2023-05-18 04:39:42
Market situation
Over the weekend, Bitcoin price had a significant drop towards 22,000 and then recovered and moved sideways around $22,400. The major altcoins were also relatively flat after BTC moved sideways around the retracement level.
This week, financial markets will receive information on unemployment rate and employment document announcement from ADP company. In addition, the Fed governor will speak and Chairman Powell will attend hearings in the US House and Senate. According to the Fed’s futures contract, most participants believe that the Fed will continue to raise interest rates by 0.25% at the next meeting in March and May.
This BTC drop has many hypothetical threads predicting its cause. One of those assumptions is related to the Mt.Gox exchange. According to the information, the Mt. Gox will pay a portion to the victims starting March 10 and running until September 30. This is for the victims who choose to get it early, the remaining victims will have to wait another 3-5 years. .
There are currently no specific numbers on the number of people who choose to get early, but the two biggest victims, Bitcoinica and MtGox Investment Funds, have chosen to get early. They represent about 20% of the total amount and they choose to receive in Bitcoin. A total of 142 thousand BTC that Mt. Gox debt to victims will be paid in installments. Victims can choose to get BTC or cash.
Therefore, many people believe that this sale that caused the price to go down came from the Mt. Gox to pay the victims. This possibility is possible but we do not have definitive data. The Mt. Gox paying victims is something that has greatly influenced investor sentiment over the years. When this happens the whole market expects it to have as little impact as possible.
SEC opposes Binance.US asset purchase of Voyager
U.S. Bankruptcy Court Judge Michael Wiles was highly skeptical of the Securities and Exchange Commission’s (SEC) attempt to block Binance.US’s purchase of assets from crypto lender Voyager Digital in Singapore. The trial took place last Thursday.
At the time of the trial, the SEC sent its attorney William Uptegrove to present its objection. This objection is raised because the SEC considers the SEC’s VGX token to be a security. However, the SEC has not made any official announcement or decision on this token.
The judge of the trial was surprised and asked the lawyer again:: You came here and told me… that I should stop people from receiving 73% of the money because you think VGX tokens can be securities. That’s a strange objection. I have a feeling that this objection was made as a kind of cover-up so that you would later say you raised these issues, but the SEC hasn’t really investigated or made any decision on VGX… I need to know. specific details.
The SEC has not yet made a specific decision on whether VGX tokens are securities or not. But their objections could cause victims to wait longer to receive compensation. So the judge disagreed with the SEC’s objection.
Update on SEC vs Ripple lawsuit
In the latest update, Ripple’s defense attorney James Filan shared on Twitter that Ripple has filed a letter regarding the so-called “Fair Notice’ Defense” defense. court.
The due process clause of the United States Constitution requires individuals to be fairly informed of actions prohibited by law. For Ripple, the fair notification protection goes something like this: XRP cannot be registered with securities regulators, which have never provided clear enough information about the regulation securities in the context of cryptocurrencies. Therefore, the fact that the SEC does not have a clear law on tokens as securities but penalizes Ripple is not fair to them. In addition, the SEC knew about Ripple many years ago and had exchanges back and forth many times. At the same time, Ripple has been selling XRP for years without being sued, but now, the SEC is suing them.
Many people think that, with this argument, Ripple has the ability to win the SEC. If Ripple wins, the possibility of the SEC filing a complaint is said to be low. Because if the SEC loses again, it will make this agency completely lose its ability to control the crypto market.
Ripple CEO Grad Garlinghouse said in an interview with Bloomberg that the lawsuit is coming to an end. He also emphasized that the actions of the SEC with Ripple and other crypto projects over the past two years have caused a lot of companies to become disgruntled and leave the US. If this continues, talented people or companies with breakthroughs in the crypto and technology markets will leave their countries. This is a huge loss caused by the SEC. Not only Ripple, the SEC has also caused difficulties for many projects and companies such as Coinbase, Binace.US, Kraken, etc.
Other information:
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The Ethereum development team is targeting March 14 for the Goerli testnet (testnet) to run through the Shanghai upgrade, the much-anticipated move to enable withdrawal of staked ether (ETH) from the blockchain. During the 156 implementation class meeting, the Ethereum team of developers agreed that the main Ethereum blockchain will receive the Shapella upgrade three to four weeks after Goerli, which means that ETH withdrawals are already staking. will take place in April, later than originally planned in March.
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US-based crypto exchange Coinbase has acquired crypto-focused hedge fund One River Digital Asset Management (ORDAM). In a blog post on March 3, Coinbase said One River Digital will transform to become Coinbase Asset Management, which is an independent business and its wholly owned subsidiary. One River Digital is registered as an investment advisor with the SEC and has previously accepted investments from Coinbase to scale operations.
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Decentralized exchange PancakeSwap is set to upgrade to its third iteration in the first week of April. PancakeSwap V3 will offer new features such as improved liquidity offering, competitive trading fees and trading incentives along with improving its productive farming experience.
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According to Etherscan data, a large crypto whale purchased an additional 118,058,494,947 SHIB worth $1.34 million in the past day to its wallet. After this latest transaction, the whale wallet owns up to 19,801,902,912,350 SHIBs worth more than $225.34 million, accounting for nearly 40% of this wallet’s portfolio. Besides, this whale wallet also holds 47,177,429 MATIC worth more than 55 million USD; 1,989.278 LINKs worth $13.72 million; there are 178.936 COMP worth more than 8.52 million USD;…. This is a very large whale wallet, in total this wallet owns about 147 different cryptos worth 604.48 million USD.
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Celsius has agreed to sell to NovaWulf Digital Management, and announced plans to return the money to the victims. According to the company’s share, customers using Celsius Custody (crypto storage product, not for profit) can initiate withdrawals. Customers using the Earn product will receive their own crypto and some new tokens representing the new company shares. Next, these victims are given the option of getting more of their crypto back or getting more of the newer company’s tokens. And finally, victims with less than $5,000 will get 70% of their assets back, returned in BTC, ETH and USDC.
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An official from India’s central bank, the Reserve Bank of India (RBI), said that the country’s central bank digital currency (CBDC) would act as an alternative to electronic money. He emphasized that the digital rupee must possess all the properties of physical currency, including anonymity.
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Bybit announced that it will stop supporting USD deposits and withdrawals because the banking partners stop working, the last date to be able to withdraw is March 10, 12 midnight UTC. This information pertains only to direct USD deposits and not to stablecoins.
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The US House of Representatives Foreign Affairs Committee last week voted to pass legislation giving President Joe Biden the power to ban TikTok, the viral video app owned by China’s ByteDance that is taking market share from the social media giants. festival. The ban was introduced due to national security and data privacy concerns due to TikTok’s parent company based in China.
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