• This week in crypto, bullish options markets were seen on Bitcoin compared to Ethereum, Bitcoin addresses with non-zero balance hit a new high, and 90% of BNY Mellon’s institutional clients were interested in digital assets.
• Crypto companies rushed to help the fundraising efforts for Turkey and Syria following a devastating earthquake, while Binance shocked the cryptoverse when it temporarily suspended USD withdrawals and deposits for international customers.
• CBDCs and regulation news saw electricity-free digital yuan payments adoption on the rise in China, exploration of a state-backed ‘digital pound’ by the Bank of England and Treasury, South Korea introducing new guidelines on security tokens, Brazil granting prosecutors power to confiscate crypto, Dubai banning privacy coins and US Senator Elizabeth Warren joining lawmakers learning more about energy use of crypto mining.
Bullish Options Markets
This week in crypto saw options markets being more bullish on bitcoin than ethereum. Additionally, the bitcoin golden cross was confirmed as bitcoin addresses with non-zero balance hit a new record high with 90% of BNY Mellon’s institutional clients showing interest in digital assets.
Crypto Companies Rush to Help Fundraising Efforts
Following a devastating earthquake that hit Turkey and Syria, various crypto companies rushed to help out with fundraising efforts. On top of this Binance announced it would be airdropping $100 worth of BNB to its Turkish users.
CBDCs & Regulation News
In CBDCs news we saw electricity-free digital yuan payments adoption rising in China as well as exploration into launching a state-backed ‘digital pound’ from the Bank of England and Treasury. Meanwhile 5,000 merchants and 50,000 users are participating in India’s CBDC pilot project. South Korea took a major step towards bringing crypto into mainstream by introducing new guidelines on security tokens while Brazil granted prosecutors power to confiscate crypto if needed. Additionally Dubai has prohibited the use of privacy coins while US Senator Elizabeth Warren joined other lawmakers looking into energy use of crypto mining.
Legal & Legal-adjacent News
OpenSea was accused this week theft, negligence and extortion while former Coinbase employee pleaded guilty to insider trading charges against Genesis which reached an agreement with creditors involving sale its crypto lending arm Kraken faced SEC allegations over securities violation Brian Armstrong denied rumors surrounding US staking ban while South Korean officials traveled Serbia locate Do Kwon who had misappropriated $2n4m worth ETH from partner company A bogus CEO was jailed 10 years for “misappropriating” $193M worth cryptocurrency pyramid scheme Brazilian company behind that declared bankruptcy Potential buyers are showing interest Hodlnaut bidders given another chance register their interest FTX Japan which racked up over 100 institutional clients during first month operations Also launched Tron futures contracts
Power Blackouts & Police Raids
Illegal miners were blamed for major power blackouts Abkhazia police there confiscated 396 rigs 48 hours