Green Signal in the Market meanwhile bankrupt BlockFi Looks to Restart Certain Customer Withdrawals
In this newsletter :
Cryptocurrency prices today: The market is up, Bitcoin gains 0.31% while Ethereum is up by 2.34%.
The cryptocurrency market was trading well. While several alt coins, including Shiba Inu (SHIB) and Cardano (ADA), traded in losses, major crypto coins like Bitcoin (BTC), Ethereum (ETH), and Binance (BNB) all made gains.
The crypto market cap increased by 0.35 per cent to $811.47 billion and its trading volume showed an increase of 62.89 per cent to $38.39 billion.
BTC increased by 0.31% to $16,819.57. BTC's price fluctuated during trade, ranging between $16,570 and $16,820. BTC's price suddenly increased in the morning, going from a low of $16,582 to $16,757.
On Tuesday evening, the price of Ethereum increased by 2.34 percent to $1,212.61 in the previous 24 hours.
The price of ETH rose consistently all day. The most expensive ETH price was $1,213.08.
Dogecoin (DOGE) dropped 3.47 percent to $0.07465, Its 24-hour trading volume was up by 122.66 per cent to $670,073,266.
Shiba Inu (SHIB) fell by 3.46 percent, to $0.000008403.
BlockFi wants to resume some customer withdrawals.
BlockFi, a bankrupt cryptocurrency lender, has asked a U.S. court to approve customer withdrawals that are currently restricted on the platform, according to court documents. Customers own the cryptocurrency stored in BlockFi wallets, and the company has "no legal or equitable interest" in the money that was frozen when the platform stopped operating on November 10 according to a motion submitted on Monday to the U.S. Bankruptcy Court for the District of New Jersey.
BlockFi, one of the first victims of the ripple effects brought on by the collapse of cryptocurrency exchange FTX in early November, filed for Chapter 11 bankruptcy protection on November 28. This was less than a month after suspending withdrawals from the platform.
In addition to asking the court to allow customers to withdraw funds that remain in their BlockFi wallets, the company also wants to clear up the user interface that incorrectly reflected some transactions (after the platform had halted withdrawals) that in actuality never took place.
“Simply put, the [clients] were unable to, and did not, effectuate any transactions on the BlockFi platform beginning the moment of the Platform Pause Time Stamp,” the filing said, referring to the exact time (on Nov. 10, 2022, at 8:15 p.m. Eastern Time) when withdrawals were halted.
Indian Government Updates Parliament on Cryptocurrency Bill and Crypto Exchange Investigations
The Indian government has offered some updates on its cryptocurrency bill and the Lok Sabha, the lower house of the Indian parliament, investigations into bitcoin exchanges. The minister of state for finance stated, "Crypto assets are by definition transnational and require international engagement to prevent regulatory arbitrage."
On Monday, different members of the Lok Sabha, India's lower house of parliament, posed two sets of inquiries to the Indian government on cryptocurrencies and their regulation. Pankaj Chaudhary, minister of state in the Ministry of Finance, replied without providing a specific timeframe: Crypto assets are by definition borderless and require international collaboration to prevent regulatory arbitrage. Therefore, any legislation on the subject can be effective only with significant international collaboration on evaluation of the risks and benefits and evolution of common taxonomy and standards.
Another set of inquiries made by a number of additional lawmakers asks for "the specifics of cryptocurrency exchanges which are under official investigation for money laundering and tax evasion cases."The Enforcement Directorate (ED), according to Chaudhary, is looking into many incidents of cryptocurrency frauds in which a few crypto exchanges have also been discovered to be implicated in money laundering.