Bitcoin Exchange Reserves Hit 7-Year Low as Hedge Funds Buy the Dip
According to Cointelegraph, Bitcoin exchange reserves have plummeted to a nearly seven-year low, reaching just 2.35 million BTC by January 13th. This decline is attributed to institutional investors taking advantage of lower prices and purchasing significant amounts of Bitcoin. Analysts suggest that this reduction in supply could lead to a price rally driven by what they term a "supply shock." Despite these developments, trading volumes remain insufficient for Bitcoin to breach the $100,000 resistance level.
Mudrex Suspends Withdrawals Amid User Growth Surge
The Indian crypto exchange Mudrex has temporarily halted cryptocurrency withdrawals due to compliance concerns and efforts to prevent misuse by bad actors, reports Crypto.news. The platform experienced an impressive 200% growth in its user base recently but assured users that INR withdrawals are unaffected and all funds remain secure. Founder Alankar Saxena emphasized their commitment towards upgrading compliance measures while maintaining investor trust.
Binance Faces Class Action Lawsuit After Supreme Court Decision
PYMNTS.com reveals that Binance will face a class action lawsuit after the U.S. Supreme Court declined their appeal against accusations of selling unregistered tokens that lost value significantly. Investors allege Binance failed to warn them about risks associated with these tokens despite not being based in the United States; transactions were deemed irrevocable once paid within US borders according to previous court rulings.
Coinbase Wins Legal Battle Against SEC Over Regulatory Clarity
A recent ruling from CCN.com highlights Coinbase's victory over the Securities and Exchange Commission (SEC) regarding regulatory clarity on cryptocurrencies offered through digital platforms like theirs—marking another win amidst ongoing legal battles between major exchanges such as Ripple’s XRP or Binance's BNB under the current administration led by Gary Gensler. Despite criticism following multiple setbacks, courts found existing securities laws inadequate when applied specifically toward cryptos themselves, rather than traditional assets alone, thus prompting calls among industry insiders anticipating shifts favorably impacting future regulations potentially benefiting the entire sector overall moving forward beyond present challenges encountered today globally speaking.
Sources:
- Bitcoin exchange reserves near 7-year low as hedge funds buy the dip
- Crypto ETPs Gain $47 Million as Bitcoin Experiences Sell-Off
- Indian crypto exchange Mudrex suspends withdrawals amid 200% growth in user base
- Binance to Face Class Action After US Supreme Court Declines to Hear Appeal
- Coinbase’s Crypto Regulation Fight Gets Boost as Court Slams SEC as 'Arbitrary and Capricious'
- Warning Sign? Bitcoin Leverage Ratio Spikes On 4 Exchanges
