Bitcoin soars making a leap over the $23,000 level, and the Robinhood company faces fines
Bitcoin has renewed its all-time high again
According to Coinmarketcap data as of December 17, the price of the first cryptocurrency rose above $23,000 and then began to fall. Over the course of 24 hours, Bitcoin consistently crossed the $20,000, $21,000 and $22,000 levels. According to Skew, amid the growth of the crypto coin, the daily trading volume of BTC options for the first time was above the $1 billion mark.
“In our opinion, the rise in the price of bitcoin is largely due to the attention of institutions. In addition to MicroStrategy, Square, PayPal, Ruffer Multi-Strategies, SBI and many others, which directly influenced the price increase and the change in the status of the historical coin, over the past few months many other organizations have added bitcoin to their portfolios without announcing it, “ Gleb Kostarev, director of Binance in Russia and the CIS, says.
Tokenbox co-founder Vladimir Smerkis believes that bitcoin “is already finally coming out of the gray zone in which it began.” The expert is confident that cryptocurrency is transforming into a full-fledged and independent financial instrument.
Robinhood is accused of manipulating inexperienced Investors
The Massachusetts authorities have filed a lawsuit against the fintech company Robinhood, which has developed a popular securities trading application. The company was accused of prompting inexperienced users to take risky trades and failed to protect customers from technical glitches in the application.
Robinhood, according to the US state, violated new local law. It obliges investment brokers to prioritize their activities in the interests of clients.
However, Robinhood, according to the regulator, has provided hundreds of Massachusetts users with no investment experience the ability to trade options. They won approval despite the company’s stated policy of screening clients for experience before allowing them to buy and sell options. The company now faces fines.
American Express has invested in a crypto trading platform
The venture branch of American Express has invested in a crypto trading platform for institutional investors, FalconX. Since the end of the last investment round in May 2020, FalconX has grown by 350% in revenue. According to its own data, the company serves 250 institutional clients. The trading platform’s transaction volumes reached about $3 billion per month.
“We’re seeing growing interest from traditional asset managers who are adding cryptocurrencies as an inflationary hedge, catalyzed by recent macro-economic policies,” said FalconX CEO Raghu Yarlagadda.
FalconX offers institutional clients the ability to access cryptocurrency markets through a single platform for trading, lending and clearing.