Weekly Crypto Recap: North Korea’s Heist, U.S. Fed’s New Payment System, and Predictions Galore

Big Developments in the Crypto World

If you’ve been living under a rock or maybe just avoiding your crypto portfolio, here’s a quick recap of the week’s most noteworthy happenings in the ever-changing landscape of cryptocurrencies. From government actions to international intrigues, this week had it all, and we’re here to break it down for you.

FedNow: A Payments System that Left Crypto Enthusiasts Unfazed

This week, the U.S. Federal Reserve announced its plans to launch a real-time payments and settlements service called FedNow. This ambitious project is aimed at facilitating transactions around the clock. But while the Fed may be excited, the crypto community is giving it a collective yawn. Morgan Creek’s Anthony Pompliano tweeted, “Bitcoin is already available,” which sums up the sentiments of many crypto fans who believe they already have a faster, decentralized alternative.

North Korea: The Rogue State in the Crypto Scene

The United Nations dropped a bombshell this week by revealing that North Korea has managed to pilfer an astounding $2 billion from cryptocurrency exchanges. The country’s ongoing need to fund its regime amidst international sanctions has evidently led them down a questionable path. Evidence shows that South Korea may be on their radar, leading to some eyebrow-raising discussions about crypto security on the global stage.

U.S. House Introduces a Crypto Tax Break

Meanwhile, in legislative news, a bill aimed at preventing double taxation on crypto transactions made its way into the U.S. House of Representatives. Rep. Ted Budd is championing this initiative, hoping to support crypto adoption by clearing up tax code confusion. However, not to be outdone, the UK’s tax authority has been keeping the pressure on by requesting crypto businesses to hand over customer details to combat tax evasion.

Litecoin’s Block Reward Halving: A Disappointment?

In the altcoin universe, Litecoin’s price experienced a brief surge after block rewards were cut in half from 25 LTC to 12.5 LTC. However, after an initial excitement pushing prices to $104, investors were left feeling a sense of impending doom as prices slid back into the low $80s. Eric Turner from Messari aptly noted that halvings tend to be “priced in,” leaving many wondering if the excitement was merely a flash in the pan.

Global Collaboration Against Crypto Crimes

A fascinating report this week revealed that 15 countries, including G-7 nations, are coming together to create a system for tracking crypto transactions to prevent crimes like money laundering and terrorism financing. As the world tightens its grip on digital currencies, it’s clear that regulation is no longer a matter of “if,” but “when.” Details are expected to be hashed out by 2020.

Market Movements: Winners and Losers

As the dust settles, Bitcoin stands strong at $11,397.73 while other altcoins like Ether and XRP are at $210.53 and $0.30, respectively. The total market cap is hovering around $296 billion. On the flip side, winners of the week include Block-Chain.com, EUNOMIA, and SounDAC; while losers include Maya Preferred 223, CJs, and Ubricoin, proving once again that volatility is the only constant in the crypto realm.

Wisdom from the Industry

Throughout this week, various industry figures made waves with their quotes:

• “Bitcoin is executing as designed during global instability.” – Anthony Pompliano

• “Right now, it’s very expensive and hard to value, but Bitcoin is going to be part of hedge funds’ portfolios.” – Don Steinbrugge

Looking Ahead: Predictions and FUD

And what’s on the horizon? Tim Draper predicts Bitcoin could reach a whopping $250,000 by Q1 2023, but not without some growing pains along the way. Meanwhile, on the fear, uncertainty, and doubt front, the specter of India’s impending crypto ban may cost the nation a staggering $13 billion. As always, the crypto landscape remains unpredictable yet exhilarating!