this week in The Market Report, Cointelegraph analyst and writer Marcel Pechman breaks down everything that’s been going on between Twitter, Elon Musk, and Dogecoin (DOGE). He also covers rumors of the arrest of Changpeng “CZ” Zhao and the Japanese crackdown on cryptocurrency exchanges.
Bitcoin Price Rebounds After Changpeng Zhao Arrest Rumors
The data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair fell as low as $27,240 on Bitstamp. At its lowest level since March 28, the yield followed an outbreak of claims that Binance CEO Changpeng “CZ” Zhao, already under investigation by US regulatorsHe is now wanted by Interpol. The claims stemmed from an accidental leak of an encrypted tweet from the private Twitter account Cobie, which appeared to lack evidence, causing a market rally. Bitcoin (BTC), however, has rallied quickly and is now trading above $28,000 and has some investors and industry insiders eyeing a move towards $30,000. Could it happen soon? Pechman explains the reasoning behind these claims.
Elon Musk changes Twitter icon to Dogecoin after requesting dismissal of lawsuit
On April 3, social media giant Twitter swapped its icon for the symbol of the popular meme token Dogecoin, which has risen sharply on the news, with its price rising more than 22% in one hour to $0.09784. The icon change occurred across the entire platform and is directly visible to the 360 million monthly active users and visitors of the social media giant’s platform. Shortly after the icon change, the CEO of Twitter and Tesla tweeted a meme, which seems to imply that the change will stick around for some time. Is there something tangible here, or is it just a burger for nothing? Should the cryptocurrency industry pay attention to news related to Musk and Dogecoin? Pechman has some strong opinions on the matter.
Japan’s FSA calls out cryptocurrency exchanges for operating without proper registration and violating fund settlement laws
In a warning letter published on Friday, the Japan Financial Services Agency (FSA) claimed that several foreign cryptocurrency exchanges, including Bybit, MEXC Global and Bitget, have been operating in the country without proper registered, thereby violating the country’s fund settlement laws. The FSA action follows a crackdown on unregistered cryptocurrency exchanges in the East Asian nation. In 2020, the FSA introduced new regulations that require for cryptocurrency exchanges to register with the agency and obtain a license to operate in Japan. Pechman explains what is happening and if it is another crackdown on cryptocurrencies.
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