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Bitcoin (BTC), the largest cryptocurrency by market capitalization, remains in focus Thursday morning after the Financial Times reported that futures exchange CME Group (CME) plans to launch spot Bitcoin trading. The news comes a day after the digital asset logged its best one-day performance since March 25 after softer-than-expected inflation data.

Under the proposed plan, Chicago-based CME would run the spot trading business through the EBS currency trading venue in Switzerland, a platform that has comprehensive regulations relating to trading and storage of crypto assets, people with direct knowledge of the talks told the FT.

CME, which already offers a range of Bitcoin and Ether derivative products, has held discussions with traders who want to deal cryptocurrencies through a regulated marketplace, the sources said, though they noted no arrangements had been finalized.

The move would allow investors to execute more complex Bitcoin trading strategies involving both spot and futures markets, such as basis trades. These work by borrowing money to sell futures while buying the underlying spot asset and profiting through the spread differential between the two.

News of CME offering spot Bitcoin trading comes after the cryptocurrency gained more than 7% on Wednesday after weaker-than-expected consumer price index (CPI) figures eased concerns that persistent inflation could scuttle interest-rate cuts expected later this year. Bitcoin, like other risk-on assets, remains highly sensitive to rate movements as elevated yields make safer assets, such as U.S. Treasurys, more attractive to investors.

Bitcoins price has struggled to gain upside momentum since breaking down from a symmetrical triangle in early April, with investors promptly selling into any countertrend rallies over the past month. However, in a sign sentiment may be swinging back in favor of the bulls, Mondays rally, which occurred on the highest trading volume in two weeks on Coinbase, saw the legacy cryptocurrency close above the closely watched 50-day moving average (MA).

Looking ahead, a move higher from these levels could set the stage for Bitcoin making another attempt at its $73,835.57 all-time high (ATH) set in March this year, while a failure to hold above the 50-day MA could see the bears regain control and the price fall to longer-term support around $52,500.

Bitcoin was trading at around $66,400 at 8:30 a.m. ET.

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As of the date this article was written, the author does not own any of the above securities.

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Bitcoin in Focus As CME Reportedly Plans to Offer Spot Trading in the Cryptocurrency - Investopedia

Prosecutors say it took a pair of brothers only 12 seconds to steal nearly $25 million in cryptocurrency, and now they face serious criminal charges.

The Department of Justice announced it has charged Anton Peraire-Bueno, 24, of Boston, and James Peraire-Bueno, 28, of New York, of numerous criminal counts, including conspiracy to commit wire fraud, wire fraud, and conspiracy to commit money laundering.

Prosecutors allege that the brothers studied mathematics and computer science at a "prestigious" university and applied their knowledge to exploit the integrity of the Ethereum blockchain. Multiple outlets reported that they studied at MIT. The Department of Justice said the pair "manipulated and tampered with the process and protocols by which transactions are validated and added to the Ethereum blockchain."

In a court indictment, prosecutors say the alleged crime occurred in April 2023.

U.S. News

4:50 PM, May 16, 2024

The DOJ says the brothers learned the trading behaviors of the people they allegedly stole from. Prosecutors added that they took numerous steps to conceal their identity in hopes of not getting caught.

The Peraire-Bueno brothers stole $25 million in Ethereum cryptocurrency through a technologically sophisticated, cutting-edge scheme they plotted for months and executed in seconds, said Deputy Attorney General Lisa Monaco. Unfortunately for the defendants, their alleged crimes were no match for Department of Justice prosecutors and IRS agents, who unraveled this first-of-its kind wire fraud and money laundering scheme. As cryptocurrency markets continue to evolve, the Department will continue to root out fraud, support victims, and restore confidence to these markets.

Prosecutors say the Peraire-Bueno brothers face up to 20 years for each criminal count. The case will be heard in the Southern District of New York federal court.

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Brothers allegedly steal $25 million in cryptocurrency in 12 seconds - Scripps News

An inquiry was launched into Effective Ventures Foundation in 2022 following the collapse of one of its major funders, the cryptocurrency exchange FTX.

The charity, which runs research projects related to charitable giving, received over 3 million in funding from FTXs philanthropic arm, the FTX Foundation.

