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Come every Saturday, Hodler’s summary will help you keep track of every big news that has happened this week. Best (and Worst) Quotes, Adoption and Regulatory Highlights, Major Coins, Predictions, and More – One Week on Cointelegraph in One Link.
The best stories this week
New Data Shows Why Bitcoin Price Action Spent Two Months At $ 30,000
Bitcoin (BTC) released another week of price action linked to the range. Bitcoin has traded in a fairly narrow range over the past few days, acting more like a volatile stablecoin than the folks in the turbulent bullish cryptocurrency know and love it. Bitcoin has largely been stuck in a price range between about $ 30,000 and $ 40,000 for the weeks.
Nunya Bizniz, a Bitcoin-focused Twitter personality, noted $ 30,000 as a potential key level on the Bitcoin price chart, citing a number of reasons, including a Fibonacci level.
Will Bitcoin then head north or south? No one knows for sure, but Glassnode data revealed people source BTC outside of centralized exchanges, with around 2,000 Bitcoins leave these platforms every day for the past fortnight. Data like this rhymes with the activity seen in April, when Bitcoin rose to close to $ 65,000 per piece.
On the bearish front, trader Michaël van de Poppe noted a potential drop in prices for Bitcoin up to approx. $ 29,000 then $ 24,000 if support around $ 31,000 is broken down.
SEC delays decision on Wisdom Tree Bitcoin ETF
One approved Bitcoin Exchange Traded Fund (ETF) continues to escape the United States. This week, the United States Securities and Exchange Commission, or SEC, deferred its decision on Wisdom Tree Bitcoin ETF, seeking public comment on the product – something the commission has done in the past regarding Bitcoin ETF proposals.
“The Commission is asking interested persons to provide written submissions of their views, data and arguments regarding the issues identified above, as well as any other concerns they may have with the proposal,” the SEC detailed in a statement. public document.
Binance Stops Share Token Sales, “Effective Immediately”
After Binance Headlines poured in this week as the stock market decided to halt stock trading offers. The company gave no justification for the movement. People with current positions in the platform’s stock tokens are allowed to 90 day window to quit their jobs.
In the past two weeks, Binance has in the face of regulatory resistance at a number of fronts.
This week brought further regulatory news regarding Binance. Italy has jumped on the bandwagon of national regulators involved in the exchange. Binance does not have the approval to provide crypto trading in the region, according to a warning sent of Italian Commission for Companies and Foreign Exchange.
US Government Deepens Crypto Liability With $ 10 Million Bounty
Government agencies in the United States have not shied away from regulating the burgeoning crypto industry. Thursday’s News detailed that President Biden’s team plans to further track usage of crypto assets. The team focuses in part on finding ransomware related to the use of cryptography.
People who help the government track down the infamous characters involved in certain online attacks could be rewarded with as much as $ 10 million bonus.
Crypto community divided over whether Bitcoin is an inflation hedge
For many in the crypto community, Bitcoin is considered a potential hedge against inflation. The recent Bitcoin price action, however, has yielded less evidence of such a classification, as inflation is reaching decade-long highs in the United States. to doubt the asset as a cover, while others argue the opposite.
Meanwhile, the former US Secretary of the Treasury Steven mnuchin possesses slightly changed his point of view on BTC.
“The first part is I think the underlying blockchain technology is really amazing and has a lot of different things, especially in fintech and finance,” he told CNBC. “I think as far as Bitcoin is concerned – if people want to buy Bitcoin as a substitute, no different from buying gold or some other asset – that’s fine.”
Winners and losers
At the end of the week, Bitcoin is at $ 31,895, Ether at $ 1,911 and XRP at $ 0.59. The total market capitalization is $ 1.30 trillion, based on CoinMarketCap data.
Among the 100 biggest cryptocurrencies, the top three altcoin winners of the week are Axie Infinity (AXS) at 57.38%, flow (FLOW) at 30.36%, and NO (SEE) at 17.86%.
The top three altcoin losers of the week are Telcoin (PHONE) at -31.02%, 0x (ZRX) at -24.41%, and Theta (THETA) at -23.42%.
For more information on crypto prices, be sure to read Cointelegraph Market Analysis.
The most memorable quotes
“We are trying to be the fastest turtle in the race. The long game pays off over time.
Cameron Winklevoss, co-founder of the Gemini crypto exchange
“The problem isn’t #Bitcoin, #Ethereum or other crypto protocols – they’re doing great. The risk comes from the operational processes of the banks.
