Comes every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and more – a week on the Cointelegraph in a link.
Top stories this week
US financial regulator FinCEN hires its first ever chief digital currency adviser
United States Financial Crime Enforcement Network, or FinCEN, took on a new role – the chief digital currency advisor, revealed it July 6th, recruitment Michele Korver to work. Korver has a number of experiences with cryptocurrency, including serving as a digital currency adviser to the U.S. Department of Justice.
“Ms Korver will promote FinCEN̵
In other regulatory-related news, Wyoming, a U.S. state that has been very favorable to the crypto and blockchain industry, officially named the US CryptoFed DAO a legal entity – a first for any decentralized autonomous organizationor DAO.
In addition, China has done so continued its legislative breakdown of crypto.
The Bitcoin price falls below crucial $ 33K support as Bitfinex shorts jump by over 5,000 BTC
Bitcoin (BTC) had another reach week, falls below the $ 33,000 mark on 8th of July, down from almost $ 35,000. Short positions also became significantly more prevalent on crypto-exchange Bitfinex, indicating bearish sentiment. Although Bitcoin fell below $ 33,000, the asset recovered broke above the level on July 9th.
BTC analyst Willy Woo noted that the current environment looks like what was the case with the break-out before Bitcoin in the latter part of 2020. The analyst noted measurements showing BTC is drawn on longer-term holdings, which in turn could reduce the available coins in circulation. Data also exposed a remarkable influx of new users on the Bitcoin blockchain. In addition, Bitcoin exchange withdrawals have increased and deposits are reduced.
Poland’s financial regulator issues public warning about Binance
Regulatory complications surrounding the Binance crypto exchange continued to emerge in the last week with several news developments on the scene. In the light of the recent legislative steps concerning Binance related to Canada, Japan and the United Kingdom, the ruling body of the Polish financial scene, the Polish Financial Supervisory Authority or the PFSA, warned Polish Binance users about their interactions with the stock market as well as with crypto in general.
“Given the protection of financial market participants and the warnings from foreign regulators, the PFSA recommends special caution when using services from Binance Group entities and when trading in cryptocurrencies and cryptocurrencies, as this can lead to significant risk that may result in loss of funds, ”PFSA said in a public statement on July 7th.
Earlier this week, Binance suspended the possibility of sending euros from bank accounts to its exchange platform with reference to no fixed explanation on its justification for the move. “Due to events beyond our control, we are temporarily suspending EUR deposits via SEPA bank transfers from 8 UTC on July 7, 2021,” Binance noted in a July 6 email to exchange users.
In addition, Binance users came up with one class action against the trading platform, demanding significant compensation for losses they have allegedly suffered due to the platform being subjected to interruptions in times of important price action. Participants claimed they did not have access to their accounts below central periods.
Barclays bank too terminated payment card transactions to Binance. The exchange responded to the development with dissatisfactionand said the decision apparently stems from a misunderstanding. In late June, the UK’s Financial Conduct Authority required Binance Markets Limitedor BML, all domestic operations cease. Binance claims that BML is a separate legal entity.
In a separate story on July 7, Binance CEO Changpeng Zhao expressed positivity towards the regulation of the crypto industry generally via a July 6th letter posted on Binance’s blog. He noticed lack of regulatory clarity still exists and that Binance wants to work with regulators.
Avalanche founder Emin Gün Sirer ‘quite bullish’ on the prospects for the crypto market
Although digital asset prices have fallen in recent weeks, Cornell University professor and avalanche founder Emin Gün Sirer maintains positive expectations for the industry with reference to increased interest in cryptocurrencies from a multitude of entities. “I have received contacts from pension funds, not hedge funds, but pension funds,” he said told Cointelegraph China. Sirer predicts additional range for crypto over the next few months with things pick up in the fall.
Stablecoin company Circle to go public in $ 4.5m blank check deal
Circle, the company behind $ 26 billion dollars with a market value stablecoin USD coin (USDC), intends to publish its operations through a ROOM, or the company for the acquisition of special purposes. Its ticker will be CRCL and the stock is traded on the New York Stock Exchange if all goes according to plan. “Circle to become public through a business combination with Concord Acquisition Corp (NYSE: CND), a special purpose-listed listing company with $ 276 million in trust,” Circle said in a public statement on 8th of July.
Winners and losers
At the end of the week, Bitcoin is at $ 33,499, Ether at $ 2,131 and XRP by $ 0.63. The total market value is on $ 1.39 trillion, according to to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the week’s three biggest altcoin winners are Axie Infinity (AXS) at 147.51%, KuCoin Token (KCS) at 80.82% and Synthetix (SNX) at 76.67%.
