As the crypto market continues to consolidate, people on the internet continue to share news that might be fake or simply not true. The Celsius scandal is out, the SEC is following Yuga Labs and a new hype about Google displaying ETH wallets in results. Is the latter true? Let’s check it all out in this Crypto News Alert ⚠️
Why Crypto Market is Down Today?
In a previous article, we spoke about 3 main reasons for the decline of cryptocurrencies. Additionally, consolidation phases mean that when prices near the resistance areas, they tend to fall back down. This is exactly the case for most cryptocurrencies. Bitcoin for example just breached the $20K price mark after managing to breach it higher previously. Ethereum also managed to climb higher than $1.35K, but is currently closer to $1.2K.
Day traders are the bet winners in such market conditions, as they set their trade parameters between clearly defined support and resistance areas.
Top 3 Crypto News Alerts
Celsius Crypto News – More trouble ahead?
After months of battling insolvency, the largest Celsius losses were discovered. It appears that the financial losses suffered by Celsius customers as a result of the crypto lender’s insolvency were uncovered. The website CelsiusNetWorth.com even has a scorecard that displays whose clients were the worst hurt when withdrawals were halted due to “extreme market conditions.”
Jacob Benjamin Fite, a guy, is at the top of the list with losses of $40,468,920.35. With $38.1 million, Hirokado Kohji comes in second, losing $26.4 million and $21.4 million, respectively, to Russell Garth Stewart and Keri David Taiaroa. Each of the top 10 Celsius clients had a balance of tens of millions of dollars, and as a group, they lost $220 million.
This information was out thanks to a memo that was leaked during the filing that contained information of all the users on the platform…thanks, US legal system!
Yuga Labs Crypto News – SEC Problems?
It looks like the SEC is just targeting crypto projects! After Ripple, the U.S. Securities and Exchange Commission is looking into Yuga Labs, the company behind the Bored Ape Yacht Club NFT collection, to see if sales of its digital assets are illegal under federal law.
The question is whether certain of Yuga’s non-fungible tokens are more comparable to stocks and should thus adhere to the same disclosure regulations. According to Bloomberg, the main legal issue at the heart of the investigation is whether NFTs are securities. The SEC has apparently been looking into this issue since March. Let’s see how this will affect APE token prices. Well, they fell by more than 7% in the past day alone.
Is Google showing ETH Address balances?
Like every hype in the crypto sphere, users noticed a tweet claiming that Google is now showing ETH address balances on google searches. Many users tweeted that they tried to do it themselves, but said that nothing was happening. Later, other users said that this is only happening to US users, while others claimed that the news is simply not true.
The crypto community also was split into two groups: the ones who were super pumped about this news, claiming that mass adoption is coming. However, the other group dumbed down this hype, as etherscan pretty much does the same thing. Google can be using crawlers to simply fetch the data from etherscan and display it in the results pages. No hype about privacy, blockchain, or adoption here…that’s if the story is true anyway!
