top stories of the week
Gemini’s Winklevoss Says Bitcoin’s “Great Accumulation” Has Begun
The recent renewed optimism around bitcoin spot exchange-traded funds (ETFs) is sparking a “big race to accumulate” bitcoin, according to industry experts. In the past week, Fidelity, Invesco, WisdomTree, and Valkyrie followed investment giant BlackRock to apply for a bitcoin spot ETF with the US Securities and Exchange Commission. Some analysts believe that this is the reason for the surge in bitcoin prices in the past few days.
Binance.US Addresses USD Withdrawal Issues, But Warns It Won’t Last Long
Cryptocurrency exchange Binance.US notified customers that it had resolved U.S. dollar withdrawals after working with its banking partners, but warned that the relief may not last long. In an ongoing battle with the SEC, the exchange suspended U.S. dollar deposits on June 9 and notified customers that fiat withdrawal access was about to be suspended. Binance.US encourages customers with failed withdrawal attempts to resubmit their requests. Any remaining USD balances held in customer accounts will be converted to Tether in the future.
Atomic Wallet Provides Major Update About Hack, But Questions Still Unanswered
While the decentralized wallet provider finally released a full “statement of the incident” regarding the June breach, Atomic Wallet users still want more answers — which some estimate cost as much as $100 million. In its statement, Atomic did not specify what exactly caused the vulnerability, but listed four of the most “likely” causes, including a virus on the user’s device, an infrastructure vulnerability, a man-in-the-middle attack, or malware code injection. According to the company, “less than 0.1 percent” of the app’s users were affected, a figure that is still dismissed by many online.
UK government pushes ahead with Financial Markets Bill for potential regulation of cryptocurrencies
British lawmakers are advancing legislation to help support the adoption of cryptocurrencies in the country. The Financial Services and Markets Bill, first introduced to the UK Parliament in July 2022, aims to ensure that the UK maintains its place in the financial world after Brexit, including granting regulatory powers over digital assets. The bill has its third reading in the House of Lords, one of the final stages of passage before any other amendments are considered and signed into law.
Fed sees stablecoins as form of money, wants ‘robust’ role in its oversight, says Powell
The U.S. Federal Reserve sees payment stablecoins as a form of money, Federal Reserve Chairman Jerome Powell said in a June 21 speech to Congress on the proposed stablecoin bill. Powell’s position is the opposite of that of SEC Chairman Gary Gensler. Last year, Gensler told a Senate Banking Committee hearing that stablecoins may need to be registered and regulated by the SEC. Gensler has also consistently stated that, with the exception of Bitcoin, all cryptocurrencies are securities.
winners and losers
Bitcoin this weekend (bitcoin) lie in $30,697 USDEther (Ethereum) exist $1,896 and Ripple exist $0.49.total market value $1.19 trillion, according to to CoinMarketCap.
Among the 100 largest cryptocurrencies, the top three altcoins this week are bitcoin cash (Biosafety Clearing-House) Pepe 83.66% (PEPE) 67.59% and Bitcoin SV (BSV) It was 51.87%.
The top three altcoins this week are KuCoin Token (KCS) -8.21%, quantitative (QNT) -6.51% and BitTorrent (new) (BT) was -4.72%.
For more on cryptocurrency prices, be sure to read Cointelegraph’s market analysis.
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most memorable quote
“We do view payment stablecoins as a form of money, and it is appropriate that (…) the federal government play a fairly strong role in the future development of stablecoins.”
Jerome PowellChairman of the Federal Reserve
“It’s clear that the Web3 financial rails are the future.”
Lisa WadeCEO of DigitalX
“BlackRock breathes new life into the (Bitcoin ETF) race.”
Eric BalchunasBloomberg Senior ETF Analyst
“If properly designed, a CBDC could enhance the usability, resilience and efficiency of payment systems and increase financial inclusion (in Latin America and the Caribbean).”
International Monetary Fund
“Cryptocurrency will be the native currency of artificial intelligence.”
RobbieCEO of Animoca Brands
“Bitcoin’s big accumulation has begun.”
Cameron WinklevossGemini Co-Founder
forecast for the week
Bitcoin ‘parabolic rise’ means BTC price hits all-time high in 2023 – Trader
Bitcoin will hit a new all-time high in 2023, with October being the most favored month for Bitcoin, according to a popular trader. In a Twitter update on June 22, anonymous trader Credible Crypto argued that the next four months should bring BTC price momentum above $69,000.
“What is clear about any parabolic move is that momentum builds exponentially and peaks at the top. We can see this in the previous impulsive moves of 3k-14k and 10k-60k,” he explained. This time around, Bitcoin managed to retest support on the monthly time frame and now $25,000 could be the springboard to a new “parabolic rise”.
“I expect that once the expansion kicks in (and it looks like it does), we should easily see moves above 10K per month. There is a $40,000 gap from current levels to the previous ATH. If this is a parabolic uptick , then logically, the gap should be closed within a couple of months’ candles,” he said.
The most talked about FUD this week
Nevada regulator says Prime Trust can’t accept customer withdrawals
Prime Trust’s finances are ‘grossly deficient,’ says cryptocurrency custodian The company has been unable to honor customer withdrawals since June 21, according to Nevada business regulators. In a cease and desist order, the regulator claimed Prime Trust was in an “unsafe or unsound condition” to continue its business. The company now has 30 days to respond to the order and can request an administrative hearing to challenge it. A few days ago, its subsidiary Banq filed for bankruptcy protection in the United States.
Apple removes malicious Trezor app from App Store
An apparently malicious app for what appears to be a crypto hardware wallet, the Trezor, has been pulled from the Apple App Store, but a quick search reveals other knockoffs still lurking. The app was quickly removed after a Twitter user alerted the tech company. Fake wallet apps in the Apple App Store are nothing new. In 2021, a user reportedly lost $600,000 in Bitcoin after downloading a malicious Trezor app from the App Store.
Twitter suspends memecoin-linked AI bot after Elon Musk claims ‘cryptocurrency scam’
Twitter has suspended the account of “Explain This Bob,” an artificial intelligence-powered bot linked to memecoin, after Elon Musk claimed the account was a “scam crypto account.” Created by Prabhu Biswal from India, the bot uses OpenAI’s GPT-4 model to understand tweets from people who tagged the account and provide responses. Before it was suspended, it had amassed more than 400,000 followers. 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 been circulating on crypto Twitter.
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