This week’s three biggest altcoin losers are Telcoin (TEL) at -21.46%, Celo (CELO) at -15.37% and Hedera Hashgraph (HBAR) at -9.71%
For more information on cryptocurrencies, be sure to read on Cointelegraphs market analysis.
Most memorable offer
“Ransom is the fuel that drives the digital blackmail engine, and […] The United States will use all available tools to make these attacks more expensive and less profitable for criminal companies. ”
Lisa Monaco, DoJ Deputy Attorney
“A shift of crypto-mining out of China will be a huge opportunity for Canada. The Toronto Stock Exchange recently listed the world’s first Bitcoin ETF, so the nation is already ahead of the curve in terms of mainstreaming cryptocurrencies. ”
Khurram Shroff, iMining CEO and IBC Group Chairman
“If BoJ were to issue [a] CBDC, it would have a huge impact on financial institutions and Japan’s settlement system. [A] CBDC has the potential to completely reshape changes occurring in Japan’s financial industry. ”
Hideki Murai, leader of the ruling Liberal Democratic Party of Japan’s panel on digital currencies
“Regulators have demonstrated that they can and will crack down on crypto, so we suggest that investors stay clear and build their portfolio around less risky assets. We have long warned that shifting investor sentiment or regulatory crashes could blow up bubble-like crypto markets. ”
UBS Global Wealth Management Team
“So China decides to go for the killing. It did not work and it was their last ace. So expect them to try something. You can not beat the bull. ”
Alex Saunders, CEO and founder of Nuggets News
“We are disappointed that Barclays appear to have taken unilateral action based on what appears to be an inaccurate understanding of the events.”
“[Ether] currently looks like cryptocurrency with the highest real-world application potential as Ethereum, the platform where it is the original digital currency, is the most popular development platform for smart contract applications. ”
This week’s prediction
Goldman Sachs: Ethereum’s popularity could see ETH become the dominant value store
Bitcoin is the dominant player in the crypto markets and has the industry’s leading position as the market’s largest asset. The asset is seen largely as a value-added store, although Goldman Sachs expressed a view that Ethereum (ETH) could take over as the market’s main asset, turns Bitcoin into market value as well as taking its place as the core store for securities in crypto. Goldman’s reasoning? The company essentially said that Ethereum has greater potential in terms of its versatility.
“Ether currently looks like the cryptocurrency with the highest real-world application potential as Ethereum, the platform on which it is the original digital currency, is the most popular development platform for smart contract applications,” Goldman said via a July 6 communication, which reported by Markets Insider.
‘Investors stay clear’: UBS warns regulators could blow up ‘bubble-like crypto markets’
UBS, a well-known investment bank, sent customers a communication expressing concern about a potential breakdown in cryptocurrencies due to increased regulatory control. UBS quoted recent regulatory tightening in China as a bit of a justification for recent downward crypto price action.
“Regulators have demonstrated that they can and will crack down on crypto, so we suggest that investors stay clear and build their portfolio around less risky assets. We have long warned that shifting investor sentiment or regulatory crashes could blow up bubble-like crypto markets, ”noted UBS, which reported by Markets Insider.
Brazil’s ‘Bitcoin King’ arrested over 7,000 missing BTC
Claudio Oliverira, Brazil’s self-proclaimed “Bitcoin King” and chairman of the digital asset brokerage firm Bitcoin Banco Group, was arrested by Brazilian federal police for fraud in connection with 7,000 investors BTC the company claimed disappeared in 2019. According to a press release, federal police from the Curitiba Metropolitan Region Oliverira, who was president of the group at the time BTC was reported missing, and other people affiliated with the company with a preventive arrest warrant, four temporary arrest warrants. and 22 search and seizure options. Several developments around the company raised suspicion, including a presumed hack that the operation claimed to have suffered in 2019 without being able to present convincing evidence that the hack had actually happened. Over 200 lawsuits has appeared against Bitcoin Banco Group. Brazilian authorities have taken Oliveira into custody.
Bitcoin.org owner reports site hit with ‘absolutely massive’ DDoS attack
Bitcoin.org, a training site on BTC that also promotes asset development, has recently suffered from problems. “Bitcoin.org will be hit by an absolutely massive DDoS attack and a ransom demand to send Bitcoin, otherwise they will continue,” tweeted the site owner – a pseudonymous device known as Cobra on July 5th. DDoS stands for Distributed Paralysis Attack. Historically, such attacks have not been very unusual in the crypto space, though one might question the value of Bitcoin.org as a measure, as the site does not contain any private customer data, unlike crypto exchanges and other sites.
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