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Peter Davis

An writer at FOMOdrive

  • Sep 23, 2023
  • 2 min read

Bitcoin fell below $27,000 due to the US Federal Reserve

The Federal Reserve's projections for its benchmark interest rate are putting pressure on Bitcoin.

The compensation date for Mt.Gox has been delayed by one year.

Alpha has created its own ecosystem within the Bitcoin network.

USDT lending volumes have once again been increased by Tether.

Binance has cautioned that certain stablecoins may be delisted in Europe.

An independent group of developers of the Bitcoin ecosystem, New Bitcoin City, has launched an application on the first cryptocurrency's blockchain - a double of the popular Friend.tech platform - called Alpha, creating its own ecosystem of social tokens on the Bitcoin network.

Bloomberg reports that Bitcoin is progressing as a worldwide payment system, while carbon dioxide emissions are decreasing - a combination that is essential for the increased acceptance of the pioneering cryptocurrency.

Since February, the Bitcoin blockchain has been experiencing its longest period of maximum block loading, as evidenced by dashboard data on Dune Analytics. At the end of August, the share of Bitcoin NFT-related transactions on the network had risen to 85%. This congestion on the BTC blockchain is likely to further slow down the turnaround time for low-value transfers.

The court granted MtGox, the bankrupt crypto exchange, an extension of the repayment period for creditors until October 31, 2024. This could potentially cause a surge in Bitcoin prices, as creditors are likely to sell their crypto assets once they receive them. For almost a decade, MtGox creditors have been waiting for their payments, and the deadline for repayment has been pushed back multiple times.

Democrats harshly criticized the bill proposed by Republicans that would prohibit the Federal Reserve from giving out Central Bank Digital Currency (CBDC) to individuals, labeling it as "crazy stupidity."

The Wall Street Journal (WSJ) has reported that Tether has once again increased its lending volumes in USDT, despite having promised investors to reduce them to zero by 2024. This inconsistency in Tether's lending policy has caused serious concern among crypto investors, as it could potentially bring risks to the entire industry and destabilize the crypto market.

Binance has cautioned that stablecoins may be delisted from its platform in Europe due to the fact that the exchange's legal team has yet to find a way to meet the demands of the European Union's recently adopted MiCA regulations.

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