It’s been another interesting week in the cryptocurrency industry, with the US government imposing the largest fine ever. $4.3 billion Against Binance.
You might think this had a negative impact on the market, but Bitcoin hit a new high above $38,000 this week, the cryptocurrency market was largely in the green and the Fear and Greed Index rose 10 points to 73.
Additionally, small-cap markets posted their biggest gains of the year this week (see bottom of article).
Binance was fined $4.3 billion and CZ was de-escalated.
Changpeng Zhao, the billionaire founder and CEO of Binance, resigned after pleading guilty to federal criminal charges alleging he violated and caused the financial institution to violate the Bank Secrecy Act under a plea agreement.
Looking at this from perspective, $4.3 billion in fines It is the largest fine ever collected by the U.S. Treasury and more than double the $1.92 billion paid by HSBC when it was caught laundering money for Mexican drug cartels.
A $4.3 billion fine was imposed for allowing US customers to use Binance (a foreign company at the time) without proper customer verification checks. Or is there more to the story?
Does WEF control Binance?
As a consequence, "Czech Republic" Zhao has stepped down from his leadership role, pleaded guilty to violating U.S. anti-money laundering laws and will likely face up to 18 months in prison and pay a $50 million fine.
What makes this story even more interesting is that he will be replaced by Richard Teng, who is also a member of the World Economic Forum.
This is in addition to Catherine Coley, who is also a WEF member and CEO of Binance.US.
Of course, it was just a coincidence that just one day later, Grayscale and BlackRock also met with the SEC and talked about Bitcoin ETF.
Speculation is growing that further crackdowns on large cryptocurrency exchanges will occur before Bitcoin EFT is approved (Bitcoin EFT approval is not expected until early 2024).
Is this simply a case of large organizations like Blackrock and WEF scrambling to dominate this burgeoning industry, or is it part of a larger plan that many are calling the New Quantum Financial System?
Only time will tell, but in the meantime, the cryptocurrency market is taking this news well, with the view that stronger regulation is good for the cryptocurrency market.
Join us – as we build up.
Although prices are still relatively low, now is a great time to enter the market. If you want to know what we’re buying, join us as we share our monthly Altcoin recommendations in anticipation of the upcoming bull market. All you have to do is become a member.
Richard.
Top 100 popular altcoins:
The cryptocurrency market is full of green this week too.
Today’s Crypto Fear and Greed Index:
today’s Cryptocurrency Fear and Greed Index = avarice –> Increased to 73 (from 63 last week).
Bitcoin and Ethereum price changes
Bitcoin ~ went up 2.73% Here are the prices it is currently trading at last week: $37,749. Over the past 90 days, Bitcoin has increased by: 44.44%.
Ethereum ~ went up 6.45% Here are the prices it is currently trading at last week: $2,083. Over the past 90 days, Ethereum has increased by: 25.7%.
Global cryptocurrency market capitalization It increased to $1.43T (from $1.37T last week).
Top 100 Gainers – Last 7 Days
The biggest gainers over the past 7 days (in the top 100) are:
BLUR +76% – 75th
Blur (BLUR) is the governance token for the Blur Platform, a unique NFT marketplace and aggregator that offers advanced features such as real-time price feeds and portfolio management. Launched in October 2022, it gained attention through a series of airdrops to active users, most notably its price in February 2023.
Blur stands out for its approach to NFT creator royalties, including providing incentives for royalty payments and allowing full royalty collection under certain conditions. This makes it attractive to both professional traders and new entrants. Operating as an ERC-20 token on the Ethereum blockchain secured by proof-of-stake, Blur has 360 million tokens in circulation out of a maximum supply of 3 billion. This extensive distribution and market activity highlights Blur’s importance in the cryptocurrency and NFT sector.
STEPN (GMT) +37% – 95th
STEPN (GMT) is an innovative project that combines fitness, gaming, and blockchain technology. It works in "monetization" A model in which users are rewarded for physical activities such as walking, jogging, and running and are tracked through a GPS-enabled app. The platform integrates NFTs, requiring users to purchase NFT sneakers to participate and receive rewards. STEPN utilizes a dual token system using Green Satoshi Token (GST) for in-app activities and Green Metaverse Token (GMT) for governance.
STEPN’s primary goal is to promote health and wellbeing by encouraging physical activity. We aim to create a sustainable ecosystem that balances token acquisition and consumption. The platform also focuses on community building and includes gamified elements to enhance the user experience.
Klaytn (KLAY) +31% – 71st place
Klaytn (KLAY) is a public blockchain platform developed by Ground X, a subsidiary of Kakao. We aim to bridge the gap between enterprise requirements and blockchain technology by providing a hybrid model that combines the advantages of public and private blockchains. Its governance structure, focus on high throughput, and commitment to a user-friendly experience make it a notable platform for businesses looking to integrate blockchain technology into their operations.
MINA +31% – 63rd
MINA is a blockchain platform famous for being the world’s smallest, maintaining a constant size of approximately 22KB. This is achieved through zk-SNARKs (Zero Knowledge Succinct Non-Interactive Arguments of Knowledge), which compress the entire blockchain into a fixed-size cryptographic proof.
Biggest microcap gain in the last 30 days
We review and analyze small and micro market cap cryptocurrencies every week to find the next low-cap gem. The best performing (quality) microcap projects over the last 30 days are:
Top performing quality microcaps (last 30 days):
- GOXF – +3,669% – DeFi exchange platform (Micro-Cap)
- husky +1,821% – Avalanche (Nano-Cap) dog NFT
- 3ULL +1,292% – Game ecosystem (microcap)
- GMEE +952% – Arcade blockchain game (Micro-Cap)
- good night +859% – OnlyFans for Twitter (Nano-Cap)
- DFL +557% – DeFi Metaverse Project (Micro-Cap)
Monthly altcoin selection:
Next week we will be releasing our latest Altcoin Pick. Don’t miss this product!
If you would like to take advantage of this monthly Altcoin picks, please consider becoming a member. It’s just the price of two cups of coffee a month.
Altcoin recommendations are emailed to members as soon as they are posted. If you’re wondering how we choose our monthly Altcoin picks, this is the method we use.
Altcoin recommendations from previous months can be found here.
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Until next report,
Richard.