First Mover Asia: Busan as Blockchain Hub? The Korean City Is Traveling the Wrong Path; No Bail for Bankman-Fried

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The South Korean city of Busan wants to be a blockchain hub, but it is forgetting a few inconvenient truths; Bankman-Fried denied bail; bitcoin embraces the latest encouraging inflation data to rise over $17.7K. TheSamReynolds and JPRubin23 report

Former FTX boss and cryptoSam Bankman-Fried went to a Bahamian jail, was denied bail and verbally pummeled at a congressional hearing by the executive who replaced him as the exchange's CEO.

Bitcoin was recently trading at $17,765, a 3.2% gain over the past 24 hours, as investors embraced the latest consumer price index data, which showed prices rising 7.1%, lower than the 7.3% projected by economists responding to a FactSet survey. The CPI soared over 9% earlier this year. Sansbury added:"This is an auspicious sign for bitcoin and crypto, along with other risk assets. I’m not saying that a bottom has formed yet fully for the crypto market, but from today’s lower-than-expected CPI print, it’s pretty clear that a bottom is very, very close."

U.S. Treasury yields, which hovered above 4% just a few months ago, sank to 3.5% on Tuesday. On Wednesday, the Fed is likely to raise the interest rate 50 basis points , a decline from its streak of four straight 75 bps increases.to custody and will face an extradition hearing on Feb. 8, 2023. The U.S.

 

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thesamreynolds JPRubin23 The South Korean city of Busan is looking to stay at the cutting edge of innovation by becoming a blockchain hub. It makes sense that they are embracing this undeniable piece of technology. However, the government is stuck on regulations.

thesamreynolds JPRubin23 It should be noted S. KOREA has barred any foreigners living in Korea to use local crypto exchanges. They take it even further by blocking bank fiat transfers to any accounts associated with exchanges abroad. Its extremely crypto unfriendly if you are not Korean.

thesamreynolds JPRubin23 I only know zombies about Busan.

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