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CryptoSlate Wrapped Daily: Saylor claps back at tax fraud allegations; USDT and USDC at war for market dominance – CryptoSlate

The global crypto market cap is $ with a 24-hour volume of $. The price of Bitcoin is $19,358.04 and BTC market dominance is %. The price of Ethereum is $1,637.04 and ETH market dominance is %. The best performing cryptoasset sector is Terra Eco, which gained 16%.
The Right Place to Buy, Earn, Exchange and Borrow against Your Crypto.
Michael Saylor respectfully disagreed with tax evasion allegations, USDC worth $1 billion left Binance this week and much more in this edition of CryptoSlate Wrapped Daily.
Cover art/illustration via CryptoSlate
The biggest news in the cryptoverse for Sept. 1 includes Michael Saylor disagreeing with allegations of tax avoidance, U.S. probing Binance over AML compliance since 2020, Celsius asking to return $210 million to creditors, and OpenSea supporting only NFTs on PoS post-merge.
Following the tax fraud case filed against Bitcoin Maximalist Michael Saylor on Aug. 31, he has issued a statement claiming that he has no tax liability to the District of Colombia since his residence is in Miami.
The lawsuit had earlier stated that Saylor deliberately claimed to be a resident of lower tax jurisdictions like Miami so as to avoid paying taxes to the District where he reportedly has “multiple yachts” and a luxury penthouse.
Saylor said in a statement:
“I respectfully disagree with the position of the District of Columbia, + look forward to a fair resolution in the courts.“
Analysts at Paradigm weighed the difference between ether’s spot and future prices and arrived at a prediction that the Ethereum POW token may trade at $18 post-merge.
It added that ETHPOW would be priced at 1.5% of ETH’s current market cap given that ETH holders currently have a neutral bias toward the futures market.
Months after Babylon Finance suffered an $80 million hack, the protocol has announced it will shut down operation effective on Nov. 15.
The effect of the exploit was compounded by the declining market conditions. Consequently, users have exited 75% of the assets locked in the protocol.
The announcement caused the BABL token to crash 92% after dropping from about $5 to as low as $0.218, as per Congecko data.
A new group of creditors has filed a lawsuit against Celsius seeking repayment of $22.5 million.
The creditors stated that their funds were held in the custodial account and are redeemable based on the agreed term of service.
The creditors have urged the court to allow Celsius to reimburse their withheld assets.
Due to the growing filings by aggrieved creditors, Celsius has filed a motion seeking the court to allow eligible customers to withdraw up to $210 million from the platform.
The crypto lender confirmed that the affected assets are properties of the customers and not part of its bankruptcy estate.
OpenSea announced it will only support NFTs on the proof-of-stake version of Ethereum immediately after the merge.  Consequently, it will cease trading ETHPoW NFTs on its platform.
CryptoSlate’s recent macro analysis reveals that the Fed’s plan to release $35 billion as mortgage-backed securities (MBS) in its effort to curb inflation may lead to another housing market collapse.
Private investors can add up MBS to the portfolio which helps take out money from the economy and expectedly reduce inflation. With mortgage payments 75% higher year-over-year, many people may default on their payments leading to an oversupply of houses and monetary loss for MBS investors.
When housing supplies become excessive, a new housing crisis may occur which would drag financial markets down including cryptocurrencies.
However, with expected currency devaluation in the event of a housing crisis, many people may turn to “hard assets” like crypto to preserve their wealth.
On-chain data analyzed by CryptoSlate reveals that an average of $1 billion worth of USDC left Binance’s hot wallet this week, which is consistent with the market trend.
USDC Net Change PositionUSDC Net Change Position
Further analysis of stablecoin withdrawals across other exchanges, shows that there has been a significant decline in stablecoin balances generally.
Premier stablecoins USDT and USDC, which make up 12% of the total crypto market cap, have been battling for dominance in recent weeks.
In a period where USDT lost over $16 billion in market cap, USDC reportedly grew by $4 billion. The heat of the market downturn in August forced the tokens to reach their local low.
Stablecoin dominanceStablecoin dominance
However, the two stablecoins are recovering from the fundamental stories that contributed to their decline. They are witnessing a resurgence in their crypto market dominance which has boosted by 40% in the past few weeks.
U.S. prosecutors have been investigating Binance since 2020 on measures it has adopted to ensure anti-money laundering and sanctions compliance, Reuters reported.
Binance CEO Changpeng Zhao in a tweet stated that the exchange met all of the regulator’s 2020 demands.
