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Bitcoin, BitConnect Fraud, Staples Center: 3 Things to Watch in Crypto Wednesday

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Bitcoin, ether and solana hold steady on Wednesday following Tuesday’s steep decline.

On Tuesday, bitcoin briefly fell below $60,000, less than a week after hitting an all-time high over $68,000.

The reason behind the price slump is not clear, however, some critics blame China. On Tuesday, Meng Wei, spokesperson for China’s top economic planner, said that China is launching a “full-scale” clampdown on crypto mining.

Staples Center in downtown Los Angeles will be renamed the Crypto.com Arena on December 25. The deal, which was announced Tuesday night, is reportedly worth $700 million.

Related: Staples Center in LA to Become Crypto.com Arena

“Known as the Creative Capital of the World, the city of Los Angeles and the people who call it home have always been pioneers, pushing the boundaries and innovating as the undeniable global leaders of culture and entertainment,” said Crypto.com CEO Kris Marszalek. “We’re very excited about partnering with AEG and investing long term in this city, starting with Crypto.com Arena in the heart of downtown, and using our platform in new and creative ways so that cryptocurrency can power the future of world class sports, entertainment and technology for fans in LA and around the world.” 

Staples reportedly paid $116 million to get its name on the arena in 1999.

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The U.S. Justice Department is selling $56 million worth of seized cryptocurrency to compensate victims of the BitConnect Fraud scheme.

The DOJ says that the liquidation is “the largest single recovery of a cryptocurrency fraud by the United States to date.”

On September 1, Glenn Arcaro of Los Angeles pleaded guilty to charges on in involvement in the fraud. Arcaro is scheduled to be sentenced in January and faces a maximum penalty of 20 years in prison.

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