On Friday, the value of cryptocurrencies plummeted as investors struggled to come to terms with a new threat to the global financial system. This added to the already existing concerns about the US monetary policy. The sudden drop in crypto values has sent shockwaves throughout the financial world, leaving many investors feeling uncertain about the future of their investments.
Major Events Around the World
Binance, the largest cryptocurrency exchange in the world, experienced a temporary suspension of trading on its spot markets for two hours on Friday. This was due to a computer bug that was related to the trailing stop loss feature. The exchange announced the suspension at 11:38 UTC and it lasted for approximately one hour.
The US Securities and Exchange Commission (SEC) has recently charged eight high-profile celebrities for promoting cryptocurrencies without disclosing their financial incentives. Among the accused are actress Lindsay Lohan, social media personality Jake Paul, and recording artists Soulja Boy, Lil Yachty, Ne-Yo, Akon, and Austin Mahone. Additionally, adult film actress Kendra Lust has also been cited for her involvement in the promotion of these digital assets.
On Thursday, the interior minister of Montenegro announced that Do Kwon, the founder of Terraform Labs, has been arrested by the police. Kwon is wanted in both the United States and South Korea for his involvement in the $40 billion crash of the company's cryptocurrency. This crash had a devastating impact on retail investors globally...read more
