Crypto This Week On Twitter: Bitcoin Whales Bought The Bottom, Nic Carter Defends An Investment, SBF Memed as Atlas

Illustration by Mitchell Preffer for Decryption

Bitcoin has been struggling to stay above $20,000 for three weeks and this week was no exception— as of this writing, the world’s favorite cryptocurrency was hovering just over $19,000. Many Bitcoin maximalists didn’t seem too worried. And others are buying dips.

CEO of Microstrategy and whale-sized Bitcoin HODLers While Michael Saylor didn’t seem to impress pro-gold economist Peter Schiff, he just announced another big BTC purchase.

Nayib Bukele, the authoritarian president of El Salvador, also bought more BTC. no surprise to regular column readers.

However, Saylor and Bukele were not in the limelight during the week. Venture capitalist Nic Carter, himself a Bitcoin fan, sparked the wrath of the laser-eyed masses in a simple tweet Tuesday, announcing his decision to invest in an Ethereum and Solana-friendly wallet-based authentication tool. Dynamic.

The agony of puritan Bitcoiners when they learned that Carter was investing in other things is perhaps best exemplified by a tweet from Mission Bitcoin.

Carter responded by frying the scorchers.

“I couldn’t care less about the laser eye team,” he added.

Dan Held, director of growth marketing at Kraken, was among Carter’s advocates.

47 million dollars

Crypto exchange CoinFLEX announced last month that it is freezing withdrawals “continuing uncertainty about the counterparty“This week, CEO Mark Lamb has a Roger Ver as counterparty, aka “Bitcoin Jesus”, a former Bitcoin evangelist who has now deleted Bitcoin Cash.

Shortly before Lamb’s tweet, Ver dismissed the idea as “some rumors” while claiming that CoinFLEX actually owed him money!

Lamb called Ver’s denial “tactics” and confirmed that yes, Ver definitely owes CoinFLEX, not the other way around.

BlockTerminated

FTX CEO Sam Bankman-Fried said in a June $250 million credit injection He told crypto lender BlockFi after the company announced it would cut its workforce.roughly 20%”, referring to a “dramatic change in macroeconomic conditions”.

in an interview with NPR Last month, Bankman-Fried announced that the stock market responsibility to save sick crypto companies in times of crisis. True to its word, the BlockFi deal has just been concluded.

Finance and investment news account @Stocktwits shared SBF as Atlas.

Axios business editor Dan Primack didn’t like the deal.

in another place

Newly emerging reports have revealed that some hedge funds allegedly borrowed money.hundreds of millionsTo shorten Tether after Terra’s downfall. Leon Marshall, head of institutional sales at Genesis Global Trading, confirmed to a British financial news outlet that the hedge fund is “short selling”.hundreds of millions of dollars.

Tether CEO Paulo Ardoino responded to the reports in a lengthy thread, writing that the short selling was only one dimension of a multi-pronged attack on Tether’s credibility, which also relies on “FUD” and “troll armies.”

Ardoino also said that Tether has endured many accusations that its USDT stablecoin is not backed 1:1 by cash reserves. He highlighted that Tether is fully backed by approved reserves and is playing ball with regulators, and shared some impressive statistics on the number of redemptions Tether has handled.

On Wednesday, the United States Securities and Exchange Commission rejected digital asset manager Grayscale’s application for a Bitcoin spot ETF, saying the firm did not do enough to protect investors from “dishonest and manipulative actions and practices.” The next day, Grayscale CEO Michael Sonnenshein to sue Agency.

Finally, blockchain game Axie Infinity is no longer a profitable venture, according to a chart shared by Ryan Selkis, who founded crypto market intelligence provider Messari.

Players are abandoning the play-to-win title en masse.

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