gcX crypto summary

USDT frozen: Tether’s collaboration with DOJ in halting illicit funds

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Check out the latest highlights from the past week in our Good Crypto digest. For real-time updates, follow us on Twitter or Telegram.

quick weekly news

Binance’s new CEO Richard Teng reassures amid skepticism

Following Changpeng “CZ” Zhao’s departure as Binance CEO, his successor, Richard Teng, addressed investor concerns on X (formerly Twitter) to restore confidence in the exchange.

Amid discussions surrounding CZ’s departure, various opinions emerged, questioning the source of funds for legal settlements exceeding $4 billion and expressing distrust over previously shared proof of reserves by Binance.

Reassuring investors, Teng emphasized Binance’s robust financial position, citing strong revenues and profits despite low platform fees. He outlined his priorities as CEO, focusing on reinstating investor confidence, regulatory collaboration, and driving Web3 adoption.

CZ, affirming his confidence in Binance’s future under Teng’s leadership, confirmed his continued involvement as a shareholder and expressed interest in mentoring startups and advancing decentralized finance initiatives.

Bittrex Global: trading disabled as operations wind down

Bittrex Global, a Liechtenstein-based crypto exchange, announced plans to gradually halt operations, starting with a trading suspension on December 4th, 2023.

In a November 20th update, the exchange urged users holding U.S. dollar balances to convert to euros or cryptocurrencies before December 4th to avoid potential withdrawal complications. This decision follows their U.S. arm’s cessation plans in April due to regulatory uncertainties, including charges by the U.S. SEC for unregistered operations.

USDT frozen: Tether’s collaboration with DOJ in halting illicit funds

Tether, the stablecoin issuer, has locked up about $225 million in USDT following a United States Department of Justice probe into a human trafficking group in Southeast Asia. This action, announced on Nov. 20, involved Tether, OKX, and law enforcement agencies in the U.S. collaborating to freeze these funds held in “external self-custodied wallets.”

The investigation revealed the utilization of these funds in a romance scam scheme, prompting Tether’s commitment to work with U.S. authorities to unfreeze lawful wallets seized in this operation. CEO Paolo Ardoino emphasized their dedication to enhancing safety in the crypto space through such partnerships and proactive measures against illicit activities.

Bitcoin advocate Javier Milei triumphs in Argentina’s presidential election

Argentina’s Bitcoin-friendly candidate, Javier Milei, emerged victorious in the country’s presidential run-off election on November 19, securing over 55% of the votes against opponent Sergio Massa. Milei’s landslide victory, nearly 3 million votes ahead, positions him to assume office on December 10.

Milei’s strong stance against Argentina’s inflation crisis and criticism of the central bank, which he labeled a “scam,” resonated with voters. He champions Bitcoin as a step toward returning monetary control to the private sector. Despite this, Milei has not yet indicated plans to make Bitcoin legal tender in Argentina. In contrast, Massa, who had pledged to introduce a central bank digital currency (CBDC) to tackle inflation if elected, holds divergent views on monetary policy compared to Milei.

exploring MACD divergences in crypto trading

MACD indicator digest

MACD, the Moving Average Convergence Divergence delineates Convergence and Divergence, showcasing disparities between price and its indicator. These divergences—bearish and bullish—signal varied directional shifts in the market.

Understanding MACD trading involves analyzing trend momentum and contrasting it with price action to identify divergence or convergence. The MACD indicator serves as a valuable tool in this comparison, aligning momentum with price action.

Curious to delve deeper into MACD strategies and their applications? Learn more about leveraging MACD divergences in your crypto trading journey.

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November 23, 2023

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