Another story today about a crypto company receiving an inquiry from a regulator. A request to VOLUNTARILY share certain information back in 2020, which we did. Important for the industry to build trust with regulators.
My chat messages are semi-public anyway. pic.twitter.com/h35Xd4tZhf
— CZ 🔶 Binance (@cz_binance) September 1, 2022

Binance Chief Communications Officer Patrick Hillmann said the company’s compliance team is comprised of ex-regulators and law enforcement agents to ensure it fully complies with all regulatory requirements.
The Financial Accounting Standards Board (FASB) will not include NFTs and some stablecoins in its crypto accounting review, The Wall Street Journal reported,
The scope of the project would include assets that are not unique and interchangeable, and also intangible and do not contain contractual rights to cash flows, goods or services.
Users trading the ETH/BUSD pair will not be required to pay trading fees over the next one month.
Binance announced that the move is to attract both newcomers and veterans interested in the Ethereum ecosystem in anticipation of the upcoming Merge,
As anticipation for the Vasil hard fork mounts, Robinhood has announced users can start trading Cardano’s ADA token on its platform.
Despite the listing news, ADA’s price has remained stable. On the daily chart, ADA rose to $0.462 just 9% from its 24 hours low of $0.424.
LG Electronics is reportedly launching its crypto wallet “Wallypto” in Q3 of 2022. Wallypto was built in partnership with Hedera blockchain.
Bitcoin was up 0.2% on the day, trading at $20,085, while Ethereum was trading at $1,586, reflecting an increase of 2%
Christian is a crypto-curious nerd who loves to investigate how protocols work under the hood. Christian is interested in DeFi protocol research, token economics, and on-chain analytics.
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Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Bitcoin is a consensus network that enables a new payment system and completely digital money. Learn more
Ethereum is the community-run technology powering the cryptocurrency ether (ETH) and thousands of decentralized applications. Learn More
USD Coin (USDC) is a stablecoin fully backed by the US dollar and developed by the CENTRE consortium. Learn More
Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner. Learn More
Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source. Learn More
Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. Learn More
Michael Saylor is the founder and principal shareholder of MicroStrategy. Learn More
Jerome Powell first took office as Chair of the Board of Governors of the Federal Reserve System on February 5, 2018, for a four-year term. Learn More
Changpeng Zhao is a Chinese-Canadian business executive, who is the founder and CEO of Binance, the world’s largest cryptocurrency exchange by trading volume, as of April 2018. Learn More
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies. Learn More
Circle Internet Financial Ltd is a global internet finance company, built on blockchain technology and powered by crypto assets. Learn More
Celsius Network was founded in 2017 with the mission to harness blockchain technology to provide unprecedented financial freedom, economic opportunity, and income equality for the 99%. Learn More
OpenSea is a decentralized peer-to-peer marketplace for buying, selling, and trading NFTs. Learn More
Liquidations cross $100 million within 4 hours as BTC declines below $19k, Ethereum expects Paris upgrade as Bellatrix upgrade goes live and much more in this edition of CryptoSlate Wrapped Daily
Ripple has scored several partnerships in its CBDC drive, including a participation in the digital dollar sandbox initiative.
Outside of the hacks and token collapses of this year, the merge has been one of the most discussed events and has been omnipresent in the last week as seen in IntoTheBlock’s word cloud for Ethereum news.
A governance proposal on Aave has been passed to suspend ETH borrowing following detailed simulations of high utilization of ETH caused by users attempting to receive an ETHPoW airdrop.
The price of LUNC keeps climbing higher amid the rollout of new features, including a token burn mechanism on swaps.
Since its launch in August 2020, Shiba Inu has been burned in a bid to cut its 1 quadrillion circulating supply. The milestone half way point is fast approaching.
CZ denies claims that Binance is owned by a secret Chinese agent, on-chain metrics suggest more pain ahead for long-term Bitcoin holders and much more in this edition of CryptoSlate Wrapped Daily
Helium’s market cap has drastically declined by over 50%, dropping from over $1 billion to around $490 million.
LUNA Classic developers have introduced high yield staking rewards and token burns in a bid to bring investors back.
So far, the Dogechain Twitter has not addressed concerns of token dumping just one day after DC airdrop distribution.
Ethermine is no longer processing blocks that include Tornado Cash transactions creating censorship at a protocol level
Beacon Chain validators holding 66% of the total stake would comply with sanction requests, igniting discussion on Ethereum censorship resistance.
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