This Week’s Top Stories
‘The Great Accumulation’ of Bitcoin has begun, says Gemini’s Winklevoss
The recently renewed optimism for an approved Bitcoin spot exchange-traded fund (ETF) has ignited “The Great Accumulation Race” for Bitcoin, according to industry experts. Last week, Fidelity, Invesco, WisdomTree and Valkyrie followed investment giant BlackRock in applying for a Bitcoin spot ETF with the United States Securities Exchange Commission, which some analysts believe is the reason for Bitcoin’s price surge in last few days.
Binance.US resolves USD withdrawal issues but warns it won’t last long
Crypto exchange Binance.US has informed customers that it has resolved issues with US dollar withdrawals after working with its bank partners, although it warned that the relief may not last. The exchange suspended dollar deposits and notified customers of the upcoming shutdown of fiat withdrawal channels on June 9, amid an ongoing battle with the SEC. Binance.US encourages customers who have failed withdrawal attempts to resubmit their requests. Any remaining USD balances held in customer accounts will be converted to Tether at a future date.
Atomic Wallet has provided a major update on the hack but questions remain unanswered
Atomic Wallet users were left wanting more answers, despite the decentralized wallet provider finally releasing a full “statement of the event” about the exploit in June – which some speculated ran into of $100 million in losses. In the statement, Atomic did not specify what exactly led to the exploit, listing only the four most “possible” causes, including a virus on user devices, an infrastructure breach, an attack on man in the middle or malware. code injection. According to the company, “less than 0.1%” of the app’s users were affected, but the number is still disputed by many online.
The UK government is pursuing financial market legislation for potential crypto regulation
Lawmakers in the United Kingdom are advancing legislation that will help support crypto adoption in the country. First introduced in the UK Parliament in July 2022, the Financial Services and Markets Bill is aimed at ensuring that the country maintains its place in the financial world after Brexit, including giving authority to the regulation of digital assets. The bill passed third reading in the House of Lords, one of the final stages of passage before any further amendments are considered and signed into law.
Fed sees stablecoin as form of money, wants ‘strong’ role to manage it, Powell said
The US Federal Reserve Board sees payment stablecoins as a form of money, Chair Jerome Powell said on June 21 when speaking to Congress about the proposed stablecoin bill. Powell took a position that contradicted SEC chairman Gary Gensler. Last year, Gensler spoke at a Senate Banking Committee hearing saying that stablecoins may require registration and regulation by the SEC. Gensler has also consistently stated that all cryptocurrencies, except Bitcoin, are securities.
Winners and Losers
At the end of the week, Bitcoin (BTC) is in $30,697Ether (ETH) on $1,896 and XRP on $0.49. The total market cap is at $1.19 trillion, according to CoinMarketCap.
Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Bitcoin Cash (CHF) at 83.66%, Pepe (PEPE) of 67.59% and Bitcoin SV (BSV) at 51.87%.
The top three altcoin losers of the week were KuCoin Token (KCS) of -8.21%, Quant (QNT) of -6.51% and BitTorrent(New) (BTT) at -4.72%.
For more information on crypto prices, be sure to read Cointelegraph’s market analysis.
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Most Memorable Quotes
“We see payment stablecoins as a form of money, and […] it deserves a strong federal role in what happens to the stablecoin going forward.
Jerome Powellchairman of the US Federal Reserve
“It became very clear that Web3 financial rail is the future.”
Lisa WadeCEO of DigitalX
“BlackRock breathes new life into [Bitcoin ETF] race.”
Eric Balchunassenior ETF analyst at Bloomberg
“If designed well, CBDCs can strengthen the usability, resilience, and efficiency of payment systems and increase financial inclusion in [Latin America and the Caribbean].”
International Monetary Fund
“Crypto will be the native currency of AI.”
Robby Yungthe CEO of Animoca Brands
“Bitcoin’s Great Accumulation has begun.”
Cameron Winklevossco-founder of Gemini
Forecast of the Week
Bitcoin’s ‘parabolic advance’ means BTC price to all-time high in 2023 — Trader
Bitcoin will hit a new all-time high in 2023, and October is the favored month for it, a famous trader said. In an update on Twitter on June 22, the pseudonymous trader Credible Crypto argued that the next four months should provide the strong BTC price needed to resolve $69,000.
“What is clear in any parabolic development is that the momentum increases exponentially and peaks at the top. We can see this in the first impulsive moves from 3k-14k and from 10k-60k,” he explained. moment, Bitcoin gave a successful retest of support in monthly timeframes, with $25,000 today possibly being a springboard for a new “parabolic advance.”
“I expect that once the expansion starts (which it looks like it will) we should see monthly movement of >10k at a time, quickly. From the current level to the first ATH is a $40,000 gap. This gap should then, logically, be covered within a few monthly candles if it is a parabolic advance,” he said.
FUD of the Week
Prime Trust can’t honor customer withdrawals, Nevada regulator says
Prime Trust’s financial condition is “critically lacking,” and the crypto custodian has not honored customer withdrawals since June 21, according to Nevada’s business regulator. In a cease and desist order, the regulator claimed that Prime Trust was in an “unsafe or unsound condition” to continue business. The company now has 30 days to respond to the order and can request an administrative hearing to contest it. The move comes days after its subsidiary, Banq, filed for bankruptcy protection in the United States.
Apple has removed the malicious Trezor app from the App Store
An apparently malicious app pretending to be crypto hardware wallet Trezor has been removed from Apple’s App Store, although a quick search reveals that other copycat apps are still lurking. After a Twitter user alerted the tech company, the app was quickly removed. Fake wallet apps in Apple’s App Store are nothing new. In 2021, a user reportedly lost $600,000 in Bitcoin after downloading the malicious Trezor app from the App Store.
Twitter suspends memecoin-linked AI bot after Elon Musk’s ‘scam crypto’ claim
Twitter has suspended the account of popular memecoin-linked, AI-powered bot “Explain This Bob” after Elon Musk accused it of being a “scam crypto account.” The bot was created by Prabhu Biswal from India and uses OpenAI’s GPT-4 model to understand and provide replies to the tweets of those who tag the account. It had amassed over 400,000 followers before the suspension. The project is also linked to the ERC-20 memecoin Bob Token (BOB), which was launched in April. Since the suspension, the hashtag “FREEBOB” has spread on Crypto Twitter.
Best Cointelegraph Features
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“There’s a lot of innovation coming out of this city — more than you’ve ever seen on a global stage.”
Peter McCormack’s Twitter regrets: ‘I feel like a dick’ – Hall of Flame
Bedford’s Monopoly millionaire only cares about Bitcoin, thinks CBDCs are “bullshit,” and has a love/hate relationship with Twitter.
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