Kraken trading volume rises despite SEC attack

Yesterday, crypto exchange Kraken paid a $30 million fine to the Securities and Exchange Commission (SEC). The exchange was accused of illegally offering staking services. Despite the SEC’s attack, the exchange’s popularity soared. The trading volume on the exchange platform increased by 14 percent in the past 24 hours to $ 757 million.

Kraken holds up

Dates of the platform Coinmarketcap shows that the activity on Kraken is not yet affected by the recent events. Also noteworthy is the fact that no increase in withdrawals from the exchange has been observed. Normally when an exchange or platform is in such trouble, customers err on the side of caution and withdraw their tokens. So Kraken’s clients don’t seem to be concerned about the SEC’s indictment.

The crypto sector as a whole seems to care about the story. Crypto prices saw a sharp drop after the news became known. The total crypto market fell more than 4 percent to $1.06 trillion. Bitcoin (BTC) even dipped below $22,000.

Tension is rising

The crypto community, as well as political figures, are outraged by the SEC’s decision. In particular, the chairman of the committee, Gary Gensler, came under fire to stand. Among other things, he is accused of being a “representative of an anti-crypto agenda” rather than a regulator.

Concerns have been raised about the SEC’s approach. According to the criticism the development of the crypto sector is put at risk. The possibility is also increasing that crypto companies will prefer to establish themselves in countries other than the United States.

According to a story what is currently going around is the US government and especially the Federal Reserve has launched a coordinated attack on the crypto sector. How reliable these stories are is not clear.

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