top stories of the week
BlackRock CEO Larry Fink recently spoke pro-cryptocurrency, claiming that “bitcoin is an international asset” and suggesting that U.S. regulators consider how an ETF directly tied to bitcoin could make the currency The country’s financial democratization. Under Fink, BlackRock attempted to launch a spot BTC ETF with cryptocurrency exchange Coinbase as a monitoring partner. Given the SEC’s track record of rejecting all previously submitted spot BTC ETF applications to date, it is unclear whether the SEC will approve the investment vehicle.
Gemini Files Lawsuit Against Digital Currency Group and Barry Silbert Over Genesis and Earn Programs
Gemini has announced legal action against Digital Currency Group (DCG) and its CEO Barry Silbert, accusing it of “defrauding creditors.” Genesis, a DCG subsidiary, is a cryptocurrency lender that operates the Earn program in partnership with cryptocurrency exchanges. Earlier, Gemini co-founder Cameron Winklevoss published an open letter slamming Silbert for allegedly trying to play the victim card while owing Earn investors more than $1 billion. Winklevoss wrote in the letter: “Not even Sam Bankman-Fried is capable of such an illusion.”
Bitcoin Bull Market Coming: Binance CEO Changpeng Zhao Reveals When
Binance CEO Changpeng Zhao has published his prediction for the next Bitcoin bull run. During an “Ask Me Anything” session on Twitter on July 5, CZ expressed his thoughts on the next bull market, explaining that Bitcoin’s price has historically fluctuated in four-year bull cycles, and his best The bet is that this will continue to happen. While acknowledging that he cannot predict the future, Zhao highlighted the upcoming Bitcoin halving event in 2024 and declared that 2025 is most likely to be the year of the next bull market, saying: “The year after Bitcoin halving is usually It’s a bull market.”
UK Government Pushes Forward Bill Aiming To Authorize Authorities To Seize Cryptocurrencies
British lawmakers are advancing legislation aimed at expanding authorities’ ability to crack down on cryptocurrencies being used for illicit purposes. The June 27 version of the bill included provisions allowing authorities greater flexibility in confiscation and civil recovery of crypto assets. Additionally, the legislation clarifies the government’s powers over digital assets “intended to be used for terrorist purposes” or related reasons. Lawmakers will consider all amendments to the bill before it can be enacted into law with Royal Assent.
Binance, Coinbase, and Gemini Employees Are the Worst in Happiness, Data Shows
Cryptocurrency exchanges including Gemini, Binance and Coinbase are home to some of the unhappiest employees in the industry, according to a Quadrant chart created by tech recruitment firm TrueUp using Glassdoor data. This chart shows the happiest and least happy employees at various stages of maturity for more than 27 of the most valuable cryptocurrency companies. Defunct cryptocurrency lender Celsius, cryptocurrency exchange Gemini and trading firm Amber Group rounded out the list of least satisfied employees, followed by Binance and Coinbase. Binance said its “hardcore” work culture could explain some of the results, while Crypto Recruit founder Neil Dundon warned that the figures should be taken with a grain of salt.
winners and losers
Bitcoin this weekend (bitcoin) lie in $30,321Ether (Ethereum) exist $1,868 and Ripple exist $0.46.total market cap $1.18 trillion, according to to CoinMarketCap.
Among the 100 largest cryptocurrencies, the top three altcoins this week are Bone ShibaSwap (bone) 40.88%, Maker (MKR) 12.94% and flow (flow) was 11.73%.
The three altcoins that fell the most this week were ApeCoin (ape) -15.13%, stellar (XLM) -13.31% and Fantom (FTM) was -12.63%.
For more on cryptocurrency prices, be sure to read Cointelegraph’s market analysis.
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most memorable quote
“The year after the Bitcoin halving is usually a bull year.”
Changpeng ZhaoCEO of Binance
“Decentralized perpetual contracts and futures trading are relatively new, so there is a high opportunity for growth in on-chain derivatives.”
Henrik AndersonChief Investment Officer of Apollo Crypto
“Let’s be clear: Bitcoin is an international asset.”
larry funkCEO of BlackRock
“The future tells me that we are moving towards augmented intelligence, where artificial intelligence is finally fused with a normal brain. Maybe this is the future of humanity.”
Paul ArduinoCTO of Tether
“It takes a special kind of person to owe $3.3 billion to hundreds of thousands of people and believe, or at least pretend to believe, that they are some kind of victim.”
Cameron WinklevossCEO of Gemini
“I think, especially in the early stages, the investment in bitcoin-related startups has doubled in the last year. So that’s a positive.”
adam bakerCEO of Blockstream
forecast for the week
Bitcoin Price Remains ‘Definitely Bullish’ as $30,000 BTC Buyers Emerge
Bitcoin bulls were hoping for a new yearly high for BTC/USD, which would permanently exit the months-long trading range, but were disappointed in the end. The largest cryptocurrency faced rejection at $31,500 this week before falling below the $30,000 mark a few hours later, challenging the lower bound of the range.
The longer-term view likewise continues the overall bullish narrative, with short-term pullbacks and sideways movements below expected resistance levels.
Anonymous trader TraderKoz dismissed concerns that Bitcoin could fall further to challenge the uptrend. “With a lot of people talking about a short-term pullback, it’s important to keep the big picture in mind and not lose focus,” he wrote on July 6, adding, “Whether we pull back to 28k, 29k or anywhere else, The weekly chart is definitely bullish (in my opinion). I’ll be looking to bid on the dip.”
The most talked about FUD this week
Multi-Chain MPC Bridge Outflow Over $100M Raises Exploit Concerns
The unusually large outflow of multi-chain multi-party computation (MPC) bridging platforms is Raising concerns about a multimillion-dollar vulnerability. On July 6, observers noticed that more than $102 million worth of cryptocurrencies had been withdrawn from the Ethereum side of Multichain’s Fantom bridge, along with $666,000 from Dogechain and $5 million from Moonriver. Several on-chain sleuths flagged the incident as a possible exploit on Twitter. Multichain said the activity was irregular and the team is “unsure of what happened and is currently investigating.”
Scammers reportedly used Coinbase domain in high-profile attack
Coinbase users have been reporting scam and phishing attacks to Twitter involving the company’s services and apps in recent weeks, including claims that scammers are using the cryptocurrency exchange’s domain name. Perpetrators have reportedly been using the email “help@coinbase.com” to scam users and gain access to their accounts. Anyone who defrauds its customers will be prosecuted, Coinbase said.
BarnBridge DAO Calls for Stopping “All Work” on DeFi Protocols Amid SEC Investigation
BarnBridge DAO members were told to suspend “all work” related to the project following an investigation by the SEC. The DAO’s attorney, Douglas Park, broke the news to members in a post on the platform’s Discord channel. All BarnBridge-related products are currently on hold, including its liquidity pool. DAO members do not receive compensation for their work for the organization’s investment efforts.
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