Paxful and Other US Exchanges Suspended, US GOV sells BTC, SB1751, more CBDC talk - Week 32
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Paxful Suspends Operations
Paxful is a peer-to-peer cryptocurrency exchange that connects buyers and sellers worldwide, allowing them to trade Bitcoin and other cryptocurrencies.
According to a message from Ray Youssef, the CEO of Paxful, the peer-to-peer cryptocurrency exchange has suspended its marketplace.
Paxful’s closure is due to some key staff departures and regulatory challenges in the industry, particularly in the peer-to-peer market, most notably in the United States.
The CEO of Paxful has advised customers to explore self-custody and trade elsewhere, and they are still able to withdrawal their funds from the Paxful Wallet.
For non-U.S. users, Paxful is offering easy migration to other options. Other US exchanges like Bittrex are also closing shop due to regulatory changes, which could relate to crackdowns on the US crypto market.
The US Government Sells 41,500 BTC
The US government's decision to sell bitcoin seized from a Silk Road hacker showcases its intent to clamp down on illegal cryptocurrency-related activities.
The move comes after years of seizures and legal battles that have left the US government as a large holder of Bitcoin.
The upcoming sale of 41,500 Bitcoin seized from the Silk Road marketplace is expected to generate substantial revenue, with the current value estimated to be around $1.18 billion USD.
The government has outlined its intention to sell the remaining BTC in four separate batches throughout the year, with the first batch already being sold for $215 million in March.
SB1751 Anti-Bitcoin Mining Texas Bill
An anti-Bitcoin mining bill passed on a vote in the Texas Senate. The bill would bar Bitcoin miners from benefiting from Demand Response activities in Texas.
Demand response incentivizes large consumers to lower their electricity usage during peak demand periods, earning them rewards or lower rates, while utilities avoid blackouts and generate additional power. It's a cost-effective and eco-friendly alternative to building new power plants.
Next is a full Senate vote, house vote, and Governor's signature. This seems unlikely to pass, given it directly opposes the state of Texas’ efforts to create a haven for Bitcoin and Bitcoin miners.
Governments and CBDC updates:
Elizabeth Warren continues to attack Bitcoin.. while also supporting CBDCs.
Christine Lagarde says the Digital Euro will be decided on in October:
After the exclusion from the SWIFT system, the Chinese Yuan became the most traded currency in Russia:
Bitcoin continues to move sideways after showing significant strength against the market.
Even though it seems it hasn’t moved in the past week, Bitcoin has surpassed the 200 weekly moving average, showing significant strength in many metrics, and is starting to pull out of the bear market. This doesn’t mean that it couldn’t go down in the near future, but as we approach the halving, Bitcoin’s strength continues to shine.
Bitcoin is showing a huge amount of strength amid a banking crisis. It is now up 71% YTD, way above regional banks, bonds, and gold.
As an inflation hedge against the traditional banking system, Bitcoin has won over the past ten years.
“Our Currency is Crashing”
Twitter Replaces The Blue Bird With a Doge
Bitcoin on ECB in Frankfurt
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What to read
The Bitcoin Monthly: March Report - ARK
The CBO and Taking the Treasury’s Debt Temperature - James Lavish
TEXAS IS BITCOIN COUNTRY, WITH OR WITHOUT THE U.S. - James Collins
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