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Bitcoin consolidated over $23,000 after the Fed meeting, the media learned about Coinbase and Kraken investigations, Changpeng Zhao filed suit against Bloomberg and other events of the week
Bitcoin consolidated over $23,000 after the Fed meeting, the media learned about Coinbase and Kraken investigations, Changpeng Zhao filed suit against Bloomberg and other events of the week leading up to it.
On Wednesday, July 27, the US Federal Reserve System (FRS) raised the key rate range 75 basis points at a time to 2.25%-2.5%. On July 28, the Ministry of Commerce Bureau of Economic Analysis reported that in April-June, the country’s GDP decreased by 0.9% compared to the first quarter of 2022.
Leading cryptocurrencies reacted to the news with growth. In the past week, the price of Bitcoin has increased by almost 6%, Ethereum – 10%. At the time of writing the quote, the first asset is trading around $23,750, while the second is around $1,700.
All digital assets in the top 10 by capitalization closed the week in the green zone. The best dynamics were demonstrated by Polkadot (DOT) – its price increased by almost 21%.
The opinions of experts on the further development of events were divided. Former Goldman Sachs executive and macro investor Raul Pal said the market is poised for a trend reversal in light of the increasing money supply.
Guggenheim Partners has warned of a possible drop in bids. According to the company’s chief investment officer, Scott Minerd, the industry has yet to “clear itself” of troubled participants.
As the agency learned, the US Securities and Exchange Commission (SEC) has launched an investigation into Coinbase Global for possible access to US residents to trade in digital assets that could be considered securities.
The information had a negative impact on Coinbase stock prices. On July 25-26, the COIN rate fell by more than 20%. As a result, ARK Invest, an investment firm owned by Kathy Wood, sold a total of 1.41 million Coinbase shares worth approximately $75 million, but Bitcoin’s subsequent growth and the market as a whole have offset some of the decline.
Binance CEO Changpeng Zhao has filed a lawsuit in Hong Kong, accusing it of defaming Bloomberg Businessweek.
The senior executive claims that issue 250 of the Chinese version of the publication “Changpeng Zhao’s Financial Pyramid” contains material that defames and tarnishes the image of the Binance CEO.
Bitmain-affiliated mining pool AntPool has announced a $10 million investment in the Ethereum Classic (ETC) ecosystem, which plans to raise funding in the future. Over the past week, the price of the cryptocurrency has increased by more than 60% and is back in the top 20 largest assets by capitalization.
The community’s interest in ETC stems from the latest news about Ethereum’s upcoming transition to the Proof-of-Stake algorithm after the recent merger on the Goerli testnet. Another important factor is the expected migration of miners to alternative networks. Vitalik Buterin said on the eve of Ethereum Classic’s appeal for miners.
The U.S. Treasury Department’s Office of Foreign Assets Control can face fines from the Kraken exchange for violating the sanctions regime. The NYT said the investigation has been ongoing since 2019.
The publication reports that as part of internal communication, Kraken CEO Jess Powell posted a chart with verified currency accounts. This was followed by the platform having 1,522 users in Iran, 149 in Syria and 83 in Cuba. The document was later removed.
The lawsuit is filed by law firm Bragar Eagel & Squire, PC Lawyers acting on behalf of individuals and entities that have invested in Celsius. Among the defendants are Celsius Lending LLC, Celsius KeyFi LLC and the company’s president, Alex Mashinsky. According to the lawyers, they violated the provisions of the Exchange Act and misled investors about their “financial products”.
This week Celsius filed a lawsuit to retain former CFO Rod Bolger as its advisor in the bankruptcy proceedings. The company also suffered a data breach following a compromise in its Customer email service.
Crypto financial services provider Babel Finance has lost more than $280 million as a result of unsuccessful trading decisions with client funds. During the Bitcoin price drop from $30,000 to $20,000, unhedged positions of 8,000 BTC and ~56,000 ETH were subject to forced liquidation.
FTX has offered Voyager Digital clients to open accounts on the exchange, which will accumulate proceeds from crypto broker bankruptcy claims. With the approval and approval of the court, they will be able to access the assets earlier than the standard liquidation procedure.
This week, Ethos startup founder and former Voyager Chief Innovation Officer Shingo Lavigne filed an appeal in court against the crypto broker’s proposed restructuring plan.
Lavin presented his own eight-point project for the reorganization of the company’s business. The program includes the dismissal of Voyager executives, the cessation of lending-related operations, and the launch of a recovery token for debt payments.
The Lido Finance platform community voted against a proposal to sell 10 million LDO tokens to venture capital firm Dragonfly Capital. The proposed token sale was part of Lido’s plan to diversify its treasury. In this case, no lockout period is provided.
Harmony blockchain project founder Steven Tse said the team will reconsider a $100 million bid to compensate Horizon cross-chain bridge hack victims by issuing additional native ONE tokens.
The previous plan required a hard fork and two payment options – 2.4 billion ONE (to compensate 50% of the damage) or 4.97 billion ONE (to pay 100% of the damage). The community has criticized both options because the additional issuance of ONE could have a negative impact on the price of the asset.
MicroStrategy president Michael Saylor criticized Ethereum in his speech at the Blockchain Economy Summit in Istanbul on the eve of The Merge update. According to him, additional time may be required to capitalize the second largest cryptocurrency.
Saylor noted that it is important for institutional investors to see the finished protocol working for 5-10 years without hacking. He admitted that Ethereum could be unstable in the next three years.
Also on ForkLog:
Education cards explained the projects The Graph and Hedera Hashgraph.
Traditional recaps gathered the week’s main events in the areas of cybersecurity and artificial intelligence.
The decentralized finance (DeFi) sector continues to attract increasing attention from crypto investors. ForkLog has gathered the most important events and news of the last weeks into a summary.
Read ForkLog bitcoin news in our Telegram – cryptocurrency news, courses and analysis.
Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
