Crypto Flipsider News – BTC recovers $19 thousand; ETH rallies; buterene on layer 3; return the Voyager loan; WazirX Removes Stable Coins With DailyCoin


© Reuters. Crypto Flipsider News – BTC recovers $19 thousand; ETH rallies; buterene on layer 3; return the Voyager loan; WazirX removes stablecoins

Read the summary:

  • (BTC) Recovers $19K as Miners and Bearers Double on BTC.
  • (ETH) Rise despite SEC claiming jurisdiction over ETH transaction.
  • Vitalik Buterin shares his vision of what third-tier solutions might look like.
  • Alameda Research and Voyager have reached an agreement to return a $200 million loan.
  • India’s largest exchange, WazirX, is delisting stablecoins to boost BUSD.

Bitcoin (BTC) Recovers $19K as Miners and Owners Double on BTC

Bitcoin (BTC) rebounded from the critical $18,000 support area to break above $19,000. The price of BTC fell to $18,688 on Monday, September 20, as concerns emerged about the cryptocurrency market in anticipation of the worst interest rate hike in 40 years.

BTC jumped from a low of $18,420 and gained 4.2% in value over the past 24 hours, rising to an intraday high of $19,639. Bitcoin, the world’s largest cryptocurrency, is now trading at $19,250, having not yet managed to break the $20,000 resistance area.

Bitcoin (BTC) 24 hour price chart. Source: CoinMarketCap

The rise in Bitcoin relief coincides with a recent determination by miners and BTC HODLers to see the leading asset during the crypto winter. In furtherance of this goal, miners BitFarms and Marathon Digital are working to increase its capacity by the end of the year.

The long-term dormant Bitcoin balance recently rose to a new all-time high. Bitcoin permabull Despite the impact of the crypto winter, Michael Saylor said that his company, MicroStrategy, will continue to buy Bitcoin.

prank:

  • With the Fed rate hike expected to be announced in the coming days, the Bitcoin Fear and Greed Index has taken an extended spot in the area of ​​intense fear.

Why should you care

The surge in the number of HODLers doubling on Bitcoin is a sign that investors believe that Bitcoin is going to erupt in the winter.

Ethereum (ETH) soars despite SEC’s claim of jurisdiction over Ethereum transactions

In a lawsuit brought by the US Securities and Exchange Commission (SEC) against crypto influencer Ian Balina, the regulatory agency claims jurisdiction over transactions involving Ethereum (ETH).

The lawsuit was filed against Balina for failing to register its crypto as collateral prior to the launch of the 2018 Initial Coin Offering (ICO). There is a section of the US Securities and Exchange Commission (SEC) document, which claims that the US government has jurisdiction over all ETH transactions.

According to the filing, the government has power in the case because the ETH sent to Balina “has been validated through a network of nodes on the Ethereum blockchain, which is more heavily accumulated in the United States than in any other country.”

Despite the SEC’s stance, ETH price has seen a respite, rising over the past 24 hours to gain more than 5%, and is trading at an intraday high of $1,388. ETH is currently exchanged at a rate of $1,360.

Ethereum (ETH) 24 hour price chart. Source: CoinMarketCap

prank:

  • At a Senate Agriculture Committee hearing, CFTC Chairman Rustin Behnam stated that his agency is the “correct regulator” to oversee the trading of digital assets.

Why should you care

The statement on ETH in the registry is in line with recent calls from the SEC to grant greater regulatory oversight to the crypto market.

Vitalik Buterin shares his vision of what a third tier solution could look like

In a blog post titled “What Kind of Layer 3 Makes sense?” Ethereum co-founder Vitalik Buterin shared his thoughts on what Layer-3 could look like, stating his belief that Layer-3 will not involve scaling like existing Layer-2 solutions.

Buterin suggested that Layer 3 on the blockchain should instead serve a different purpose than Layer-2s, the main use of which is to further extend the reach of Layer 1 blockchains via zero-data aggregation (zk) technology.

Buterin believes that Layer-3 solutions will be able to provide customized functionality to assist Layer-2 infant platforms focused on scaling the network. The Ethereum co-founder describes the first potential use case for Layer 3 as a “custom functionality.”

The second potential use case, according to the crypto mogul, would be “custom scaling” for specialized applications, to be used in place of an Ethereum Virtual Machine (EVM), for computations. Finally, the expansion lists “Weak Confidence” by zk’s resistance technology, Validiums.

prank:

  • When it comes to building custom applications on Ethereum, Buterin is not sure if the current Layer-2 model will be less efficient than Layer-3 architectures.

Why should you care

The development of Layer-3 solutions could allow sub-ecosystems to evolve within Layer-2s, increasing the performance of their Layer-1 core chains.

Alameda Research and Voyager reach agreement to return $200 million loan

On Monday, September 19, bankruptcy lender Voyager Digital asked the New York bankruptcy court, through a filing for crypto-trading firm Alameda Research, to approve the repayment of a $200 million loan.

The loan, which began in September 2021, will be repaid as 6,553 BTC (worth roughly $128 million at today’s prices), 51,204 ETH (about $70 million), and several other crypto tokens such as USDC, DOGE, VGX, LINK , LTC, LUNC, etc., on or before September 30th.

Under the deposit, Alameda Research will see the return of $160 million of the pledged tokens as collateral once the loan is fully paid off. On the other hand, Voyager will return Digital Altcoins worth approximately $160 million at press time.

Alameda was once Voyager’s largest shareholder, with an 11.56% stake, valued at more than $110 million. The two parties have now reached an agreement, with Alameda Research saying it is “happy” to repay the loan.

prank:

  • Voyager has petitioned the court to revise the information on the Alameda crypto wallet, due to the fact that its disclosure is likely to cause “unjustified speculation and interest surrounding any account activity.”

Why should you care

Returning the $200 million could ease the financial burden Voyager faces as it files for bankruptcy.

India’s largest exchange, WazirX, has deleted stablecoins to boost BUSD

In an announcement that reflects the move by Binance, India’s largest crypto exchange, two weeks ago, WazirX has revealed plans to delist three stablecoins.

In a blog post dated Monday, September 19, WazirX revealed that it has ended deposits for stablecoin (USDC), Pax Dollar (USDP) and TrueUSD (TUSD) as part of its plans to boost the interest of the BUSD stablecoin.

WazirX also revealed that its users will have until Friday, September 23, to withdraw their balances in the three stablecoins. By October 5th, any remaining stablecoin balances will be automatically converted to BUSD at a 1:1 ratio.

prank:

  • The recent spat between WazirX and Binance on Twitter (NYSE:) has led Binance CEO Changpeng Zhao to reveal that Binance’s acquisition of WazirX was never completed.

Why should you care

WazirX explained that the decision was made to “enhance liquidity and capital efficiency for users,” and could boost the value of BUSD as it looks to climb up the stablecoin ratings.

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