The R Roundup: Bitcoin Turns 25…Again — Issue #76
Volatility is invited in the digital asset spaces, especially when it’s to the upside. With Bitcoin breaking $25,000 once again, is the brutal crypto winter concluding?
With 2022 being an unforgiving year for anyone involved with crypto, 2023 gave us an early treat with the markets making a 6-month high of $25,000, which hasn’t been seen since July/August last year.
The sudden momentum has some investors weary of the potential of a bull trap; however, this price action hasn’t just been restricted to $BTC.
Top Weekly Movers🔺:
Top Three3️⃣:
Do Kwon Charged For FRAUD✋🛑
The SEC has been ramping up their efforts toward taking a stance on crypto. Undoubtedly, the digital wild west is one of minimal restraint, and Do Kwon, arguably the facilitator of one of the biggest crypto wipeouts, has finally been held responsible.
The SEC alleged Terraform to conspire a multi-billion dollar crypto asset securities fraud which pins Kwon as lying to investors when promoting $LUNA.
It was added that Terraform had actually made repeated claims that the tokens value would increase despite the mechanism's evident flaws.
SEC Chair, Gary Gensler, added the following statement:
“(Kwon & Terra) Failed to provide the public with full, fair, and truthful disclosure as required for a host of crypto asset securities.
We also allege that they committed fraud by repeating false and misleading statements to build trust because causing devastating losses for investors” Gary Gensler, SEC Chair.
That Airdrop Was A $BLUR 🖼
Who doesn’t love free money? The tokenization of the NFT market has come in full force. First $APE, now $BLUR.
Opensea has dominated NFT marketplaces for the longest and competition often needs to catch up. However, it was announced last week that the long-awaited airdrop for Ethereum NFT traders on Blur was around the corner.
Blur has often topped Opensea regarding NFT trading volume. Now, with the airdrop, which was in accordance with the $11m seed round they opened in March 2022, many NFT traders are tipping Blur as a substantial competitor.
Paxos No Longer Issues $BUSD 🚦
With great power comes responsibility, and Paxos found that out this week. As the issuer of $BUSD & $USDP, Paxos is set to be sued by the SEC on the claims of listing BUSD, which the SEC cites as an unregistered security.
Following the enforcement of Kraken & potential rumors around Coinbase Vs. SEC, there is no doubt regulation will be the biggest enemy of potential this year.
Binance claimed to monitor the situation, resulting in Paxos stating they would stop issuing new $BUSD while allowing users to redeem $BUSD until February 2024.
As a reminder, this is not a trading signal or investment advice; it is an opinion, and each trader/investor should know and understand the risks of trading cryptocurrencies. This should not be regarded as financial advice; feel free to familiarise yourself with our NFA disclaimer.
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