Crypto Hebdo: Do ​​Kwon Breaks The Silence, Tornado Cash Supported, Resumes Decline…

It has been a hectic week for the crypto market. Do Kwon, the co-founder of the Terra Luna ecosystem, shared his side of the story in an interview with crypto media. US-sanctioned mixing platform Tornado Cash finds a powerful ally to make his case. The neobank Revolut has announced that it will offer crypto services to all of Europe. The Ethereum Foundation has provided an update on transaction fees after the merger. The end of the week was marked by the collapse of the crypto market, triggered by the return of macroeconomic fears.

Do Kwon finally breaks his silence after a long time

Three months after the collapse of Terra Luna and its stablecoin, the co-founder of the project decided to give an interview to a crypto magazine called Coinage. During this confession interview, Do Kwon says he regrets the collapse of a project on which he has invested a lot. In a teaser for the video, he can be heard saying:

“Terra was supposed to be a stablecoin, but it didn’t stay stable. Therefore, it must be a scam and qualify as a scam. Crypto still feels a bit like the Wild West. I think I’ve developed a kind of alter ego.”

When asked if he regrets his claims, he replied:

“Yes, but the algorithmic stablecoin became the industry standard. I bet big and I think I lost”.

However, one of Terra’s team members, @FatMan, doesn’t believe Do-Kwon’s words and the appearance of regret at all. After the interview was published, the latter had dropped his words on his Twitter account:

“Do, why didn’t you interview a more neutral and respectable outlet like Bloomberg or Fortune, instead of someone who’s been showering you with praise for *years*, almost like they’re getting paid? system, on?”.

Read the following article for more information:

:Do Kwon comes out of his silence attracting FatMan’s wrath

Tornado is not alone in the crypto sphere

After the Treasury Department announced the imposition of sanctions against the application of Mixage Tornado Cash through the Office of Foreign Assets Control, players in the digital sphere saw the decision as a violation of the First Amendment. The Electric Frontier Foundation, a nonprofit organization that defends civil liberties on the Internet, has expressed concern about the decisions of the US authorities. In a message on Twitter, the organization clarified:

“EFF is deeply concerned that the US Treasury Department has included an open source computer project, Tornado Cash, on its list of sanctioned individuals. Tornado Cash is an open source software project and website that has created a decentralized crypto mixer”.

Vitalik Buterin also supported the mixing platform. The latter revealed that he used the platform to make donations to the Ukrainian crypto fund. Regulatory affairs expert Jake Chervinsky said the Treasury Department has crossed a line it has always walked.

Read the following article for more information:

:Strong ally backs Tornado Cash

Revolut is going to conquer the European market

British neobank will be able to offer crypto to its 17 million customers in the European Economic Area. Indeed, according to a report by the newspaper Altfi, Revolut has received approval from the CySec (Cyprus Securities Exchange Commission) to offer its crypto services in the eurozone. An announcement that fits in a context of increasing regulatory pressure against the cryptosphere in Europe.

Revolut remains interested in cryptocurrencies. Lately, it has added more than twenty tokens to the list of cryptocurrencies available on the platform. We learned that the Fintech plans to increase its crypto-related workforce by 20% over the next six months. A surprising decision when you consider that the majority of the giants are making large series of layoffs after the bear market.

Read the following article for more information:

:Revolut will offer its crypto services across Europe

No drop in transaction costs after the merger

In a Q&A titled “Misconceptions About the Merger,” the Ethereum Foundation claims that transaction costs will not drop after the merger, contrary to what some people on the networks are saying. Indeed, the project managers clarified: “The Merge is a change in the consensus mechanism and not an extension of the network’s capacity. The merger will not lead to lower gas prices”

The Ethereum Foundation has also cleared up other misconceptions about Merge. For example, she denied claims that transaction speed will increase after mainnet. So are the ultra-optimistic claims that the returns of Ethereum strikes will double or even triple after the migration. The basis was clear: “APR bet should not exceed 50% of the current return”

Read the following article for more information:

:Will The Merge reduce transaction costs? the Ethereum Foundation takes stock

Macroeconomics has turned the crypto market upside down again

While cryptocurrencies have enjoyed a very nice upside recovery for nearly 45 days, the context of rising rates coupled with the acceleration of inflation slowed the technical recovery almost everywhere in the world. Since the Fed’s exit on Wednesday night, cryptocurrencies have not been able to book a day of positive growth. Bitcoin plunges towards $21,000 after peaking near $25,000. Ethereum is falling towards $1,550 after the price broke above $2,000 in early August.

This renewed volatility could, according to some experts, lead the crypto market to new lows much lower than June’s. Regarding Bitcoin’s decline, Crypto expert and trader Il Capo of Crypto said on his Twitter account:

“$BTC Levels. Main resistances: 22500 and 23500. Any short squeeze to these levels is a good selling opportunity. Main support: $19k. This is the ultimate bearish confirmation for new lows. Main Goal: As always, $16k. Most likely in the coming weeks. »

Read the following article for more information: :Macroeconomics has shaken up the crypto market


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