Connect with us

Cryptocurrency

Global Crypto Market Cap Soared by 255% YTD to $2.75T, Nearly $230B More Than Previous Record in May

Published

2 years ago

on

Dollar Cryptocurrency - Investors King

After a rocky September and the crypto price crash wiping out hundreds of billions of dollars from the entire market, digital currencies quickly bounced back, driving the global crypto market cap to new record highs.

According to data presented byMejoresApuestas, the global crypto market cap soared by 255% YTD to $2.75trn last week, or nearly $230bn more than the previous record in May.

Bitcoin Hit New Record Valuation, Ethereum Up by 545% YTD

As the world’s largest and most expensive digital currency, Bitcoin accounts for 42% of the global crypto market cap. The CoinMarketCap data show the combined value of all BTC coins more than doubled since January, despite two massive price crashes in May and September.

In the three weeks of October only, Bitcoin’s price jumped from $55,300 to an all-time high of $66.800 and then slipped to $61,700 at the end of last week, helping its market cap reach $1.17trn.

However, the latest boost in the crypto market has been equally driven by impressive Ethereum growth. In January, the combined value of all ETH coins amounted to $83.4bn. This figure soared to $498bn in May and then halved in the next two months after the crypto price crash.

However, Ethereum quickly bounced back, with its market cap jumping to $461.7bn on September 7th. After a few rocky weeks and another crypto price drop, following a ban on cryptocurrency transactions and mining from China’s central bank, Ethereum’s price continued growing, driving its market cap to $538.6bn last week, a massive 545% increase YTD.

Solana, Dogecoin, Binance Coin and Cardano, the Fastest Growing Cryptos This Year

Besides Bitcoin’s and Ethereum’s price rally, which fuelled the global crypto market growth, some other leading cryptos also witnessed impressive growth since January.

The CoinMarketCap data showed Solana was the fastest growing digital coin in the crypto space this year. Since January, the market cap of the cryptocurrency soared from $75 million to $76.2bn, which is 186 times the growth rate of Ethereum or 875 times more than the growth of Bitcoin in this period. In the last month only, the price of the Ethereum competitor jumped by 55%, ranking it as the fourth-largest crypto coin by market cap.

Dogecoin follows Solana when it comes to market cap increase in 2021. Since the beginning of the year, the combined value of all DOGE coins has surged by 5,428% and hit $34.5bn last week.

2021 has also been a fantastic year for Binance Coin, which became the world`s third largest crypto by market cap.  Statistics show the combined value of all BNB coins soared by 1,826% YTD to $104.2bn.

Besides these three cryptos, Cardano was the only digital coin witnessing a four-digit growth this year. Statistics show the combined value of all ADA coins jumped by an impressive 1,098% YTD to $66.4bn, ranking it the sixth-largest crypto globally.

 

Continue Reading
Comments

Cryptocurrency

Binance Boss Behind Bars: CZ Sentenced to Four Months for Crypto Exchange Failures

Published

1 day ago

on

May 1, 2024

By

Binance CEO

Binance founder Changpeng Zhao, widely known as CZ, has been sentenced to four months in prison for his role in security failures that enabled cybercriminals and terrorist groups to exploit the Binance platform.

The verdict, delivered by US District Judge Richard Jones in Seattle, is the first time a chief executive officer of a major cryptocurrency exchange has been incarcerated for breaching banking secrecy laws.

The courtroom, packed with onlookers and CZ’s legal team, witnessed the billionaire entrepreneur, clad in a dark suit and light blue tie, receive his sentence stoically.

Despite fervent pleas from prosecutors for a three-year sentence to set a precedent in the crypto industry, Judge Jones opted for a shorter term.

In his statement, Judge Jones emphasized that no individual, regardless of wealth or status, is exempt from accountability under the law.

The case against CZ stemmed from a protracted investigation by the US Department of Justice, casting a long shadow over Binance, one of the world’s largest cryptocurrency exchanges, and its high-profile leader.

Prosecutors argued that CZ’s failure to implement adequate money laundering safeguards facilitated illicit transactions, enabling cybercriminals and even terrorist groups like Hamas to operate freely on the platform.

The sentencing also comes on the heels of similar crackdowns within the cryptocurrency space, including the recent conviction of Sam Bankman-Fried, a former crypto titan who received a 25-year prison sentence for defrauding FTX customers of billions of dollars.

CZ’s defense team, however, contended that he should be spared imprisonment due to his non-US citizenship, which they argued put him at heightened risk in a US detention facility.

Nevertheless, Judge Jones emphasized the gravity of CZ’s offenses, terming them “unprecedented” in scale and impact.

In a post-sentencing statement on social media, CZ expressed acceptance of his fate, vowing to “do his time” and focus on education and philanthropy upon his release.

