June 13, 2023 3:00 PM | 1 min read

Over the past 24 hours, Bitcoin Cash's (CRYPTO: BCH) price has risen 3.83% to $105.89. This is contrary to its negative trend over the past week where it has experienced a 5.0% loss, moving from $111.1 to its current price. As it stands right now, the coin's all-time high is $3,785.82.

The chart below compares the price movement and volatility for Bitcoin Cash over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.

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The trading volume for the coin has tumbled 31.0% over the past week while the circulating supply of the coin has risen 0.15%. This brings the circulating supply to 19.42 million, which makes up an estimated 92.47% of its max supply of 21.00 million. According to our data, the current market cap ranking for BCH is #29 at $2.06 billion.

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Excerpt from:
Cryptocurrency Bitcoin Cash Rises More Than 3% In 24 hours - Benzinga

New Delhi: Cryptos are a concept whose time has come. As a result, no central bank today dares to impose a complete and total ban on them. With Bitcoin, a revolution started which is now worth a trillion dollars and several other virtual currencies worth billions.

Sundeep Khannas Cryptostorm: How India Became Ground Zero of a Financial Revolution, the first book about the crypto storm sweeping India, tells the experiences of regular individuals whose lives have been affected and, in some cases, irreparably changed by the promise and menace of cryptos.

The individuals portrayed in this book represent a new India where they believe they have found ways to enhance their lives independently from government and regulatory interventions. It is crucial to listen to their perspective as it echoes the future we should not disregard.

Published by Harper Collins India, Cryptostorm: How India Became Ground Zero of a Financial Revolution by Sundeep Khanna will be released on 22 June in the Prints SoftCover.

In his book, Khanna emphasised why young Indians are disenchanted with traditional finance and its institutions.

Writing Cryptostorm was a voyage of discovery during the course of which I realized that the speed at which the trend has swept through India is a warning that people, particularly the young, are disenchanted with traditional finance and its institutions, he explained.

A business journalist by profession, Khanna regularly writes columns for Money Control and Livemint. His books include The Liberalization Story, a compilation of essays that explores a pivotal moment in Indian business history. Additionally, he collaborated on Azim Premji: The Man Beyond the Billions, a biography that delves into the life of a globally recognized philanthropist.

Also read: New book explores how Ambedkar was guided by pragmatism of American philosopher John Dewey

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New book documents Indias financial revolution through cryptocurrency - ThePrint

A mobile shop owner residing in Maharashtras Thane district, who lost Rs 36 lakh in a cryptocurrency fraud more than a year ago, has got his entire amount back after the police cracked the case and found that a Chinese national was involved in the offence, an official said on Friday. The probe into the case was conducted by the cyber cell of the Mira Bhayandar-Vasai Virar (MBVV) police commissionerate, he said.

Sujitkumar Gunjkar, senior inspector of the MBVV cyber cell, said the victim was lured into cryptocurrency trading in February 2022 after he joined a WhatsApp group involving cryptocurrency traders. The group administrator, a woman, got in touch with him and sought investments in the cryptocurrency promising goods returns. Falling prey to the tactics, the victim invested the money through a mobile app and bought cryptocurrency worth USD 39,596, he said.

However, in May last year, the WhatsApp group was stopped and despite several attempts, he failed to contact the group administrator, the official said. The victim then realised that he has been cheated. After that, he approached the cyber police and lodged a complaint. A probe was launched and worked on various leads. During the process, the police came across OKX, a Seychelles-registered cryptocurrency exchange, Gunjkar said.

During the probe, the police came across a suspicious cryptocurrency wallet. The police contacted OKX and came to know that the wallet belonged to a Chinese national, he added. A cryptocurrency wallet is software or hardware that comes in many shapes and sizes, enabling users to store and use cryptocurrency.

Based on the complaint and the inquiry, an offence under section 420 (cheating), 34 (common intention) of the Indian Penal Code (IPC) was registered at the Kashimira police station, the official said. The cyber cell then approached the local court with the details of the offence and their findings. They informed the court that the victims money was in the wallet of the Chinese national and the numbers from which the victim was contacted were from Hong Kong, he said.

After going through the submissions made by the cyber cell, the court ordered that the Rs 36 lakh in the form of cryptocurrency be returned to the complainant. Accordingly, the amount was recovered and given back to the victim a couple of days back, he said.

