against Galaxy for not paying a “$100 million…

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Coin Center may challenge US Treasury’s sanctions on Tornado Cash in court

United States-based crypto policy advocacy group Coin Center said it intended to “pursue administrative relief” for individuals affected by Tornado Cash sanctions imposed by the Treasury Department’s Office of Foreign Asset Control, or OFAC. In a Monday blog post, Coin Center executive director Jerry Brito and director of research Peter Van Valkenburgh alleged OFAC “overstepped its legal authority” when it named cryptocurrency mixer Tornado Cash and 44 associated wallet addresses to its list of Specially Designated Nationals, or SDNs, on Aug. 8. The directors claimed Treasury’s actions could have potentially…

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Fed to issue long-awaited guidelines for granting master accounts to crypto banks

The United States Federal Reserve Board announced Monday that it had finalized its guidelines for the factors reserve banks are to consider when reviewing requests for Federal Reserve accounts and payment services. The guidelines create a three-tiered review framework with the level of due diligence to be provided, depending on the applicant’s risk level.  Guidelines were first proposed in May 2021, with a supplemental proposal released in March, and the final guidelines, which come into force after their publication in The Federal Register, are “substantially similar” to them. The Fed…

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Bitcoin price corrects after hitting a wall at a multi-month descending trendline

On Aug. 15, Bitcoin (BTC) price and the wider market corrected while the S&P 500 and DOW looked to build on four-straight weeks of robust gains. Data from TradingView and CNBC show the Dow pushing through its 200-day moving average, a first since April 21 and perhaps a sign for bulls that the market has bottomed.  Dow Jones Industrial Average Index (DJI). Source: TradingView While equities markets have been strikingly bullish in the face of high inflation and a steady schedule of interest rate hikes, a number of traders fear…

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TA- Alien Worlds (TLM) Set For A Major Rally As Market Looks Promising

The price of Alien Worlds (TLM) has struggled to break out of a range recently with few bullish signs against Tether (USDT).  Alien worlds could be set for a major rally after narrowly holding above key support as other crypto assets continue to trend higher. Alien Worlds (TLM) Price Analysis On The Weekly Chart Weekly Chart Analysis For TLM Price | Source: TLMUSDT On Tradingview.com From the chart, the price of TLM saw a weekly low of $0.02, which bounced from that area and rallied to a price of $0.0313.…

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In the eye of Tornado Cash

Summer is still on, harvesting the fresh names for its list of the crypto companies in deep trouble. This time, the trouble came not from the market or management but from the United States Treasury Department. The regulator has added more than 40 cryptocurrency addresses allegedly connected to crypto mixer Tornado Cash to the Specially Designated Nationals list. These individuals and groups allegedly laundered more than $7 billion worth of cryptocurrency.  Accusations like this don’t come easy — one of the co-founders of Tornado Cash has reported his account suspended…

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Canadian regulatory council creates new preregistration filing for crypto platforms

The Canadian Securities Administrators (CSA), the council of provincial and territorial securities regulators, announced Monday that crypto trading platforms will be expected to provide a preregistration undertaking to their principal regulators as they take steps to comply fully with securities regulation. Two platforms, Crypto.com and the Canadian platform Coinsquare Capital Markets, have already filed those undertakings.  Trading platforms will be expected to agree in the undertaking to comply with terms and conditions relating to investor protection. Filing the undertaking will allow crypto trading platforms to continue operating during the review of…

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Binance Receives Approval In-Principle to Operate in Kazakhstan

The biggest cryptocurrency exchange has received a regulatory license to operate as a digital asset service provider in France, Bahrain, Spain, and Dubai since 2022. The Astana Financial Services Authority, or AFSA, an independent financial services regulator in Kazakhstan, has allowed the country’s largest cryptocurrency exchange, Binance, to operate. AFSA announced Monday that it had granted Binance in-principle authorization to operate as a digital asset trading facility and provide custody services in the Astana International Financial Centre, a financial hub in Nur-capital Sultan’s city. Binance stated in a Monday blog…

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Exit stage left — Eqonex to close crypto exchange after two years

Nasdaq-listed digital asset investment firm Eqonex has announced it will be exiting the “crowded crypto exchange space” by shuttering part of its operations. In a Monday announcement, Eqonex said it will close trading on its crypto exchange on Aug. 22 while users will be allowed to withdraw funds until Sept. 14. The firm said the closure was part of an effort to streamline operations that focused on offering “the most potential for revenue growth and long-term financial sustainability,” which included its asset management and custody services at Digivault. “Closing the…

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