Weekly Cryptocurrency Spotlight: Bitcoin Volatility, Former FTX CEO Guilty Plea, and More
Date: 2023-09-10 Author: Dima Zakharov Categories: IN WORLD
In the fast-changing world of cryptocurrencies, the past week has been eventful. From Bitcoin price volatility to significant moves in the Russian crypto space, the crypto market remains as exciting as ever. In this article, we will break down the most talked about events of the past week, using simple language so that everyone can follow the events.
Bitcoin is losing ground:
The week began with Bitcoin attracting attention with its rapid price rise above $26,000, but the price soon fell back below this psychologically important level. At the time of writing, Bitcoin is trading at $25,800. Additionally, all ten cryptocurrencies with the largest market caps ended the week in the red, with Solana being the biggest loser, down 5.6%, and Dogecoin down 2.4%.
Reducing the difficulty of Bitcoin mining:
Also this week, Bitcoin miners received their share of news. The difficulty of mining the world's first cryptocurrency has dropped by almost 3%, making the process of validating transactions and earning rewards a little more accessible for miners. This reduction brought the mining difficulty to 54.15 T, with the average hashrate falling just below the 10-minute block time limit.
Binance exit plan from Russia:
In Russia, one of the world's leading crypto exchanges, Binance, experienced significant changes when the directors for Eastern Europe and the Commonwealth of Independent States (CIS) announced their departure. This departure caused concern among Russian users, but Binance assured them that they would be able to withdraw their assets if the company left the country.
Former FTX CEO pleads guilty to:
In another significant development, former FTX CEO, Ryan Salameh, pleaded guilty in a case related to the collapse of the crypto exchange. He is accused of conspiracy to make illegal contributions and operating an illegal money carrier. Salame agreed to pay more than $1.5 billion and $5.6 million. To cover this large sum, he will hand over his property to the authorities, including a Porsche and several real estate properties.
MetaMask adds withdrawal function:
On a more positive note, the developers of non-custodial crypto wallet MetaMask have introduced a new feature that allows users to withdraw their digital assets to bank cards or PayPal accounts in the US, UK and some European countries. Currently this feature only supports Ethereum, but there are plans to expand to other cryptocurrencies.
