Cryptocurrency news: Solana declines 5.6%; Ethereum drops 4.6%

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All major cryptocurrencies were trading in red on Wednesday, with Solana dropping 5.67% to $127.83-levels. Ethereum, the second largest token declined 4.68% to $2,846.21. Polkadot dropped 4.18% to $27.19, while Cardano, Binance Coin and XRP fell 2.50%, 2.73% and 2.70% respectively. Bitcoin, which is the oldest and the biggest cryptocurrency in the world slipped by 1.29% to $41,955.64. In terms of ranking, all the cryptocurrencies remained in the same position.

Cryptocurrency prices

US slaps sanctions on cryptocurrency exchange

Cryptocurrency exchange SUEX has been imposed with sanctions by the United States, owing its alleged ties with ransomware attackers.

The move comes after ransomware attacks hit various sectors, with hacks and data breaches targeting a major US oil pipeline, meatpacking company and Microsoft Exchange email system.

The US Treasury Department did not implicate SUEX in any of these incidents, but added that 40% of the exchange’s transactions have been linked with illicit actors.

Due to these sanctions, assets of these platforms under US jurisdiction have been blocked and Americans have been barred from SUEX.

According to the Department of Homeland Security, around $350 million was paid to malicious cyber players. A rise of 300% from 2019.

PayPal completes launch of crypto offerings in UK

PayPal on Monday said that it has completed the launch of its cryptocurrency offerings to all of its account holders in the UK. The company announced the launch of its crypto offerings about a month ago.

The financial company’s crypto rollout in the UK is the first international expansion of the services outside of the United States.

The move will rival established cryptocurrency exchanges such as Coinbase Global Inc and fintech startups such as Revolut.

Bitcoin, Ether, Litecoin and Bitcoin Cash is available for customers, who can buy it through their PayPal wallets online or on the mobile app.

The California based company has over 400 million active accounts globally, and is one of the largest mainstream financial companies to offer consumers access to cryptocurrencies.