ProBit Bits — ProBit Global’s Weekly Blockchain Bits Vol. 102

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 70,000 Bitcoin BTC Bought Ahead Of US Inflation Report

Investors have recently purchased 70,000 Bitcoin ahead of the US Inflation report, viewing cryptocurrency as a hedge against economic downturns and uncertainty. This strong buying movement emphasizes the confidence in Bitcoin’s value over concerns of inflation and depreciation of fiat currencies. With the US Consumer Price Index (CPI) rising, investors are worried that the U.S. Federal Reserve is reluctant to cut interest rates, signaling high consumer prices for basic necessities like housing, food and water. This can cause loss of purchasing power from fiat currencies as prices of products go up, which is why Bitcoin can act as a hedge to prevent inflation with a fixed supply of 21 million, having less influence by monetary policy changes.

 GameStop Meme Coins Are Taking Over Solana

GameStop has been making headlines this week when Roaring Kitty, a strong advocate for GameStop, revived his Twitter after a 3 year hiatus. This has resulted in GameStop meme coins on Solana built on the platform hitting a record high of 14,500 tokens deployed in a day following Roaring Kitty’s Twitter meme post. Despite the volatility, Solana based tokens have seen significant growth with over 512,000 tokens deployed since January, generating about 127,000 SOL or roughly $19 million in revenue. This highlights meme coins to have a place in cryptocurrency even when there is no utility or intrinsic value.

 Solana Developer Admits To Stealing Cypher User Funds for Gambling

Hoak, a Solana developer confessed on Twitter to stealing over $314,000 in USDT, USDC and Solana from the Cypher Protocol to support a gambling addiction. Hoak used the funds for multiple gambling transactions, acknowledging nothing could undo his actions. The theft was part of an ongoing investigation by a Cypher Protocol Discord server report. Barret, a core contributor detailing the theft,  outlined its impact on the community and efforts to rebuild after a previous exploit.. Despite the mishaps, Hoak has confessed to his actions and is accepting the consequences.

 Ripple CEO Hints US Government Is Targeting Tether

Ripple’s CEO Brad Garlinghouse believes the U.S. government is targeting Tether, the stable coin known as USDT, which can have a rippling effect on the crypto market. In a podcast, Garlinghouse predicted another crypto downturn effect similar to FTX collapse if Tether is taken down, since it is a big part of the crypto ecosystem. Even with the negative news, Ripple has plans to launch its own stablecoin in 2024 and the token would be back with dollar deposits, short term government treasuries and other cash equivalent.

 Chinese Government Shuts Down $1.9B USDT Underground Banking Operation

The Chinese police have shut down a $1.9 billion underground banking operation using the stablecoin Tether or known as USDT. The cryptocurrency was used for foreign currency exchanges and smuggling goods like medicine and cosmetics. This big crackdown led to the arrest of 193 suspects across 26 provinces in China. Two operations based in Fujian and Hunan were shut down, freezing $20 million linked to the operation. Even with China’s ban on cryptocurrency activities, traders continue to find ways to use crypto assets with Chinese investors being one of the largest stablecoin holders globally.

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