It has been another turbulent week for bitcoin. In this weekly overview, you’ll find the hottest and most important news.
Update: Bitvavo is once again responding to the issues at DCG
Bitvavo is hopeful about the situation surrounding the Digital Currency Group (DCG) and its financial troubles. The Dutch cryptocurrency exchange is coming with an update.
DCG has pledged that “all credits will be repaid in a timely manner”. According to Bitvavo itself, this relates to the 280 million provided to DCG.
In the words of Bitvavo in one blog post: “The current situation in DCG has no impact on Bitvavo’s clients, platform and services. Bitvavo guarantees the amount owed and therefore bears the risk of its clients. Bitvavo continues to provide the services our clients have come to expect from us and all clients can withdraw all their credits at any time.”
The world’s largest bitcoin fund may want to buy back shares
Shareholders of the Grayscale Bitcoin Trust (GBTC) may be partially bought out. The world’s largest underwater bitcoin fund. The price of GBTC is about 48% lower than the amount of Bitcoin in the fund.
The Grayscale Bitcoin Trust currently holds 643,572 BTC in cash. They have built this fortune since 2012. In the early years, a stake in GBTC was one of the few ways for large funds, especially in America, to gain exposure to bitcoin. There are now many financial products and there are large companies that own bitcoin themselves.
Main wallets hold $6.7 billion in bitcoin
The crypto market is relatively quiet with bitcoin fluctuating between $16,000 and $18,000 with no real breakouts. How long will this take? On-chain analysts point to increased activity of whales, entities on the blockchain holding 1,000 or more bitcoins.
“A new rally may start after Bitcoin reaches $9,000.”
Bitcoin price is currently still consolidating below $17,000 as the bulls seem to be losing ground to the bears continuously. According to the analyst who goes by the pseudonym Goldenbreakout, Bitcoin must first drop to $9,000 to start a new bullish wave. Al-Khalid analyst also predicts an epic rally for Bitcoin in 2023.
Sam Bankman-Fried was extradited to America and released on bail
Sam Bankman Fried is delivered to America from the Bahamas, reports ABC news channel. The former FTX president signed his extradition papers to that effect.
almost came SBF is free on bail after paying $250 million, using his parents’ estate as collateral.
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A week ago, he was charged with criminal offenses by US authorities for large-scale financial fraud. Bankman Fried, 31, was arrested last week in the Bahamas at the request of the US government. He has been held without bail at Fox Hill Prison for the past few days. Also CEO of Alameda Research, former Caroline Ellison, she has He has now pleaded guilty and made statements incriminating Sam Bankman Fried.
You can now see the Bitcoin price from your Twitter account
Twitter has added a new feature. All users can now check bitcoin price easily.
Forbes: CZ lost $60 billion in 9 months
The big gainers in the cryptocurrency market have suffered a lot in 2022, the year of drama and bankruptcies in cryptocurrencies. So is Changpeng Zhao, also known as “CZ”.
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