Here's your Thursday edition of Cryptonews Crunch, featuring the latest stories with Michael Saylor and Changpeng Zhao chiming in on BTC price action, Do Kwon comments on the Terra crash, and episode 137 of the Cryptonews Podcast.
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Source: CoinMarketCap.com
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- MicroStrategy CEO, Michael Saylor, suggested that bitcoin is a form of salvation for people suffering from rising prices and currency devaluations. While Saylor remains optimistic, Binance CEO, Changpeng Zhao (CZ), takes on a realistic approach when talking about the price action of bitcoin by stating, “If you look at the bottom [of bitcoin], right now it’s higher than the last peak. So, whether normal or not, I think with the industry still definitely growing, fluctuations in price is normal." Lastly, Max Raskin, an adjunct professor at New York University School of Law and director of research at Qvidtvm Inc, doesn't seem to be worried about bitcoin's future by quoting, “For those who’ve followed bitcoin since the beginning, the fall from [USD] 64,000 to [USD] 20,000 is simply another of bitcoin’s ‘many deaths’.”
- Spanish authorities will force crypto owners to declare their crypto-related operations and coin holdings. The nation’s finance chief also stated that crypto exchanges will be forced to report on their customers’ activities from next year – and warned that similar European Union-wide measures were now in the pipelines.
- Terraform Labs co-founder, Do Kwon, comments on last month’s devastating Luna classic (LUNAC) & TerraUSD (UST) crash, and refuted claims that the project was a "fraud" by stating, “I made confident bets and made confident statements on behalf of UST because I believed in its resilience and its value proposition. I’ve since lost these bets, but my actions 100% match my words. There is a difference between failing and running a fraud.”
- As the Bank for International Settlements’ (BIS), tried to monopolize trust in money with its new report this week, analysts stress that it simply represents “a legacy vision” that brings a number of new risks, and the BIS fails to recognize “revolutionary benefits” of the still-nascent crypto industry.
- Coinbase Pro users are not pleased with the service’s discontinuation, expressing concerns that the new platform might not offer advanced, trader-focused service that exists independently and offers lower fees to traders who interact directly with the Coinbase Exchange order book. The Pro service will be replaced by Advanced Trade, a new service within the main Coinbase app that aims to offer similar benefits to users.
- The newly launched short bitcoin (BTC) exchange-traded fund (ETF) from ProShares with the ticker BITI saw a slow start in the market on its first day of trading, before interest picked up noticeably on the second day. On its first trading day on Tuesday saw a trading volume of USD 183,284 shares, worth approximately USD 7m. However, the volume picked up significantly on day two of trading, when 870,000 shares changed hands for a value of about USD 35m.
- Dogecoin (DOGE) is being used by illicit actors in the "most serious types of crime," according to blockchain analytics firm Elliptic. Elliptic identified “millions of dollars worth of Dogecoin transactions connected to illicit activity,” which largely includes fraud, scams, and Ponzi schemes, as well as more serious crimes, like financing of terrorism and vendors of child sexual abuse material (CSAM).
- According to Binance CEO, Changpeng Zhao (CZ), bailouts are not inherently wrong and can be done for crypto projects as long as they happen only for projects that “are fixable” and “have potential.” He mentioned that projects which are poorly designed, poorly managed, and poorly operated "don't make sense" to bailout.
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Brendan O'Flaherty, or as he is known in NFT circles, “Bread”, is a Web3 developer and smart contract author. Living in Colorado with his wife and 5-year-old son, Bread quickly garnered attention from various blockchain-based startups with his ability to incorporate complex blockchain-based concepts to solve Web2 problems and reduce points of friction for various companies.
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