{"id":27431,"date":"2024-04-15T01:09:57","date_gmt":"2024-04-15T01:09:57","guid":{"rendered":"https:\/\/newhampshiredigitalnews.com\/index.php\/2024\/04\/15\/iran-israel-conflict-brings-bear-market-sec-to-sue-uniswap-bankman-fried-to-appeal\/"},"modified":"2024-04-15T01:09:57","modified_gmt":"2024-04-15T01:09:57","slug":"iran-israel-conflict-brings-bear-market-sec-to-sue-uniswap-bankman-fried-to-appeal","status":"publish","type":"post","link":"https:\/\/newhampshiredigitalnews.com\/index.php\/2024\/04\/15\/iran-israel-conflict-brings-bear-market-sec-to-sue-uniswap-bankman-fried-to-appeal\/","title":{"rendered":"Iran-Israel conflict brings bear market, SEC to sue Uniswap, Bankman-Fried to appeal"},"content":{"rendered":"<p> <br \/>\n<br \/><img decoding=\"async\" src=\"https:\/\/crypto.news\/app\/uploads\/2024\/02\/crypto-news-Bear-crypto-trading-chart-option07.webp\" \/><\/p>\n<div>\n<p class=\"is-style-lead\">The unfolding conflict between Iran and Israel contributed to a collapse in crypto prices on Sunday, April 14. <\/p>\n<p>Last week, the Securities and Exchange Commission sent a Wells Notice to Uniswap, declaring intentions to sue the exchange amid increased regulatory efforts. Meanwhile, FTX founder Sam Bankman-Fried seeks to appeal his sentencing.<\/p>\n<h2 class=\"wp-block-heading\">The calm before the storm<\/h2>\n<ul>\n<li>The crypto market started the week favorably, with the global crypto market cap surging 3.6% to a 3-month high of $2.62 trillion on April 8, with Bitcoin (<a href=\"https:\/\/crypto.news\/price\/bitcoin\/\" rel=\"\">BTC<\/a>) reclaiming the $72,000 price threshold following a 3% spike.<\/li>\n<\/ul>\n<ul>\n<li>BTC <a href=\"https:\/\/crypto.news\/bitcoin-all-time-high-daily-trading-volume\/\" rel=\"\">approached<\/a> its all-time high on April 8 after rising 4% to offset the losses of the previous correction. However, the premier crypto asset recorded a price decline the next day, <a href=\"https:\/\/crypto.news\/bitcoin-sinks-68000-us-inflation\/\" rel=\"\">dropping<\/a> 3.45% to $68,000 on April 9 as U.S. inflation data came out hotter than expected.\u00a0<\/li>\n<\/ul>\n<ul>\n<li>This downward spiral was short-lived, as Bitcoin eventually staged a comeback, rallying 2.15% on April 10 to recover the $70,000 territory. This recovery push persisted despite an observable <a href=\"https:\/\/crypto.news\/bitcoin-price-surges-amid-declining-whale-activity\/\" rel=\"\">drop<\/a> in whale activity.<\/li>\n<\/ul>\n<ul>\n<li><a href=\"https:\/\/crypto.news\/arthur-hayes-bitcoin-price-down-halving\/\" rel=\"\">Reports<\/a> from April 9 confirmed that BitMEX founder Author Hayes remained skeptical of Bitcoin\u2019s ability to reclaim and hold above its recently set all-time high as the halving nears. Hayes predicted that BTC could drop immediately before and after the halving.<\/li>\n<\/ul>\n<h2 class=\"wp-block-heading\">Iran-Israel conflict exacerbates market crash<\/h2>\n<ul>\n<li>The bears retook control of the scene as the week progressed. Bitcoin dropped to the $65,000 zone on April 12 for the first time in over a week. With the Bitcoin decline came a wider collapse in the market, causing the global crypto valuation to fall to $2.2 trillion on April 12.<\/li>\n<\/ul>\n<ul>\n<li>The tension surrounding the looming Iran-Israel <a href=\"https:\/\/crypto.news\/iran-israel-conflict-funding-rates-860m-sell-off\/\" rel=\"\">conflict<\/a> exacerbated the market drop. This resulted in massive liquidations across the market, with over $860 million flushed from the derivatives market.<\/li>\n<\/ul>\n<ul>\n<li>Iran eventually fired over 100 drones toward Israel on April 13, further escalating the tension. Following this unprecedented attack, the crypto market saw a steeper decline, with Bitcoin dropping to a 1-month low of $60,660 on April 13. <\/li>\n<\/ul>\n<ul>\n<li>Despite the liquidations, renowned computer intelligence consultant and Bitcoin advocate Edward Snowden <a href=\"https:\/\/crypto.news\/edward-snowden-not-worried-bitcoin-prices-dropping\/\" rel=\"\">emphasized<\/a> that there is no reason to panic.