The price of the first cryptocurrency exceeded the level of $30,000, the chapter Fed Jerome Powell called stablecoins money and allowed the rate increase, WisdomTree, Invesco and Valkyrie filed applications to launch Bitcoin ETF and other events of the outgoing week.
Bitcoin tested the $31,000 level
On June 21, the quotes of the first cryptocurrency exceeded $29,000. By the end of the day, the price of bitcoin exceeded $30,000.
On June 23, digital gold rose above $31,000, but could not hold this milestone. At the time of writing, the asset is trading at $30,600. Over the past week, Bitcoin has risen in price by 15.2%.
Most of the top 10 digital assets by capitalization ended the week in the green zone. Cardano (+10.1%) and Solana (+9.2%) went up more than others.
The total capitalization of the cryptocurrency market exceeded $1.2 trillion. The Bitcoin dominance index is 51.6%.
What’s up with Binance?
Earlier this week, Binance called Binance Nigeria Limited fraudulent and denied association with the organization after the Nigerian Securities and Exchange Commission pointed out the illegal activities of the local “branch” of the exchange.
The UK subsidiary of the platform, Binance Markets Limited, has canceled its registration with the country’s Financial Conduct Authority. The Company will not be able to provide any services in the United Kingdom.
On June 21, Binance launched a local trading platform in Kazakhstan. By the end of the year, the exchange plans to expand its product line and increase the number of available digital assets to at least 100.
On June 22, the US division of Binance unfrozen the withdrawal of funds. The company warned that the situation could change in the “near future.”
By the end of the week, the Belgian Financial Services and Markets Authority ordered Binance to immediately stop providing digital asset-related services in the country.
The head of the Fed called stablecoins money and allowed the rate hike
The Fed should be involved in the regulation of stablecoins. This was stated by the head of the department, Jerome Powell, during a speech before the Committee on Financial Services of the House of Representatives.
“We view payment stablecoins as money. We consider it appropriate to get a fairly strong federal role in what is happening around stablecoins in the future,” he said.
Powell also allowed interest rates to rise in the coming months. The Fed will do so at a slower pace than before, he added.
WisdomTree, Invesco, and Valkyrie Apply to Launch Bitcoin ETFs
Management companies WisdomTree, Invesco and Valkyrie, following BlackRock, filed applications with the US Securities and Exchange Commission (SEC) to launch spot exchange-traded funds based on the first cryptocurrency.
To date, the SEC has rejected all applications for the approval of a spot bitcoin ETF. An exception was made for ProShares and Valkyrie, which are based on bitcoin futures on the Chicago Mercantile Exchange.
What to discuss with friends?
- Bitcoin enthusiasts burned CryptoPunk worth $94,000.
- The BOB meme token crashed after Elon Musk warned about a scam.
- A bathhouse in Brooklyn spoke about the use of heat from bitcoin mining.
- The CEO of Animoca Brands predicted the launch of AAA-class Web3 games in 2024.
Berenberg named the following “victims” of the SEC
Analysts at investment bank Berenberg believe that the next SEC targets in the fight against the crypto industry will be stablecoins and the DeFi sector.
In their opinion, the regulator will focus on the regulatory compliance of the two largest stablecoins by market capitalization – Tether (USDT) and USD Coin (USDC).
According to the report, if the agency hits stablecoins, it will significantly weaken the DeFi ecosystem. In particular, the forced regulation of USDC will negatively affect the financial position of Coinbase.
Large investors withdraw $150 million to Ethereum from Binance and Kraken
Over the past week, Lookonchain analysts have recorded three large withdrawals from the Binance and Kraken crypto exchanges for a total of 86,520 ETH (~$150 million):
- the first whale transferred 35,860 ETH worth over $64 million from a Binance address;
- the second – withdrew 27,000 ETH for $48 million from the largest crypto exchange in terms of trading volume in four transfers;
- the third wallet withdrew 23,660 ETH from Kraken, worth more than $42 million, in five transactions.