Caitlin long, CEO and founder of Avanti Bank & Trust
“I think the regulatory pressure is stronger than before, but this will eliminate a lot of bad players from the industry and ensure that the reputation of the industry is much better than without it. So I think that kind of crackdown can be good for the industry in the long run. “
Jihan Wu, co-founder and ex-CEO of Bitmain
“Market information suggests crypto-assets are largely held by retail investors, with institutional investors currently having limited exposure. However, there are signs of growing interest in cryptoassets and related services from institutional investors, banks, and major payment system operators. These developments could increase the interconnections between crypto-assets and other systemic financial markets and institutions. “
bank of england, the central bank of the United Kingdom
“If we are the biggest exchange, [buying Goldman Sachs and CME] is not out of the question at all.
Sam Bankman-Fried, CEO of FTX
“The easiest industry to shrink overnight was a gray area industry. Some 68,000 gigawatts of power were instantly taken out of China simply by saying no to Bitcoin mining. “
Phil harvey, CEO of Phoenix Store
“Certainly, Bitcoin has been performing very well over time. But most of the gains came during a major period of global deflation in which all risk assets rose. Now that inflation is on the rise for the first time since Bitcoin’s inception, it is significantly underperforming. “
Greenspan dead, founder of a company known as the quantum economy
“You wouldn’t need stablecoins, you wouldn’t need cryptocurrencies if you had a US digital currency. I think that’s one of the strong arguments in its favor.
Stephen lynch, representative of the United States
“I think cryptocurrency is an inherently right-wing hyper-capitalist technology designed primarily to amplify the wealth of its supporters through a combination of tax evasion, reduced regulatory oversight, and artificially enforced scarcity.”
Jackson palmer, co-founder of Dogecoin
“Money is definitely a drug.”
Damien hirst, artist
Prediction of the week
El Salvador Bitcoin decision will put pressure on the network: JPMorgan
Bitcoin has become an official currency of El Salvador in June. However, a recent report from JPMorgan Chase doubts Bitcoin’s ability to operate in this context.
Bitcoin’s scalability has been a hot topic of discussion in recent years, with the asset growing to a store of value rather than a currency. Bitcoin’s blockchain does not move funds particularly quickly or cheaply compared to traditional payment cards or various other crypto assets.
In the JPMorgan Chase report, experts note the weight BTC must have if El Salvador relies heavily on the asset after it is recognized as legal tender. “Daily payment activity in El Salvador is believed to represent 4% of the volume of recent on-chain transactions and more than 1% of the total value of tokens that have been transferred between wallets over the past year,” the report explains, according to Bloomberg.
FUD of the week
Ukrainian police seize 3,800 PS4 consoles used for illegal crypto mining
Apparently, a group of crypto miners thought it was a good idea to move into a warehouse that previously belonged to an electricity supply company called JSC Vinnytsiaoblenergo.
Stealing the necessary power from JSC Vinnytsiaoblenergo, illegal miners used nearly 4,000 PlayStation 4 consoles, as well as many other technological devices, for their operation. Ukrainian police raided the facility.
Crypto crackdown targeting USD hotspots has begun: Caitlin Long
The regulatory sky may darken in the distance, with continued crackdown on crypto in the United States.
Bitcoin and Ethereum can be safe of the storm in a direct way, although regulators can look for fiat access ramps and intermediaries related to crypto business, according to the founder and CEO of Avanti Bank & Trust, Caitlin Long.
UK FCA to spend £ 11million to warn people to invest in crypto
the UKThe Financial Conduct Authority, or FCA, considers investing in crypto to be very risky, according to a draft speech by FCA executive Nikhil Rathi.
The agency wants the inhabitants of the country, in particular the younger generations, to be informed of these risks, by focusing on £ 15 million work on getting your message across. “More and more people see investing as entertainment,” Rathi said, according to the project.
Best Cointelegraph Features
Hedge funds see the decline of the crypto market as an investment opportunity
From rebalancing cash positions to announcing new investment products, hedge funds don’t seem daunted by the current decline in the crypto market.
China’s crypto industry is gone? Beijing crackdown continues to send shockwaves
The Chinese government’s ongoing crusade against cryptocurrencies could have dramatic consequences for domestic and global crypto traders.
Adopt a decentralized lifestyle, from small to giant leaps
Decentralization may seem out of reach to many, but here are some realistic ways to dismiss the idea of centralization in our daily lives.
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