Top Crypto News Shaping the Ecosystem This Week

The crypto market is always filled with some stories for the community. Some stories give a strong bullish momentum to the market while others shake it with fear. Let’s see what top three crypto news have been buzzing the crypto market in the last week.

Bitcoin Jesus: Fighting for His Reputation

If you keep an eye on the Bitcoin’s market and non market activities, you definitely have heard the name “Bitcoin Jesus”. The person behind this pet name, Roger Ver, is at the center of a legal storm. He was arrested in Spain by the U.S. Department of Justice (DOJ) under multiple federal criminal charges that include tax evasion and mail fraud. As per the DOJ, Bitcoin Jesus underreported his assets and did not reveal his holding of 131k BTC. They say this caused a $48 million tax shortfall. Ver, who was arrested in Spain earlier this year, is pushing back against extradition to the US.

But here’s the twist. Ver renounced his US citizenship in 2014, and he’s calling the allegations outdated and based on unclear tax rules. He’s also accusing the DOJ of targeting him not for taxes, but for his outspoken Bitcoin advocacy. Ver’s defense team claims prosecutors misused confidential communications, raising even more questions about the case. The outcome could have huge implications for how governments handle crypto-related tax disputes in the future.

MARA Holdings Makes Bold Bitcoin Moves

A Bitcoin mining company in North America, Marathon Digital Holdings aka MARA Holdings, Inc, recently bought 11,774 BTC for a total value of $1.1 billion. This means for every bitcoin they paid $96k. With this purchase, MARA now owns 40,435 Bitcoin worth $3.98 billion.

The company also hit a major milestone, doubling its mining capacity to 50 EH/s. Despite these achievements, MARA’s stock dipped 4.4% this week and is slightly down for 2024. Even so, CEO Fred Thiel sounds optimistic. He’s hinting at more expansions, which could set the tone for the entire mining industry.

Ripple’s Stablecoin Gets a Green Light

Ripple isn’t holding back either. Its RLUSD stablecoin has just been approved by the New York Department of Financial Services (NYDFS). Ripple CEO Brad Garlinghouse announced plans to list the stablecoin on major exchanges soon. This could be a game-changer.

RLUSD, first introduced in April, is Ripple’s answer to Tether and USD Coin. The stablecoin has been tested on both the XRP ledger and Ethereum mainnets. With NYDFS approval, Ripple is positioning itself in a stablecoin market that could grow from $207 billion to $2 trillion in the next few years. It’s a bold move that might shake up the competition.

What to Expect

All these events in just a week shows how unpredictable and dynamic the crypto world can be. The case of “Bitcoin Jesus” might give a new turn to how crypto laws are enforced. MARA holdings might inspire other mining companies to step in and RLUSD might define the stablecoin world. Well, there are new things in the crypto world everyday. One thing is very clear : The crypto space is ever evolving and such crypto news will keep the community engaged.