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Recently, the crypto market has been hit with a major crackdown on cryptocurrency trading in China, sending shockwaves through the industry. This crackdown has caused many investors to panic and move their funds out of the market.
One of the platforms that have been hit hard by this crackdown is LIDO, a decentralized liquidity provider for Ethereum. LIDO has seen a massive amount of withdrawals over the past few days, causing a stir in the crypto community.
According to reports, LIDO has seen over $300 million worth of ETH withdrawals since the crackdown began in China. This is a significant amount of money leaving the platform and has led to speculation about a potential ETH dump.
An ETH dump is when a large amount of Ethereum is sold on the market, causing its value to drop rapidly. This can be devastating for investors who hold ETH as it can lead to significant losses.
While it is too early to say if an ETH dump is imminent, the massive withdrawals on LIDO are definitely a cause for concern. It is unclear why investors are moving their funds out of LIDO, but it could be due to the uncertainty in the market caused by the Chinese crackdown.
Crypto investors should remain vigilant during this time and consider their options carefully. While the market has been volatile in the past, the current situation is unique, and it is unclear how it will play out.
In conclusion, the recent crackdown on cryptocurrency trading in China has caused a massive amount of withdrawals from LIDO, leading to speculation about a potential ETH dump. Crypto investors should be cautious during this time and consider their options carefully. It is important to stay informed and stay up to date with the latest developments in the crypto market to make informed decisions about investments.
Lido state eth is finally able to be withdrawn and coinbase has just heard back from the SEC this is your all coinbuzz news hey what’s up everyone my name is Cody Buffington make sure to like subscribe and turn on notifications so you don’t want to drop the latest content follow
Us on Twitter at allcoin buzzio and as always this is not Financial advice and we wish you the best of luck in your crypto Ventures did you know that our partners at Bible are giving out up to thirty thousand dollars in bonuses you also have a chance to win a new iPhone
14 just check out the links in the description below Bitcoin is still focusing on the 27 000 Mark having dipped to 26 870 after the daily close still lacking Direction Traders had hoped that Bitcoin would either attempt to exit its narrow range or touch a more significant level up or
Down for trade or crypto added potential targets include the Gap in CME Futures created this weekend saying it’s really on the lower time frames where the action is now higher time frames are not really exciting the CME Gap to the downside lies between 26.5 and 26.8 just below the overnight lows crypto Ed
Continued by saying that a bounce after the Gap could take Bitcoin back to its range Highs at 28 800 but then a downside possibility left twenty four thousand dollars in play Trader SKU suggested that with the June 1st deadline for potential default rapidly approaching markets were already feeling the pressure
Layer 1 blockchain cava’s native token has surged nearly 40 over the past week as its Network prepares to undergo a major mainnet upgrade the kava 13 upgrade will speed up transactions on the network and offer greater security when it goes live on May 17th the network will also launch a new bridge
That facilitates the transfer of assets from Cosmos to protocols across Cava Cava previously rallied roughly 10 last Wednesday after token holder suggested terminating the project several grants and rewards programs by the Year’s End the tokens market cap is 513 million dollars and despite the gains Cobb has
Noticed over the past week the tokens price has begun trading down as early buyers are taking profits the Securities and Exchange Commission has issued a response to coinbase’s complaint requesting that the agency established regulatory Clarity for the industry in an April petition coinbase demanded federal courts to instruct the
SEC to act and issue clear guidelines for crypto exchanges and companies in its response released Monday evening in New York the SEC alleged coinbase has no right to mandamus which orders a government agency to fulfill certain duties the SEC wrote in response perhaps recognizing this coinbase instead
Asserts that its Court should compel the commission to act on coinbase’s recently filed rulemaking petition but no statute or regulation requires the commission to take such action on a specific timeline the SEC in its response suggested that mere months have passed since coinbase’s petition was filed and even less time
Has a lap since coinbase supplemented the record the agency continued by saying that deliberating over the kind of significant changes sought by coinbase which could affect both crypto assets and security markets more generally takes time some proponents of the crypto industry might argue that the SEC has been particularly active under
Gear against their leadership bringing multiple actions against not only crypto projects but also exchanges many have chosen not to fight the sec’s actions such as Kraken which settled over its staking service but coinbase has been clear that it has both the resources and the determination to press for regulatory Clarity coinbase initially
