Paxos In “Constructive Discussions” With SEC – February 21

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$24,429

Bitcoin price made another attempt at breaking recent highs overnight, briefly breaking $25,000 once again before falling to the mid $24,000s.

Top-20 altcoins are mostly down over the last 24 hours, as Ether falls 2%, BNB drops 1% and Polygon is the biggest loser with a 5% fall.

Top Stories for February 21, 2022 🔥

👉 Paxos In “Constructive Discussions” With SEC

Stablecoin issuer Paxos is in discussions with the US Securities and Exchange Commission (SEC) after receiving a Wells notice about the Binance USD stablecoin.

Paxos says it disagrees with the SEC’s categorization of BUSD as a security and may defend its position in litigation if necessary. On the other hand, the company has decided to end its relationship with Binance, citing a shift in its strategic priorities.

Paxos will continue to support BUSD through February 2024.

👉 Polygon Labs Cuts 20% Of Its Workforce

Polygon Labs, the company behind the Ethereum scaling platform, has cut around 100 jobs or 20% of its workforce. The company cited the consolidation of multiple business units as the reason for the cuts, which affect employees in the US, Canada and India.

The job cuts come at a time when the crypto industry is still recovering from the impact of the FTX implosion and subsequent downturn. Polygon co-founder Sandeep Nailwal said the company’s treasury remains healthy, with a balance of more than $250 million.

👉 Analyst Concerned By Bitcoin Active Addresses Despite Price Rally

Analytics platform CryptoQuant has warned that despite some positive on-chain metrics, Bitcoin still lacks the on-chain volume and active address increases that characterize bull markets.

CryptoQuant expressed its concern that 2023 had not seen a similar trend of increasing active addresses, which are key to gauging market demand, compared to when the market bounced back from the 2018 bear market and the March 2020 COVID-19 cross-market crash.

Other analytics firms have also concluded that on-chain volume remains low, with both long-term and short-term Bitcoin holders reluctant to spend, despite a return to $25,000.