Morning Post - September 2

headlines

▌The total market value of encryption is back above $1 trillion

According to the latest data from CMC, the price of BTC has rebounded to above $20,000, currently at $20,079.55, a 0.3% increase in 24 hours. ETH is currently at $1,587.34, up 2.2% in 24 hours. Or affected by the market rebound, the total market value of encryption has returned to above US$1 trillion, and it has exceeded US$1.02 trillion at the time of writing.

cryptocurrency

▌Reuters: The U.S. Department of Justice asked Binance to voluntarily hand over internal records related to Zhao Changpeng in 2020

According to the latest news from Reuters, U.S. federal prosecutors have asked Binance, the world's largest cryptocurrency exchange, to provide a large amount of internal record data about its anti-money laundering inspections, which may involve its CEO and founder Zhao Changpeng. According to Reuters, according to leaked documents, the U.S. Department of Justice’s anti-money laundering department asked Binance in 2020 to voluntarily hand over information about Zhao Changpeng and 12 other executives and partners on illegal transactions and recruiting U.S. customers. Any company records with indications such as "documents were destroyed, altered or removed from Binance files" or "transferred from the US".

▌Celsius' third bankruptcy hearing resolves nothing

Much of the three-hour hearing for cryptocurrency lender Celsius Networks' bankruptcy hearing on Thursday focused on whether escrow account holders should be able to get their money back, and which types of escrow account holders are eligible. . Celsius clients believe that any escrow account holder, i.e. any client who deposits funds into an escrow account but retains ownership of the assets, rather than an earning and borrowing client expecting some kind of gain or gain, should receive their funds. Celsius insists that only "pure" custody account holders are eligible, not customers who initially deposit funds into the Earn product and subsequently switch to custody. Funds transferred 90 days before Celsius filed for bankruptcy may be subject to recovery under U.S. law. Judge Martin Glenn of the Bankruptcy Court for the Southern District of New York has not yet ruled on the matter.

▌Tether asks court to end Roche Freedman class action

Stablecoin issuer Tether wants a judge presiding over a class action lawsuit against it to remove law firm Roche Freedman from the case, a request that could weaken the lawsuit against the stablecoin giant if granted. The request comes less than a week after Kyle Roche, one of Roche Freedman's founding partners, posted a video by the anonymous blog Crypto Leaks, along with an article alleging that Roche strategically filed multiple collective claims on behalf of development firm Ava Labs. litigation. Roche claims the video was selectively edited and obtained illegally, an allegation he and Ava Labs leadership vehemently deny. Yesterday, Roche filed to have himself removed from that case, as well as other class actions, on the grounds that he is no longer involved in the company's class action practice. But in a filing yesterday, Tether's lawyers argued that Roche's previous involvement in the case was reason enough for the company to drop out of the case.

important economic trends

▌Danske Bank: The Fed will be forced to push the US economy into recession in 2023

The U.S. economy has performed relatively well this summer despite fears of a recession. But according to economists at Danske Bank, the Fed will continue to steer the U.S. economy toward recession. Although the U.S. fell into a technical recession in the first half of the year, the recent pullback in gasoline prices will support positive growth in real private consumption in the first half of the year. U.S. headline inflation has peaked, but the labor market and underlying price pressures remain strong. The Fed will be forced to push the U.S. economy into recession in 2023. The bank's economists adjusted the US GDP forecast for 2022 from 2.4% to 1.6%, and the 2023 GDP forecast from 0.1% to -0.2%. The downward revision for 2022 largely reflects weaker-than-expected growth in the first half, but risks for 2023 remain skewed to the downside.