On this week’s episode of The Market Report, Cointelegraph’s resident expert explains what is happening with Binance, Changpeng Zhao and the CFTC.
This week on The Market Report, our beloved host, Joe Hall, and insightful expert Sam Bourgi, unfortunately, could not make it, but don’t worry because Marcel Pechman is here to breakdown everything that is happening between the United States Commodities Futures and Trading Commission, Binance and Changpeng “CZ” Zhao.
The U.S. CFTC has filed suit against Binance and CEO CZ for trading violations, according to a Bloomberg report. According to the CFTC, Binance failed to meet its regulatory obligations by not properly registering with the derivatives regulator. The cryptocurrency exchange has been the focus of a CFTC investigation since 2021. The exchange acknowledged in February that it would likely face regulatory action in the U.S. and was already working with regulators. What does this mean for the future of Binance in the U.S., and how big of an impact will it have on Binance’s market share and the crypto market as a whole?
Bitcoin’s hash rate spiked to all-time highs of 398 terahashes per second (TH/s) on March 23, with analysts speculating miners are starting to turn their rigs back on as Bitcoin’s (BTC) price rises. In a March 26 post, Sam Wouters, a research analyst at Bitcoin financial service provider River Financial, speculated that the spike in the hash rate is connected to unused mining inventory coming online, new facilities going live, and entrepreneurs finding cheap sources of mining. Is there a correlation between the Bitcoin hash rate and its price? Can we expect a spike in Bitcoin’s price as well? Pechman breaks it all down for you.
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