1-FTX sues Binance, Bitcoin hits $93k, meme coin craze, Washington goes DOGE
Bitcoin climbed again last week. After the U.S. CPI report, crypto firstborn hit $93,000 on Nov. 13.
After peaking at $93,000, Bitcoin’s market value surpassed Saudi Aramco at $1.83 trillion.
Bitcoin held over $90,000 despite the decrease. MicroStrategy Chairman and Bitcoin bull Michael Saylor predicted a $100,000 gain in the range-bound.
Several meme currencies rose significantly despite the market slowdown. Dogecoin, the original joke money, regained $60 billion at $0.43.
Robinhood and Coinbase announced plans to launch Pepe on Nov. 13, pushing the frog-themed joke currency up 42%. PEPE reached $0.00002597 the following day.
Investors that sued Musk for Dogecoin price manipulation withdrew.
Dogecoin rose last week owing to market optimism and U.S. politics.
Nov. 13 saw Trump create the Department of Government Efficiency. Musk and Republican Vivek Ramaswamy’s agency might save $2 trillion in federal spending.
FTX, an exchange that went out of business, sued Binance and its former CEO Changpeng Zhao.
Bankrupt exchange FTX sued Binance and former CEO Changpeng Zhao.
The case claims the FTX estate demands $1.76 billion Zhao and other Binance executives illegally acquired from former CEO Sam Bankman-Fried.
Last week, SEC Chair Gary Gensler urged the cryptocurrency sector to observe federal rules, which many CEOs believe may lead to his resignation.
Trump promised to fire Gensler immediately.
Last Monday, 18 Republican attorneys general sued the securities regulator and its chair for “unconstitutional overreach” in crypto.
Polymarket was probed by the DoJ following the presidential election because to its large bet volume.
FBI investigators examined Polymarket CEO Shayne Coplan’s home. Federal agents seized Coplan’s phone without explanation.
The CFTC forbids U.S. election betting, although certain circumstances allow it. Polymarket users generally use cryptocurrency for anonymity.
Global regulations changed last week. By December, British authorities were exploring stablecoin and staking rules despite Trump’s pro-crypto rhetoric, sources said.
US Congress was asked to regulate cryptocurrencies by the Crypto Market Integrity Coalition.
Pennsylvania has proposed a national Bitcoin reserve as the Trump administration suggests. The government may buy BTC if the bill succeeds.
2-Why Monero fails
Bitcoin climbed again last week. After the U.S. CPI report, crypto firstborn hit $93,000 on Nov. 13.
After peaking at $93,000, Bitcoin’s market value surpassed Saudi Aramco at $1.83 trillion.
Bitcoin held over $90,000 despite the decrease. MicroStrategy Chairman and Bitcoin bull Michael Saylor predicted a $100,000 gain in the range-bound.
Several meme currencies rose significantly despite the market slowdown. Dogecoin, the original joke money, regained $60 billion at $0.43.
Robinhood and Coinbase announced plans to launch Pepe on Nov. 13, pushing the frog-themed joke currency up 42%. PEPE reached $0.00002597 the following day.
Investors that sued Musk for Dogecoin price manipulation withdrew.
Dogecoin rose last week owing to market optimism and U.S. politics.
Nov. 13 saw Trump create the Department of Government Efficiency. Musk and Republican Vivek Ramaswamy’s agency might save $2 trillion in federal spending.
FTX, an exchange that went out of business, sued Binance and its former CEO Changpeng Zhao.
Bankrupt exchange FTX sued Binance and former CEO Changpeng Zhao.
The case claims the FTX estate demands $1.76 billion Zhao and other Binance executives illegally acquired from former CEO Sam Bankman-Fried.
Last week, SEC Chair Gary Gensler urged the cryptocurrency sector to observe federal rules, which many CEOs believe may lead to his resignation.
Trump promised to fire Gensler immediately.
Last Monday, 18 Republican attorneys general sued the securities regulator and its chair for “unconstitutional overreach” in crypto.
Polymarket was probed by the DoJ following the presidential election because to its large bet volume.
FBI investigators examined Polymarket CEO Shayne Coplan’s home. Federal agents seized Coplan’s phone without explanation.
The CFTC forbids U.S. election betting, although certain circumstances allow it. Polymarket users generally use cryptocurrency for anonymity.
Global regulations changed last week. By December, British authorities were exploring stablecoin and staking rules despite Trump’s pro-crypto rhetoric, sources said.
US Congress was asked to regulate cryptocurrencies by the Crypto Market Integrity Coalition.
Pennsylvania has proposed a national Bitcoin reserve as the Trump administration suggests. The government may buy BTC if the bill succeeds.
Wallets may receive untracked “dirty” currency. Large sites that ban such wallets may make proof of innocence challenging.
After a long time, analytical systems specialists may update bitcoin address data to correlate payments to illegal activity.
Large centralized exchanges (CEX) are particularly law-abiding. They follow the FATF, an international organization combatting money laundering, terrorist financing, and other threats. They use advanced scientific procedures to verify bitcoin purity upon entry, thus “dirty” assets are unlikely to be accepted.
Exchange sanctions may target all associated funds.
Decentralized exchanges (DEX) may operate without permits, in a dark region, or without AML requirements, raising the danger of receiving “dirty” bitcoin.
Regulated exchanges and trade platforms track illicit cryptocurrencies. Illegally exchanged assets are recorded.
Fraudsters hide and “clean” coins via crypto mixers, unregulated platforms, gambling, prepaid cards, and crypto ATMs.
Thus, law-abiding individuals may hold “dirty” bitcoin. Such assets cannot be bought on KYC/AML exchanges.
Unregulated platforms or exchanges allow digital asset purchases and sales.
Regulation requires exchanges to monitor compromised coin circulation. The EU’s Fifth Anti-Money Laundering Directive requires platforms to monitor crypto transactions, preserve records, share data, and report suspicious transactions to authorities from January 2020.
Large systems identify suspicious transactions with specialized units. Automatic alerts, bots, and human inspections discover “dirty” money. Exchanges may limit accounts by anonymizing transactions and laundering money via mixers, programs, and services. Exchanges don’t care why mixers are used.
Anonymous coins employ crypto mixer-free ways to protect transaction privacy. Monero is popular anonymous cryptocurrency. Monero mixes each sent currency with several others, making it impossible to identify the sender.
Many doubt XMR’s anonymity. Monero’s anonymity concerns were severe until February 2017, when programmers fixed them. All transactions made before this time can be tracked, and Princeton, Carnegie Mellon, Boston, Massachusetts Institute of Technology, and University of Illinois at Urbana-Champaign experts found loopholes to track transaction senders after the code change.
After multiple tracking incidents in 2024, Monero’s anonymity was created.
January saw the Finnish National Bureau of Investigation monitor hacker Julius Kivimäki’s XMR.
Chainalysis uploaded a video in September claiming XMR transactions may be tracked.
Corporation inadvertently shared and deleted footage. YouTube was updated with the material. Video from August 2023.
References
https://crypto.news/bitcoin-93k-musk-doge-ftx-sues-binance-weekly-recap
https://crypto.news/tracking-dirty-cryptocurrency-does-monero-work