The Commission opened the inquiry to examine the management of the relationship between the charity and its funders and sought to ensure the charitys assets were protected in the wake of FTXs collapse.

During the inquiry, the Commission was satisfied that the trustees had taken steps to ringfence the funds it had received from the FTX Foundation. The charity has since come to an agreement with the FTX estate regarding this funding.

The Commission was concerned about perceived conflict of interests at the charity and found two members of the trustee board had connections with the FTX Foundation.

While the inquiry found no evidence of any improper conduct by the trustees, it did find that it was not always clear in what capacity those two trustees were acting (i.e. as trustee of the charity or for the FTX Foundation). These two trustees resigned from their positions at the charity.

The inquiry found that there was no formal process for trustees to identify conflicts of interest. However, there was no evidence to suggest that conflict of interests had been mismanaged by the charity.

During the inquiry, the charity strengthened its policies on managing conflicts of interest and financial controls.

Its important that people have trust in charities to take swift and appropriate action when faced with serious incidents.

After the demise of FTX and the subsequent jailing of its founder, Sam Bankman- Fried, the Charity Commission wanted to ensure that Effective Ventures had protected itself against financial or reputational damage.

In this case, we were satisfied that trustees took steps to quickly protect its assets and to resolve any conflicts of interests between the charity and FTX and is on a surer footing for the future.

The full report detailing the findings of this inquiry can be found on gov.uk

Press office

Email: pressenquiries@charitycommission.gov.uk

Out of hours press office contact number: 07785 748 787

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Charity Commission concludes its inquiry into charity with links to failed cryptocurrency firm FTX - GOV.UK

New York, NY, May 21, 2024 (GLOBE NEWSWIRE) -- ChainBitVortex , a pioneering new cryptocurrency exchange founded in 2024 and based in the USA, is setting new standards in digital asset trading with its cutting-edge security measures and user-friendly interface. As the cryptocurrency market continues to evolve, ChainBitVortex aims to eliminate doubts and foster trust among traders worldwide.

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Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

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ChainBitVortex Unveils Robust Security Features in New Cryptocurrency Exchange - InvestorsObserver

Donald Trumps presidential campaign has said it will begin accepting donations in cryptocurrency as part of an effort to build what it calls a crypto army leading up to Election Day.

The Trump campaign launched a fundraising page that allows any federally permissible donor the ability to give to its political committees using any crypto asset accepted through the Coinbase cryptocurrency exchange.

The announcement promotes his message that he is a crypto-friendly candidate, and also appeals to a core group of young male voters who are increasingly likely to dabble in digital assets.

Cryptocurrencies are a digital asset that can be traded over the internet without relying on the global banking system.

Mr Trumps campaign is accepting a range of popular cryptocurrencies that include Bitcoin, Ether and US Dollar Coin, and also the low-value coins that tend to be popular with internet personalities like Shiba Inu Coin and Dogecoin.

Billionaire Elon Musk, most notably, is considered a fan of the latter two, traded on markets as DOGE and SHIB.

It is not clear whether the Trump campaign will hold on to the crypto or will immediately sell it, and what sort of fees it may pay to liquidate.

While the campaign says it plans to follow US election laws, the anonymous nature of cryptocurrencies can make it tricky to confirm the funds are coming from who they say they are.

Mr Trump has already received millions in cryptocurrency personally through his Trump Digital Trading Cards non-fungible token projects and his Maga coin, released last August.

Julia Krieger, a spokeswoman for Coinbase, told the Associated Press that crypto is non-partisan and moves money forward because its cheaper and faster, adding that the Coinbase platform is open to all candidates this election season.

While some states do not allow cryptocurrency donations in state races under existing campaign finance laws, the Federal Election Commission does allow committees to receive Bitcoin as contributions.

A 2014 advisory opinion issued by the commission concluded that Bitcoin is money or anything of value within the meaning of the law and political committees should value the contribution based on the market value of Bitcoin at the time the contribution is received.

The presidential campaign for independent candidate Robert F Kennedy Jr accepts Bitcoin donations.

In conventional money, Mr Biden and the Democratic National Committee said on Monday that they raised more than $51 million in April, falling well short of the $76 million that Mr Trump and the Republican Party reported.

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Trump campaign says it will begin accepting cryptocurrency contributions - BreakingNews.ie