Bitcoin Price Update, Fed Rate, Mining Difficulty, FTX Lawsuit, and More: Weekly Recap

Bitcoin did not stay above $27,000, the Fed maintained its key rate, the difficulty of mining the first cryptocurrency updated its maximum, FTX filed a lawsuit against the parents of Sam Bankman-Fried and other events of the past week.

Bitcoin failed to stay above $27,000

On Monday, September 18, the quotes of the first cryptocurrency exceeded $27,000. In the following days, the asset’s rate repeatedly dropped below this level and at the end of the week did not maintain the psychological threshold.

At the time of writing, Bitcoin is trading at $26,600.

BTC/USDT hourly chart of the Binance exchange. Data: TradingView.

Over the week, digital assets from the top 10 by capitalization did not show significant dynamics. XRP and Solana (SOL) each gained 2.6%, while Ethereum (ETH) and BNB lost 2.4% and 2%, respectively.

Data: CoinGecko.

The total capitalization of the cryptocurrency market is below $1.1 trillion. Bitcoin dominance index – 50.1%.

The Fed kept its key rate

On September 20, the US Federal Reserve System (FRS) maintained the key rate range at 5.25–5.5% per annum. The decision coincided with market expectations.

According to the Fed, U.S. inflation remains high, unemployment remains low, and economic activity continues to grow at a strong pace. The regulator will continue to strive for maximum employment and inflation of 2% in the long term.

Bitcoin mining difficulty has again reached an all-time high.

As a result of the next recalculation, the difficulty of mining the first cryptocurrency increased by 5.48%. The indicator updated its maximum at 57.12 T.

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The average hashrate for the period since the previous change in value is 423.22 EH/s. The range between blocks was 9.5 minutes.

What to discuss with friends?

The ChatGPT-generated token gained $14 million in trading volumes on Uniswap within 24 hours. Elon Musk proposed making X paid for all users. A man shot his wife during a dispute over Bitcoin investments. Stablecoin ℓUSD fell to zero after the DeFi project Linear was hacked.

The head of Solana named the reasons for the developers leaving the USA

Solana co-founder Anatoly Yakovenko was concerned about the outflow of blockchain developers from the United States, advising local legislators to better study the industry to regulate it.

“I meet up-and-coming entrepreneurs every day who want to create America’s next great tech innovation, but don’t know how to build a compliant crypto company. […] Faced with the choice of staying in the US or pursuing their dreams, more and more founders [проектов] decide to leave,” he wrote.

According to analyst Elliptic, cited by Yakovenko, in 2018, 42% of Web3 developers were based in the States, and by 2022 the figure had dropped to 29%.

The head of Solana recalled his childhood in Ukraine, where “access to assets and information was controlled with an iron fist.” After moving to the United States, he realized the “limitless possibilities of the country”, where it was possible to realize the idea of ​​“an interoperable global network that no person or organization could turn off.”

FTX Sues Sam Bankman-Fried’s Parents

Bankrupt exchange FTX has filed a lawsuit against the parents of co-founder and ex-CEO Sam Bankman-Fried (SBF) to recover “millions of dollars” in misappropriated funds and property.

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According to the statement, Joseph Bankman and Barbara Fried used their influence in the company for personal enrichment. As longtime professors at Stanford Law School, they did not promote the exchange but “helped rob it,” the complaint alleges.

The lawsuit does not specify the amount of alleged damage, but cites a number of cases of transfer of property. Thus, FTX paid $18.9 million for Blue Water, the rights to which were obtained by Bankman and Fried.

SBF’s father’s knowledge of tax laws and the intricate corporate structure of FTX Group facilitated the payment of a cash gift totaling $10 million from Alameda funds to him and his wife, the document alleges.

In addition, Bankman received millions of dollars from the exchange for his participation in Super Bowl advertising. However, the defendant “knew or should have known about the precarious financial condition” of FTX, the lawsuit states.

Also on ForkLog:

“Bitcoin leak from laboratory.” The community is once again discussing the role of the NSA. The largest crypto scam in Hong Kong: details of the closure of the JPEX exchange. Mt.Gox has pushed back the compensation date by a year. Chainalysis: Ukraine has become fifth in the world in terms of cryptocurrency adoption.

Robert Kiyosaki predicted a massive influx of investors into Bitcoin

The author of the bestselling book “Rich Dad Poor Dad” and entrepreneur Robert Kiyosaki recommended investing in gold, silver and bitcoin before the collapse of the US economy.

He called it stupid to ask what the price of these assets would be in 2025. In his opinion, what is more important is how many of them “you have today.”

“Gold, silver and Bitcoin are great buys today… but not tomorrow. America is ruined. Buy them now before stocks, bonds, real estate collapse and people rush to GSBC,” Kiyosaki said.

What else to read?

This week ForkLog talked about PayPal’s PYUSD stablecoin and Ethereum roadmap in cards. We also talked with lawyer and partner of AURUM Law Firm Sergei Ostrovsky about the safe conduct of the DAO token sale.

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The traditional digest collected the main events of the week in the field of cybersecurity.

The decentralized finance sector continues to attract increased attention from cryptocurrency investors. ForkLog has collected the most important events and news of recent weeks in a digest.

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ForkLog newsletters: keep your finger on the pulse of the Bitcoin industry!

2023-09-24 16:20:08
#Fed #key #rate #Bitcoin #stay #ForkLog

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