CZ’s Freedom Costs Crypto $200B but Bitcoin Enjoys Employment Surge
What’s up Crypto Fam 🖖
Welcome to another edition of your favorite weekly news round-up… From Coinigy.
So the U.S. job market is on fire and Bitcoin is feeling the heat. Unemployment is going down and Bitcoin is loving it.
Meanwhile, we all thought that the market would be happy with CZ’s freedom but the market seems to have liked him better behind bars
Here are the Highlights:
- Bitcoin threatens breakout as US employment falls to 4.1%, jobs surge
- CZ’s release was supposed to launch Uptober — instead, we lost $200B
- Binance warns of crypto market risks from overvaluation, centralization
- Coinbase to delist some stablecoins in Europe ahead of new regulations
Bitcoin threatens breakout as US employment falls to 4.1%, jobs surge
U.S. Non-Farm Payrolls increased by 254,000 in September, affecting Bitcoin prices. The Department of Labor reported an addition of 254,000 jobs, surpassing the consensus estimate of 140,000. The unemployment rate decreased to 4.1%, below the expected 4.3%. This release indicates resilience in the US labor market despite broader economic concerns, suggesting potential implications for Federal Reserve monetary policy. Bitcoin responded to the labor data with brief volatility. Initially priced at $61,400, Bitcoin declined to $61,200 following the report’s release, then climbed to $62,000 before stabilizing near $61,700.
CZ’s release was supposed to launch Uptober — instead, we lost $200B
Fans of Binance cheered on September 27 when founder Changpeng Zhao (CZ) walked free from US Bureau of Prisons custody. One of crypto’s wealthiest entrepreneurs had seemingly emerged victorious – fines paid, prison sentence served, and according to Forbes, billions of dollars richer. However, a health check of the market indicates that CZ was better for crypto prices while he was in prison. Whether by luck or cause, CZ’s departure from his Lompoc II prison and California halfway house has been bad news for crypto investors.
Binance warns of crypto market risks from overvaluation, centralization
The cryptocurrency market faces significant risks due to overvaluation and the centralization of token ownership, according to a recent report from Binance. The report warns that if these challenges are not addressed, these risks could undermine the long-term stability and integrity of the crypto industry. Speaking with Cointelegraph, a Binance spokesperson explained that as more participants enter the market, there is a “greater emphasis on valuation and responsible financial management.”
Coinbase to delist some stablecoins in Europe ahead of new regulations
Coinbase (COIN.O) will delist certain stablecoins in the European Economic Area by year's end, the cryptocurrency exchange said on Friday, as the industry braces for tougher regulation in the region. The European Union's landmark crypto regulatory framework, known as the Markets in Crypto-Assets (MiCA) regulation, introduced in early 2023, is set to be fully applied by December. It requires issuers of stablecoins - crypto tokens whose monetary value is pegged to a stable asset to protect from wild volatility - to meet strict transparency, liquidity, and consumer protection standards.
Other Highlights Worth Mentioning
UAE exempts crypto transfers, conversion from value-added tax - Cointelegraph
PayPal settles invoice with EY in PYUSD first business payment - CryptoSlate
Coinbase Urges Court to Reconsider Appeal Amid Ripple SEC Case Developments - CoinMarketCap
US Seizes Bitcoin and Tether Linked to $879 Million Lazarus Group Hacking Operations - BeInCrypto