Bitcoin continues its volatile movement, reminding investors that prices will not always rise or fall. At the time of writing, Bitcoin was trading at $51,500, but the previously unimaginable price of $53,000 has now dampened spirits after a recent test. So, what important developments have occurred in cryptocurrencies these days?
Key Developments in Cryptocurrencies
This week marked a pause in the rise supported by the spot Bitcoin ETF. Investors accustomed to net inflows experienced net outflows for the first time, causing some panic, but this was not unexpected. From the European Central Bank to Terra, we’ve seen several significant developments today, so let’s take a quick look at them.
European Central Bank and Bitcoin
Ulrich Bindseil, Director General of Market Infrastructure and Payments at the ECB, and his advisor Jürgen Schaaf, in their latest blog post, do not believe that the approval of spot Bitcoin ETFs in the US makes them safe. Those closely following the news will recall the recent statements by the European Head of VanEck that “spot Bitcoin ETFs will not be approved in the EU region.”
European Central Bank (ECB) officials compare the BTC price surge to a flash in the pan. The text concludes that the ECB’s task of controlling Bitcoin is not yet complete.
“Authorities must remain vigilant and protect society from money laundering, cybercrimes, financial losses for the less educated, and extensive environmental damage.”
Tron and Stablecoins
Despite being a controversial figure, Justin Sun’s Tron has been a popular network for investors for years, especially for active use with stablecoins. Circle, the issuer of USDC, recently announced that no new tokens will be issued on the Tron network. Tether, on the other hand, responded to the question of whether it would take a similar step as follows;
“Tether tokens are issued on various blockchains that are merely transport layers for such tokens. Tether retains the ability to freeze transactions on each directly supported transport layer to fulfill compliance duties. Moreover, Tether actively monitors the security of each supported transport layer to provide our community with the highest standards.”
So, there is currently no cause for concern for TRX investors. According to yesterday’s report, Tether holds 51.8 billion USDT on the mentioned network.
Terra (LUNA)
Finally, the expected has happened, and Montenegro is extraditing the Terra fraudster to the US. Do Kwon, who has been detained for about 11 months, will be extradited to the US after his request to be extradited to South Korea was denied. The hearing for the case filed by the SEC against Kwon and Terra will take place on March 24.
