Crypto Flipsider News – Ethereum Rallies; FTX Won’t Buy Huobi; Iran Approves Crypto; FBI DeFi Warning; Meta NFT Support By DailyCoin

Read in the Digest:

• holds above critical $20k level, rallies back to $1,600

• FTX’s Sam Bankman-Fried debunks acquisition claims of Huobi Global

• Iran approves crypto for imports, Central African Republic rejects crypto use

• FBI issues warning over increasing cyberattacks on DeFi platforms

• Meta’s new update allows users to post NFTs on Instagram and Facebook (NASDAQ:)

Bitcoin Holds Above Critical $20k Level, Ethereum Rallies Back to $1,600

Cryptocurrencies, led by Bitcoin, are beginning to recover from the sharp downtrend that followed the hawkish remarks of Federal Reserve Chairman Jerome Powell. Bitcoin has now recovered from its recent 1-month low of $19,600.

Over the last 24 hours, Bitcoin (BTC) has gained 3%, pushing its price as high as $20,542. Bitcoin now trades at $20,400, holding up above the important psychological level of $20,000.

The 24 hours price chart for Bitcoin (BTC). Source: CoinMarketCap

While Bitcoin’s gains are marginal, Ethereum is experiencing a strong bullish upswing, gaining 10.5% in the last 24 hours. The spike has helped the price of ETH to briefly touch $1,600, before retracing back to $1,590.

The 24 hours price chart for Ethereum (ETH). Source: CoinMarketCap

While Ethereum’s 24 hours gains are impressive, it still falls below the biggest gainers. Flow (FLOW) and Lido DAO (LIDO) are the biggest gainers for today, with gains of 19.8% and 18.3%, respectively.

Flipsider:

• Reacting to the Fed’s aggressive stance in curbing inflation, the chief global strategist at JPMorgan (NYSE:), David Kelly has warned investors to sell their crypto and avoid large-cap tech equities.

FTX’s Sam Bankman-Fried Debunks Acquisition Claims of Huobi Global

FTX founder and CEO Sam Bankman-Fried took to Twitter (NYSE:) on Monday to dispel the rumours of his crypto exchange FTX acquiring rival Seychelles-based Huobi Global, contrary to previous reports.

Sam Bankman-Fried has been dubbed “the following Warren Buffett” for his merger and acquisition deals amid the ongoing crypto winter, wrote on Twitter “No, we are not planning to acquire Huobi.”

Bankman-Fried, whose companies have given $750 million to crypto lenders BlockFi and Voyager and other insolvent exchanges, was linked with Huobi after Huobi’s founder Leon Li announced he was going to sell his 60% stake in the company.

The deal comes amidst a period of difficulty for Huobi Global. In addition to suffering the market crash, Thailand’s SEC confiscated Huobi’s license and the exchange is in talks with Malaysian regulators on the possibility of being placed on an investor warning list.

Flipsider:

• Justin Sun of TRON has also denied being in talks to purchase Huobi, and a few hours after Bank-Fried’s tweet, Huobi’s native token HT fell by about 6%.

Why You Should Care

Although none of SBF’s acquisition plans has come to fruition, with FTX’s soaring revenue, there’s a high chance to close a larger deal in the future.

Iran Approves Crypto for Imports, Central African Republic Rejects Crypto Use

Three weeks after Iran’s Trade Development Organisation completed its first official import order, buying cars worth $10 million using crypto, the country has now approved businesses to use crypto for imports.

Iran’s Deputy Minister of Industry, Mine & Trade Alireza Peyman-Pak hopes that “By the end of September, the use of cryptocurrencies and smart contracts will be widespread in foreign trade with target countries.”

With the approval in place, businesses can now use crypto to import items into Iran. The approval will allow Iran to circumvent the U.S. sanctions imposed on its finance and banking sector.

Flipsider:

• The High Court of the Central African Republic (CAR) has ruled that using government-backed crypto (Sango) to buy “e-residency” and land is against the country’s constitution.
• The Sango Coin which was launched on July 25, promised to allow foreign investors to buy citizenship for $60,000 worth of Sango. However, the court has ruled that it is unconstitutional.