The biggest news in the cryptoverse on Oct. 14 was Tether slashing its commercial paper reserves to zero, Bitcoin surpassing $19,000 following drop after CPI data, and Mango Markets fell to 1 Voted to approve a $47 million bounty for the hackers behind the billion dollar exploit.
Tether Cuts USDT Commercial Paper Reserve to Zero
Stablecoin issuer Tether announced today that it has eliminated all commercial paper behind the USDT reserve.
Tether added that it will increase its holdings of U.S. Treasury securities, making them safer and better protecting investors.
Several Crypto Exchanges Reportedly Block Russian Users Due To EU Sanctions
In its eighth round of sanctions against Russia, the European Union mandated crypto exchanges in the region from serving Russian users.
As a result, crypto platforms such as Blockchain.com, LocalBitcoins and Crypto.com moved to enforce sanctions.
Huobi reportedly transferred 74 million tokens to Justin Sun, with HT up 7.7%.
Justin Sun, who is currently a member of Huobi’s advisory board, said the company is one of the largest holders of the HT token.
Further investigation by WuBlockchain revealed that Huobi transferred $74 million to Tron’s founder.
74 million HT out of Huobi’s two official wallets were transferred to two new addresses on October 13, with the first transaction coming from Justin Sun’s poloniex. His HT, which is officially owned by Huobi, was handed over to Sun, which could be part of the Huobi Exchange acquisition. https://t.co/O3SexjA8io
— Wu Blockchain (@WuBlockchain) October 14, 2022
Volume Surges To ‘Bull Market Levels’ As Bitcoin Recovers From Dropping CPI
Bitcoin (BTC) bottoms out at $18,200 after the 8.2% CPI figure was released. Barely 24 hours later, the flagship cryptocurrency has risen to $19,319, unleashing hopes for a further uptrend.
however, Bitcoin Archive It shows the divergence between BTC volume and price. Given the increasing trading volume and falling price, BTC price is likely to continue its downward trend.
Nigel Farage Draws Parallels Between Political Ridicule and Bitcoin Ideology
Former Member of the European Parliament Nigel Farage busy With Bitcoin Amsterdam said Bitcoin’s approach to disrupting the financial sector could be likened to his political uprising in parliament.
Farage encouraged the Bitcoin community to spread the goodness of Bitcoin to everyone as an effective strategy to overcome the current ridicule.
China Floats Pan-Asian Digital Currency Built on Blockchain
Fueled by a desire to ditch the US dollar, Chinese researchers Proposed We plan to create a digital currency for East Asian countries.
The pan-Asian digital currency will be built on the blockchain and pegged to 13 currencies used in the region.
Mango Markets DAO approves $47 million bounty for hackers
Members of the Manago Markets community have reached a quorum to pay out a $47 million bounty to the hackers behind the Oct. 12 hack.
Hackers agreed to return up to $67 million as the community approved a proposal from the DAO’s Treasury to pay off nearly $70 million in bad debt.
This On-Chain Ratio Shows Bitcoin Could Fall Before Final Surrender
Analysts typically consider the ratio of short-term to long-term realized value (SLRV) to identify bear market bottoms and tops.
From the chart, Bitcoin’s current SLRV ratio is at 0.04, which is in line with the previous bear market accumulation zone.
However, previous bear market performance has shown that the SLRV ratio needs to reach the bottom of the pink zone before any possible round.
As a result, the BTC price is likely to drop below $19,600 in the next few days.
News around Cryptoverse
SEC Gensler wants CFTC to regulate stablecoins
SEC Chairman Gary Gensler has called on the US Congress to authorize the CFTC to create rules regulating stablecoins. Reuters.
Gensler added that while the CFTC oversees dollar-pegged stablecoins, the SEC regulates algorithmic stablecoins that are considered securities.
US Doesn’t Need a Digital Dollar – Fed Governor
Christopher Waller of the Federal Reserve Board opposed Move to create a digital dollar.
Speaking at Harvard University today, Waller argued that the dollar’s dominance is not technical, but the stability of the US economy and political system.
Bitcoin (BTC) is down 1.06% to trade at $19,179 over the past 24 hours, while Ethereum (ETH) is up 0.77% to trade at $1,299.