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Maha man gets back Rs 36 lakh he lost to cryptocurrency fraud a year ago as police track down offender - The Financial Express

NEW YORK, June 6 (Reuters) - The top U.S. securities regulator sued cryptocurrency platform Coinbase on Tuesday, the second lawsuit in two days against a major crypto exchange, in a dramatic escalation of a crackdown on the industry and one that could dramatically transform a market that has largely operated outside regulation.

The U.S. Securities and Exchange Commission on Monday took aim at Binance, the world's largest cryptocurrency exchange. The SEC accuses Binance and its CEO Changpeng Zhao of operating a "web of deception".

If successful, the lawsuits could transform the crypto market by successfully asserting the SEC's jurisdiction over the industry which for years has argued that tokens do not constitute securities and should not be regulated by the SEC.

"The two cases are different, but overlap and point in the same direction: the SEC's increasingly aggressive campaign to bring cryptocurrencies under the jurisdiction of the federal securities laws," said Kevin OBrien, a partner at Ford OBrien Landy and a former federal prosecutor, adding, however, that the SEC has not previously taken on such major crypto players.

"If the SEC prevails in either case, the cryptocurrency industry will be transformed."

In its complaint filed in Manhattan federal court, the SEC said Coinbase has since at least 2019 made billions of dollars by operating as a middleman on crypto transactions, while evading disclosure requirements meant to protect investors.

The SEC said Coinbase traded at least 13 crypto assets that are securities that should have been registered, including tokens such as Solana, Cardano and Polygon.

Coinbase suffered about $1.28 billion of net customer outflows following the lawsuit, according to initial estimates from data firm Nansen. Shares of Coinbase's parent Coinbase Global Inc closed down $7.10, or 12.1%, at $51.61 after earlier falling as much as 20.9%. They are up 46% this year.

Paul Grewal, Coinbase's general counsel, in a statement said the company will continue operating as usual and has "demonstrated commitment to compliance."

Securities, as opposed to other assets such as commodities, are strictly regulated and require detailed disclosures to inform investors of potential risks. The Securities Act of 1933 outlined a definition of the term security, yet many experts rely on two U.S. Supreme Court cases to determine if an investment product constitutes a security.

SEC Chair Gary Gensler has long said tokens constitute securities and has steadily asserted its authority over the crypto market, focusing initially on the sale of tokens and interest-bearing crypto products. More recently, it has taken aim at unregistered crypto broker dealer, exchange trading and clearing activity.

[1/2] U.S. Securities and Exchange Commission logo and representations of cryptocurrency are seen in this illustration taken June 6, 2023. REUTERS/Dado Ruvic/Illustration

While a few crypto companies are licensed as alternative system trading systems, a type of trading platform used by brokers to trade listed securities, no crypto platform operates as a full-blown stock exchange. The SEC also this year sued Beaxy Digital and Bittrex Global for failing to register as an exchange, clearing house and broker.

"The whole business model is built on a noncompliance with the U.S. securities laws and we're asking them to come into compliance," Gensler told CNBC.

Crypto companies refute that tokens meet the definition of a security, say the SEC's rules are ambiguous, and that it's overstepping its authority in trying to regulate them. Still, many companies have boosted compliance, shelved products and expanded outside the country in response to the crackdown.

Kristin Smith, CEO of the Blockchain Association trade group, rejected Gensler's efforts to oversee the industry.

"We're confident the courts will prove Chair Gensler wrong in due time," she said.

Founded in 2012, Coinbase recently served more than 108 million customers and ended March with $130 billion of customer crypto assets and funds on its balance sheet. Transactions generated 75% of its $3.15 billion of net revenue last year.

Tuesday's SEC lawsuit seeks civil fines, the recouping of ill-gotten gains and injunctive relief.

On Monday, the SEC accused Binance of inflating trading volumes, diverting customer funds, improperly commingling assets, failing to keep wealthy U.S. customers off its platform, and misleading customers about its controls.

Binance pledged to vigorously defend itself against the lawsuit, which it said reflected the SEC's "misguided and conscious refusal" to provide clarity to the crypto industry.

Customers pulled around $790 million from Binance and its U.S. affiliate following the lawsuit, Nansen said.

