The biggest news in the cryptoverse for Oct. 14 includes Tether cutting trading paper reserves to zero, Bitcoin breaking above $19,000 following a decline after IPC data, and Mango Markets voting to approve a $47 reward. million for the hacker behind his $100 million exploit.
Tether Zeroes Commercial Paper Reserves for USDT
Stablecoin issuer Tether announced today that it has cleared all commercial paper behind its USDT reserve.
Tether added that it will increase its holdings of US Treasury bills, which is safer and ensures greater protection for investors.
Several Crypto Exchanges Reportedly Blocking Russian Users Due to EU Sanctions
The European Union, in its eighth sanction against Russia, ordered cryptocurrency exchanges in the region to offer services to Russian users.
Consequently, crypto platforms such as Blockchain.com, LocalBitcoins, and Crypto.com have moved to enforce the penalty.
Huobi Reportedly Transfers 74 Million Tokens To Justin Sun, HT Up To 7.7%
Justin Sun, who is now on the advisory board of Huobi, said that he is one of the largest holders of HT tokens.
Further investigation by WuBlockchain revealed that Huobi allegedly transferred 74 million to the Tron founder.
74 million HT from the two official Huobi wallets were transferred to two new addresses on Oct. 13, with the first transactions being from Justin Sun’s poloniex. The HT officially held by Huobi may be part of the Huobi Exchange acquisition and has been handed over to Sun. https://t.co/O3SexjA8io
— Wu Blockchain (@WuBlockchain) October 14, 2022
Volume Rises to “Bull Market Levels” as Bitcoin Recovers from IPC Slump
Following the release of the 8.2% CPI figure, Bitcoin (BTC) bottomed out at $18,200. Just 24 hours later, the flagship cryptocurrency has surged to $19,319, unleashing hopes of a further uptrend.
However, data from Bitcoin Archive shows a divergence between the volume and the price of BTC. Given a growing volume and a decline in price, the price of BTC is likely to continue to trend down.
Nigel Farage Draws Parallels Between Political Ridicule and Bitcoin Ideology
Former Member of the European Parliament Nigel Farage, speaking at Bitcoin Amsterdam, said that Bitcoin’s approach to disrupting the financial sector could be compared to its political insurgency 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 Launches Pan-Asian Digital Currency Built on Blockchain
Driven by a desire to ditch the US dollar, Chinese researchers have proposed plans to create a digital currency for East Asian countries.
The Pan-Asian digital currency will be built on top of the blockchain and linked to 13 currencies used in the region.
Mango Markets DAO set to approve $47 million reward for hacker
Members of the Manago Markets community reached a quorum to pay $47 million as a reward for the hacker behind the October 12 attack.
The hacker has agreed to return up to $67 million when the community approves the proposal to pay off a $70 million bad debt from the DAO treasury.
This On-Chain Relationship Shows Bitcoin Could Go Down Before Final Capitulation
To identify the lows and highs of the bear market, analysts often look at the ratio of short-term realized value (SLRV).
On the chart, Bitcoin’s current SLRV stands at 0.04, which matches the accumulation zone of previous bear markets.
However, previous bear market performance indicates that the SLRV ratio must reach the bottom of the pink zone before a possible round.
Consequently, the price of BTC is likely to decline below the $19,600 level in the coming days.
News from around the Cryptoverse
SEC Gensler Wants CFTC to Regulate Stablecoins
SEC Chairman Gary Gensler has called on the US Congress to give the CFTC more regulatory power to write rules that will regulate stablecoins, according to Reuters.
Gensler added that while the CFTC oversees dollar-pegged stablecoins, the SEC would regulate algorithmic stablecoins since they are considered securities.
America doesn’t need a digital dollar: Fed Governor
Federal Reserve Governor Christopher Waller has opposed moves to create a digital dollar.
Speaking today at Harvard University, Waller argued that the dollar’s supremacy is not about technology but about the stability of the US economy and political system.
Bitcoin (BTC) decreased 1.06% to trade at $19,179 in the last 24 hours, while Ethereum (ETH) posted a 0.77% increase to trade at $1,299.