Whales Bite As Bitcoin Sinks in This Week’s Crypto News

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It’s been an odd week in the world of cryptocurrency. As inflation reaches heights not seen for 30 years and Argentines pay a 10 percent premium for crypto dollars, Bitcoin is down over 7 percent on the week, though still just above $60,000. Despite the pullback, some people think that the coin will hit $90,000 in the “coming weeks.” They include investment strategist Raoul Pal. He sees a rise of up to 300 percent before the year’s end.

One big investor certainly hopes so. Bitcoin’s third-largest whale just soaked up $99 million worth of the coin. The purchase was made as Bitcoin dipped below $60,000 so the buyer is already in the black. One possible reason for the whale’s optimism? The launch of Taproot, an upgrade that allows developers to integrate new features to improve privacy, scalability, and security.

Improved security comes a bit late for the creditors of Mt. Gox. But the rehabilitation plan to compensate them is now “final and binding.” Victims of the crypto Ponzi scheme BitConnect will also receive compensation. The U.S. Justice Department is planning to sell $56 million worth of cryptocurrency seized from Glenn Arcaro, the scam’s chief promoter.

Other parts of the government are also playing with the crypto world. Senator Ted Cruz of Texas is trying to repeal the cryptocurrency provisions in the Infrastructure Investment and Jobs Act. Ron Wyden (D-OR) and Bitcoin evangelist Cynthia Lummis (R-WY) are introducing a similar bill.

New York’s Mayor-elect Eric Adams has promised to put the city at the center of the cryptocurrency industry. Israel is applying anti-terror banking rules to cryptocurrencies. And LA’s Staples Center will soon be renamed the Crypto.com Arena.

Twitter is hiring a new crypto boss but they might want to think about offering the post to Snoop Dogg. The rapper is selling an NFT of a private party pass. Other celebs are in NFT trouble, Miramax is suing Quentin Tarantino over his Pulp Fiction NFTs.

In better news, Ethereum Wallet MetaMask has passed 21 million users, an increase of 420 percent since April. That kind of leap makes SAND look sad. The token is “only” up 37 percent as The Sandbox opens its metaverse.

Expect Argentines to look for a way to move in.

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