Bitcoin falls on Binance fraud charge fear – Yahoo News
Bitcoin dipped over 2% following news the US Department of Justice (DOJ) is reportedly contemplating bringing fraud charges against cryptocurrency exchange Binance.
Bitcoin (BTC-USD) fell below the $29,000 mark in early trade in Asia, but then bounced back modestly, with its price settling around $29,100 (£22,956), down over 2%.
The DOJ is hesitating over the fraud charges due to concerns over the negative impact on the larger crypto industry, according to Semafor.
Federal prosecutors are concerned charges against Binance could cause a run on the platform. They fear a repeat of the FTX collapse in November 2022 when an indictment led to a bank run that caused many retail investors to lose their money.
Read more: Crypto live prices
US prosecutors are considering other options, such as fines and deferred or non-prosecution agreements, according to Semafor.
Binance and its founder, Changpeng Zhao, have already been slapped with charges by the Securities and Exchange Commission (SEC).
In June, the US financial regulator accused Binance of mishandling customer funds and lying to regulators and investors about its operations.
It comes as bitcoin's price sees some stability as trading volumes remain low.
"Bitcoin is wavering above the $29,000 level as traders await any updates with a US spot Bitcoin ETF," Edward Moya, senior market analyst for foreign exchange market maker Oanda, wrote in a note.
Read more: Sovereign agents: Your own personal AI assistant? | The Crypto Mile
"Fresh money has not yet been coming into the cryptoverse so range trading might remain a while longer."
Confidence in bitcoin and the cryptocurrency market was also affected by a hack on the Curve Finance decentralised exchange on Sunday which lead to a loss of around $70m, according to Chainalysis.
The attackers exploited a weakness in Vyper, a Python-based programming language for Ethereum (ETH-USD) smart contracts utilised by Curve and other DeFi platforms.
Download the Yahoo Finance app, available for Apple and Android.
The Zacks Industry Rank for the Transportation-Rail industry paints a murky picture. Braving the industry headwinds are three stocks, CNI, CSX and USDP, which investors might consider keeping on their radar.
According to Cathie Wood of Ark Invest, Bitcoin is still on a trajectory to hit $1.48 million by 2030.
Elon Musk is a great investor. Musk isn't likely looking to make another significant investment right now, given his $44 billion acquisition of Twitter in 2022. Responding to a tweet from hedge fund billionaire Bill Ackman, Musk suggested there's a lot to like about owning short-term Treasury bills.
(Bloomberg) — Chalk it up to the heat, to late-summer doldrums, or to the phases of the moon, but the usually volatile Bitcoin hasn’t been acting in its typical sporadic ways of late.Most Read from BloombergTexas Power Prices to Surge 800% on Sunday Amid Searing HeatChina Embassy Rips ‘Brutal’ Russia Border Incident in Rare MoveThe Most Dangerous Job for Lawyers Is Being on Trump’s Legal TeamMallorca’s Prime Housing Market Gets Boost From American BuyersBerkshire Operating Earnings Jump on Insu
No lotto tickets required.
Becoming a millionaire is a dream for many, and the path to getting there takes discipline and patience, especially when coupled with sticky inflation and soaring rates. Find Out: 10 Stocks That…
Want $5,000 of super-safe annual income? Consider investing $91,400 in these three high-yield dividend stocks. One-third of that initial $91,400 invested in Enterprise Products Partners (NYSE: EPD) would generate annual income of close to $2,282.
Given the tough economic climate with elevated inflation and rising interest rates, investors are watching companies' performance closely to see how they're navigating the challenge. Confluent (NASDAQ: CFLT) is a leading data streaming platform which reported its second-quarter results on Aug. 2. Data streaming sounds complicated, but it's an important concept for investors to understand.
The London Company, an investment management company, released “The London Company Large Cap Strategy” second quarter 2023 investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned 8% gross, (7.9% net) compared to an 8.6% increase in the Russell 1000 Index. The portfolio’s relative performance was slowed down […]
Not all public companies will be great investments, and there are some big names that have terrible operating trends. In this video, Travis Hoium covers four companies that face an uphill battle being good investments for long-term shareholders.
Secular growth prospects for this industrial software company are helping offset the impacts of weakness in the manufacturing sector.
Your No. 1 wealth-building tool is your income, and it's up to you to protect it. Money expert Dave Ramsey tweeted that your hard work makes others rich instead of you when your money is tied up in…
The Tesla CEO was responding to Bill Ackman, who said he's following Warren Buffett's lead and investing cash in short-term Treasury bills.
Lottery jackpots can reach epic heights. Case in point: the Mega Millions jackpot that surpassed $1.2 billion after the Tues, August 1 drawing. Someone (or some people) will win eventually, and the…
CEO David Zaslav predicted another year of operating losses at its global streaming business in 2023 as rivals struggle to narrow the gap with Netflix.
Devon Energy Corporation's ( NYSE:DVN ) dividend is being reduced from last year's payment covering the same period to…
NORTH PORT, Fla. – Every week or so, Edward Raggie walks through his front door and enters a painful, infuriating time warp. Everything looks exactly the way it did that day in December, when he and his wife, Joanne Ragge, hastily packed up their Hurricane Ian battered home after learning that dangerous mold had spread behind their white ceilings and bright blue walls. Their roof still leaks, its protective tarp peeling from the hot sun. Inside, brown insulation from the gaping hole in their cei
Some speculate that this is essentially a sales tactic.
After enduring its worst plunge since 2008, the stock market has staged an extraordinary recovery in 2023, with each of the major market indexes soaring more than 20% from their recent lows — and the year is far from over. This has caused some Wall Street pundits to announce the beginning of a new bull market, at least by that measure. As an example, the personal computing (PC) industry remains mired deep in the red, as PC shipments last year hit their lowest level since 2008, according to market intelligence provider IDC.
Income investors have multiple ways to make money. They can buy dividend stocks or bonds. Closed-end funds often generate attractive income. And then there are exchange-traded funds (ETFs). Many ETFs might not look all that exciting to income investors.