Do Kwon found guilty of forging documents
A court in Podgorica found Terraform Labs founder Do Kwon guilty of forging documents while trying to leave Montenegro.
He was sentenced to four months in prison. The former chief financial officer of the company, Han Chang Zhong, received a similar term. They will be credited for the time spent in custody.
Also on Cryplogger:
- In Ukraine, an illegal mining farm was liquidated.
- The number of new Litecoin addresses increased by 55% ahead of the halving.
- Wyre has announced that they are going out of business.
Nansen called the conditions for a bullish rally in Bitcoin
Resuming the Bitcoin bull market requires regulatory clarity in the US and a steady decline in core inflation. This conclusion was reached in the analytical company Nansen.
Researcher Aurelie Barter noted in the report that the narratives of central banks and the market are changing: the recession scenario is being pushed back and “stubborn” inflation is coming to the fore.
The IMF questioned the need to ban cryptocurrencies
Experts from the International Monetary Fund have come to the conclusion that a ban on cryptocurrencies may not be the best way to reduce the risks associated with them.
They recommended that countries focus on addressing the drivers of demand for this asset class, meeting digital payment needs, and increasing transparency by including crypto transactions in national statistics.
What else to read?
This week we talked about the features, advantages and disadvantages of automated asset management in DeFi, as well as the results of SPIEF-2023.
Cryplogger spoke with Dmitry Korniychuk, founder, CEO and CTO of PirateCash, about scenarios for the total regulation of cryptocurrencies, conditions for mass adoption of Web3, and ways to moderate decentralized content.
The cards told about explainable artificial intelligence. The traditional digest collected the main events of the week in the field of cybersecurity.
The cryptocurrency industry is attracting an increasing number of institutional players. This is evidenced by new investments in infrastructure, and the increasing attention that companies are showing to bitcoin as an asset class. The most important events of recent weeks are in the Cryplogger review.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
The price of the first cryptocurrency exceeded the level of $30,000, the chapter Fed Jerome Powell called stablecoins money and allowed the rate increase, WisdomTree, Invesco and Valkyrie filed applications to launch Bitcoin ETF and other events of the outgoing week.
Bitcoin tested the $31,000 level
On June 21, the quotes of the first cryptocurrency exceeded $29,000. By the end of the day, the price of bitcoin exceeded $30,000.
On June 23, digital gold rose above $31,000, but could not hold this milestone. At the time of writing, the asset is trading at $30,600. Over the past week, Bitcoin has risen in price by 15.2%.
Most of the top 10 digital assets by capitalization ended the week in the green zone. Cardano (+10.1%) and Solana (+9.2%) went up more than others.
The total capitalization of the cryptocurrency market exceeded $1.2 trillion. The Bitcoin dominance index is 51.6%.
What’s up with Binance?
Earlier this week, Binance called Binance Nigeria Limited fraudulent and denied association with the organization after the Nigerian Securities and Exchange Commission pointed out the illegal activities of the local “branch” of the exchange.
The UK subsidiary of the platform, Binance Markets Limited, has canceled its registration with the country’s Financial Conduct Authority. The Company will not be able to provide any services in the United Kingdom.
On June 21, Binance launched a local trading platform in Kazakhstan. By the end of the year, the exchange plans to expand its product line and increase the number of available digital assets to at least 100.
On June 22, the US division of Binance unfrozen the withdrawal of funds. The company warned that the situation could change in the “near future.”
By the end of the week, the Belgian Financial Services and Markets Authority ordered Binance to immediately stop providing digital asset-related services in the country.
The head of the Fed called stablecoins money and allowed the rate hike
The Fed should be involved in the regulation of stablecoins. This was stated by the head of the department, Jerome Powell, during a speech before the Committee on Financial Services of the House of Representatives.
“We view payment stablecoins as money. We consider it appropriate to get a fairly strong federal role in what is happening around stablecoins in the future,” he said.
