Saylor claps back at tax fraud allegations; USDT and USDC at war for market dominance

The biggest news in the cryptocurrency world for September 1 includes Michael Saylor disagreeing with tax avoidance allegations, the US investigating Binance on AML compliance since 2020, Celsius asking to return $ 210 million to creditors, and OpenSea which only supports NFT over PoS after merging.

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Saylor respectfully disagrees with DC AG’s tax avoidance allegations

Following the tax fraud lawsuit filed against Bitcoin maximalist Michael Saylor on August 31, he released a statement claiming that he has no tax liability to the District of Colombia as his residence is in Miami.

The lawsuit previously alleged that Saylor had deliberately claimed to be a resident of lower tax jurisdictions such as Miami in order to avoid paying taxes to the district where he would have “more yachts” and a luxury penthouse.

Saylor said in a statement:

“I respectfully disagree with the District of Columbia position, + look forward to a fair resolution in the courts.”

The Ethereum POW token can be exchanged for $ 18, Paradigm predicts

Paradigm analysts evaluated the difference between Ether spot and future prices and came up with a prediction that the Ethereum POW token could trade at $ 18 after the merger.

He added that ETHPOW would be priced at 1.5% of ETH’s current market cap, as ETH holders currently have a neutral bias towards the futures market.

Babylon Finance will close on November 15th after failing to recover from hacking Rari / FEI

Months after Babylon Finance suffered an $ 80 million attack, the protocol announced it will cease operations starting November 15.

The effect of the exploit was exacerbated by the decline in market conditions. As a result, users have exited 75% of the resources locked in the protocol.

The announcement caused the BABL token to crash by 92% after dropping from around $ 5 to a low of $ 0.218, according to data from Congecko.

Creditors are filing a new lawsuit against Celsius demanding a refund of $ 22.5 million

A new group of creditors has filed a lawsuit against Celsius demanding a repayment of $ 22.5 million.

The creditors stated that their funds were held in the custodian account and are repayable according to the agreed term of service.

Creditors have urged the court to allow Celsius to repay the held assets.

Celsius wants to return $ 210 million worth of assets in custody

Due to increasing credit demands from injured creditors, Celsius filed a motion asking the court to allow eligible customers to withdraw up to $ 210 million from the platform.

The cryptocurrency lender has confirmed that the affected assets are owned by customers and are not part of its bankruptcy estate.

OpenSea will only support Ethereum NFT PoS after merging

OpenSea has announced that it will only support NFTs on the proof-of-stake version of Ethereum immediately after the merge. As a result, it will cease trading NFT ETHPoW on its platform.

Research highlighting

The Fed will snort and snort and blow up your house as a quantitative tightening begins

CryptoSlate’s recent macro analysis reveals that the Fed’s plan to release $ 35 billion in the form of mortgage-backed securities (MBS) in its effort to curb inflation could lead to another housing market crash.

Private investors can add MBS to the portfolio which helps to withdraw money from the economy and reduce expected inflation. With mortgage payments rising 75% year-on-year, many people may not pay their payments leading to an oversupply of homes and a monetary loss for MBS investors.

When the supply of housing becomes excessive, a new housing crisis could occur that would drag financial markets to the downside, including cryptocurrencies.

However, with the expected devaluation of the currency in the event of a housing crisis, many people may turn to “real estate” such as cryptocurrencies to preserve their wealth.

Binance USDC withdrawals exceed $ 1 billion per day this week

On-chain data analyzed by CryptoSlate reveals that an average of $ 1 billion USDC left Binance’s hot wallet this week, which is consistent with the market trend.

USDC net exchange position

Further analysis of stablecoin withdrawals on other exchanges shows that there has been a significant drop in stablecoin balances overall.

The stablecoin wars ignite as USDC and USDT fight for market share

Leading USDT and USDC stablecoins, which account for 12% of the total cryptocurrency market capitalization, have been battling for dominance over the past few weeks.

In a period when USDT lost over $ 16 billion in market capitalization, USDC reportedly grew by $ 4 billion. The heat of the market downturn in August forced the tokens to hit a local low.

Domain of stablecoins

However, the two stablecoins are recovering from the fundamental histories that contributed to their decline. They are seeing a resurgence of their dominance in the cryptocurrency market, which has increased by 40% in the past few weeks.

News from all over the cryptoverse

US prosecutors investigate AML compliance on Binance

US prosecutors have been investigating Binance since 2020 on the measures it has taken to ensure compliance with anti-money laundering and sanctions, Reuters reported.

Binance CEO Changpeng Zhao said in a tweet that the exchange has met all of the regulator’s demands for 2020.

Patrick Hillmann, Binance’s Chief Communications Officer, said the company’s compliance team is made up of former regulators and law enforcement officers to ensure it is fully compliant with all regulatory requirements.

FASB cryptocurrency accounting rules skip NFTs, some stablecoins

The Financial Accounting Standards Board (FASB) will not include NFT and some stablecoins in its crypto accounting review, The Wall Street newspaper reported,

The scope of the project would include assets that are not unique and interchangeable, and also intangible and do not contain contractual rights over cash flows, goods or services.

Binance Introduces Free ETH Trading

Users who trade the ETH / BUSD pair will not be required to pay trading fees in the next month.

Binance has announced that the move is to attract both newcomers and veterans interested in the Ethereum ecosystem in anticipation of the upcoming Merger.

Cardano is now live on Robinhood

As a preview for Vasil’s hard forks, Robinhood announced that users can begin trading Cardano’s ADA token on its platform.

Despite the news of the listing, ADA’s price remained stable. On the daily chart, ADA is up to $ 0.462, just 9% from the 24-hour low of $ 0.424.

LG launches the crypto wallet on Hedera

LG Electronics will reportedly launch its “Wallypto” crypto wallet in the third quarter of 2022. Wallypto was built in partnership with the Hedera blockchain.

Cryptocurrency market

Bitcoin was up 0.2% on the day, trading at $ 20,085, while Ethereum was trading at $ 1,586, reflecting a 2% rise.

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