CRYPTO WRAP UP: BITCOIN SUCCUMBS TO MARKET TRIGGERS

1ATH.Studio
4 min readJun 15, 2023

Bitcoin lunges into a downward spiral as the Security and Exchange commission continues to blow hot on cryptocurrency. We take a look at this and more updates from the week.

Bitcoin Dips Below $25K for the First Time in 3 Months

The price of Bitcoin has dipped below the $25,000 mark for the first time since March 17th. This comes after the recent Fed announcement, in a month that has seen very turbulent days for the cryptocurrency industry.

The Price of the #1 crypto currency in the world has hovered around $26,000 following the news of SEC’s lawsuit against top exchanges, Binance and Coinbase in the past week. However, BTC dipped sharply to $24, 820 a few hours after the Feds announced a pause on interest rate hikes.

Republican Lawmakers Propose Bill to Remove Gensler

US Republican legislators have filled a bill to remove the US SEC Chair, Gary Gensler. The bill also proposes to restructure the commission, which has been structured to permit abuses by people like Gensler, according to the Legislators.

Reps Tom Emmer and Warren Davidson proposed this SEC Stabilization Act before the house. They further stated the need to fix Genslers abuse of power and to secure the future of the financial market.

Polygon Introduces Polygon 2.0, Elevating the Platform to New Heights

Polygon Labs, the team behind the Polygon (MATIC) network, recently announced the launch of Polygon 2.0. This upgrade aims to enhance the capabilities and functionality of the Polygon network, further improving its scalability, security, and user experience.

Polygon 2.0 will introduce several key features and improvements. One of the notable enhancements is the implementation of Polygon SDK, which will enable developers to build their own standalone blockchains on the Polygon network. This will provide greater flexibility and customization options for developers, opening up new possibilities for decentralized applications (dApps) and blockchain projects.

Snoop Dogg Launches New Tour NFTs

Music Icon and entrepreneur Snoop Dogg has launched an NFT collectible series. The Snoop Dogg Passport series attributes revolves around his various tour occasions and characteristics.

The passport series has been programmed to evolve with each place Snoop stops on tour. This NFT collection will grant holders access to exclusive contents by the Legendary Music icon.

Brazil Central Bank Unveils CBDC Roadmap

Brazil’s Central Bank has unveiled a “Road map” of events ahead of the nation’s CBDC rollout. Consequent to this, the Bank has said that it would begin to explore possibilities of enabling the launch of tokenized assets.

The events will include collaboration between the bank, Fintech experts and BCB partners and will run until November. Several high-profile companies have been unveiled as the BCB partner ahead of a rollout slated for next year.

SEC and Binance US to Engage in Negotiations Over Asset Freeze

Binance.US and the United States SEC has agreed to work on a compromise that will allow the exchange to operate without its asset being frozen. SEC had earlier filed a motion to freeze all of Binance.US assets. The asset freeze was intended to prevent any further movement or transfer of funds related to Binance’s operations within the United States.

A US District Judge had earlier given both parties the opportunity to resolve the impasse together and come up with a solution that would ensure that Customer funds are protected.

Bitcoin Friendly Miami Mayor Francis Suarez Jumps into Presidential Race

The Bitcoin friendly Mayor of Miami, Francis Suarez has announced his intention to run for the office of the President of the United States of America.

The Republican candidate who has served two tenures in Miami, has promised to make US a bitcoin hub. Suarez has also accepted to receive his salary in Bitcoin if elected in next year’s polls.

He joins a list of prominent Republicans including Former president Donald trump and Florida Governor, Ron DeSantis, who are trying to unseat President Joe Biden in the polls.

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