CRYPTO

Former Binance CEO Changpeng Zhao ("CZ") was sentenced to four months in jail on Tuesday in a Seattle federal court, according to The Wall Street Journal. Late last year, CZ pleaded guilty to money-laundering charges and relinquished his position as the head of Binance. He was also fined $50 million, while the world's largest cryptocurrency trading company was fined $4.3 billion. 

"You had a responsibility to comply with United States regulations. Not some but (more…)

The recently approved Hong Kong Bitcoin spot ETFs began trading today, but saw relatively low volume on their first day. The Hong Kong Securities and Futures Commission (SFC) approved 6 total spot Bitcoin and Ethereum ETFs last week.

Bitcoin Magazine's Vivek Sun reports that the three Bitcoin ETFs that went live overnight include the ChinaAMC Bitcoin ETF, Harvest Bitcoin ETF, and Bosera HashKey Bitcoin ETF. 

Despite the excitement surrounding the launch, the total trading volume for all Hong Kong Bitcoin ETFs stood at a modest $8.5 million (HK$67 million) for the first trading day.

Breaking down the individual Bitcoin ETF trading volumes, the ChinaAMC Bitcoin ETF recorded highest volume of HK$37.16 million, the Harvest Bitcoin ETF saw $17.89 million, and the Bosera HashKey Bitcoin ETF witnessed HK$12.44 million in trading. 

The combined Bitcoin and Ethereum ETF trading volume for the day amounted to HK$87.58 million dollars ($12 million), as per data on Hong Kong Stock Exchange.

While the trading volumes may seem low compared to the U.S. spot Bitcoin ETFs, which saw a staggering $4.6 billion in trading volumes on their first day, industry experts remain optimistic about the prospects of these products in Hong Kong.  (more…)

Via Bitcoin Magazine,

Bitcoin is one of the most robust distributed systems in the history of mankind. For fifteen years it has ticked along block by block with only two disruptions in its first few years that were very quickly handled by responsive developers the minute they manifested themselves. Aside from that, it has ticked along producing a block roughly every ten minutes with no interruptions.

This reliability has set a golden standard of expectations for Bitcoin (more…)