Poolin Freezes Withdrawals Due to Liquidity Issues - Top Crypto Updates

Poolin freezes withdrawals due to liquidity issues

Poolin, a Beijing-based Bitcoin mining pool, announced a freeze on user withdrawals. The company said it was “facing some liquidity issues” due to rising demand for withdrawals. It also announced several measures to stabilize operations. Mining pools are groups of miners that unite their efforts around one network node to mine as much Bitcoin as possible. Poolin is responsible for 10% of the overall BTC network hash rate.

Crypto prices today: Bitcoin falls 5.8%, ETH down 8.8%

Bitcoin is currently trading at $18,762.9, a decline of 5.79% over the previous day. Ethereum is down 8.8% over the last 24 hours to $1,515.69. Solana fell 6.4% to $30.97, while Cardano is trading lower by 8.4% at $0.465. Avalanche (AVAX) fell heavily by 8.4% to $18.36. The global crypto market cap stands at $940.04 billion, a 5.85% decline over the previous day.

Russia to use stablecoins to get around western sanctions

Russia is advancing its crypto strategy to circumvent/avoid Western sanctions. Deputy Finance Minister Alexey Moiseyey said the country is exploring stablecoins to make payments with “friendly countries,” reported Russian state news agency Tass. The agency quoted Moiseyev saying that Russia is working to "create bilateral platforms” with “tokenized instruments” to avoid using U.S. dollars and euros.  

Crypto is ‘key’ to crack down on crime: Europol

According to a report published by Europol, the open nature of blockchain technology provides authorities with a "key" new way to tackle organized crime. Europol has analyzed the criminal use of cryptos to support law enforcement and its response to developments in this field. New legislation being adopted by the European Union will ensure that crypto assets are subject to the same anti-money laundering regulations and oversight as regular assets.

South Korea to set up securities market for crypto tokens

South Korea's Financial Services Commission (FSC) announced a plan to open a separate digital securities market to institutionalize and promote crypto. It will accommodate securities tokens, representing ownership rights or asset value using blockchain technology. However, the tokens will have to be registered in the format of electronic securities.

Curve Finance takes first steps toward crvUSD stablecoin

DeFi platform Curve Finance is nearing the launch of its native stablecoin, called crvUSD. Its developers released the initial code library on Tuesday. The code library will act as an interface to the yet-undeployed crvUSD smart contracts and mark the first step toward the eventual issuance of the much-anticipated tokens