The Crypto Roundup: 31 July 2023 | CryptoCompare.com

The U.S. Securities and Exchange Commission (SEC) reportedly suggested that Nasdaq-listed cryptocurrency exchange Coinbase halt trading in all cryptocurrencies with the exception of Bitcoin before taking legal against the firm.

Curve, a stablecoin exchange pivotal to the decentralized finance (DeFi) ecosystem on Ethereum, has become the target of an exploit, suffering a security breach that places over $100 million worth of cryptocurrency at risk due to a “re-entrancy” bug.

CME Group, a leading derivatives marketplace, has seemingly defied an industry-wide slump in trading volumes, recording its highest monthly volume for the year in July. Volume on CME’s Bitcoin futures market has surpassed a prior high set in April, with transactions totaling $53.33 billion.

Sponsored: Following the successful Coin Bureau Live London event, Bitget exchange is launching a campaign dedicated to English users that you cannot miss out on. Register on Bitget and get a 15 USDT trading bonus.

Top stories in the Crypto Roundup today:

• SEC Asked Coinbase to Drop All Crypto Except Bitcoin Before Suing
• Curve Stablecoin Pools Drained by Millions Over Hack Using Vyper Bug
• CME Group Bitcoin Futures Volume Hit Yearly High in July
• Grayscale’s GBTC Discount Continues to Shrink
• Sponsored: Sign up on Bitget and get rewarded with a 15 USDT Bonus!

SEC Asked Coinbase to Drop All Crypto Except Bitcoin Before Suing

The U.S. Securities and Exchange Commission (SEC) reportedly suggested that Nasdaq-listed cryptocurrency exchange, Coinbase, halt trading in all cryptocurrencies with the exception of Bitcoin before taking legal against the firm.

According to a Financial Times report citing Coinbase CEO Brian Armstrong, the regulatory body made the suggestion before filing its lawsuit against the exchange for failing to register as a broker.

The SEC brought charges against Coinbase for alleged violations of federal securities law on June 6. The complaint centers on Coinbase allegedly operating as a broker, an exchange, and a clearinghouse for unregistered securities. The alleged unregistered securities in question comprise 13 different cryptocurrencies, but notably, not Bitcoin.

Coinbase has vehemently contested the allegations, arguing that the SEC’s approach infringes upon due process and is an abuse of discretion. The legal tug-of-war between Coinbase and the SEC is unfolding even after Ripple scored a partial victory in a similar case against the SEC, establishing that Ripple’s XRP token does not qualify as a security.

Per Armstrong, the SEC told Coinbase they believe “every asset other than bitcoin is a security,” and refused to explain how they reached that conclusion, trying to get the exchange to delist every token other than BTC.

The SEC said it did not request companies “to delist crypto assets,” but added that during an investigation, its staff might share views on potential concerns under securities laws.

Curve Stablecoin Pools Drained by Millions Over Hack Using Vyper Bug

Curve, a stablecoin exchange pivotal to the decentralized finance (DeFi) ecosystem on Ethereum, has become the target of an exploit, suffering a security breach that places over $100 million worth of cryptocurrency at risk due to a “re-entrancy” bug.

The bug was found in Vyper, the programming language integral to the operation of certain aspects of the Curve platform. Several of the protocol’s stablecoin pools, which are used for pricing and liquidity on various DeFi services, were drained by the hackers.

There is an ongoing concern that other projects using the Vyper programming language may be exposed to the same security vulnerability. Blockchain auditing firm BlockSec estimated in a preliminary analysis that total losses may be above $42 million, although it’s unclear how much has been drained from Curve as a result of the attack.

While Curve operates 232 different pools, a member of the team has said only pools using Vyper versions 0.2.15, 0.2.16 and 0.3.0 are vulnerable. Some pools have been hacked by white-hat actors trying to prevent hackers from stealing the funds.

CME Group Bitcoin Futures Volume Hit Yearly High in July

CME Group, a leading derivatives marketplace, has seemingly defied an industry-wide slump in trading volumes, recording its highest monthly volume for the year in July. Volume on CME’s Bitcoin futures market has surpassed a prior high set in April, with transactions totaling $53.33 billion.

The volume represents a slight increase from April’s trading volumes, which tallied $53.06 billion. As of July 29, open interest in CME’s Bitcoin futures market amounted to $2.5 billion, at a time in which several cryptocurrency exchanges have been grappling with reduced trading activity, which traditionally generates the bulk of their revenues.

Spot trading volumes on centralized exchanges rose 16.4% this month to $575 billion, the first increase in trading volumes in three months.

Trading volumes, however, remain at historically low levels, recording the lowest quarterly volumes since Q4 of 2019, as detailed on CCData’s June 2023 Exchange Review.

Grayscale’s GBTC Discount Continues to Shrink

Grayscale Bitcoin Trust (GBTC) saw its discount plunge to a notable 26.3% on July 21st, hitting its lowest level since May 2022. This significant decrease coincided with a rising wave of positive sentiment on spot Bitcoin exchange-traded funds (ETFs).

 Grayscale Bitcoin Trust commands a substantial $18.6 billion in assets under management (AUM), and has received an endorsement of sorts when Ark Invest recognized it as one of the top-performing funds in their portfolio.

Dig deeper into the world of cryptocurrency trading with CCData’s latest Exchange Review report.

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Ranked among the top 5 exchanges

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US$330M Bitget Protection Fund

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The largest copy-trading community

Bitget is also home to the largest copy trading community in the world with over 80,000 elite traders.

Bitget has seen staggering growth in the past few months and is excited to launch a UK campaign with fantastic rewards.

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