The crypto markets have been relatively calm and the boring price movements have led investors to stay away from the market. However, it is important not to overlook some significant developments. Let’s take a look at what has been happening in the crypto markets in the past week and examine the noteworthy opinions of experts. So, let’s dive into the weekly summary.
Summary of Cryptocurrencies
This week, some developments have resulted in interesting outcomes. Despite the negative news, the price of Bitcoin remained strong, which was contrary to what we are used to. So, to briefly summarize, what happened in the markets this week?
Paxos and the $500,000 Transaction Fee
A Bitcoin miner who received a fee of 19.8 BTC from Paxos, a blockchain infrastructure firm, returned the fee after Paxos announced that they had mistakenly set the transfer fee above $500,000. On September 10th, Paxos paid a massive fee of $2,000. However, this fee was refunded on September 15th. In the past, there have been many similar incidents, but miners did not return the fees as they saw it as a windfall.
Sale of FTX Assets
The court has approved the conversion of FTX’s crypto reserves into fiat currency. It is not expected to have a significant impact on the markets. According to a recent shareholder update, the bankrupt exchange holds $833 million worth of Bitcoin and ETH.
Genesis Bankruptcy Process
Digital Currency Group has proposed a new settlement plan for the creditors of the bankrupt Genesis Global. Originally, the completion of the agreement was expected on August 2nd, but the process has been delayed. During this process, the subsidiary company Grayscale achieved a significant legal victory.
The payment plan offered for Gemini’s debts promises to pay Earn customers between 95% and 110%.
Franklin Templeton ETF Application
This week, another trillion-dollar company has applied for a spot Bitcoin ETF. According to the application, the fund will be structured as a trust. Coinbase will custody BTC, and The Bank of New York Mellon will serve as the cash custodian and administrator. The company manages $1.5 trillion under its management.
Departures from Binance Exchange
Binance has been losing its top-level executives for a while now. Most recently, Binance US CEO Brian Shroder resigned. In addition, Krishna Juvvadi, the Chief Legal Officer, and Sidney Majalya, the Chief Risk Officer, also left the company. While important figures are leaving the company, Binance is simultaneously facing its battles against both the SEC and CFTC.
