Ethereum Trading Volume Shoots Through The Roof, Cryptopia Hackers Moving Funds And Sec Again Postpones Bitcoin ETF — The Crypto2Cash Chronicle
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Ethereum Trading Volume Shoots Through The Roof
Weekly trading volume for Ethereum, the second largest cryptocurrency, has shot through the roof on Coinbase, the largest U.S. based exchange. Looking at the most popular trading pairs, ETH/BTC and ETH/USD a total of $1.05 billion has been traded, levels last seen in December 2017, when the cryptocurrency market was at an all time high. The high volume can be closely linked to the large price increase Ethereum has seen over the last week, rising a whopping 37%. The large volume is also an indicator, that the positive price movement could continue, as in the past it was often followed by a larger price increase.
Cryptopia Hackers Moving Funds
The hackers that stole a total of $16 million in cryptocurrency from New Zealand exchange Cryptopia, have started moving the funds. Part of the funds were sent to a newly created address, while other funds moved to two Huobi deposit addresses. This suggests, that the hackers are trying to cash out parts of their “loot”. Cryptopia announced last week, that the exchange will shut down trading and start liquidation, as it never managed to recover from the hack. Due to the complexities involved, it is expected that the investigation will go on for many months and it is rather unlikely that customers and shareholders will see any money quickly.
Sec Again Postpones Bitcoin ETF
The U.S Securities and Exchange Commision has once again delayed it’s decision on the Bitcoin exchange-traded fund. The SEC asked for additional comments by VanEck Associates Corp., the company that filed for the ETF. Bloomberg analysts suggested, that the biggest problem the SEC still has is the underlying Bitcoin market and the incertainty that comes with it. Last year, the SEC denied a similar request for a Bitcoin ETF by the Winklevoss twins, two of the most crypto personalities in the crypto space and according to Bloomber it is rather unlikely, that the VanEck Bitcoin ETF will be accepted.
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