Bitcoin

The CFTC is investigating Jump Crypto

Published

10 months ago

20 June, 2024

The Commodity Futures Trading Commission is investigating Chicago-based trading firm Jump’s involvement in crypto, including investigations into its trading and investment activities, according to a person familiar with the matter.

The investigation, which is not evidence of wrongdoing, comes after three turbulent years for Jump. The company is known for its expertise in algorithmic trading and, more recently, as one of the most active market makers and investors in the crypto industry before being implicated in a series of hacks and meltdowns. Jump has since scaled back its crypto efforts, including spinning two of his high-profile projects and deactivating of the Bitcoin ETF spot race.

Representatives for the CFTC and Jump declined to comment.

Business problems

Jump has been known for years as a major player in the secretive world of high-frequency trading. In September 2021, it hit the headlines with the public announcement from its crypto division, Jump Crypto, although the company had been quietly active in the space for several years. Jump named Kanav Kariya, a former intern in his early twenties, as president of the team, catapulting him into one of the industry’s most high-profile roles.

Jump played a key role in the nascent sector, acting as a major market maker on exchanges, often working with crypto projects to provide liquidity for their newly launched tokens. The company also became one of the leading venture capitalists in the sector, establishing an incubation and engineering arm that helped develop important projects including Worm holePyth and Firedancer.

However, cracks soon began to appear in Jump’s prodigious operation, including the $325 million Wormhole hack, a decentralized finance platform designed as a bridge between different blockchains. Jump quickly plugged the hole, illustrating the depth of his swing. Following the collapse of FTX in late 2021, it was soon revealed that Jump served as one of the main market makers on the exchange, losing almost US$300 million, according to the book Going Infinite, by Michael Lewis.

Jump again became embroiled in controversy during the February 2023 SEC meeting lawsuit against Terraform Labs and its founder, Do Kwon, who created the failed TerraUSD stablecoin. In its complaint, the SEC alleged that a U.S. trading company had secretly propped up Earth Parity in a near-collapse in 2021. News Reports — and Subsequent filings–revealed the company as Jump. The SEC accused Terraform and Kwon of fraud after they publicly claimed that indexing had been restored naturally, but did not bring charges against Jump. After a trial this spring that included testimony from a former Jump employee who served as Whistleblower for the SEC, a jury side with the agency in April.

In March 2023, the Department of Justice filed a criminal case against Kwon. Like the SEC’s previous lawsuit, the complaint named Jump as a “proprietary U.S.-based commercial company” that helped maintain Earth’s stability, but once again, it did not allege any wrongdoing or bring any charges against the company. . An attorney for Kwon did not respond to a request for comment.

The CFTC’s investigation into Jump’s crypto business mirrors the latest investigation by a federal agency, although it was not known whether the agency is considering any charges against the company. And while the SEC oversees securities, much of Jump’s activity in the derivatives space, from crypto products to traditional commodities, falls under the jurisdiction of the CFTC. Speaking at the Milken Conference in May, CFTC Chairman Rostin Behnam he said that cryptocurrency companies can expect to see “another cycle of enforcement actions.”

Regulatory agencies routinely engage in fact-finding around companies that fall under their jurisdiction. In March, Fortune reported that the SEC has sent subpoenas to crypto companies regarding their dealings with the Ethereum Foundation, although no charges have been filed yet.

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SatoshiTimes Staff

We are the editorial team of SatoshiTimes, where seriousness meets clarity in cryptocurrency analysis. With a robust team of finance and blockchain technology experts, we are dedicated to meticulously exploring complex crypto markets with detailed assessments and an unbiased approach. Our mission is to democratize access to knowledge of emerging financial technologies, ensuring they are understandable and accessible to all. In every article on SatoshiTimes, we strive to provide content that not only educates, but also empowers our readers, facilitating their integration into the financial digital age.

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Bitcoin

What to watch for in the markets

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

9 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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Cryptocurrency Charts by TradingView.

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