Filed their suit in response to a Wells notice that the exchange received in March 2023 the notice which precedes formal regulatory enforcement action from the SEC pertain to issues the agency found with the exchange’s wallet and Prime Services the SEC concludes that by saying that the fact that coinbase would like its policy
Preferences addressed immediately does not entitle that the extraordinary relief ordering the commission to act on rulemaking petition that has been pending for well under a year Gary genser claimed that the cryptocurrency field has been operating largely non-compliant and the SEC chair was questioned about the dispute with coinbase and the cryptocurrency
Regulations Gensler said the rules have already been published he further elaborated that the SEC has already set rules for asset custody crypto exchanges broker dealers advisors and the registration of Securities offerings against their claims that accept Bitcoin most crypto assets are classified as Securities under the definition of an
Investment contract false narrative to say that these things are uh that decentralized they tend towards centralization you can find a website for nearly if there’s if there’s 12 000 or 23 000 tokens you can find some group of entrepreneurs in a website and a Reddit Channel and a Twitter Channel
Around most of these again without pre-judging any one of them you saw a series of actions that we’ve taken in that regard but again we stand ready to help those intermediaries uh come into compliance I would say that they’re business models though tend to be built on non-compliance they’re business
Models tend to be built on taking customer funds commingling it and having their life with conflicts all we call upon our rules is about for the tokens register with and have full fare and truthful disclosure and the intermediaries to have register of course deal with the conflicts and ensure that
They’re have the time-tested roles against fraud manipulation and the like Lido upgraded to its second version on ethereum on Monday setting Lido its native governance token up 10 to 2.15 in the past 24 hours users can now unstake their St eth and receive eth at a one-to-one ratio which takes about a day
For most users if the execute on the beacon chain is empty the maximum time that it might take for a validator to exit and withdraw from the staking queue stands at about 5 days and 14 hours Lido is a liquid staking derivatives protocol that allows eat holders to stake their
Coins with participating validators and earn additional eat as a reward however before the April 13th Chappelle upgrade ethereum did not allow validators to withdraw their ether held in the staking contract even after chappella Lido users couldn’t withdraw their eath because Lido software did not have the withdrawal function but yesterday on May
15th the Lido Dow voted to upgrade Lido to version 2 allowing withdrawals for the first time liquid staking Solutions have gained in popularity since the chappella upgrade and on May 1st liquid is taken became the top decentralized Finance category in terms of total value locked surpassing even decentralized
Exchanges however there are still some legal questions around liquid staking in the United States as the Securities and Exchange Commission has recently stated that at Macy’s taking providers as Securities issuers Lido users will also receive an nft as an immediate step between requesting to unstake and claiming one’s eath when a user requests
To unstake they’ll receive a Lido issued nft representing their withdrawal request Lido has already withdrawn more than 278 000 each making the staking giant the fourth largest entity by Ether withdrawals trailing crypto exchanges Kraken coinbase and binance lighter said the new V2 received nine total audits from several firms all have been
Completed except for one which is expected to finish by the end of May it appears the embattled crypto lender Celsius is wasting no time in shifting into ethereums taking tokens from liquid staking platform Lido which is just enabled withdrawals on May 15th a transaction was identified on Celsius
Wallets for 428 000 staked to the light of stake ethereum wallet the whopping stash was worth 781 million dollars at the time of transfer on-chain data points to Celsius performing a test withdrawal of 0.1 s to eat a few hours later according to bitcoin Pioneer and Celsius creditor Simon Dixon Celsius
Could be lining up for staking directly without lydo in the middle yet it could also be a lone collateral for celsius’s restructuring plans and today looks on chain identified three whale accounts that have been accumulating Lido saying due to the launch of Lido V2 we noticed three whales accumulating Lido in the
Past week one address withdrew over 724 thousand Lido worth around 1.52 million from binance at the price of two dollars and one cent another whale withdrew 655 light out worth 1.38 million from binance at 1.83. the third well bought 570 000 Lido with 974 thousand dollars
And a dollar seventy one May 12th nanson chappella dashboard is still reporting that there is more eat depositors than withdrawals and because of this we may not see a major dump just because of these withdrawals as I shared at the beginning of the video you can earn up
To thirty thousand dollars and a chance to win a new iPhone 14 with buy bit for more details check out this in-depth video we made on how to enter all linked down below that’s it for all coin Buzz news update I’m your host Cody Buffington thanks for watching
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