Weekly Crypto Digest for October - 30 - November 5, 2023
Monday, November 06, 2023
In the latest issue of Weekly Crypto Digest read more about how the jury found SBF guilty, the key rate stays at 5.25-5.5%, PayPal received a subpoena from the SEC, and more news.
The jury found Sam Bankman-Fried guilty
On November 2, a jury found FTX founder Sam Bankman-Fried guilty of all criminal charges. Judge Lewis Kaplan of the Southern District of New York will hand down the final verdict on March 28, 2024.
Each count carries a maximum penalty of 5 to 20 years in prison. Collectively, Bankman-Fried faces up to 115 years in prison.
The Fed kept its key rate at 5.25–5.5%
On November 1, the Fed kept the key rate at 5.25–5.5%. The decision coincided with market expectations. According to the Federal Reserve, U.S. inflation remains high, unemployment remains low, and economic activity continues to grow at a rapid pace.
Report: 80% of Bitcoin Addresses Reach Profitability Zone
The number of Bitcoin addresses that went positive set a new all-time high. Data from the analytical company Glassnode evidence this.
According to experts, the number of profitable Bitcoin wallets has exceeded 39.1 million. This is the highest figure and exceeds the previous value of 38.1 million recorded in November 2021.
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PayPal received a subpoena from the SEC
PayPal has received a subpoena from the US Securities and Exchange Commission (SEC). In it, the commission demanded that the company provide documentation. The papers mention that the reason for the appeal was the stablecoin PYUSD.
The company released the asset in early August 2023. It is almost entirely backed by US Treasury bonds. The issue is carried out by Paxos.
The TON blockchain has set a world record for transaction speed
On October 31, The Open Network blockchain set a world record during public testing, performing 104,715 transactions per second (TPS).
In 22 minutes, the network processed more than 107 million transactions, with a peak TPS of 111,498.
The performance exceeds all confirmed results of other blockchains, as well as the maximum speed of centralized payment systems such as Visa and Mastercard.
MicroStrategy increased Bitcoin reserves to 158,400 BTC
In October, MicroStrategy purchased 155 BTC for $5.3 million and brought the volume of reserves in the first cryptocurrency to 158,400 BTC (~$5.6 billion).
According to the company's third-quarter financial report, total Bitcoin purchases amounted to 6,067 BTC with an average price of $27,531.
MicroStrategy founder Michael Saylor noted that since the company decided to invest in the first cryptocurrency on August 10, 2020, its shares have risen in price by 242%.
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