June was an eventful month in the cryptocurrency market, marked by significant developments and notable events. Here are the top highlights from the crypto space during the month.
SEC Files Lawsuits Against Binance and Coinbase
The U.S. Securities and Exchange Commission (SEC) initiated legal actions against major cryptocurrency exchanges, Binance and Coinbase. The lawsuits raise concerns over regulatory compliance and mark a significant development in the ongoing battle between regulatory authorities and crypto platforms.
Elon Musk Faces Dogecoin Insider Trading Lawsuit
Tesla CEO Elon Musk found himself entangled in a class-action lawsuit alleging insider trading related to his tweets about Dogecoin. The lawsuit raises questions about the influence of high-profile individuals on cryptocurrency markets.
$656 Million Lost to Crypto Hacks, Scams, and Rug Pulls in H1 2023
A report revealed that crypto-related hacks, scams, and rug pulls resulted in a staggering loss of $656 million during the first half of 2023. The figures highlight the ongoing challenges faced by the industry in terms of security and the need for increased awareness among investors.
Binance Sets Sights on United Arab Emirates Expansion
Binance, one of the leading cryptocurrency exchanges, announced plans to establish the United Arab Emirates as a focal point for its future operations. The move reflects the company's commitment to expanding its presence and services in the region.
Deutsche Bank Applies for Digital Asset License
In a sign of growing interest from traditional financial institutions, Deutsche Bank applied for a digital asset license as part of its push for expansion in the digital asset sector. The move signals the increasing recognition of cryptocurrencies and their potential impact on the financial industry.
Bitcoin and Ethereum: A June Performance Overview
Bitcoin (BTC): A Thrilling Journey
Bitcoin experienced a surge in institutional interest, propelling its value to reach new 52-week highs above $31,300. However, as the month drew to a close, Bitcoin saw a slight correction. Despite this, BTC concluded June with a respectable 8.5% increase, positioning itself above $30,600 and marking a promising start to the first half of 2023.
Ethereum (ETH): Embracing Fluctuations
During June, Ethereum witnessed a modest decline of 3.8% in its price, closing the month at $1,871. Despite this temporary setback, Ethereum has demonstrated a notable overall growth, with a 52% increase so far in 2023.