[Weekly review] Bitcoin fell after breaking $5,600; Bitfinex and Tether were charged by New York prosecutors; CFTC chairman says Bakkt Bitcoin futures were delayed due to plans to keep Bitcoin on its own

[Bitcoin falls after breaking $5,600, Tether is accused of triggering the stablecoin market]

Over the past week, the cryptocurrency market experienced ups and downs. First, during the week, Bitcoin broke through 5,400 US dollars and 5,600 US dollars, the highest point in 5 months. Its 50-day EMA broke through the 200-day EMA, which ushered in a “gold cross”, which brought confidence to the market. The last time Bitcoin's 50-day MA broke through the 200-day EMA, it ushered in a two-year growth period, rising from $300 to nearly $20,000. Meanwhile, news of charges against Tether and Bitfinex on Friday caused the overall decline in the cryptocurrency market. Tether fell to 0.99 US dollars, while the prices of stablecoins that compete with Tether, such as USD Coin, TrueUSD, and Pax Standard Stablecoin, continued to rise.

[Bitfinex and Tether respond to New York prosecutors' accusations, Tehter prices fall to around $0.99]

On April 25, news from the New York Attorney General's (NYAG) office said that cryptocurrency exchange Bitfinex used funds from stablecoin operator Tether to cover its losses of up to $850 million. Bitfinex and Tether responded to this, saying that the accusations were full of “false assertions.” In news released on Thursday, New York Attorney General Letitia James said she had obtained a court order requiring iFinex, which operates both Bitfinex and Tether, to stop breaking New York laws and defrauding New York residents.

[CFTC Chairman Says Bakkt Bitcoin Futures Are Delayed Due to Plans to Keep Bitcoin on Its Own]

Christopher Giancarlo, chairman of the US Commodity Futures Trading Commission (CFTC), has hinted at why Bitcoin futures on cryptocurrency exchange Bakkt have been slow to launch. According to its comments, part of the problem with Bakkt is that the company plans to keep the bitcoin itself and carry out clearing transactions through its parent company's clearing house. As a result, the application proposal may be problematic on two fronts. One is the issue of regulatory jurisdiction, and the other is that it may be opposed by other clearing house participants.

[Société Générale issues US$112 million bonds on the Ethereum blockchain]

According to Coindesk.com, French financial services giant Societe Generale (Societe Generale) has issued bonds worth around $112 million in the form of security tokens on the Ethereum public blockchain. The investment bank announced it will use OFH tokens to represent €100 million in secured bonds, a type of guarantee backed by specific assets but still on the issuer's balance sheet. The pilot was launched by Forge, a blockchain subsidiary of Société Générale. Société Générale said that PwC provided consulting services for the technology project, and French law firm Gide Loyrette Nouel acted as legal adviser.

[Samsung develops an Ethereum-based blockchain mainnet and may issue Samsung Coin]

According to Coindesk.com, South Korean electronics giant Samsung is developing its own blockchain network and may develop its own token in the future. According to reports, a source “familiar with Samsung's internal affairs” said the company's blockchain working group (part of its wireless division) is building an Ethereum-based blockchain mainnet. However, this work is still in the “internal experiment” stage. The source said, “Currently, we are considering using private blockchains, but we have not confirmed it, so public blockchains may also be used, but I think the end will be a combination of public blockchains and private blockchains.”

[India is enacting a law to ban cryptocurrencies such as Bitcoin]

According to the Economic Times, the Indian government is preparing a draft bill that will ban cryptocurrencies such as Bitcoin, which will be a fatal blow to the future of the country's crypto industry. The report said that the draft, called the “Prohibition of Cryptocurrency and Regulation of Official Digital Currency 2019 Act,” has been distributed to various relevant government departments.

[Wall Street Journal: Sun Zhengyi, founder of Japan's SoftBank Group, lost 130 million US dollars in Bitcoin investment]

According to the Wall Street Journal on Tuesday, Masayoshi Son (Masayoshi Son), a Japanese billionaire and founder of SoftBank Group (SoftBank), invested heavily in Bitcoin during the 2017 digital currency boom, and he personally lost more than 130 million US dollars in subsequent sales. According to the report, Sun Zhengyi made an investment at the end of 2017, when the price of Bitcoin was close to a record level of nearly $20,000. In recent weeks, Bitcoin was trading at around $5,000. Although it is currently unknown how many bitcoins Sun Zhengyi bought at the time, he took action at the beginning of last year after the Bitcoin price plummeted.

Author Xiu MU

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