What was a week! The analysts have calculated the time of the biggest volatility of Bitcoin, Tether launches stablecoin at the fifth blockchain, and the US politicians are proposing to ban companies for issuing cryptocurrencies, while Libra's reputation is getting weaker and weaker. Only our weekly digest is unchanging — read and enjoy.
1. A long-awaited hearing about Libra was held in the US Congress this week. Two days were dedicated to the discussion of the new project — July 16 and July 17. David Marcus represented Libra’s side, who works as CEO at Calibra. Everything is so usual: cryptocurrencies finance terrorism and help to launder money, Facebook is a threat to humanity. However, Libra seems to have a chance — Maxine Waters of the Democratic Party said that the development of digital technology is inevitable. And if so, then we need to deal with all the legal nuances of regulation of such a project. Also, the politician said that at the next hearings she would like to talk to Mr Zuckerberg himself.
2. Stablecoin Tether announced the launch of USDT on the Algorand network. Tether is already working on the blockchains of Omni, Ethereum, Tron, and EOS. If you trust the words of the Algorand team, the network processes 1,000 transactions per second with a delay of no more than 5 seconds. However, the crypto community believes that it would be better if Tether's team solved the problem of its reserves, rather than adding its coin to the fifth blockchain.
3. The US Congress has proposed to ban technology companies with the annual revenue of more than $25 billion to create their own digital assets. Although, it is not appropriate to call it a ban — if you own such a company and plan to release your cryptocurrency, just pay a fine of $1 million a day. Such a democracy :)
4. The Japanese crypto platform BitTorrent has lost over $27 million as a result of a hacker attack. The platform team said that the stolen funds would be returned to customers in crypto. Taking into consideration that 85% of lost assets were owned by users, the stock exchange could have serious problems with compensation of losses.
5. LongHash employees have determined when it is possible to trace the biggest ups and downs of bitcoin. The time of "crypto-volatility" appeared to be 1 am UTC. The company's analysts point out that this activity could be affected by American and Asian traders, as it is the time when their working day begins.
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