Main news
1. Bitcoin decline end?
■ Bitcoin (BTC) price rose to $58,000 over the weekend and then plummeted to less than $47,000 on the 22nd. After showing a recovery trend on the 23rd, it is trading in the 48,000 dollar range as of 9 am on the 24th. It is known that 40,000 BTC was poured into the exchange on the 19th and 22nd.
■ However, considering the US Federal Reserve maintains monetary policy that accelerates inflation, Bitcoin may rise again.
2. Ether Gasby and Bot
■ Trading bots are reported to have earned a fee of $107 million on the Ethereum (ETH) network over the past month. The reason for the high gas cost, which is an Ether fee, is that a large number of Miner Extracted Value (MEV) bots are known to pay the highest possible gas cost by finding unsuccessful transactions in Ether Mempool.
However, on the 23rd, on the Kraken exchange, the price of Ether dropped from $1628 to $700 in a short time. No one knows the reason for this plunge, but Kraken CEO Jesse Powell said that one Ether Whale “sold off his Ether at once.”
■ Ether has recovered to some extent and is currently trading in the $1500 range.
3. Moneygram distances you from XRP
■ MoneyGram ended its partnership with Ripple as a court proceeding between the Securities and Exchange Commission (SEC) and Ripple proceeded. Moneygram said it has halted the partnership due to legal uncertainties surrounding Ripple’s cryptocurrency XRP. It even said that in the first quarter of 2021, “I have not expected to make a profit from XRP.
4. New York Prosecutors’ Office and Tether set a fine of $18.5 million
■ The US New York State Prosecutors’ Office (NYAG) announced on the 23rd that it has agreed to a fine of 18.5 million dollars with Tether, an exchange that operates stablecoin Tether (USDT), and Bitfinex. NYAG accused Tether and Bitfinex of fraud in April 2020. The reason is that they secretly spent more than $600 million on Tether, an affiliate, in the process of handling the $850 million worth of business losses incurred by Bitfinex, and did not disclose the process to shareholders and customers.
■ Since Tether is the largest stablecoin in the world at present, one JPMorgan analyst predicted that the liquidity in the cryptocurrency ecosystem could plummet as much as Tether suffers.
Brief news
■’India’s Warren Buffett’ supports India’s cryptocurrency ban. (CoinDesk)
■ The European Central Bank wants to veto stablecoins. (CoinDesk)
■ If cryptocurrency is banned in Nigeria, distrust in the government will inevitably explode. (CoinDesk Opinion)
■ Why Janet Yellen’s bitcoin remarks were wrong. (Decrypt)
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