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Monday, August 15, 2022

Cryptocurrency trading higher across the board, Bitcoin above $44,000

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Cryptocurrency was edging higher overnight and into Tuesday morning as Bitcoin broke through the $44,000 plateau despite investor concern over Russia and Ukraine.


Early Tuesday, Bitcoin was trading at nearly $44,220, up 4.87%, while Ether and Dogecoin were trading at $3,110 (+8.55%) and 15 cents (+4.39%), respectively, Coindesk reported.

BlockFi Lending LLC has reached a $100 million settlement with the Securities and Exchange Commission and 32 states after being charged with failing to register offers and sales of its retail crypto lending product and violating registration provisions of the Investment Company Act of 1940. 

THIS IS WHY WE NEED BITCOIN


According to the SEC, the company, which is backed by investor Peter Thiel, began offering and selling BlockFi Interest Accounts (BIAs) to the public in March 2019, in which investors lend crypto assets to the company in exchange for its promise to provide a variable monthly interest payment.


Cryptocurrency was edging higher overnight and into Tuesday morning as Bitcoin broke through the $44,000 plateau despite investor concern over Russia and Ukraine.

In other cryptocurrency news, a federal judge ruled Monday that Heather Morgan will be released pending trial, while her husband, Ilya Lichtenstein, will remain behind bars as they both face trial for allegedly laundering billions in stolen bitcoin.

Judge Beryl Howell said the evidence suggests that Morgan was an integral player in the scheme but that Lichtenstein seemed more involved in the planning and execution of the alleged crimes.

Howell also said Morgan’s health conditions were a factor, as she recently had breast surgery and has follow-up appointments scheduled. She will be on home detention with an ankle bracelet GPS monitor.

The defense pointed out that both defendants had their families in court who were willing to put up their homes in exchange for a guarantee that the defendants would appear for all court dates.

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However, Howell ultimately ruled that there was a significant flight risk, and agreed with government prosecutors who argued that several hundred million in cryptocurrency could buy a new house or “buy each of their parents a private island.”



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