Banking Crisis Good for Bitcoin + Do Kwon Arrested
Welcome to another weekly highlight of the latest crypto happenings by your friendly neighborhood portfolio tracking and trading platform, Coinigy.
Apparently, we haven’t really recovered from the recent banking saga. But, the good news is, USDC is back at $0.999 and looks likely to stick to its peg soon—any time now.
Plus, Bitcoin is now at $27k—a measurable improvement from its $25k resistance. Some analysts are bullish about the crypto’s future following the banking crisis.
In other news, Do Kwon is finally in police custody—time for some justice, maybe.
Anyway, here are the past week’s highlights.
- Bitcoin likely to outperform all crypto assets following banking crisis
- Terraform Labs co-founder Do Kwon arrested in Montenegro
- SEC sues Tron founder Justin Sun, Lindsay Lohan, and other celebrities over crypto sales
- Coinbase falls after US SEC threatens to sue over some crypto products
Bitcoin likely to outperform all crypto assets following banking crisis
“The more that Bitcoin can sustain above $25,000, then the more the S&P 500 potentially pressures below 4,000, you're going to have an indication that Bitcoin is going to take off,” McGlone pointed out. “I think Bitcoin will outperform virtually all cryptos, including Ethereum,” - Mike McGlone, senior commodity strategist at Bloomberg Intelligence. Read the full story.
Terraform Labs co-founder Do Kwon arrested in Montenegro
The founder of Terraform Labs, Do Kwon, appears to have been arrested in Montenegro, according to a tweet by the country's minister of interior, Filip Adzic.
Kwon has been the target of several investigations and was even on Interpol's red notice after stablecoin terraUSD (UST) and its $40 billion ecosystem imploded last year, sending shockwaves across the crypto markets. Read the full story.
SEC sues Tron founder Justin Sun, Lindsay Lohan, and other celebrities over crypto sales
The U.S. Securities and Exchange Commission sued Justin Sun, the founder of Tron, on allegations of orchestrating “unregistered offer and sale, manipulative trading and unlawful touting of crypto asset securities,” the agency stated Wednesday. Read the full story.
Coinbase falls after US SEC threatens to sue over some crypto products
Shares of Coinbase Global Inc. (COIN), America's largest crypto exchange, tumbled Thursday morning after the firm revealed the U.S. Securities and Exchange Commission (SEC) may take legal action over the crypto exchange's products. Read the full story.