Powell also allowed interest rates to rise in the coming months. The Fed will do so at a slower pace than before, he added.
WisdomTree, Invesco, and Valkyrie Apply to Launch Bitcoin ETFs
Management companies WisdomTree, Invesco and Valkyrie, following BlackRock, filed applications with the US Securities and Exchange Commission (SEC) to launch spot exchange-traded funds based on the first cryptocurrency.
To date, the SEC has rejected all applications for the approval of a spot bitcoin ETF. An exception was made for ProShares and Valkyrie, which are based on bitcoin futures on the Chicago Mercantile Exchange.
What to discuss with friends?
- Bitcoin enthusiasts burned CryptoPunk worth $94,000.
- The BOB meme token crashed after Elon Musk warned about a scam.
- A bathhouse in Brooklyn spoke about the use of heat from bitcoin mining.
- The CEO of Animoca Brands predicted the launch of AAA-class Web3 games in 2024.
Berenberg named the following “victims” of the SEC
Analysts at investment bank Berenberg believe that the next SEC targets in the fight against the crypto industry will be stablecoins and the DeFi sector.
In their opinion, the regulator will focus on the regulatory compliance of the two largest stablecoins by market capitalization – Tether (USDT) and USD Coin (USDC).
According to the report, if the agency hits stablecoins, it will significantly weaken the DeFi ecosystem. In particular, the forced regulation of USDC will negatively affect the financial position of Coinbase.
Large investors withdraw $150 million to Ethereum from Binance and Kraken
Over the past week, Lookonchain analysts have recorded three large withdrawals from the Binance and Kraken crypto exchanges for a total of 86,520 ETH (~$150 million):
- the first whale transferred 35,860 ETH worth over $64 million from a Binance address;
- the second – withdrew 27,000 ETH for $48 million from the largest crypto exchange in terms of trading volume in four transfers;
- the third wallet withdrew 23,660 ETH from Kraken, worth more than $42 million, in five transactions.
Do Kwon found guilty of forging documents
A court in Podgorica found Terraform Labs founder Do Kwon guilty of forging documents while trying to leave Montenegro.
He was sentenced to four months in prison. The former chief financial officer of the company, Han Chang Zhong, received a similar term. They will be credited for the time spent in custody.
Also on Cryplogger:
- In Ukraine, an illegal mining farm was liquidated.
- The number of new Litecoin addresses increased by 55% ahead of the halving.
- Wyre has announced that they are going out of business.
Nansen called the conditions for a bullish rally in Bitcoin
Resuming the Bitcoin bull market requires regulatory clarity in the US and a steady decline in core inflation. This conclusion was reached in the analytical company Nansen.
Researcher Aurelie Barter noted in the report that the narratives of central banks and the market are changing: the recession scenario is being pushed back and “stubborn” inflation is coming to the fore.
The IMF questioned the need to ban cryptocurrencies
Experts from the International Monetary Fund have come to the conclusion that a ban on cryptocurrencies may not be the best way to reduce the risks associated with them.
They recommended that countries focus on addressing the drivers of demand for this asset class, meeting digital payment needs, and increasing transparency by including crypto transactions in national statistics.
What else to read?
This week we talked about the features, advantages and disadvantages of automated asset management in DeFi, as well as the results of SPIEF-2023.
Cryplogger spoke with Dmitry Korniychuk, founder, CEO and CTO of PirateCash, about scenarios for the total regulation of cryptocurrencies, conditions for mass adoption of Web3, and ways to moderate decentralized content.
The cards told about explainable artificial intelligence. The traditional digest collected the main events of the week in the field of cybersecurity.
The cryptocurrency industry is attracting an increasing number of institutional players. This is evidenced by new investments in infrastructure, and the increasing attention that companies are showing to bitcoin as an asset class. The most important events of recent weeks are in the Cryplogger review.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!