Top Crypto News Shaping the Ecosystem This Week
The crypto market is always full of community stories. Some stories give the market strong bullish momentum, while others shake the market with fear. Let’s take a look at what were the three hottest crypto news in the crypto market last week.
Bitcoin Jesus: Fighting for his reputation
If you follow Bitcoin’s market and non-market activity, you must have heard of “Bitcoin Jesus“. Roger Ver, the man behind the nickname, is at the center of a legal storm. He was arrested in Spain by the U.S. Department of Justice (DOJ) on multiple federal criminal charges including tax evasion and mail fraud. According to the DOJ , Bitcoin Jesus underreported his assets and failed to disclose his holdings of 131,000 BTC, which they say resulted in a $48 million tax shortfall. Vere, who was arrested in Spain earlier this year, is fighting extradition to the United States.
But this is a turning point. Ver, who renounced his U.S. citizenship in 2014, said the charges were outdated and based on unclear tax rules. He also accused the Justice Department of targeting him not over taxes but over his outspoken Bitcoin advocacy. Weir’s defense team claimed prosecutors misused confidential communications, raising more questions about the case. The outcome could have huge implications for how governments handle cryptocurrency-related tax disputes in the future.
MARA Holdings makes bold move into Bitcoin
Marathon Digital Holdings, also known as MARA Holdings, Inc, recently acquired a North American Bitcoin mining company 11,774 Bitcoin The total value is US$1.1 billion. This means they paid $96,000 per Bitcoin. With this purchase, MARA now owns 40,435 Bitcoins, worth $3.98 billion.
The company also achieved a major milestone, doubling mining capacity to 50 EH/s. Despite these achievements, MARA shares are down 4.4% this week and are heading slightly lower in 2024. Even so, CEO Fred Thiel sounds optimistic. He hinted at more expansion, which could set the tone for the mining industry as a whole.
Ripple’s stablecoin gets approval
Ripple didn’t back down either. Its RLUSD stablecoin has just been launched officially recognized Responsible for the New York Department of Financial Services (NYDFS). Ripple CEO Brad Garlinghouse has announced plans to list the stablecoin on major exchanges soon. This could be a game changer.
RLUSD was first launched in April and is Ripple’s answer to Tether and USD Coin. The stablecoin has been tested on the XRP ledger and the Ethereum mainnet. With NYDFS approval, Ripple is positioning itself in the stablecoin market, which could grow from $207 billion to $2 trillion in the next few years. It’s a bold move that could shake up the competition.
what to expect
All these events in just one week demonstrate the unpredictability and dynamic nature of the crypto world. The case of “Bitcoin Jesus” could bring about a new shift in how cryptocurrency laws are enforced. MARA Holdings may inspire other mining companies to get involved, while RLUSD may define the stablecoin world. Well, there is something new every day in the crypto world. One thing is clear: the cryptocurrency space is constantly evolving, and crypto news like this will keep the community engaged.
