Apple surprised us with its Vision Pro, a virtual and augmented reality headset that is worth an arm and a leg and claims to change “spatial computing.” Investors in the company were happy to see the company nearly hit $3 trillion in value. And goal? Wasn’t he going to be the king of the metaverse and augmented reality?
China suffered a slump in its exports in May, disappointing those who thought the country was reviving. Weak global demand caused exports to fall 7.5% year-on-year. Exports to the United States were the hardest hit, falling by 18.2%. It seems that the trade war is costing China dearly.
Sequoia Capital, an American venture capital titan, announced it would break up into three companies amid rising geopolitical tensions that make cross-border investments increasingly difficult. By March 2024, the firm will divest its businesses in China and India. He told investors that it has become “increasingly difficult to manage a decentralized global investment business”. Could it be that globalization is ending?
The crypto community is on the brink of a nervous breakdown. Last month it was all greed, but gradually we are returning to fear. On the one hand, buyers ran out of funds to continue buying. And on the other hand, we have regulatory uncertainty.
The United States Securities and Exchange Commission (SEC) eyed two cryptocurrency exchanges in the latest blow to the industry. On June 5, the regulator sued Binance and its boss, Changpeng Zhao, for alleged violations that include operating an unregistered securities exchange and mishandling client funds. The next day, he also accused Coinbase of violating securities regulations. Could it be that cryptocurrencies are too volatile for the SEC’s liking?
Now, let’s talk about the top crypto news of the week according to Cointelegraph in Spanish: This is not a news summary. This is an opinion article. The intention is to reflect on the following headlines in a skeptical and critical way. This is an article for free thinkers.
Two trials, two jails, two fines. According to the New York prosecutor, Do Kwon and his partner Daniel Shin used a series of tricks to inflate the price of Terra and then sell it off to unsuspecting investors. In addition, they did not declare their earnings or pay the corresponding taxes. As if that were not enough, the Seoul prosecutor is also investigating them for the same crimes. Could it be that Do Kwon and his partner didn’t know what they were doing?
Now Do Kwon could face up to 25 years in the United States and up to 10 years in South Korea.. That without counting the possible million-dollar fines that he would have to pay. Will he catch up with the money he earned with Terra?
Binance, the world’s largest cryptocurrency exchange, has a problem. The SEC, the body that regulates financial markets in the United States, has sued him in el United States District Court for operating an unregistered securities exchange.
What does that mean? That Binance offered its clients to buy and sell cryptocurrencies that are considered securities without having the necessary authorization. And what are the values? They are financial assets that represent a stake in a company or a project, such as stocks or bonds. And why is that bad? Because securities are subject to very strict rules to protect investors and prevent fraud. And what can happen to Binance? Well, that he gets a million-dollar fine or that he is prohibited from operating in the United States.
But presumed innocent until proven guilty. The SEC can make whatever demands it wants. That does not mean that the Court agrees with you. In fact, Binance and Coinbase have said they will vigorously defend themselves against the allegations. Perhaps the SEC just wants to scare the market and bring order out of the crypto chaos. Or maybe Binance and Coinbase have really done something wrong and will have to pay the consequences. Be that as it may, it is best to be informed and act prudently.
Volcano Energy is a company that mines Bitcoin with geothermal energy from volcanoes in El Salvador. It invests $250 million and hopes to generate 95 megawatts of cheap, clean energy. His goal is to make El Salvador a world leader in Bitcoin and contribute to social and environmental development. Bitcoin mining consumes a lot of energy and generates CO2 emissions. Volcano Energy seeks a more sustainable alternative. Does El Salvador take advantage of its volcanic potential?
Coinbase, the cryptocurrency platform that went public in 2021, is also in the SEC’s crosshairs. The regulator has sued him for offering stock and brokerage services without being registered and without complying with investor protection regulations. This has caused its shares to plummet 20% in a single day, leaving many shareholders at a loss. What is happening with the world of cryptocurrencies? Is it a sector full of irregularities and risks? Or is it the SEC that doesn’t understand this new form of money and wants to slow its growth?
Nansen: Binance Net Withdrawals Reach $778 Million on Ethereum Since SEC Lawsuit Filed
According to Nansen, a cryptanalysis firm, Binance’s net withdrawals on the Ethereum blockchain have reached $778 million since the lawsuit was first heard. This means that many people have preferred to take their money out of Binance and find another safer place to store their crypto. Could it be that Binance is in trouble? Or is the SEC overreacting?
Disclaimer: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
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