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08.10.[News of the day] • Candidate for the US Senate is a BTC millionaire • and other articles

4 min read

Welcome to today’s overview of crypto news:

MARKETS

That was about a week ago, BTC fought below $ 45,000 after recovering from the last price drop below $ 41,000. However, the situation changed quickly and the value of the asset began to grow gradually. For the first time in a month, it shot up to $ 50,000, and after several rejections, it managed to overcome this level vigorously.

The result was an approach to $ 56,000, the highest price since mid-May. Although the possible reasons for this impressive increase are still being discussed, this meant that the cryptocurrency added 35% of the value in about a week.

At this point, the Bears tried to intervene and pushed BTC south below $ 54,000. Instead of falling, BTC went up again and touched $ 56,000 a few minutes ago.

Altcoins followed their leader, but most of them stagnated on a 24-hour scale. Among the most significant gains is ETH, which fell well below $ 3,000. From now on, however, ETH is above $ 3,600, an increase of more than 20% in about a week.

BTC analysis – where will the price be reflected before continued growth?

Cryptocurrencies

Tether opposes the investigation article, which says it is not 100% covered

Tether is facing another round of scrutiny as the world’s number one stablecoin responds to Bloomberg’s incriminating article released yesterday, which states, among other things, that Tether is not fully covered, as the company claims, and uses its reserves to provide cryptocurrency loans.

In the article, reporter Zeke Faux claims that Tether’s CFO Giancarlo Devasini uses the company’s reserves for investments, which would call into question Tether’s claim that the token is fully covered. In addition, Faux sent Wall Street traders to see if any of them had ever seen any deals made by a company that reportedly holds $ 30 billion in short-term commercial paper loans – suggesting that none of them saw any evoke wonder. In addition, Faux managed to find only one bank – in the Bahamas – that worked with the company.

In a post on the company’s blog, Tether described the article as “another tedious attempt to undermine” the company and pointed to his recent quarterly report on his stakes, which is supposed to show that he is 100% supported.

US Senate candidate from Arizona is a BTC millionaire

Blake Masters, one of the leading Republican candidates in the Arizona Senate election in 2022, owns a BTC worth over $ 1 million, according to a recent statement. Masters, a close ally of billionaire Peter Thiel, recently suggested that the US government buy the largest cryptocurrency as a strategic reserve asset.

In addition to BTC, the 34-year-old technology manager also has a huge number of altcoins in his portfolio, including Etherea, Dogecoin, Litecoin, Zcash and others. Also holds physical gold and silver.

The STOCK Act, adopted in 2012, requires candidates to provide financial information as part of the fight against insider dealing. Masters called for a ban on trading in individual shares of US lawmakers to avoid potential conflicts of interest.

Banks, crypto exchanges, companies

Cryptocurrency Binance is looking for a regional headquarters in Ireland

According to Reuters, Binance is considering setting up a regional headquarters in Ireland.

“Historically, we have no headquarters. In fact, we are in the process of setting up several headquarters in different parts of the world. “

– Binance CEO Changpeng Zhao told Reuters. Zhao confirmed that Ireland was part of plans to set up Binance’s headquarters, but declined to provide further details on Binance’s plans.

Zhao’s comments follow a report from local Irish media this week that Binance established three companies in Ireland on September 27 – Binance (APAC) Holdings, Binance (Services) Holdings and Binance Technologies. Binance registered its first Binance company in Ireland, Binance (Ireland) Holdings, in August last year.

More than 20 cryptocurrency companies have gone from China due to China’s cryptocurrency ban

According to the major news server China Securities Journal, the new Chinese ban on cryptocurrencies expels more than 20 companies operating in the spheres related to cryptocurrencies (trading, mining, etc.) from mainland China.

Among them is the largest stock exchange in the region – Huobi. In addition, the Inner Mongolia Autonomous Region has recently closed 45 cryptocurrency mining projects.

CBDC, Regulation

South Korea calls for legal review of DeFi companies

In the context of South Korea’s ongoing efforts to control cryptocurrencies, the Chief Financial Services Officer said that DeFi (Decentralized Finance) businesses need legal review before they can be officially recognized as providers of financial services, such as consumer credit.

At the annual meeting of the National Assembly, legislator Oh Gi-hyoung, a member of the National Policy Committee, asked Jeong Eun-bo, the governor of the Korean Financial Supervision Service (FSS), how DeFi companies such as virtual asset banks would be regulated.

Jeong replied that the authorities are currently able to control and manage virtual asset storage and management services after a revised law on the reporting and use of certain financial information requires those services to be registered with a financial intelligence unit (FIU).

Ripple insists that the SEC respond to its request for admission

Ripple insists that the US Securities and Exchange Commission must respond to its applications for admission, as they are relevant to the defendants’ defense in the form of a “fair notice”.

Requests for declarations are a detection tool used to make a sworn counterparty confess certain facts.

The Securities and Exchange Commission is requesting a protection order that will allow it to fail to provide answers to the defendants’ requests for admission. The applicant estimated that it would take 473 days to reply to all 29 947 “abusive” and “oppressive” requests submitted by Ripple.

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