What a week the crypto market has had! This 2020 has been quite busy, the crypto markets are not exempt from it, not even Bitcoin. Today we bring you the most outstanding news of the week so that nothing takes you by surprise.
Highlights of the week
It’s been such a busy week that we can’t believe it’s finally over. Today we summarize everything that has caused the charges against BitMEX and the news related to the president of the United States, Donald Trump, in the crypto market.
BitMEX: Bitcoin shakes?
We will start with the BitMEX news because it generated a lot of controversy on crypto social networks. Mainly due to concerns about the impact that the news would have on Bitcoin.
On October 1, we reported on CryptoTrend that the United States Commodity Futures Trading Commission (CFTC) filed charges against BitMEX for operating illegally in the country and for failing to comply with anti-money laundering prevention standards.
However, it does not end there. BitMEX was also indicted the same day by the United States Attorney for the District of New York, who filed criminal actions against the owners of the crypto exchange; Arthur Hayes, Ben Delo and Samuel Reed, for conspiring and violating the Bank Secrecy Act.
The news, unsurprisingly, caused a relatively slight drop in the price of Bitcoin. In this sense, the crypto community on Twitter pointed out that Bitcoin was showing resistance.
Still there was concern. In fact, Nic Carter, co-founder of Coin Metrics, pointed out at the time that BitMEX had around $ 2 billion in crypto BTC.
The concern at the time was that there will be problems withdrawing the funds. Nonetheless, BitMEX began processing the withdrawals in order to prove that the funds were safe.
But the withdrawals were such that, within hours, BitMEX had already experienced an exodus of more than 40,000 Bitcoin, Glassnode reported.
Coupled with this, according to data from BitInfoCharts, average Bitcoin transaction fees doubled last week. In this way, the average rate for yesterday was $ 2.44; on September 27 it was $ 1.55.
Trump, a debate, COVID-19 and the crypto market
This week the presidential debate Donald Trump Vs. Joe Biden took place, which was cataloged by many as the worst debate they had seen in their lives.
Obviously, the immediate question that arose on social networks once the debate was over: Do we have to choose between these two options? Was anyone the winner of the debate?
Not to mention that Donald Trump later pointed out on Twitter that he had been a clear winner. Of course, many questioned it.
Media such as El País carried out their own analysis and in the case of the latter, their prediction points to Joe Biden being the favorite to win the elections.
But, we in the crypto community, can also look at prediction markets like FTX and Augur. During and after the debate, these markets saw a significant movement; most pointed out that Trump was a clear loser.
However, also this week, the President of the United States announced that he had tested positive for COVID-19; which changed everything.
Prediction crypto markets like Augur have Joe Biden as the frontrunner, but some are pointing out that the COVID diagnosis could help Trump quite a bit.
In fact, following the news, the odds of Biden winning the election fell more than 5%, according to data from election prediction contracts on FTX.
However, global markets did not react very well to the news and turned red on Thursday afternoon. Mainly because the news came when they did not approve the 2.2 billion dollar aid package.
Healthy crypto market, especially Bitcoin
A few years ago the two previous news would have made the crypto market reel and, probably, the price of Bitcoin (BTC) collapsed. Nonetheless, the crypto managed to hold on.
In this way, we start the month with an uptrend. Starting this week, Bitcoin was valued at $ 10,900. On Thursday it fell around $ 400, to rebound a bit before dropping another $ 200 on Friday.
However, currently the leading crypto is valued at $ 10,640 according to the CryptoTrend tool, Crypto Online. So we can notice a certain maturity in the market.
Crypto Research: Are Ethereum Miners Tampering With Blocks?
This week we reported on CryptoTrend that according to a report carried out by researcher Frank Topbottom, Ethereum miners manipulate the blocks.
The question to be answered is: With what objective? Well, basically they do it to take advantage of the DeFi boom and, believe it or not, it is not an illegal action under the rules of the network.
50 BTC Appear From Crypto Era Satoshi
One of the perhaps most curious news of this week is that 50 Bitcoins from the Satoshi era were moved to a Bitfinex wallet.
Yes, those Bitcoins were mined in May 2010, before Satoshi Nakamoto disappeared. So it caused a lot of speculation in the crypto community, especially on Twitter.
The news came just as the Bitcoin balance on crypto exchanges fell to a 23-month low.
Two Obsolete Blocks on the Bitcoin Blockchain!
Yes, this week two obsolete blocks were found on the Bitcoin Blockchain. No, this is not the first time.
Obsolete blocks indicate bad network propagation. They result in wasted work, lower proof of work, which can make the network easier to attack.