<\/li>\n<\/ul>\n<h2 class=\"wp-block-heading\">Uniswap receives a Wells Notice\u00a0<\/h2>\n<ul>\n<li>While the crypto community grappled with price volatility, the U.S. SEC explored the prospect of leveling charges against Ethereum-based decentralized exchange Uniswap, the largest DEX in the world.\u00a0<\/li>\n<\/ul>\n<ul>\n<li>Notably, Uniswap <a href=\"https:\/\/crypto.news\/sec-serves-wells-notice-to-uniswap\/\" rel=\"\">revealed<\/a> on April 10 that it had received a Wells Notice from the SEC, with the securities regulator declaring its intentions to pursue legal action against the decentralized exchange.<\/li>\n<\/ul>\n<ul>\n<li>Uniswap founder Hayden Adams expressed his disappointment in the move, but stressed that he and his team plan to fight. Following reports of the development, UNI, the exchange\u2019s native token, <a href=\"https:\/\/crypto.news\/uniswap-nosedives-16-on-news-of-wells-notice\/\" rel=\"\">dropped<\/a> 17% to $9.27 as selloffs intensified.\u00a0<\/li>\n<\/ul>\n<h2 class=\"wp-block-heading\">US regulatory environment<\/h2>\n<ul>\n<li>The broader U.S. crypto regulatory environment took center stage this week. Reports <a href=\"https:\/\/crypto.news\/us-treasury-seeks-secondary-sanctions-tool-to-go-after-crypto-exchanges\/\" rel=\"\">surfaced<\/a>, revealing that the Treasury is seeking greater authority to crack down on crypto use by sanctioned entities like North Korea, Russia and Iran.<\/li>\n<\/ul>\n<ul>\n<li>U.S. lawmaker Senator Kirsten Gillibrand <a href=\"https:\/\/crypto.news\/stablecoin-regulation-senators\/\" rel=\"\">disclosed<\/a> this week that Congress is already engaged in discussions about introducing a bipartisan bill to regulate stablecoins. This comes shortly after Ripple revealed intentions to launch a stablecoin this year.<\/li>\n<\/ul>\n<ul>\n<li>While federal agencies and Congress push to regulate the crypto scene, former Ethereum advisor Steven Nerayoff <a href=\"https:\/\/crypto.news\/ethereum-advisor-sues-united-states\/\" rel=\"\">initiated<\/a> a lawsuit against the U.S. government, demanding $9.6 billion in damages for alleged harsh treatment by government agencies over the past four years.\u00a0<\/li>\n<\/ul>\n<h2 class=\"wp-block-heading\">Global regulatory efforts<\/h2>\n<ul>\n<li>Besides the U.S., regulatory efforts dominated the scene in other jurisdictions. This week, the central bank of Russia <a href=\"https:\/\/crypto.news\/russias-central-bank-urges-lawmakers-to-hasten-crypto-bill-amid-us-sanctions\/\" rel=\"\">called<\/a> on the country\u2019s lawmakers to quicken the introduction of a bull that would regulate the use of cryptocurrencies, especially for international settlements amid sanctions from the U.S.<\/li>\n<\/ul>\n<ul>\n<li>Meanwhile, in Hong Kong, <a href=\"https:\/\/crypto.news\/hong-kong-faces-uncertainty-as-licensed-crypto-exchanges-eye-oversea-expansion\/\" rel=\"\">reports<\/a> from this week suggested that crypto exchanges are battling regulatory uncertainty. This prevailing environment is now prompting multiple firms to explore a move overseas.<\/li>\n<\/ul>\n<ul>\n<li>In British Columbia, the government is looking for ways to <a href=\"https:\/\/crypto.news\/british-columbia-cracks-down-on-crypto-miners-citing-energy-consumption\/\" rel=\"\">address<\/a> the high energy consumption associated with crypto mining operations. To do this, the region seeks to leverage a legislative amendment to regulate the crypto-mining industry.