#trading

X, previously known as Twitter, has successfully obtained the Rhode Island Currency Transmitter License, enabling it to offer cryptocurrency payments and trading services in the U.S. This acquisition, confirmed on August 28 via NMLS data, aligns with X's ambition to be a "cryptocurrency-friendly" platform. Earlier, X had integrated features like Bitcoin tipping and NFT profile picture support. With this license, users might soon be able to send, receive, and store crypto directly on X, further mainstreaming cryptocurrency use.

OpenSea Head of Product Receives Prison SentenceNate Chastain has been sentenced to three months in prison for engaging in insider trades that amounted to $50,000. Chastain, aged 33, was found guilty of fraud and money laundering in a federal court in New York in May. This case marked the conclusion of what prosecutors deemed the first significant NFT insider trading case. Chastain profited by purchasing and selling at least 45 NFTs he was aware would be featured on OpenSea’s homepage. U.S. Attorney stated, “Today’s sentence should serve as a warning to other corporate insiders that insider trading – in any marketplace – will not be tolerated.”

After the market crash on August 18, analyst Andrew Kang adopted a bullish stance. He opened long positions on Bitcoin (BTC), Ethereum (ETH), and Arbitrum (ARB). However, this decision resulted in a significant loss. Due to his use of extremely high leverage, which reached up to 100x, Kang's positions became vulnerable and were liquidated not once, but as many as fourteen times. These successive liquidations caused Kang to lose approximately $432,000 in a single day. This incident highlights the risks associated with trading and employing high leverage, especially during periods of intense market volatility.

Between mid-July and Base’s public introduction in August, more than 500 scam tokens, like BASEPEPE (BPEPE) and Baby Yoda (YODA), were deployed on the blockchain, as reported by Solidus Labs, Around 300 of these tokens enabled their creators to generate an unlimited number of coins, unbeknownst to Base users, significantly impacting the tokens’ values. Moreover, about 60 tokens prevented buyers from reselling them on exchanges. The scam tokens collectively generated approximately $3.7 million in trading volume and yielded around $2 million in profits, according to Solidus.

Coinbase has obtained regulatory approval from the National Futures Association (NFA), a CFTC-designated self-regulatory organization. This approval allows Coinbase to function as a Futures Commission Merchant (FCM) and provide eligible US customers with access to crypto futures through its platforms. With this approval, Coinbase becomes the first crypto-native platform to offer a combined solution featuring traditional spot crypto trading and regulated, leveraged crypto futures for their US verified customers.

Dasset, a cryptocurrency exchange in New Zealand, has left its users unable to access their holdings. Attempts to log onto the official site redirect customers to the webpage of the law firm Grant Thornton. A released statement details that Grant Thornton will control the liquidation process of the exchange. It has immediate plans to cooperate with all customers to safeguard all the residual funds. "Dasset’s management says a significant reduction in asset values and trading levels impacted its ability to trade profitably. It was determined the appointment of liquidators was in the best interests of all stakeholders," Grant Thornton highlighted.

The country intention to seek a court-ordered shutdown of Facebook unless the social media giant takes decisive action to address alleged investment and cryptocurrency scam advertisements on its platform. According to the Ministry of Digital Economy and Society, over 200,000 individuals fell victim to deceptive Facebook ads. The ministry highlighted that common tactics employed by scammers included crypto investment and trading schemes, often featuring images of celebrities and prominent financial figures, and promising daily returns of up to 30%. The ministry is in the process of gathering evidence regarding these scam advertisements, with their number estimated to be over 5,300.

DappRadar's recent report reveals a staggering 98% drop in Bitcoin Ordinals NFT trading volume since May, plummeting from $452 million to just $3 million. Transaction numbers also fell by approximately 97% to 20,571 during this period. While DappRadar acknowledges the decline, they emphasize the need for more time to discern if this is a short-term hiccup or a deeper issue with Bitcoin-based NFTs.

The SEI token, having just been released, now finds itself in the 85th spot in terms of market capitalization, as reported by Coinmarketcap. It's also making its presence felt in daily trading, occupying the seventh position with a volume of $1,6 billion. While current metrics paint a promising picture for the project, it's worth noting that the cryptocurrency arena frequently sees such developments. Therefore, it's wise to approach this news with measured optimism.

Stated to be a staggering 10 times faster than Solana, the network accomplishes transaction finality in just 250 milliseconds. Trading of the blockchain's native token (SEI) has started on different centralized exchanges, and it's now valued at approximately $0.19. There's also news of an airdrop, but claiming will be permitted only after the "initial warm-up period." The time frame for this warm-up has not yet been revealed.