It’s Friday, which means it’s time to reflect on another glorious week in crypto.
This week has it all. There have been hacks, regulatory smackdowns, and prank calls, and Michael Saylor keeps moving forward, although the bitcoin price has thrown him to the silver screen more times than we can count.
Forget Saylor, my head is spinning just thinking about it. Let us do this.
MicroStrategy buys the dip. Again
In a news event Ctrl+C Ctrl+V this week, MicroStrategy bought bitcoin.
Whatever else you can say about co-founder and CEO Michael Saylor, you can never doubt his determination or conviction.
MicroStrategy now holds 130,000 Bitcoin (BTC) purchased at an average price of $30,639 per coin. Ouch. BTC’s 2022 price drop may have left Saylor bloodied and bruised, but this hit-and-run warrior isn’t about to give up his BTC fever dreams just yet.
Perhaps it’s fitting that MicroStrategy’s headquarters are (to be honest) on Tyson’s Corner. As Saylor himself once said, “It’s not about how hard you hit, it’s about how hard you can get hit and keep going.”
No, wait, that was Rocky. Same energy though.
Stablecoins a threat to stability
Michael Barr, vice chairman for oversight of the Board of Governors of the Federal Reserve System, said stablecoins could pose a threat to financial stability. On Wednesday, we reported that US Treasury Secretary Janet L. Yellen is proposing to introduce legislation that would make new stablecoins illegal.
Cynical minds in crypto might argue that the bigger risk to financial stability is shaky inflationary fiat currencies like the rupee, euro and yen, but Janet Yellen isn’t listening. So there.
Crypto legal updates
Who is being sued this week? Ian Balina.
Which Stablecoin Issuer Lost a Major Court Order? tether.
Who claims to have authority over the entire Ethereum network? This.
Who is said to be approaching a settlement with the SEC? ripple.
Binance is centralized. Fears?
A Be[In]crypto Analysis shows that 94% of BUSD is held by just four addresses. While such centralization issues could sink other projects – this is Binance. It’s not clear that Binance customers care too much about hypercentralization or other hot-button issues that are animate the rest of the crypto industry. They only want stuff that on the surface of things seems to work and is good for them.
In other Binance news that will depress crypto libertarians, the exchange maintained its top spot in the market with a massive 55.1% share of total exchange volume, while the rest of the industry has to split the minority stake between them.
Finally, in a strange moment of coincidence, WazirX, the Indian exchange that Changpeng Zhao, CEO of Binance, categorically refused to own, announced that it would now convert all stablecoins to BUSD, just like Binance.
The big hack
Wintermute suffered a $160 million exploit earlier this week in a case that’s had its fair share of twists and turns since. At least now we can put a price tag on vanities.
FTX Says “It Wasn’t Me”
In perhaps the week’s strangest story, Sam Bankman-Fried told Britain’s Financial Conduct Authority (FCA) that it was punk. According to SAQ, “a scammer posed as FTX in the UK over the phone”.
This came in response to the FCA’s statement that FTX was not properly authorized to operate in the country. Great Pushback Sam. It will be interesting to see if the FCA change their minds on the matter after he told them they don’t even know who the hell they’re talking to.
Oh, one more thing before you go. Has anyone seen Do Kwon lately?
All information contained on our website is published to the best of our knowledge and belief and for general information purposes only. Any actions taken by the reader based on the information contained on our website are entirely at your own risk.