<\/li>\n<\/ul>\n<h2 class=\"wp-block-heading\">Bankman-Fried to appeal sentencing, Do Kwon\u2019s extradition approved<\/h2>\n<ul>\n<li>Bankman-Fried\u2019s lawyers <a href=\"https:\/\/crypto.news\/bankman-fried-remain-brooklyn-prison\/\" rel=\"\">argued<\/a> in a letter to Judge Lewis Kaplan on April 8 that it would be more convenient to retain Bankman-Fried in the temporary detention in Brooklyn, where he has been since last August, until an appeal is done.<\/li>\n<\/ul>\n<ul>\n<li>Bankman-Fried was sentenced to 25 years in jail. On April 10, Ryan Salame, a <a href=\"https:\/\/crypto.news\/ftx-ryan-salame-sentencing-may-28\/\" rel=\"\">former FTX executive<\/a>, will receive his sentencing on May 28 after pleading guilty. Other former FTX executives such as Gary Wang and Caroline Ellison also await sentencing.<\/li>\n<\/ul>\n<ul>\n<li>In a rollercoaster ride, Terra founder Do Kwon\u2019s extradition was again <a href=\"https:\/\/crypto.news\/do-kwon-extradition-approved-again\/\" rel=\"\">approved<\/a> by a court in Montenegro. Recently, Andrej Milovic, Montenegro\u2019s Minister of Justice, will determine whether the South Korean developer would be extradited to his home country or the U.S. to face charges.<\/li>\n<\/ul>\n<h2 class=\"wp-block-heading\">Solana suffers congestion <\/h2>\n<ul>\n<li>This week, Solana witnessed a bittersweet moment marked by increased network adoption and congestion issues. CoinGecko <a href=\"https:\/\/crypto.news\/solana-base-dex-listings-meme-coin\/\" rel=\"\">disclosed<\/a> on April 8 that DEXs on Solana accounted for most of the trading volume in the DeFi scene.\u00a0<\/li>\n<\/ul>\n<ul>\n<li>This was primarily due to the growing deployment and interest in meme coins on Solana, following the successes of Bonk (<a href=\"https:\/\/crypto.news\/price\/bonk\/\" rel=\"\">BONK<\/a>) and dogwifhat (<a href=\"https:\/\/crypto.news\/price\/dogwifhat\/\" rel=\"\">WIF<\/a>). However, with increased network activity came congestion issues. Anza, a Solana developer team, <a href=\"https:\/\/crypto.news\/anza-congestion-solana\/\" rel=\"\">deployed<\/a> an update to try and address this issue.<\/li>\n<\/ul>\n<p><a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMOqEsgsw95_JAw\" class=\"google-news-banner google-news-banner--size-wide\" target=\"_blank\" rel=\"noopener\"><br \/>\n<span class=\"google-news-banner__label\">Follow Us on Google News<\/span><br \/>\n<\/a>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/crypto.news\/iran-israel-bear-market-sec-uniswap-weekly-recap\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The unfolding conflict between Iran and Israel contributed to a collapse in crypto prices on Sunday, April 14. Last week, the Securities and Exchange Commission<\/p>\n","protected":false},"author":1,"featured_media":27432,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[163],"tags":[],"class_list":["post-27431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newhampshiredigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/27431","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newhampshiredigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newhampshiredigitalnews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newhampshiredigitalnews.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newhampshiredigitalnews.com\/index.php\/wp-json\/wp\/v2\/comments?post=27431"}],"version-history":[{"count":0,"href":"https:\/\/newhampshiredigitalnews.com\/index.php\/wp-json\/wp\/v2\/posts\/27431\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newhampshiredigitalnews.com\/index.php\/wp-json\/wp\/v2\/media\/27432"}],"wp:attachment":[{"href":"https:\/\/newhampshiredigitalnews.com\/index.php\/wp-json\/wp\/v2\/media?parent=27431"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newhampshiredigitalnews.com\/index.php\/wp-json\/wp\/v2\/categories?post=27431"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newhampshiredigitalnews.com\/index.php\/wp-json\/wp\/v2\/tags?post=27431"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}