This week, the cryptocurrency market was marked by important events, including controversies in the PI Network ecosystem, Trump’s crypto summit and new revelations about the role of Bitcoin on Dark Web.
PI Network faces criticism of Migration Failures for Mainnet and KYC verification problems, raising issues about project centralization. In the market, an old Bitcoin wallet associated with Dark Web moved millions, bringing concerns about the illicit use of cryptocurrencies.
Pi Network under criticism for Migration to Mainnet
The Pioneers community has criticized the controversial PI Network, becoming a prominent theme this week in crypto.
The whole process is a joke. ~ 80% of my balance appears as not verified, although all my safety circle has completed Kyc. No additional action is listed to resolve this. Besides, no one answered me about a support ticket that opened weeks ago. What is happening? commented a user.
Many people, frustrated with long block periods, have appealed to sell their accounts, raising concerns about the integrity of the ecosystem. Failure to comply with migration deadlines has increased fears of a possible price drop as soon as unrestricted trade begins.
In addition to concerns, KYC verification problems (meet your client) afflict the PI Network community. Pioneers who cannot check their identities at risk of losing access to their PI coins.
These situations led to an increase in dissatisfaction among users, who questioned the transparency of the project. Meanwhile, centralization concerns have increased as reports indicate that PI Network’s central team has 82.8 billion PI coins. This revelation generated debates about the true decentralization of the network and if it is controlled by the few.
Drug market at Dark Web moves millions in bitcoin
Another prominent theme this week was the resurgence of an old Bitcoin wallet, which had been inactive since the Silk Road era, famous Dark Web associated with drug trade. The wallet, which was nine years without movements, was reactivated and transferred $ 77.5 million in BTC, generating concerns about the use of cryptocurrencies in illicit activities.
The Nucleus Marketplace was a drug market on Darknet, and it was believed that the founder had been seized by the authorities or a break-up when the market was airing in 2016. The BTC kept in their wallets had not been drove to this day, Arkham today revealed.
The transfer raised questions about the potential for more illicit financial activities. It has also raised questions about whether the authorities are monitoring these funds.
The transaction serves as a reminder of the controversial past of cryptocurrencies and their continuous use in clandestine markets.
SEC can reclassify XRP as commodity
Rumors have emerged this week that the US SEC (Securities Commission) can reclassify the XRP as a commodity instead of a securities. This development follows recent legal victories for Ripple, which successfully argued that XRP sales in secondary markets do not constitute securities transactions.
This speculation gained strength after Vermont regulators announced that they were giving up their case against coinbase, citing the newly established SEC crypto task force. This could establish an important precedent for Ripple, an X user shared.
If true, this change can significantly affect Ripple’s long legal battle with SEC and redefine cryptocurrency regulation.
Such a milestone could make way for an ETF of the XRP in the US. However, no official confirmation has been provided, and the crypto community remains divided over the implications.
Some believe this would provide the necessary clarity and regulatory relief. Others warn that reclassification could result in additional supervision and compliance requirements.
Trump’s crypto dome generates frustration
Also this week in the crypto sector, US President Donald Trump organized A long -awaited crypto summit in the White House. The event aimed to further position Trump administration as an ally of the digital active industry.
However, the event fell short of expectations, without clear political proposals and tangible commitments. Instead of offering concrete regulatory guidelines, Summit has widely consisted of general statements on US innovation, economic growth and opposition to excessive government control over crypto.
This summit was the most embarrassing thing I’ve ever witnessed, regretted NFT Clemente’s popular trader lamented.
In addition, Summit has not addressed key issues such as Stablecoin regulations, digital central bank coins (CBDCs) and the future of Bitcoin and Ethereum in the US. Critics argue that if Trump really wishes to attract crypto investors, he must outline a comprehensive political picture rather than leaning on vacancies.
Binance traffic and coinbase falls almost 30%
Meanwhile, in the midst of a wider calm on the market, Binance and Coinbase, two of the largest Centralized Exchanges (CEXS), saw a nearly 30% drop in traffic. Volumes of negotiation in sight and derivatives also diminished, reflecting the caution of retail investors.
A reduction in negotiation activity, investor’s growing uncertainty and decreased crypto retail interest caused the fall. This suggests that fewer users are getting involved with crypto trading platforms while market feeling remains pessimistic.
Analysts believe the trend is driven by lower volatility, reducing speculative activity and regulatory concerns. President Trump’s fares, particularly in the US and Europe, feed these concerns.
In addition, the lack of major high catalysts, such as Bitcoin ETF (scholarship traded) or institutional adoption, has kept many traders on the sidelines. The beinchrypto reported that the Bitcoin ETF appearances in the US has since fallen below the BTC in Satoshi stock as the looting continues.
Another factor that contributes to the reduction of traffic is the growing competition of decentralized exchanges (Dexs) and alternative trading platforms that offer lower rates and less regulatory restrictions.
Exemption from liability
All information contained on our site is published in good faith and only for general information purposes. Any action that the reader takes based on the information contained on our site is at his own risk.
