As we enter the last busy week of August, some events may bring surprises to the cryptocurrencies.
While it’s hard to imagine what might happen next in this market, here are a few events that could shake up the industry.
Next chapter of Tornado Cash
This past weekend, privacy advocates and the family of Alexey Pertsev, a Dutch developer of Tornado Cash, protested in amsterdam.
On 12 August, Pertsev was arrested by Dutch authorities in the Netherlands, two days after the government of the United States have banned Tornado Cash – claiming that the protocol that scrambles transactions in blockchain was used to launder funds from agents of the North Korea.
Dutch authorities allege that people behind Tornado Cash made large profits from these transactions.
Amid protests, a decentralized autonomous organization (DAO) associated with the protocol has been discussing ways in which it can challenge US sanctions in the midst of prisons, before the DAO’s governance is overthrown.
The coming weeks will propose a test of the legal parameters on writing codes, since a case like that of Tornado Cash can set precedents for the cryptocurrencies on many levels.
Attention turns to the price of cryptocurrencies
Bitcoin (BTC) and ethereum (ETH) registered some volatility this weekend, with BTC hovering around $21k, and ether flirting with the $1,600 mark on Sunday (21).
Risk behavior will be something to watch out for, as the US is expected to publish an updated Gross Domestic Product (GDP) reading and some economists anticipate a technical recession.
Continuation of the Galaxy Digital-BitGo saga
Did Galaxy Digital make promises it couldn’t keep? This week could bring new developments after the cancellation of proposed $1.2 billion merger between Galaxy Digital and BitGo.
Last week, Galaxy backtracked on the billion-dollar proposal and said no cancellation fees were payable.
In a statement, BitGo said that it “intends to take legal action against Galaxy Digital for the inappropriate decision to terminate the merger agreement with BitGo, which would not expire until December 31, 2022, and not pay the $100 million cancellation fee.” which it had pledged in March 2022 in order to induce BitGo to extend the merger agreement.”
Result updates
THE bitcoin miner Iris Energy is expected to release its second quarter results on Wednesday (24). The company doubled its hash rate to 2.3 exahashes per second (EH/s) in early August, after completing the second phase of its installation on Canada.
Nvidia – manufacturer of chips for mining cryptocurrencies – must also report the results of the second quarter on the same day.
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Source: Moneytimes
I am an author at Global happenings and I mostly cover automobile news. In my time working in the automotive industry, I have developed a keen interest in the latest developments and trends. My writing skills have also allowed me to share my knowledge with others through articles and blog posts.
