BitcoinBites: 5 BTC stories you should know – March 23rd, 2022
Terra buys $125 million of Bitcoin for its reserve
The network, however, made a startling revelation recently through its CEO, Do Kwon, who stated that they would be purchasing $10 billion Bitcoin to Luna reserve.
According to Kwon’s announcement, Terra would be using the purchased Bitcoin as a reserve for its popular algorithmic stablecoin, UST.
Bitcoin in Venice: Those embracing Bitcoin gain a superior economic foundation
Quentin Skinner’s monumental overview of the development of early modern political philosophy, “The Foundations of Modern Political Thought,” begins with the following lines:
“As early as the middle of the twelfth century the German historian Otto of Freising recognised that a new and remarkable form of social and political organisation had arisen in Northern Italy. One peculiarity he noted was that Italian society had apparently ceased to be feudal in character.”
While Skinner’s concern is political philosophy and not economic history, it is easy enough to identify that these social changes were made possible by a nascent form of capitalism. As the great medievalist Henri Pirenne commented on the period and region in his “Medieval Cities”:
“Lombardy, where from Venice on the east and Pisa and Genoa on the west all the commercial movements of the Mediterranean flowed and were blended into one, flourished with an extraordinary exuberance. On the wonderful plain cities bloomed with the same vigor as the harvests. The fertility of the soil made possible for them an unlimited expansion, and at the same time the ease of obtaining markets favoured both the importation of raw materials and the exportation of manufactured products. There, commerce gave rise to industry, and as it developed, Bergamo, Cremona, Lodi, Verona, and all the old towns, all the old Roman municipia, took on new life, far more vigorous than that which had animated them in antiquity.”
Bitcoin jumps as Do Kwon buys $125 million
Bitcoin is nearing $43,000, up 3.5% today on intense speculation that Terra, a stablecoins blockchain, is to buy $3 billion worth of BTC.
Do Kwon (pictured), the South Korean Terra’s founder, apparently said too much in a Twitter space conversation where he told maxi Udi Wertheimer the UST stablecoin is to be backed not just with Luna, but with BTC.
That was enough to send people looking for the blockchain, and of course it’s an eth one, where a Gnosis safe address purported to belong to Luna moved $125 million in tether tokens.
The address had close to $2 billion worth of USDt and USDc. $125 million of it was recently moved to what looks like a Binance address. The move further coincided with the initial spike in bitcoin’s price.
Canadian authorities seized only 6 of the 21 BTC donated to the Truckers' Convoy
The Canadian truckers’ protest is one of 2022 biggest stories. The turning point was when the Government invoked the Emergencies Act and, among other things, got the power to seize all donations including cryptocurrencies. As it turns out, getting hold of the assets proved difficult and almost 70% of the 21 bitcoin is missing from the main account. How did we get here, though?
The Canadian Broadcasting Corporation has the story. Summarizing, the Freedom Convoy froze transit in the city of Ottawa throughout February. The truckers were protesting “against COVID-19 mandates and restrictions, including a vaccine mandate for truckers to cross the Canada-U.S. border.” The Emergencies Act thing was on the 14th, and on the 17th:
“Lawyers representing Ottawa residents in a class-action lawsuit against convoy organizers listed more than 100 crypto wallets allegedly associated with the protesters.
The civil suit is seeking to recover assets, including digital currency, raised by protesters and move them into an escrow account to be used as a means of paying damages resulting from the class action.”
That’s where the CBC investigation team comes in and channels Chainalysis. What did they find?
Billionaire Bitcoin whales could signal the next bottom for BTC, says crypto analyst Benjamin Cownen
A popular crypto analyst is looking at what the wealthiest Bitcoin (BTC) holders are doing to gauge the leading crypto asset’s next swing upward.
In a new strategy session, Benjamin Cowen tells his 721,000 subscribers that he keeps track of the largest BTC wallets because they have been known to call market bottoms in the past.
For the latest Bitcoin prices, check out NDAX's BTC Price page