🗓 Weekly Recap: Stagnation in the Ukrainian crypto sector, El Salvador loses on Bitcoin investments, $3.14 million in Bitcoin transfer fees, and more.

2023-11-27

✅ The Ministry of Digital Transformation noted the stagnation of Ukraine's crypto sector due to the lack of regulation.

The cryptocurrency sector in Ukraine is "in a state of stagnation" due to the halt of operations through fiat gateways with service providers related to virtual assets, said Yulia Parkhomenko, a representative of the Ministry of Digital Transformation. Parkhomenko attributed this to the absence of state regulation in the crypto market.

In her speech, she also mentioned the law "On Virtual Assets," adopted by the parliament and signed by the President of Ukraine, Volodymyr Zelensky. However, the document is being updated to align its provisions with the MiCA regulation adopted in the EU.

In addition, the Ministry proposed creating an innovation zone—a special environment for testing new products where one can operate without prior authorization for three years. According to Yulia Parkhomenko, such conditions will contribute to the development of the crypto sector and enhance Ukraine's competitiveness in the global crypto assets market.

✅ The Verkhovna Rada approved the law on the issuance of digital postage stamps.

On November 22, 2023, the Verkhovna Rada of Ukraine (VRU) approved the draft law "On Amendments to the Law of Ukraine 'On Postal Communication' Regarding the Regulation of the Issuance of Digital Stamps."

The explanatory note to the law states that with the development of technologies for protecting copyright on images, the introduction of the concept of "digital postage stamp" is necessary. It is expected that it will be a digital copy of a postage stamp and will not be considered a postal payment mark.

✅ Matrixport: Bitcoin's rise above $40,000 is "inevitable."

Matrixport analyst Marcus Tilenn stated that the price of the first cryptocurrency could reach $40,000 after the decision of the US Department of Justice in the Binance case. He noted that the court's verdict on the exchange was less severe than the anticipated $10 billion fine. Tilenn stated, "The increase in USDT market capitalization, growing institutional interest, and a favorable macroeconomic environment add weight to bullish forecasts."

✅ El Salvador lost about $10 million on Bitcoin investments.

From October 2021 to November 2023, the country accumulated 3,120 BTC. According to NayibTracker, the average price at which the digital gold was purchased in the country is $40,496. The total investment was $126 million, now valued at $117 million. Thus, El Salvador lost about $10 million, or nearly 8%. On September 7, 2021, El Salvador recognized Bitcoin as a legal tender.

✅ An unknown counterparty paid 83.65 BTC for a single transaction.

On November 23, 2023, an unknown Bitcoin holder sent 139.4 BTC to another address. The transaction fee amounted to 83.65 BTC ($3.14 million). This is one of the largest fees in the industry's history. The source claims that the mining pool AntPool received the reward for this transfer.

As of the publication, AntPool representatives have not provided official comments on this transaction. It is also unknown what caused the high transaction fee. With an increase in network load, the commission size may increase.

This is not the first case of an unusually high fee in the Bitcoin network. In September, an unknown counterparty paid over $510,000 for a transfer of 0.074 BTC. It was later revealed that Paxos, the company, was responsible for this error. F2Pool, a mining pool, later returned nearly 20 BTC to them.

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