Crypto market in red, here are the reasons – The Cryptonomist
The crypto market continues with its price swings, registering a dump the last 24 hours after a small bullish trend in the last 7 days, following the week’s news.
Here’s how Coinbase’s letter to shareholders, Tornado Cash sanctions and more have affected the cryptocurrency market.
The crypto market in the red for the last 24 hours, but positive for the last 7 days
Crypto price fluctuations are now a certainty. Taking BitcoIn (BTC) as a reference, the price is at the time of writing $24,000 and have recorded a final one 24 hour dump of 2.4% and a 3% pump in the last 7 days.
It is also followed by Ethereum (ETH) with today’s price on $1895which is down 1% in the last 24 hours, but up 14% in the last week.
The same, albeit with different percentages, happened for Binance Coin (BNB), Ripple (XRP), Cardano (ADA) and others.
A trend that has been somewhat affected by this week’s news regarding the overall crypto market.
Crypto market: prices and news of the week, the case of Coinbase
Just a few days ago, Coin basethe publicly traded crypto trading platform, released results for the second quarter, together with a letter to shareholders warning that Security and Exchange Commission (SEC) would investigate some of their services, such as the stake programs.
Coinbase itself, the week before had also announced that it had integrated the opportunity for investors to stake Ethereum on its platform, with a 5% return on ETH in the wallet. Something that will also be possible with other cryptocurrencies such as Solana, Polkadot, Cosmos, Tezos, Celo and others.
Also, exactly 7 days ago, Coinbase announced its partnership with BlackRock, which will allow institutional clients to invest in crypto. Within a few days, Coinbase’s (COIN) shares also had a 26% price pump.
Tornado Cash: From OFAC Sanctions to Celebrity Fraud
Other contrasting news concerns of the week Tornado Cashthe crypto mixer that has was blacklisted by the US Treasury Department for allegedly laundering more than $7 billion in crypto.
Specifically, The Office of Foreign Assets Control (OFAC) has also reportedly banned some of the Ethereum wallet addresses associated with the use of Tornado Cash, placing them on the “Specially Designated Nationals List”. Essentially, anyone who interacts with these wallet addresses can face criminal penalties.
For this reason some anonymous user decided to prank some celebrities by sending them small amounts of ETH precisely from a Tornado Cash address.
The troll involved CEO of Coinbase Brian ArmstrongHost Jimmy Fallonclothing brand Cougar and even a wallet set up for donations to Ukraineaccording to Etherscan.
Not only that, even artist Beeple and more mainstream celebrities such as comedians Dave Chappelle received 0.1 ETH from Tornado Cash.
The idea for the scam is said to have originated on Twitter in a post earlier in the week which, in the following days, also published screenshots of the transactions on the chain.
