Crypto Flipsider News – Bitcoin Falls on CPI; SWIFT Uses Blockchain; EDX Market Launch; Do Kwon Arrest; Tornado Cash Update

Bitcoin Falls on CPI; SWIFT Uses Blockchain; EDX Market Launch; Do Kwon Arrest; Tornado Cash Update

Read in the Digest:

  • Bitcoin (BTC) records biggest drop since June in the wake of CPI report
  • SWIFT pilots blockchain project for its corporate communication actions
  • Wall Street-backed crypto exchange, EDX Markets, to launch in November
  • South Korean court issues arrest warrant for Terra founder, Do Kwon
  • U.S. Treasury Department releases guidance for Tornado Cash recovery

Bitcoin (BTC) Records Biggest Drop Since June in the Wake of CPI Report

The world’s biggest cryptocurrency, Bitcoin, has recorded its biggest drop since June. The price of Bitcoin (BTC) plunged by 10% as the Consumer Price Index (CPI) report was released for August 2022.

The report from the Labor Department showed an 8.3% rise in consumer prices over the past 12 months ending in August, causing the Dow, S&P 500, and Nasdaq stocks to experience their worst day in 2022. 

Bitcoin, moving in tandem with the traditional markets fell as much as 10% to end a 4-day winning streak. The sharp decline caused the price of Bitcoin to fall from a high of $22,673 to as low as $20,062.

BTC graph coinmarketcap bitcoin crypto token

The 24-hour price chart for Bitcoin (BTC). Source: CoinMarketCap

Bitcoin’s losses have now eased to 4.27% over the last 24 hours and the asset now trades at $20,300. The losses could possibly continue as the Federal Reserve could hike its interest rates even more to curb the roaring inflation.


  • Despite the recent losses, the Bitcoin hash rate has hit a new all-time high (ATH) of 265 Ehash/s. This follows the recent increase in the mining difficulty.

Why You Should Care

Bitcoin’s plunge highlights an increased correlation and movement with the traditional financial markets. 

Digest breakers Coins

SWIFT Pilots Blockchain Project for Its Corporate Communication Actions 

Financial messaging services provider SWIFT (Society for Worldwide Interbank Financial Telecommunication) is piloting a project to use blockchain to more efficiently communicate corporate actions.

SWIFT is building the project on Symbiont’s enterprise blockchain platform by using its smart contracts to automate and boost the accuracy of corporate action workflows. 

According to SWIFT’s Chief Innovation Officer Tom Zschach, tapping Symbiont’s blockchain solution, they were able to send data from multiple sources of a corporate action event in near real-time.

The solution is being tested by a group of pilot participants who will provide feedback in September. SWIFT will look to consider releasing the product to its wider community if the test is successful.


  • SWIFT recently launched a predictive data intelligence tool that identifies potential problems with cross-border transactions before payments are sent.

Why You Should Care

The announcement signals the increasing adoption of blockchain, especially in the banking and finance industry.

Digest breakers NFT

Wall Street-Backed Crypto Exchange, EDX Markets, to Launch in November

A group of Wall Street finance and venture capitalist firms including Fidelity Digital Assets, as the head, Citadel Securities, and Charles Schwab Corp among others, announced on Tuesday their plans to launch a cryptocurrency exchange, EDX Markets.

EDX Markets (EDXM) seeks to cater to institutional and retail investors in several markets using trusted intermediaries. EDXM will incorporate digital assets in traditional finance and also address the demand for digital asset trading.

EDXM will also be powered by the Member Exchange (MEMX). The exchange will look to attain spread reduction, improve transparency, and lower investor costs by aggregating liquidity from multiple market makers.

According to early reports, EDX Markets will debut as early as November 2022 trading with a limited number of spot and crypto tokens. The exchange will be led by Jamil Nazarali, a former senior executive at trading giant Citadel Securities.


  • Despite being affiliated with the biggest names on Wall Street, EDX Markets will be autonomous. 

Why You Should Care

The move highlights the increasing move of traditional finance into the crypto market despite the downturn. In August, Charles Schwab launched its first crypto-related ETF.

Digest breakers Chart

South Korean Court Issues Arrest Warrant for Terra Founder, Do Kwon 

A court in South Korea has issued an arrest warrant for Do Kwon, the founder of Terraform Labs and Terra. The Terra ecosystem collapsed in May, which led to losses of approximately $60 billion from its LUNA and UST stablecoin.

According to the Financial Crimes Unit of the Supreme Prosecutors Office, the warrant included five additional persons on charges of violating the nation’s Capital Markets Act.

The warrant seeks to increase the scrutiny of the Terra ecosystem collapse. In July, the home of Terraform Labs co-founder Daniel Shin was raided by prosecutors over allegations of illegal activity behind Terra’s collapse.

The arrest warrant comes three months after Terra employees were banned from leaving South Korea. Do Kwon was also told to notify the authorities when he returns to the country.


Why You Should Care

The increased scrutiny of the case could possibly answer investors’ questions about the situations that led to the Terra ecosystem collapse.

Digest breakers Blocks

U.S. Treasury Department Releases Guidance for Tornado Cash Recovery

Breaking a month-long silence since blacklisting Tornado Cash, the U.S. Treasury Department on Tuesday provided an update on how users can withdraw their funds stuck on the Ethereum coin-mixing tool. 

The new guidance provided via the FAQs of the Office of Foreign Assets Control’s (OFAC’s) website said users with details of their legal transactions on Tornado Cash can apply for a special license from OFAC that will permit the withdrawal of their funds.

The FAQs also addressed an anonymous user trolling celebrities by dusting (sending small amounts of ETH) through Tornado Cash after the sanctions were announced. According to the guidance, OFAC will not prioritize enforcement against the recipients.

Recall that on August 8, the OFAC sanctioned Tornado Cash for facilitating money laundering and terrorism. The OFAC alleged that almost 20% of the mixer’s volume was tied to illicit activities.


  • Leading crypto exchange, Coinbase, has announced that it will sponsor the lawsuit filed against the Treasury Department for sanctioning Tornado Cash.

Why You Should Care

The license could help users withdraw their funds, which according to DefiLlama is up to $174 million on Tornado Cash’s smart contract.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

DailyCoin Team

DailyCoin is an online media outlet, with a focus to cover blockchain and crypto news, opinions, trends and helpful articles. We focus on delivering fast and objective news about cryptocurrencies and crypto markets with a swirl of passion. Our dedicated and motivated global team is here to deliver the highest quality content. If you want to collaborate with DailyCoin and become our contibutor, please contact us at