Despite his impending incarceration, CZ affirmed his commitment to the cryptocurrency sector as a passive investor.

The implications of CZ’s sentencing extend beyond his personal fate, raising questions about regulatory oversight and accountability within the burgeoning crypto industry.

Federal prosecutor Kevin Mosley underscored the deliberate nature of CZ’s violations, arguing that they were not mere oversights but intentional breaches of US law.

As CZ prepares to serve his prison term at Seattle’s Federal Detention Center, SeaTac, the crypto community grapples with the repercussions of his downfall.

The episode serves as a stark reminder that, despite the decentralized ethos of cryptocurrencies, regulatory scrutiny and legal accountability remain paramount in an increasingly interconnected financial landscape.

Continue Reading

Cryptocurrency

U.S. Prosecutors Recommend 36-Month Prison Term for Binance Founder Changpeng Zhao

Published

1 week ago

on

April 24, 2024

By

Binance CEO

In a significant development in the legal saga surrounding Binance, the world’s largest cryptocurrency exchange, U.S. prosecutors have recommended a 36-month prison term for its founder, Changpeng Zhao.

The recommendation follows Zhao’s guilty plea to violating laws against money laundering, a pivotal moment in the ongoing legal battle between Binance and U.S. authorities.

Zhao, commonly known as CZ, stepped down as Binance’s chief last November, simultaneously admitting to the violations alongside the exchange.

The firm agreed to a hefty penalty of $4.32 billion as part of the settlement with prosecutors.

According to court filings submitted to the U.S. district court for the western district of Washington, prosecutors argued that the magnitude of Zhao’s willful violation of U.S. law warranted an above-guidelines sentence.

While federal sentencing guidelines set a maximum term of 18 months in prison for Zhao, prosecutors emphasized the severity of the violations and their consequences in advocating for the extended sentence.

The legal scrutiny surrounding Binance stems from allegations that the exchange failed to report over 100,000 suspicious transactions involving designated terrorist groups such as Hamas, al Qaeda, and ISIS.

Furthermore, prosecutors alleged that Binance’s platform facilitated the sale of child sexual abuse materials and served as a recipient of a significant portion of ransomware proceeds.

As part of the settlement, Zhao agreed to pay a $50 million fine and disengage from any involvement with Binance, the platform he founded in 2017.

The penalties imposed on Binance included a staggering $1.81 billion criminal fine and restitution of $2.51 billion.

The recommendation for a 36-month prison term underscores the seriousness with which U.S. authorities are addressing violations within the cryptocurrency industry.

The outcome of Zhao’s sentencing, scheduled for April 30 in Seattle, will likely have far-reaching implications for both Binance and the broader cryptocurrency ecosystem.

As regulatory scrutiny intensifies, stakeholders across the industry are closely monitoring developments to gauge their impact on the future of cryptocurrency exchanges and their founders.

Continue Reading

Cryptocurrency

SEC Philippines Urges Removal of Binance App from Google Play Store and Apple App Store

Published

1 week ago

on

April 23, 2024

By

Binance - Investors King

The Securities and Exchange Commission (SEC) of the Philippines has intensified its regulatory oversight over cryptocurrency trading platforms, particularly targeting Binance, one of the world’s largest digital asset exchanges.

In a bold move, the SEC Philippines has formally requested the removal of the Binance app from both Google Play Store and Apple App Store.

The action, disclosed through letters addressed to Google and Apple on April 19, 2024, underscores the SEC’s concerns regarding unauthorized investment solicitation activities facilitated by the Binance platform.

SEC Chairperson Emilio B. Aquino emphasized that allowing access to the Binance app and website poses a significant threat to the security of funds belonging to Filipino investors.

This move represents a significant escalation in the Philippines’ regulatory efforts to safeguard investors and maintain financial stability within the cryptocurrency market.

The SEC’s decision to target Binance reflects growing concerns globally regarding the lack of oversight and potential risks associated with digital asset trading platforms.

Binance, known for its extensive range of cryptocurrency trading services, has faced increasing scrutiny from regulators worldwide.

While the company has made efforts to comply with regulatory requirements in various jurisdictions, concerns persist regarding the adequacy of investor protection measures and compliance protocols.

The SEC Philippines’ call for the removal of the Binance app from major app stores highlights the regulator’s determination to enforce strict oversight and uphold investor confidence in the country’s financial markets.

The move is likely to have implications not only for Binance but also for other cryptocurrency exchanges operating in the Philippines and beyond.

Investors and industry stakeholders are closely monitoring developments, awaiting further updates on the SEC’s regulatory actions and their potential impact on the cryptocurrency ecosystem in the Philippines.

As regulatory scrutiny intensifies, market participants are urged to exercise caution and stay informed about evolving regulatory requirements and compliance obligations in the digital asset space.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending