Bitcoin volatility examined, SEC hit with sanctions for ‘gross abuse of power’ in crypto case

A US court has hit the SEC with Sanctions over gross abuse of Power good morning you're listening to The ryzen crypto podcast by coin Telegraph with me Robert bags steering You through the crypto Cosmos with daily Dispatches from the digital Frontier if You want to stay ahead of the curve in Crypto make sure you click that follow Button okay grab yourself a coffee and Let's get into It well I am back after a long weekend And I can't help but notice chaos has Ensued and a big thank you to Gareth Jenkinson for covering it in my absence So in today's episode we're going to go Over bitcoin's price levels that you Need to be aware of the grayscale Bitcoin trust's record daily outflows Were hit yesterday binance has surpassed 100 billion dollars worth of assets Under custody binance has reiterated its Insider trading tips reward after Accusations on social media over a meme Coin listing and the SEC has been hit With sanctions for gross abuse of power In the debt box case Okay so Gareth updated you yesterday on Bitcoin but a lot has happened in the Last 24 hours firstly let's start with Price Bitcoin and the whole Market Really is extremely volatile at the Moment Bitcoin at 6:00 a.m. eastern is Down

6.84% in the past 24 hours and over 133% In the past week William suberg released His analysis this morning that suggests That the price is now risking a sub $60,000 retest the popular Trader and Analyst Ali charts on X wrote some of The key Bitcoin support levels to watch Are $61,800 $566 185 and $51,500 adding that on the other hand Critical resistance points for BTC stand At $66,900 and then $72,800 now I know I say this a lot but One of the influential factors on where The price is going to go this week is The United States Federal Reserve Interest rate decision which is tomorrow The 20th of March it seems the experts Believe that that could send the price In either direction however when it Comes to bitcoin these days the Conversation can't get too far before You have to mention the spot Bitcoin ETFs and yesterday was a record-breaking Day just not how we like grce scale saw Outflows of $640 Million worth of Bitcoin which becomes its largest day of Outflows since the conversion to a spot ETF on the 11th of January these Outflows were so strong that it actually Led to a day overall with a net outflow For the spot Bitcoin ETFs of $14.3 million so there's been some mixed

Responses to the recently slowing Inflows with some suggesting that's just The future for the spot Bitcoin ETFs While others are taking the arc invest CEO Kathy Wood stance that were only Getting started Bloomberg's Eric balunas Pointed out that only a handful of Advisors have allocated to bitcoin ETF So far suggesting that there are plenty Of inflows still out there for now However it looks like we're going to Have another volatile week but hey it's Never Boring a little unexpectedly I have Something of a binance medley for you so Entirely anecdotally I feel as if the Sentiment towards binance since that $4.3 billion settlement has been tepid Perhaps cautious is a better word we Know there wasn't a mass Exodus of funds Following that settlement but with People I've spoken to and people on Social media there seems to be an unease About binance's stability even if there Hasn't been many subsequent reasons for That well here are two stories about Binance that have just broken and the First might rehabilitate your confidence In the exchange this recent bull ROM We've seen in crypto has naturally had a Profound impact on the crypto Organizations with heavy Pockets Yesterday binance announced that its Users assets under custody have more

Than doubled since the start of the Year From $40 billion to north of $100 Billion importantly the announcement Reads we hold all user funds at a 1:1 Ratio plus additional reserves which Anyone can verify by using binance's Proof of reserves P system binance added That recent weeks have witnessed a Remarkable sustained optic in digital Asset prices a trend that has Undoubtedly played a significant role in Elevating the value of user assets under Binance's custody so binance's proof of Reserve System is visible on their SES And shows over 100% collateralization Ratios for all major cryptocurrency and Altcoins and on that note Z Sun wrote in His article about this experts have Warned however that proof of reserves Only include Half the relevant Information on reserves and do not Include an entity's liabilities to Calculate its net Equity Richard Tang The CEO of binance has since claimed That the exchanges capital structure is Debt free so Bey under no Illusions Binance is still a Titan in the Industry the Second binance Story will Feel familiar to many binance has a Announced again that the exchange is Willing to offer $100,000 to $5 million As a reward to those who provide them With reports on potential insider Trading or corruption within the

Exchange so what prompted this again Well on Saturday the 16th of March Binance announced it would list a salana Based meme coin amidst the meme coin Frenzy Gareth spoke about in yesterday's Episode if you don't know what I'm Talking about make sure you go back and Listen to that book of meme which uses The ticker bom b o m was paired with Bitcoin tether first digital USD and the Turkish L on binance however just ahead Of this listing a crypto whale scooped Up 314 million bom tokens for $2.3 Million on the radium decentralized Exchange at an average price of 0.0074 then the listing happened and Suddenly those tokens reached a high of 0.026 cents turning that $2.3 million Into $8 million at least potentially This caused a flurry of discussions and Allegations across Reddit and X on Whether this incredible trade was indeed Incredible by virtue of it being someone Inside binance or having received a tip From somebody who is binance has Launched an investigation and has Reiterated their Bounty Program the final story in this binance Medy is brief and also only Parenthetically related to binance now I Guess but it is interesting Chang Pang Zhao CZ the co-founder of binance who is Awaiting sentencing in the US is Launching a new project CZ has barely

Posted on X since the guilty plea and Fine last year so I was pretty shocked To see this but the concept behind the Project is unlikely to get him into Trouble CZ posted on X yesterday Launching a new project no no new tokens Education project more details soon then Some hours later he posted my next Project at gigle Academy no logo yet Free basic grade 1 to 12ish education For all no Revenue gamified adaptive Read the concept paper at gigal Academy.com we are hiring small team Work directly with CZ the education Platform looks to attract children with An updated format for Learning and is Entirely free for all which is difficult To criticize CZ is quoted on the website Saying building a highquality and sticky Education platform that is entirely free And accessible to all is the most Impactful thing I could do for the next Chapter of my life it's currently Unclear whether this project uses Blockchain in any way but there you are The only question is for how long will He be running the giggle Academy from Behind bars and will he really be able To work directly with People the United States Securities and Exchange commission's case against the Utah based crypto company debox also Known as digital licensing Inc isn't Really one of the flagship cases the SEC

Has against crypto companies that you See lots of coverage of so I'll give you A quick synopsis the SEC alleged that Debt boox was sell unregistered Securities from March 2021 and calling Them node licenses in August last year The SEC announced that it had obtained a Temporary asset freeze a restraining Order and other emergency relief against The firm Tracy coms director of the Sec's Salt Lake Regional Office said we Alleged that debt boox and its Principles lied to investors about Virtually every material aspect of their Unregistered offering of Securities Including by forcely stating that they Were engaged in crypto asset mining There were also several other Allegations made against debt boox by The SEC and the restraining order to Freeze the firm's assets came after the Agency claimed that debt boox had Already sent $720,000 Overseas and would flee to the United Arab Emirates as well as secretly Transfer more assets however things took A turn in December of last year when Judge Robert J Shelby gave a show cause Order now this requires that a party Justifies explains or proves something In court in this case it was the Information that underpinned the asset Freeze well this came to ahead yesterday In a ruling and Bloomberg's James Saar

Wrote on X the SEC just got absolutely Bodied in the debt boox Court decision Paul gr the chief legal officer at Coinbase and kind of the center point of Law in the crypto Universe quoted the Most significant part of Judge Shelby's Rulings so although it's a little bit Confusing I wanted to be transparent in The fact that I will be quoting his Extracts on X of the March 18th filing It reads the commission's above Discussed conduct constitutes a gross Abuse of the power entrusted to it by Congress and substantially undermine the Integrity of these proceedings and the Judicial process the operation of the American Judicial System rests on the Fundamental proposition that every party Who comes before the court is bound by And adheres to the same set of rules it Continues for the reasons explained Below the court imposes sanctions Against the commission for bad faith Conduct in obtaining maintaining and Defending the trro temporary restraining Order and denies the commission's motion To dismiss without prejudice to refile In accordance with the District of Utah's local rules so to summarize the SEC had its motion to dismiss denied as Well as sanctions brought against it for Bad faith and finally the SEC has been Ordered to pay debt boxes legal fees Though on the note of sanctions and

Legal fees as Gru wrote the worst part Of all guess who pays the sanctions you Me and every US taxpayer the commission Just foed a Bill onto every one of us For their litigation misconduct the SEC Has accepted that its actions weren't Forthcoming as they put it but the Regulator argued that a sanction wasn't Appropriate okay that is it for today so Consider yourself informed thank you for Listening to the Risen crypto podcast by Coin Telegraph if you're enjoying these Daily updates please make sure you let Us know by following subscribing or Leaving a review if you have any Thoughts on today's stories please let Us know on X on @ cointelegraph or RK Bags have a great day let's do this Again [Music] Tomorrow