Crypto Market Shows Steady Growth as Bitcoin Briefly Surpasses $7,500
The cryptocurrency market experienced moderate gains over the weekend. Bitcoin, the leading cryptocurrency by market capitalization, briefly exceeded $7,500—marking a notable breakout from its recent consolidation phase. However, analysts caution that its future trajectory remains uncertain. Other major cryptocurrencies also recorded varied upward movements during this period.
Justin Sun Teases Upcoming BTT and BitTorrent Acquisitions
Tron founder Justin Sun hinted via Twitter about imminent acquisitions involving BTT (BitTorrent Token) and BitTorrent. The announcement is expected within the next three days. In a separate tweet, Sun also highlighted that Samsung has integrated three TRON-based decentralized applications (DApps) into its Galaxy S10 and select other smartphone models.
South Korean Tax Authority Slaps Bithumb with $800 Million Tax Bill
According to mtn.co.kr, South Korea’s National Tax Service has levied a tax bill exceeding 80 billion KRW (including local taxes) on Bithumb Korea. The agency cited "withholding taxes related to foreign clients" as the basis for the charge. Bithumb Korea has contested the decision, signaling potential legal action against what it deems an unjust imposition.
👉 Stay updated on global crypto regulations
Ripple CTO Clarifies XRP Funding Sources Amid Criticism
Ripple’s Chief Technology Officer, David Schwartz, addressed criticism on Twitter regarding XRP’s value proposition. Responding to claims that XRP "exists solely to enrich Ripple," Schwartz emphasized that Ripple’s initial funding came from venture capital and angel investors, not an ICO. He clarified:
"Investors in ICOs buy tokens to fund project development. Ripple was VC-backed from day one—no one purchased XRP to finance our operations."
Vnesheconombank CEO Warns of "Stone Age" Regression for Blockchain-Lagging Nations
Sergey Gorkov, head of Russia’s state-owned Vnesheconombank, issued a stark warning during an interview with AMBCrypto:
"Countries that ignored the internet in the 1990s are now irrelevant. Similarly, nations failing to adopt blockchain today risk regressing technologically within two to three decades."
Block.one’s BB Advocates for Prudent EOS Development
Brendan Blumer (BB), CEO of Block.one, tweeted about EOS’s strategic direction:
"EOS is among the world’s most valuable blockchains. We prioritize methodical upgrades and governance refinements—speed matters, but recklessness doesn’t. EOS is still evolving, and we’re committed to enhancing its utility."
ETC Labs Founder: PoW Cryptocurrencies Are Commodities by Nature
James Wo, founder of ETC Labs, argued in an AMBCrypto feature that proof-of-work (PoW) cryptocurrencies inherently qualify as commodities due to their decentralized structure. He contrasted PoW with proof-of-stake (PoS), where concentrated token ownership could lead to centralization risks.
👉 Explore PoW vs. PoS mechanisms
FAQ Section
Q: Why did Bitcoin’s price surge over the weekend?
A: Bitcoin broke past $7,500 due to renewed investor optimism, though volatility persists.
Q: What legal steps might Bithumb take against the tax ruling?
A: Bithumb Korea could challenge the decision in court, arguing the tax lacks legal justification.
Q: How does Ripple’s funding differ from typical ICO models?
A: Ripple secured early capital through VC investments, whereas ICOs rely on token sales to fund projects.
Q: Is EOS considered a competitive blockchain?
A: Yes, EOS ranks among top-tier blockchains, with ongoing upgrades to improve scalability and governance.
Q: Why does PoW favor commodity classification?