Apr 13, 2023 at 10:10The cryptocurrency world has seen its fair share of ups and downs, with recent events marking another chapter in its ever-evolving landscape. The 473rd funeral for Bitcoin has left investors and enthusiasts alike reeling, while TRX’s delisting from Binance has raised questions about the future of this once-promising token. Dive into the details below to uncover the reasons behind these developments and their potential implications for the cryptocurrency market.
Again on macroeconomics and forecasts
Despite Bitcoin’s growth this year (last time we told you that BTC was the best financial asset in the first quarter), it has already been buried six times since the beginning of the year. A list of Bitcoin obituaries posted on 99bitcoins.com shows that a variety of authorities from the worlds of politics and finance have declared the leading cryptocurrency dead 473 times since 2010.
In 2022, Bitcoin has been declared dead by various VIPs 27 times; it is easy to see that the number of funerals for the major cryptocurrency has slowed down a bit in the current year of 2023.
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The latest obituary for Bitcoin was written by Robin Brooks, chief strategic economist at the Institute of International Finance. A month ago, on March 14, he wrote doomfully, “So obviously Bitcoin is just another bubble that bursts when the Fed starts raising interest rates.”
As you can see from the current price of $30k, Bitcoin has survived the interest rate hike just fine. At the same time, most CME FedWatch Tool analysts believe that the Fed will raise interest rates again by 25 basis points at the next Fed meeting on May 3. Apparently, the U.S. central bank has been tasked with finally destroying its banking system.
Meanwhile, the research and analysis division of Allianz published a new report, which says that the U.S. economy is “headed for a crash landing.” Allianz is one of the world’s largest insurance companies, with more than 122 million individual and corporate customers worldwide and more than 159,000 employees. The company is known for its risk management and in-depth analytics, and this time it is warning of an approaching banking crisis of epic proportions for the U.S. and the world.
An explanation of the situation with TRON and USDT (TRC-20)
The American division of the largest cryptocurrency exchange, Binance, announced the upcoming delisting of Tron tokens (TRX). We note separately that the removal of trading pairs takes place on the American Binance.US, on Binance.com everything remains unchanged.
The reason for the deletion is the accusations of unethical and fraudulent behavior, or negligence, by TRON founder Justin Sun from the US. While this accusation is valid, the exchange has decided to refrain from trading the asset in the U.S.
These actions on the part of Binance.US unfortunately coincided with a planned update to the TRON network, which multiple exchanges have warned may result in temporary problems with depositing and withdrawing USDT (TRC-20). In the coming days, exchanges will recommend depositing and withdrawing USDT using the ERC-20 protocol.
TRON disruptions and a thunderous announcement from Binance.US confused the community, causing short-term FUD; as a consequence, TRON’s price dropped sharply by 6% but is already recovering.
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