My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.
My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.
I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.
When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.
Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.
My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.
Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people – people who make an impact in my life no matter how little it is.
One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I’m so good at it. I am also very good at singing, dancing, acting, fashion and others.
I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone’s life. I don’t chase illusions, I chase dreams.
I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.
I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.
In a riveting turn of events, the United States Securities and Exchange Commission (SEC) has recently stopped crypto trading on the American arm of Israel-based multi-asset company eToro. However, the crypto platform currently allows trading of three cryptocurrencies following the recent crackdown. Meanwhile, as the regulatory body continues its crackdown on digital assets, this move sparked severe concerns among U.S. crypto investors.
Here’s Why the SEC Shuttered All Crypto Trading On eToro Except 3 Coins
According to an official SEC press release, “eToro USA LLC has agreed to pay $1.5 million to settle charges that it operated an unregistered broker and unregistered clearing agency in connection with its trading platform that facilitated buying and selling certain crypto assets as securities.” In light of the recent provision, the American arm of the Israel-based multi-asset company has ceased crypto trading for all assets except three renowned coins in the States.
Meanwhile, the SEC’s order cites that the crypto trading platform violated federal securities laws and operated as a broker and clearing agency since 2020. Subsequently, eToro publicly announced it will halt trading of all crypto assets except three coins.
The three coins currently available for trading on the platform are Bitcoin, Bitcoin Cash, and Ethereum. The trading platform clarified that it would offer users 180 days to sell all other assets on the platform from the date of the SEC’s order issuance.
Meanwhile, in another legal showdown, the U.S. SEC vs Binance case saw new developments. The regulatory body filed a motion for leave to amend the original complaint regarding the use of “crypto asset securities,” sparking discussions across the crypto community.
Bitcoin, Bitcoin Cash and Ethereum Coins Performance
At press time, BTC price illustrated a highly turbulent movement, up marginally by 0.04% to $58,143. The coin’s 24-hour low and high were $57,354.41 and $58,534.36, respectively. BTC’s 24-hour trading volume noted a 19.60% decline to $29,911,624,056 today.
Simultaneously, Ethereum price slipped 0.44% amid the recent backlash, with the price currently trading at $2,349. The intraday low and high are $2,316 and $2,372, respectively. The coin’s intraday trading volume dipped 30.14% over the last day.
Bitcoin Cash (BCH) price dropped nearly 2% in the past 24 hours and is currently trading at $329. The coin’s intraday low and peak were $327.96 and $335.88, respectively. BCH’s 24-hour trading volume plunged 27.30% to $154,523,166 today.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Despite crypto lender Celsius halting withdrawals on June 13 and declaring Chapter 11 bankruptcy on July 13, its native $CEL token has risen 30% since all hell broke loose.
What’s more, it’s outperforming the S&P 500. Over the last 30 days, the S&P 500 Index is up 4.61% while CEL is up 30.8%. If Celsius is bankrupt, it doesn’t take a rocket scientist to realize something strange is going on.
CEL vs S&P 500Many on Twitter speculated that there was reckless trading or “whale games” going on, but our source at crypto analytics firm Messari said this is not the case.
“The only way price goes down is that people sell. But in order for that to happen, they need to hold the tokens to sell in the first place,” Messari analyst Dustin Leander explained. “Currently, over 90% of the supply is held in various Celsius wallets. Celsius naturally isn’t a seller of their own token and the remaining holders aren’t large enough to drive the price down significantly.”
“Keep in mind the ‘value’ or market cap of the token is theoretical.”
Dustin Leander
If Celsius tried selling its supply of tokens, Leander believes Celsius “would likely find there are no buyers and the price would drop to reflect its true value”.
In the last 72 hours since Celsius filed for Chapter 11 bankruptcy, CEL has dropped from $0.91 to $0.45 and then shot back up to $0.78.
‘Definitely Zero’
Coinbase’s Pete Huang told The Defiant that $CEL “should definitely be zero”. @Route2FI, a researcher at Crypto index fund Alongside, also told The Defiant he thinks CEL will eventually go to zero, but hasn’t the slightest clue when.
While CEL has outperformed the S&P 500 in the last 30 days, the token went down 85.4% in the last year and 13.5% in the last fourteen days.
In their filing, Celsius confirms it holds $167M in cash to be used for operations during the restructuring process. The company has filed a motion to request to pay employees and continue their benefits, but has not requested approval to restart user withdrawals.
Cryptocurrency exchange KuCoin has completely refuted rumors that suggested that them halting withdrawals on their platform owing to heavy losses suffered due to the LUNA collapse.
Johnny Lyu, the CEO of KuCoin has come out clean on the matter earlier today. In one of his recent tweets, Lyu wrote:
Be aware of FUDs! Not sure who’s spreading these sheer rumors, and what their intentions are, but KuCoin does not have any exposure to LUNA, 3AC, Babel, etc. No “immense suffer” from any “coin collapse”, no plan to halt withdrawal, everything on KuCoin is operating well.
Instilling confidence among KuCoin users, Lyu further explained that the crypto exchange recently finished its $150 million fundraising in May 2022 taking the company valuation to $10 billion. He also added that while many crypto exchanges have announced layoffs, KuCoin continues to grow with more hiring even in these critical market conditions.
Lyu has further threatened legal actions against those trying to spread the FUD and maligning the exchange. He wrote: “Being transparent is always one of our key principles. We will soon publish our 2022 H1 review report where you can know more about our operations. For FUDers who intentionally spread unverified info, KuCoin reserves the right to take legal actions. Don’t FUD, BUIDL”.
The Trouble with Crypto Exchanges
Well, the recent mayhem in the crypto space and heavy corrections has exposed some of the market players who have been taking excessive leverage and facing a liquidity crunch. Even some of the biggest crypto lenders like BlockFi have been facing dire conditions.
Sam Bankman-Fried, CEO of crypto exchange FTX said that there are many such exchanges under deep water that might announce insolvencies very soon. In such times, investors should maintain utmost prudence and ensure that there’s proper communication and transparency from the crypto exchange service providers they are associated with.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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