Robinhood Penalty, Bitcoin Sell-Off, ETH Plunge, G7 Crypto: Editor’s Pick – Finance Magnates


It’s that time of the week when we take a look back at the biggest news stories from the worlds of Forex, Fintech and Crypto, in our best of the week segment.

Ethereum Balance on Cryptocurrency Exchanges Is Plunging

The trading week started with news that Ethereum whales are moving their ETH assets from leading cryptocurrency exchanges to digital wallets. According to the latest data published by crypto analytics platform, Glassnode, exchanges are now holding the lowest amount of Ethereum since June 2019.

Cryptocurrency trading platforms hold less than 13 million Ethereum, which is a sharp drop from approximately 19 million in July 2020. Ethereum supply on digital exchange has been in a downtrend since the start of 2021.

Read more on the Ethereum Balance Plunge here.

Is the Crypto Crash Over or Just Beginning?

In an intriguing analysis, Finance Magnates tackled the pressing question of whether last month’s crypto crash is a temporary construct or a sign of a deeper malaise.

With a look at the role of DeFi and Ethereum, as well seasonal influences, crypto’s immediate future is discussed in full

Read more on the crypto crash here.

US SEC Publishes Plan to Distribute $65 Million Robinhood Penalty

As Finance Magnates reported this week, the US Securities and Exchange Commission (SEC) has published its plan to distribute $65 million in civil penalty collected from the brokerage firm, Robinhood for non-disclosure of the practice of ‘payment for order flow’.

Per last week’s proposal, the financial market regulator has proposed a six-point evaluation process to distribute the collected penalties among Robinhood traders who were harmed.

Read more on Robinhood’s Penalty distribution plans here.

Bitcoin Is like the Gold Rush of 1848, Says Ken Moelis

During an interview with Bloomberg, Ken Moelis, an American billionaire and investment banker, said that the recent craze in Bitcoin is similar to the gold rush of 1848.

Commenting about the future of the cryptocurrency market, Moelis mentioned that there is a growing interest in Bitcoin and other digital currencies.

Read what Ken Moelis has to say on Bitcoin here.

Bitcoin Jump Liquidates $400 Million Worth of Short Crypto Positions

As Finance Magnates reported on Thursday, the latest jump in the price of BTC which saw the granddaddy of digital currencies rise 12% in 24 hours, has triggered massive liquidations in the crypto market.

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Within just 24 hours, more than $400 million worth of short crypto positions were liquidated, including nearly $320 million worth of short Bitcoin positions along with $70 million worth of short Ethereum positions.

Read more on the crypto liquidations here.

Australians Lost $328 Million to Investment Scams in 2020

According to the latest report published by the Australian Competition and Consumer Commission (ACCC), a total of 444,164 scams were reported to different government agencies in 2020. Australian citizens lost more than $850 million to different scams during last year.

The report mentioned that the citizens lost a total of $328 million to investment scams. Nearly $131 million were lost to romance scams and the citizens lost approximately $128 million to business email frauds in 2020.

ACCC highlighted a surge of 23% in the total losses reported to Scamwatch in 2020 compared to 2019.

Read more on the Australian investment scams here.

US President Plans to Discuss Cryptocurrency Issues at G-7

Joe Biden, the current President of the United States, has remained quiet about Bitcoin and other cryptocurrency assets for the last few months. But, the latest statement from Biden’s national security adviser, Jake Sullivan, indicates that the US President is planning to raise the issues related to the role of cryptocurrencies in ransomware at the G-7.

During the recent press briefing at the White House, Sullivan said: “It is important to deal with the cryptocurrency challenge which lies at the core of how these ransomware attacks are carried out. Ransomware is a national security priority.”

Read more on the Biden G-7 crypto plans here.

Ultimate Fintech Awards 2021: Winners Announcement!

For almost a decade, the Ultimate Fintech team has been connecting trading and fintech professionals. Now, customers, partners and traders have decided the best brokers of 2021 through a public voting system.

Awards fell into various categories of Global Awards, Regional Awards and Country Awards. As the name suggests, global awards determine the winners on a global scale, while regional and country awards go into more specific categories.

Who are the Ultimate Fintech Award WInners in 2021? Find out here.

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About the Author: Kate