Bitcoin

Bitcoin Daily: QuadrigaCX On The Verge Of Bankruptcy; Bitcoin Pops 20 Pct

An anonymous buyer has helped bitcoin rise to its highest level in nearly five months. According to Reuters, the crypto broke $5,000 for the first time since mid-November on Tuesday (April 2). By mid-afternoon, it was around $4,800.

The surge is the result of an anonymous order for about $100 million divided among crypto exchanges Coinbase, Kraken and Bitstamp, revealed Oliver von Landsberg-Sadie, chief executive of BCB Group.

“There has been a single order that has been algorithmically managed across these three venues of around 20,000 BTC,” he explained. “If you look at the volumes on each of those three exchanges, there were in-concert, synchronized, units of volume of around 7,000 BTC in an hour.”

In other news, Ernst & Young (EY), the court-appointed monitor for QuadrigaCX, wants the defunct crypto exchange to start bankruptcy proceedings. According to a report from EY, the transition from the Companies’ Creditors Arrangement Act (CCAA) to a new one under the Bankruptcy and Insolvency Act (BIA) “will streamline the administration of the proceedings, reduce the level of professional involvement and provide enhanced investigative powers for the Trustee.”

In addition, “as set out in previous reports of the Monitor, the current objective of these CCAA proceedings is data and asset recovery. Given the present circumstances, the possibility that [QuadrigaCX] will restructure and emerge from CCAA protection appears remote,” the company explained.

EY noted that bankruptcy should be a more cost-effective measure while it continues to work on recovering QuadrigaCX’s missing or frozen $190 million in crypto.

Pakistan’s central bank is aiming to launch a digital currency by 2025. State Bank of Pakistan (SBP)’s Deputy Governor Jameel Ahmad said the bank wants to “promote financial inclusion, and reduce inefficiency and corruption,” with plans to make its services “fully digitized and technology-equipped” by the year 2030.

As a result, Pakistan’s finance minister has asked the SBP, and the country’s Federal Investigation Agency (FIA), to make sure the banking system’s cybersecurity is up to par.

San Juan Mercantile Bank & Trust International (SJMBT) has accepted its first client deposit. The Puerto Rico-based institution for crypto traders is a unit of Mercantile Global Holdings (MGH), which also owns San Juan Mercantile Exchange (SJMX), an “institutional-grade electronic trading platform for digital assets” that is set to launch soon.

The bank will offer custody and settlement services for both fiat and crypto traded on the exchange. While SJMBT is not insured by the U.S. Federal Deposit Insurance Corporation (FDIC), a spokesperson told CoinDesk that it will place clients’ deposits at correspondent banks that are insured by the FDIC.

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