The last week of April will be remembered by cryptans for a strong pullback of bitcoin and a quick return to $30,000, another round of confrontation between the US authorities and cryptans, as well as news about the FTX cryptocurrency exchange. Cryptans, as usual, joked and posted memes, and we collected the funniest in the weekly digest.
bitcoin
The week began with the fall of bitcoin. Analysts agreed that while the market is panicking, “smart money is buying.”
But by Wednesday, bitcoin had surged to $30,000 after First Republic Bank shares fell 50% overnight. The crypto market is reacting positively to bad news in the traditional finance sector, as investors who have lost faith pour some of their money into crypto. After three days of impressive growth, analysts started talking about $40,000. But things didn’t turn out quite the way they wanted.
Already on Wednesday evening, bitcoin collapsed powerfully. Arkham Alert tweeted that “wallets associated with Mt. Gox and the US government are transacting in BTC.” This tweet went viral (2.6 million views) and caused a panic. Almost all of the growth of recent days was canceled, however, after a few hours, the asset recovered again to almost $30,000.
While bitcoin kept cryptans in good shape, the American billionaire, financier, founder of the largest investment company Bridgewater Associates, Ray Dalio admitted that he believes more in gold than in the first cryptocurrency. However, this did not stop him from buying bitcoins. Because bitcoin is a tricky thing, it can go up in value even if you don’t believe in it.
Regulators vs Crypto
The battle of US regulators with cryptocurrencies continued to develop this week. The American division of the largest cryptocurrency exchange Binance decided to abandon the deal to buy the assets of the bankrupt crypto lending service Voyager Digital. Binance representatives explained that Gensler oborzel the regulatory climate in the United States created an unpredictable operating environment, so the decision was made not to purchase.
Leading US crypto exchange Coinbase has filed a lawsuit against the US Securities and Exchange Commission (SEC) with a request to oblige the regulator to clarify the circumstances under which a digital asset is considered a security and create a framework for the regulation of cryptocurrencies. The petition cited by Coinbase is almost a year old, but SEC Chairman Gary Gensler has been slow to respond. Perhaps the US court will be able to influence him.
Coinbase responded to a notice it received from the SEC at the end of March. It says that the regulator considers the Coinbase Earn service on the Coinbase Prime and Coinbase Wallet platforms as illegal trading in unregistered securities. Coinbase urged the regulator not to take enforcement action against the company, threatening reputational risks. Exchange executives and its lawyers insist that Coinbase’s 2021 Nasdaq listing approval implies that the SEC considers the company’s business to be legitimate.
And the Kraken exchange asked the court to invalidate the request of the US Internal Revenue Service (IRS) to provide information about users of the exchange. In February of this year, the IRS demanded that the exchange through the courts provide customer data. The tax authorities were interested in comrades with a trading volume of more than $20,000 in 12 months from 2016 to 2020. That’s how gracefully the department wanted to get the full base of American taxpayers and counteract those who evade taxes. But Kraken decided to compete for its users.
FTX News
We’d love to keep quiet about the bankrupt FTX exchange and its greedy ex-CEO Sam Bankman-Fried, but if there’s news, then someone needs it. This week, a judge approved a proposal to impose strict controls on Bankman-Fried and his parents’ cell phones while he is under house arrest. “Curly Sam” will use a phone without Internet access and a laptop from which he can only visit authorized sites.
FTX lenders have also approved the sale of derivatives trading platform LedgerX to venture capital firm M7 Holdings, which is a subsidiary of Miami International Holdings. The transaction should bring about $50 million. However, in order for the transaction to take place, it is necessary to obtain the approval of the US Bankruptcy Court in the District of Delaware.
And to cultural news
Binance has launched its own chatbot based on ChatGPT. He will not help schoolchildren write reports, and students – theses. The Sensei bot will promote cryptocurrencies to the masses through the Binance educational platform. In response to a specific request, Sensei must provide a “short summary of approximately 150 words.” He will not promote financial services and give specific advice regarding crypto, so all lovers of easy money will still have to use signal chats.
An important event has ended in Moscow – Crypto Summit 2023 – the largest summit on cryptocurrencies and blockchain technologies, organized by the RAKIB association and the Crypto Holding group of companies. In the thematic section dedicated to 3D virtual worlds, the DEXART metaverse was presented. DEXART Creative Director Gosha Sviridov spoke about what awaits us in the near future and what generation modern brands should focus on. In short: we all urgently need to master the metaverses in order to be in time for the moment when the purchasing power of the Alpha generation matures and credit cards appear.
▼
The most interesting and important news on our channel in Telegram
Comments (No)