value of Bitcoin And Ethereum Kraken has settled with the US Securities and Exchange Commission and will no longer offer its staking-as-a-service product to companies without regulatory approval, reports dropped this week.
Kraken’s SEC Settlement: A Warning for Exchanges, or an Opportunity for Decentralized Alternatives?
Kraken Results Settlement The deal with the Securities and Exchange Commission (SEC) has significant implications for the cryptocurrency industry. The SEC revealed on Thursday that Kraken, a cryptocurrency exchange, will pay a $30 million fine for failing to register the offer and sale of its cryptocurrency staking-as-a-service program.
Prior to this announcement, Coinbase CEO Brian Armstrong warned on Twitter that he had received information that “the SEC intends to eliminate crypto for retail customers in the United States.”
at first sight, Kraken settlement news Seemed like a negative development for all crypto-staking services with the SEC. However, market reaction suggests that only centralized exchanges such as Kraken and Coinbase have cause for concern as staking intermediaries. The governance token for Lido and Rocket Pool, the services with the two largest pools, soared up to 11% over the past day.
Staked assets play a vital role in proof-of-stake networks like Ethereum by ensuring network stability. Retail-level investors who cannot become standalone Ethereum validators due to high entry barriers turn to Staking-as-a-Service and pooled staking providers.
Liquid staking, which enables tokens and tradable assets, has grown to $12 billion, or 26%, of the $47 billion DeFi ecosystem. Lido, the largest protocol that supports ETH staking, has $8 billion or 75% of the funds deposited.
The SEC complaint against Kraken highlighted the over-simplification of staking to appeal to retail customers. Kraken sets the returns for its clients, while the variable rate of rewards must be determined by the protocol.
Robinhood’s Crypto Revenue Dropped 25% in Q4: What Does This Mean for Crypto Traders?
Robinhood’s bitcoin trading revenue declined by 25% compared to the previous quarter (Q4). Founded in 2013, the company is best known for its stock trading program, which expanded to cryptocurrencies in 2018. Because of this, it has grown rapidly as a major place for exchanging digital currencies such as bitcoin and ethereum.
Revenue is falling for a number of reasons, one of which is the general downturn in the bitcoin industry. High cryptocurrency price volatility in 2022 has resulted in less trading and less profits for exchanges like Robinhood. In its presentation to the board of investors, the company claimed to have earned approximately $82 million (EBITDA).
The fourth quarter was not successful, as there was a loss of $166 million. informed of, Therefore, a decrease of $0.20 was observed in EPS. The loss was smaller than the $0.20 decline in EPS that was expected for the third quarter of 2022.
Robinhood CEO Vladi Tenev believes in the future of cryptocurrencies like bitcoin and will continue to provide his clients with access to these “fast-growing assets.”
Bitcoin and Ethereum prices are declining and continue to trade in the sell zone given the ongoing tension in the cryptocurrency market.
bitcoin price
the current Bitcoin The price is $21,682, and the 24-hour trading volume is $24 Billion. Bitcoin is down less than 1% in the past 24 hours. With a live market cap of $418 billion, CoinMarketCap currently holds the first position.
Bitcoin broke a key $21,875 support area on Saturday, and closing of candles below this level raises the possibility of a sell trend in BTC. A bullish breakout of the $21,875 level could expose BTC price to the next resistance levels of $22,300 or $22,850.
On the other hand, a failure to break below the $21,750 level could extend the downtrend towards the $21,200 level. Moreover, an immediate support for BTC lies at $21,200, and a break below this level has the potential to send BTC price lower to $20,600.
ethereum price
value of Ethereum $1,518 with a 24-hour trading volume of $7.5 Billion. ET is down about 2% in the last 24 hours and is ranked number two on CoinMarketCap with a market cap of $185 billion.
On the technical front, Ethereum was trading slightly above the $1,500 double bottom support. A closing candle above $1,500 has the potential for an upside move towards the $1,560 level.
This resistance level is being driven by an ascending channel that was previously violated on Friday. A break above $1,560 could expose BTC towards the $1,600 or $1,680 levels.
On the other hand, a failure to break the $1,560 level could keep BTC price bearish and increase the selling pressure, triggering a bearish breakout below the $1,510 level, which could lead the price to $1,435. level can be reached.
bitcoin and ethereum options
The top 15 cryptocurrencies for 2023 were recently identified by Cryptonews Industry Talk. If you’re looking to invest in something more promising, there are many other options to consider.
The number of available cryptocurrencies and ICOs (initial coin offerings) grow on a weekly basis.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
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