Ukraine Legalizes Crypto| BTC Crashes due to China FUD | Bitcoin News
Table of Contents
Bitcoin News: 25th September 2021
- With new regulations, Ukraine enters the club of crypto-friendly countries.
- As China’s crypto ban worsens, Ethereum falls more than Bitcoin, with ETH/BTC at a three-week low.
- The US government has filed a lawsuit alleging that a bogus Coinbase representative stole $11 million USDT.
- The Mercedes-AMG Petronas Formula One Team has signed a multi-season deal with FTX.
- After a crypto crackdown, Huobi Exchange has stopped accepting Chinese users.
- The Inaugural Phase of the XRPL Grant Winners has been announced by RippleX.
Ukraine enters the club of crypto-friendly countries
Depending on the jurisdiction, the legal status of cryptocurrencies is still a jumble of regulatory stances. While some nations adopt blanket bans or strict controls, others opt for a more open approach to cryptocurrency.
The latter looks to be the situation in Ukraine, with the government promoting the country’s legalised crypto activities. Ukraine’s apparent pro-cryptocurrency position contrasts sharply with neighbouring Russia, where officials are imposing legislative barriers to the ownership and usage of digital currencies.
While legislation to recognise and regulate cryptocurrency is being enacted in Ukraine, the country’s central bank is developing its own national digital currency. Central bank digital currency (CBDC) initiatives have exploded in popularity throughout the world, owing to the rise of cryptocurrencies as reported by Cointelegraph
Ethereum falls more than Bitcoin after China’s Crypto Ban
Cointelegraph reported todaty that, The price of Ether (ETH), Ethereum’s native token, fell somewhat on Friday as China tightened its grip on cryptocurrencies by declaring such transactions “illegal.”
“Financial institutions and non-bank payment institutions cannot offer services connected to virtual currencies,” the People’s Bank of China stated in a statement on its website Friday, adding that offshore exchanges’ online crypto services to Chinese people are also “illegal financial activities.”
In reaction, bids for the ETH/USD pair fell up to 13.30 percent to $2,735 per coin. Traders spent as much as $3,346 for a single Ether token at its week-to-date (WTD) high, but the price plummeted to as low as $2,651 after a turmoil in China’s heavily leveraged property industry impacted crypto markets.
As a result, Bitcoin (BTC), the world’s most popular cryptocurrency, has dropped from a WTD high of $47,358 to a low of $2,651. Meanwhile, its price dropped 9.38 percent on Friday, a huge intraday loss but less than Ether’s plunge during the same time period.
As a result, it appears that traders have opted to sell digital assets that have generated higher long-term gains than Bitcoin.
US government Filed a Lawsuit, As An Fraudster Stole $11 million USDT
A group of officials led by U.S. attorney Tracy Wilkinson has filed a civil complaint in the United States District Court for the Central District of California, alleging that they have identified four digital wallets that held more than 9.8 million Tether (USDT) and were involved in wire fraud, computer fraud, and money laundering. According to court records, the monies’ rightful owner is a California individual who was duped out of more than 200 Bitcoin (BTC) in April 2021 by someone posing as a Coinbase employee.
The purported platform representative stated that the victim’s account had been stopped owing to the amount of the purchase and that the funds needed a transaction limit increase to go through. The con artist also advised the victim to upgrade their Coinbase account to Coinbase Prime.
The swindler conducted a transaction that saw roughly 206 BTC moved to what they said was the victim’s new Prime wallet after the victim allowed the phoney customer service person access to their account through a remote desktop application.
The sum of digital assets taken from the victim’s Coinbase account approached $11.5 million after many smaller transactions were completed during the next several hours, as reported by Cointelegraph.
Mercedes-AMG Petronas Formula One Team Partnered With FTX
BeingCrypto reported that, The Mercedes-AMG Petronas F1 Team has signed a contract with FTX, a well-known worldwide cryptocurrency exchange. The arrangement will result in prominent FTX branding on Mercedes F1 vehicles and drivers Lewis Hamilton and Valteri Bottas of Team Mercedes. The Russian Grand Prix, which will take place on September 26, 2021, will be the first opportunity to see Team Mercedes’ new FTX branding in action. The agreement will last for several seasons and will feature FTX branding on partner logos at trackside and in hospitality facilities.
The FTX exchange’s creator and CEO, Sam Bankman-Fried, said the company is “thrilled” to be partnering with the current Formula One winners and seven-time Constructors’ Champions. FTX has invested approximately $345 million in sports partnerships in order to increase its visibility to popular audiences by gaining access to fans all around the world.
Huobi Exchange has stopped accepting Chinese users
Huobi Global, along with Binance and OKEx, is considered one of the “big three” cryptocurrency exchanges in the world and has attempted to comply with new Chinese laws. The Beijing-based company, which was launched in 2013 by Leon Li, is now prohibiting the creation of new accounts on its exchange that utilize Chinese mainland phone lines. However, in Hong Kong, new user onboarding has not been suspended. Huobi does not appear to be completely closed to Chinese users. Huobi has had previous run-ins with Chinese authorities.
It comes after the Chinese authorities prohibited the hosting of cryptocurrency-to-fiat-money exchanges in 2017, prompting Huobi to block withdrawals from its exchange. In response to a crackdown by the Chinese government, Huobi barred Chinese customers from trading risky derivative-type items in June 2021. Huobi’s Beijing entity was liquidated in July 2021 as reported by BeingCrypto.
XRPL Grant Winners has been announced by RippleX
BeingCrypto today reported that The initial round of the XRPL awards program has been announced by the RippleX development team. Out of 100 applications, TUSD $2 million will be given to 25 winners.
The XRPL Incentives program was established to give “developer grants” for projects that integrate or are built on top of the XRP Ledger (XRPL). RippleX and XRPL Labs collaborated to create it, with the former serving as the award’s presenter and the latter as the program’s technical advisor.
A total of 25 grantees were chosen from “more than 100” submissions, with each getting almost $2 million in total funding.
These grantees are from more than ten different nations, with three of them hailing from Ripple’s University Blockchain Research Initiative.
The 25 grantees, according to the release, “address a wide variety of issues and possibilities, including:”
- The development of NFTs for multiple industries (retail, art, music, sports, digital advertising and carbon capture).
- Learning tools and platforms to build on and interact with the XRPL.
- Data visualization tools.
- Payment and security solutions.
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