Cryptocurrency News

An Australian national was sentenced to 90 months in prison after pleading guilty to one count of securities fraud before U.S. District Judge in the Southern District of New York, according to a statement by the U.S. Department of Justice (DoJ). 24-year old Stefan He Qin pled guilty conspiring to steal investor money from a pair of New York-based cryptocurrency hedge funds that he owned.

Crypto watchers heaved a sigh of relief as prices of most crypto currencies recovered smartly from the previous week's drubbing. At current levels, all but 6 of the top-15 coins according to market capitalization, are making positive returns over a seven-day horizon.

It is almost a week since the flash crash in crypto space that coincided with the rollout of Bitcoin (BTC) as legal tender in the central American nation of El Salvador. Though turmoil and turbulence continue in crypto sphere, some coins have clearly outperformed the broader market and are offering a glimmer of hope to the world of digital assets.

The U.S. Securities and Exchange Commission has threatened to sue cryptocurrency exchange Coinbase over its cryptocurrency yield program called Coinbase Lend. The SEC is considering it a security and it refuses to tell Coinbase why they think it's a security, and instead threatened to sue if the Lend service was launched.

Bitcoin's tryst with legal tender status in El Salvador was a bumpy beginning marked by technical glitches and protests that triggered an unprecedented volatility that has shaken the entire crypto world.

The pioneer cryptocurrency has been gaining steadily for the past few weeks, ever since it hit a low of $29,807.35 on July 20. At the current trading price at a four-month high of $51,132.52, the market leader has a 7-day return of 7.88 percent, a six-month negative return of 0.14 percent and a twelve-month gain of 393 percent.