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SEC plays spoilsport; BTC fails to stay above $25,000
US regulators appear to be tightening the leash on crypto firms.
Deepan Datta
February 17, 2023
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Regulators appear to be tightening the leash on crypto firms. The US SEC has sued Terraform Labs and its founder Do Kwan for defrauding investors. Concerns over Fed policy also resurfaced, unnerving investors. Several top cryptos by market cap are trading in the red, while BTC lost its $25,000 level. The Fear & Greed Index remained in the neutral zone, falling from 62/100 to 61/100.
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*Last updated at 10:30 am, 17 February 2023
From the crypto news wires 📰
Ethereum has seen a constant decline in exchange supply over the past six months post-Merge, according to data from Santiment. Since the Merge, there have been 37% less ETH on exchanges making the amount of ETH available to trade lesser. Just weeks before the Shanghai upgrade, the decline in supply on exchanges is considered a bullish sign, as there is less ETH available to trade or sell.
Early adopters are selling the NFT stamps from Starbucks Odyssey, the coffee chain's NFT-driven rewards programme based on Polygon, for close to $2,000 each. The program is still in closed beta stage. Starbucks Odyssey's stamp NFTs have sold 360 times on the official secondary market of Nifty Gateway since the beta debut of the service in December, totaling over $143,000 in volume moved.
The crypto bear market fended off scams in 2022. Crypto scam revenue fell by almost half in 2022 due to falling crypto prices. A February report from Chainalysis said the lower crypto prices in a bear market led to a fall in scam revenue. The report includes investment, NFT, and romance scams, which amounted to $5.9 billion in the year, down 46% from 2021.
eBay's NFT marketplace KnownOrigin is launching creator smart contracts for its artists. The contract allows artists to split earnings and earn royalties as co-creators. Users have reportedly been testing the Creator Contract beta release for a few weeks. Starting 24 February, all approved creators on KnownOrigin will be able to deploy and mint work on their own contract for public release.
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