Crypto Pre-drink: July 11, 2024

KEYTAKEAWAYS

TABLE OF CONTENTS

• KEY TAKEAWAYS
• German Government’s Major Bitcoin Transfers
• BitMEX Pleads Guilty to Violating Bank Secrecy Act
• Farcaster’s Record Growth
• DISCLAIMER
• WRITER’S INTRO

CONTENT

In the Crypto Pre-drink, we serve up a daily shot of the hottest crypto news and market insights to fuel your investment decisions.

German Government’s Major Bitcoin Transfers

The German government continues its significant bitcoin transfers, moving over 2,500 BTC worth $146.8 million to major exchanges like Bitstamp, Kraken, and Coinbase. This is part of a broader strategy to liquidate 50,000 BTC seized from the Movie2K piracy case. Despite market concerns, Bitcoin’s price experienced only a modest decline of less than 1%, trading at $58,342. The ongoing sales, however, have led to a 10% drop in Bitcoin’s value since mid-June.

BitMEX Pleads Guilty to Violating Bank Secrecy Act

BitMEX, a prominent cryptocurrency exchange, has pleaded guilty to violating the Bank Secrecy Act. This development marks a significant moment in regulatory enforcement within the crypto industry. The plea agreement includes substantial fines and represents a warning to other crypto entities about the importance of compliance with financial regulations. The case has underscored the need for robust anti-money laundering measures within the industry.

Farcaster’s Record Growth

Farcaster, a decentralized social network, has achieved new milestones with over 73,700 unique users in a record-breaking week. This surge reflects growing interest in decentralized platforms as users seek alternatives to traditional social networks. Farcaster’s growth is indicative of the broader trend towards decentralization in various sectors, including social media, finance, and technology.