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What’s going up …
A cryptocurrency price rally came to a halt last night but has now resumed, with bitcoins climbing back up to $ 50,000 after falling as low as $ 43,000 per bitcoin. Bitcoin looked like it could hit $ 50,000 on Saturday. Less than a week ago, the price of bitcoin was languishing at less than $ 38,000.
The wide hiatus in the crypto rally, far from erasing the big gains of the week, comes as the dispute over the crypto disposition of the bipartisan U.S. infrastructure bill continues and Tether Limited issues a first new billion loins after the slowdown in new issues in recent months.
Ethereum, after charging over $ 3,000 per ether as a result of its closely watched upgrade last week, has fallen to the psychological level and drove its rivals lower. Binance BNB, gimbal, peas and solana are each down around 1% in the past 24 hours after seeing double-digit gains from Ethereum upgrades last week.
Dogecoin, the highly volatile pet project based on Tesla’s memes
Now read this: With Coinbase set to release its second quarter results tomorrow, look at the weekend bitcoin price to find out how stocks on the exchange can trade today.
Mr. Nakamoto visits Washington
The cryptocurrency community has descended on DC in recent days, fueled by just outrage over the provision of the $ 1.2 trillion infrastructure bill that expands the definition of a “broker” “crypto, increasing IRS reporting requirements and potentially hampering the nascent industry.
Put pressure : Over the weekend, some 40,000 calls were reportedly made to representatives through the website of the nonprofit advocacy group Fight for the Future, which issued a “red alert” on the latest amendment to the bill. who “chooses[s] technology winners, ”according to Tesla billionaire Elon Musk.
“A provision so poorly written that it could crush the cryptocurrency ecosystem and significantly expand U.S. government oversight was added at the last minute to the must-have bipartisan infrastructure package,” Fight for the Future wrote.
Deadline for amendment: The agreement to allow amendments is now on hold due to a dispute between senators over the 30-hour rule, which allows the Senate to consider, read and consider a bill until at 30 hours before voting it.
“Tomorrow we will be back in session and work again to convince our colleagues and Senator Schumer that our amendment deserves a vote,” Senator Cynthia Lummis (R-Wyo), one of three senators who moved an amendment widely. supported by the crypto community. , said last night via Twitter.
A cruiserweight in the crypto corner: “There is a partisan disagreement over spending, so Dems opposed all of the other amendments,” Senator and former presidential hopeful Ted Cruz (R-Tex) said via Twitter, adding: “Crypto was made have tonight. This means there is no vote on Wyden-Lummis to reduce the damage this bill will do to crypto and no vote on the Cruz Amendment to completely repeal the new crypto rules . “
Now look at this: Crypto Slows Down US Infrastructure Billammit, Janet: On Friday it was reported by the the Wall Street newspaper that US Treasury Secretary Janet Yellen lobbied against the amendment proposed by Senators Lummis, Ron Wyden (D-Ore) and Pat Toomey (R-Pa).
Mouth to mouth: “I support the Wyden-Loomis-Toomey Cryptocurrency and DeFi Amendment,” tweeted rock legend, Kiss frontman and crypto supporter Gene Simmons.
And after: A final vote looks likely to take place tomorrow as long as the bill’s issues have been resolved (but don’t set your watch according to the Senate schedule).
Don’t miss: How cryptocurrency became a powerful force in Washington
Tether go brrr printer
Tether Limited, the issuer of the world’s largest stable cable (USDT) and controlled by the owners of the British Virgin Islands-based crypto exchange Bitfinex, minted another billion USDT tokens on the tron network.
The latest tether show, picked up by Twitter’s crypto whale alert bot, comes after Tether has slowed down its rapid creation of new tokens in recent months. The number of tether tokens (pegged one at a time to the US dollar) in circulation has grown from around 10 billion at this time last year to over 62 billion today.
But but but … The technical details of this “show” have been disputed by a senior executive at Tether Limited.
“A billion USDT stock is rebuilding on the Tron network,” Tether chief technology officer Paolo Ardoino said via Twitter. “Note that this is an authorized but unissued transaction, which means this amount will be used as inventory for issuance requests and on-chain trades for the next period.”
The big picture: Crypto bears have repeatedly warned over the past few years that the crypto market’s reliance on the tether, known to have no dollar reserves in its treasury for USDT tokens. that it emits, could end in disaster.
Last month it was reported by Bloomberg that a US investigation into Tether seeks to find out whether the executives behind the digital token have committed bank fraud. In response, Tether issued a wordy statement that did not include a categorical denial of the story.
Brooks said goodbye and good luck to Binance
Brian Brooks, a former senior banking regulator, stepped down as managing director of the U.S. arm of the Binance crypto exchange after just three months in that role on Friday.
Musical chairs: Brooks, who served as Acting U.S. Currency Controller from May 2020 to January 2021, joined BinanceUS in May. Prior to that, he was General Counsel for the leading US cryptocurrency exchange Coinbase.
“Let you know that I have resigned as CEO of @BinanceUS,” Brooks announced via Twitter, raising eyebrows in the crypto community as Binance waged war on regulators on multiple global fronts. “Despite the differences on the strategic direction, I wish my former colleagues every success. New and exciting things to come!”
Regulators around the world, including Hong Kong, the UK, Germany, Japan, Italy and Thailand have lobbied Binance in recent months amid escalating fears about poor investor protection, accusations of money laundering, and the possibility of systemic risk to the financial system posed by the cryptocurrency.
In the we, Binance is under investigation by the Justice Department, the Commodity Futures Trading Commission and the tax authorities, reported Bloomberg in May.
ICYMI: Leaked “Tai Chi” Document Reveals Binance’s Elaborate Plan to Evade Bitcoin Regulators – October 29, 2020 (Binance decided to prosecute both Forbes and the journalists responsible for the story before dropping the trial