Cryptocurrency prices seem to be improving as the index is above the 50-day line. Bitcoin has risen nearly 13% this week, trading above $ 23,000 for the first time since mid-June. Ethereum has recovered to the $ 1,600 level, which was also lost in the middle of last month. But NFTs aren’t boosted as well, and market volume is on track for the worst month of the year. In other crypto news, the House Financial Services Commission plans to push forward with new stablecoin rules next week.When Coinbase (((coin) Counterattack the SEC over insider trading investigations.
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Cryptographic News: NFT Trading Volume
People seem to be tired of boring monkeys. Data collected from The Block show that NFT’s monthly market volume is progressing at the lowest pace since July last year. NFT trading volume so far this month was $ 368.98 million, slightly above last year’s $ 366.75 million. Marketplace volume plummeted 93% from its January peak of $ 16.57 billion to June’s $ 1.04 billion. About 74% of that decline occurred between May and June.
Even NFT scammers seem to have lost interest. LookRare Marketplace is famous for clothes trading where individuals trade between themselves to artificially raise the price and quantity of their assets. LookRare’s volume fell from a record $ 11.1 billion in January to $ 214.34 million in June. So far, LooksRare’s volume is $ 89.48 million this month.
Excluding LookRare, the total amount of NFT marketplaces in July is $ 279.5 million so far. OpenSea is by far the largest market, accounting for $ 228.96 million in sales. It was down 67% from last month’s $ 696.73 million, well below May’s trading volume of $ 2.6 billion.
And the boring Ape Yacht Club hasn’t received the same hype as before. This is the third highest-selling NFT collection with a total transaction volume of $ 2.3 billion. However, it fell from a peak of $ 346.7 million in January to $ 38.2 million in July.
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Stablecoin scrutiny
According to a report from Bloomberg, the House Financial Services Commission aims to advance the Stablecoin bill by July 27. The current draft of the bill maintains 100% reserves for issuers and prohibits lending stablecoins to customers. It is intended for both bank and non-bank issuers. The Federal Reserve then licenses and insures non-bank stablecoin issuers. The bill also sets new rules on which assets can be used as pegs to maintain value and prevent for-profit companies from issuing coins. Finally, the proposed ruling renames the asset to “Payment Stablecoin.”
Coinbase Blasts SEC
In crypto news related to the Securities and Exchange Commission, the former Coinbase Product managers were charged with wire fraud on a $ 1.5 million crypto insider trading scheme on Thursday. The prosecution says Ishan Wahi, who worked for the asset listing team, informed his brother and friends about the cryptocurrency that Coinbase will add. According to officials, the group traded 25 different tokens and hid profits in various anonymous wallets prior to at least 14 public listing announcements dating back to last summer.
The SEC has filed civil suits against them, claiming that nine of the cryptocurrencies traded are securities. Seven of those nine are listed in Coinbase. Chief Legal Officer Paul Grewal counterattacked the SEC in a blog post Thursday.
“Coinbase does not list securities on that platform. Period.” He wrote. Grewar said there was a rigorous review process to ensure that the security was unlisted and was evaluated by the SEC.
The company also filed a petition to the SEC on Thursday to provide a clear regulatory framework for digital asset securities.
Last month, authorities charged a former OpenSea employee with using insider information to benefit from an NFT.
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