On Tuesday, the SEC filed a motion to freeze assets belonging to Binance.US.

Reporting by Jonathan Stempel in New York and Hannah Lang and Michelle Price in Washington; Editing by Lisa Shumaker and Leslie Adler

Our Standards: The Thomson Reuters Trust Principles.

Thomson Reuters

Hannah Lang covers financial technology and cryptocurrency, including the businesses that drive the industry and policy developments that govern the sector. Hannah previously worked at American Banker where she covered bank regulation and the Federal Reserve. She graduated from the University of Maryland, College Park and lives in Washington, DC.

Original post:
US steps up crackdown on crypto with lawsuits against Coinbase, Binance - Reuters

In the volatile world of cryptocurrencies, Seasonal Tokens have emerged as a promising potential avenue for traders to build wealth over time. These unique holdings serve various purposes, all ultimately contributing to their core function as a reliable store of value.

Unlike many cryptocurrencies which are purely fueled by speculation and unviable tokenomics, Seasonal Tokens serve multiple purposes from farming and tipping to hedging all working toward the broader goal of being a beneficial store of value.

The following discussion will delve into the utility of Seasonal Tokens, deriving insights from philosopher Adam Smith's Diamond-Water Paradox. This paradox questions the perception of value and utility in a way that synergizes with the vision of Seasonal Tokens in the otherwise volatile and erratic crypto landscape.

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The Diamond-Water Paradox introduces a dilemma: water, essential for life, holds little to no exchange value, while diamonds, having almost no utility, command high exchange value. This paradox reflects two key types of value: value in use and value in exchange.

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The takeaway is that necessary assets, like water and oil, often come cheap because society ensures their accessibility, while non-essential ones like diamonds are allowed to maintain high prices.

Despite the highly speculative nature of cryptocurrency, the Diamond-Water Paradox is evident in the industry.

Consider Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization. Ethereum serves as a global computing platform that enables developers to create robust decentralized applications (dApps). Its native asset, Ether (ETH), fuels this ecosystem by paying transaction fees and securing the network, hence bearing high utility similar to water.

However, with escalating costs due to increased activity, numerous competitive blockchains like Solana or Avalanche surfaced to fulfill rising demand, offering cost-efficient alternatives. This development has gradually chipped away at Ethereum's potential market share over time.

Contrarily, Bitcoin is akin to digital gold a savings technology that's immutable, portable, finite and scarce. Its utility is minimal, primarily serving as a value reservoir similar to diamonds. As a result, it retains its high valuation, without societal pressure to reduce its cost.

Seasonal Tokens represent a new class of digital assets that emulate the seasonal patterns of traditional markets such as agriculture within a decentralized framework. It comprises four unique tokens Spring, Summer, Autumn and Winter with each representing a distinct market phase, potentially offering a solution to the volatile crypto landscape.

Every nine months, one of the four tokens experiences a systematic reduction in production rates, leading to anticipated supply-demand shifts and providing traders opportunities to accumulate these digital assets equitably without resorting to excessive speculation or undue risk.

Like diamonds, Seasonal Tokens retain value despite their limited utility beyond wealth building. These tokens simply serve as a means for users to leverage price seasonality in a decentralized and trustless manner, eliminating information asymmetries and promoting skill over luck.

As they are not essential for daily operations, Seasonal Tokens evade societal pressures to become cheaper, thus retaining their value, akin to diamonds or Bitcoin. This attribute makes Seasonal Tokens an excellent store of value, potentially even superior to Bitcoin, thanks to efficient halving schedules and unique trading opportunities within the ecosystem.

Seasonal Tokens seem to have ample potential as a tool for sustainable and ethical wealth generation. Borrowing insights from the Diamond-Water Paradox, Seasonal Tokens, much like diamonds, derive their value not from extensive utility, but their scarcity and ability to serve as a reliable store of value.

As production decreases over time, their value may increase, reflecting the rarity value of diamonds. With a distinctive value mechanism revolving around price seasonality, Seasonal Tokens seem poised to revolutionize how users perceive wealth accumulation and asset ownership in the digital age.

Featured photo by Gigi on Unsplash.

This post contains sponsored advertising content. This content is for informational purposes only and not intended to be investing advice.

2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Seasonal Tokens And The Diamond-Water Paradox In Cryptocurrency - Benzinga