SEC Delays Another ETF Decision, Binance News And Sideways BTC Price Actions: Hodler’s Digest, Nov 11-17 July July
Hodler’s Digest comes every Saturday and helps you keep track of every single important message that happened this week. The best (and worst) quotes, introductory and regulatory highlights, leading coins, predictions, and more – one week on Cointelegraph in one link.
This week’s top stories
New data suggests why the Bitcoin price action spent two months at $ 30,000
Bitcoin (BTC) another week with area-specific price promotions. Bitcoin has been trading in a pretty tight range for the past few days and is acting more like a volatile stablecoin than the bullish-prone turbulent cryptocurrency that people know and love. Bitcoin is broadly in a price range between approximately $ 30,000 and $ 40,000 for weeks.
Nunya Bizniz, a Bitcoin-focused Twitter personality, listed $ 30,000 as potential key level citing a number of reasons on the Bitcoin price chart including a Fibonacci level.
Will Bitcoin go north or south next? Nobody really knows, but Glassnode data revealed People who stock up on BTC away from centralized exchanges, with roughly 2,000 bitcoin left these platforms every day for the past fortnight. Such data rhymes with April activity when Bitcoin rose to almost $ 65,000 per coin.
On the bearish front, trader Michaël van de Poppe found a possible drop in prices for Bitcoin to around $ 29,000 and then $ 24,000 if support is nearby $ 31,000 collapsed.
SEC delays decision on Wisdom Tree Bitcoin ETF
An approved one Bitcoin Exchange Traded Fund (ETF) continues to evade the United States. This week the US Securities and Exchange Commission postponed its decision Bitcoin ETF from Wisdom Tree, looking for public comment on the product – something the commission has done in the past regarding Bitcoin ETF proposals.
“The commission requests that interested persons provide their views, data and arguments in relation to the above-mentioned issues, as well as any other concerns they have with the proposal, in writing,” the SEC said in a public document.
Binance stops selling share tokens, “with immediate effect”
More Binance Headlines flowed this week when the exchange decided to stop trading stock tokens. The company gave no reason for the move. People with current positions in the platform’s share tokens are allowed 90 day window to end their business.
For the past few weeks, Binance encountered regulatory resistance on a number of fronts.
This week brought more regulatory news to Binance. Italy has jumped on the bandwagon of national regulatory authorities involved in the exchange. Binance lacks approval to trade crypto in the region, sent according to a warning of the Italian companies and stock exchange commission.
The U.S. government delves into cryptocurrency accountability with a $ 10 million bounty
United States government agencies have not shied away from regulating the burgeoning crypto industry. The Thursday news detailed this President Biden’s team plans to pursue crypto-asset usage. Sometimes the team focuses on looking for everyone Ransomware Connections to crypto usage.
People who help the government track down nefarious characters involved in certain online attacks could be rewarded with as much as $ 10 million bounty.
Crypto community split over whether Bitcoin is an inflation hedge
For many in the crypto community, Bitcoin is being considered a potential hedge against inflation. Bitcoin’s recent price action, however, has provided less evidence for such a classification, as inflation spikes high in the US for a decade doubt the asset as a hedgewhile others claim the opposite.
Meanwhile, the former US Treasury Secretary Steven Mnuchin has slightly changed his attitude towards BTC.
“The first part is that I think the underlying technology of the blockchain is really incredible and has a lot of different things, especially in the fintech and finance areas,” he told CNBC. “I think when it comes to bitcoin – if people want to buy bitcoin as a replacement, no different from buying gold or some other asset – it’s fine.”
Winner and Loser
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 top 100 cryptocurrencies, the three best altcoin winners of the week are Axie Infinity (AXS) at 57.38%, flow rate (FLOW) at 30.36% and NEM (SEE) at 17.86%.
The three biggest altcoin losers of the week are Telcoin (TEL) at -31.02%, 0x (ZRX) at -24.41% and theta (THETA) at -23.42%.
For more information on crypto pricing, be sure to read Market analysis by Cointelegraph.
The most memorable quotes
“We’re 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 any other crypto-protocol – they’re fine. The risk arises from the operational processes of the banks. “
Caitlin Long, CEO and Founder of Avanti Bank & Trust
“I think the regulatory pressures are stronger than before, but it will remove a lot of bad players from the industry and make the industry reputation much better than it was without. So I think this type of raid can be a good thing for the industry in the long run. “
Jihan Wu, Bitmain Co-Founder and Ex-CEO
“Market information suggests that the majority of crypto assets are held by retail investors, with institutional investors currently having limited exposure. However, there are some signs of growing interest in crypto assets and related services from institutional investors, banks and major payment system operators. These developments could strengthen the links between crypto assets and other systemic financial markets and institutions. “
Bank of England, the central bank of the United Kingdom
“If we are the largest exchange, [buying Goldman Sachs and CME] is out of the question at all. “
Sam Bankman-Fried, FTX CEO
“The easiest industry to reduce overnight was a gray area industry. About 68,000 gigawatts of electricity were immediately removed from China just by saying no to bitcoin mining. “
Phil Harvey, CEO of Phoenix Store
“Bitcoin has certainly been a great performer over time. However, most of the gains were made during a major global deflationary period when all risk assets increased. Now that inflation is really picking up for the first time since Bitcoin was introduced, it is taking off dramatically. “
Mati Greenspan, founder of a company called Quantum Economics
“You don’t need any stablecoins, you don’t need any cryptocurrencies if you had a digital US currency. I think that’s one of the strong arguments for it. “
Stephen Lynch, US representative
“I believe that cryptocurrency is an inherently right-wing, hypercapitalist technology, designed primarily to increase the wealth of its proponents through a combination of tax avoidance, reduced regulatory oversight and artificially enforced scarcity.”
Jackson Palmer, co-founder of Dogecoin
“Money is definitely a drug.”
Damien Hirst, artist
Forecast of the week
El Salvador’s Bitcoin move will put pressure on the network: JPMorgan
Bitcoin became an official currency of El Salvador in June. However, a recent report by JPMorgan Chase questions Bitcoin’s ability to function in this context.
Bitcoin’s scalability has been a major talking point in recent years as the asset moved to a Store of value but a currency. Bitcoin’s blockchain doesn’t move funds particularly quickly or cheaply compared to mainstream payment cards or various other crypto assets.
In the JPMorgan Chase report, experts point out the weight BTC must carry should El Salvador become heavily reliant on the asset once it has been recognized as legal tender. “Daily payment activity in El Salvador would represent 4% of the most recent on-chain transaction volume and more than 1% of the total value of tokens transferred between wallets in the past year,” according to the report, according to Bloomberg.
FUD of the week
Ukrainian police confiscate 3,800 PS4 consoles used for illegal crypto mining
Reportedly, a group of crypto miners thought it a good idea to set up shop in a warehouse that was previously called an electricity company. belonged to JSC Vinnytsiaoblenergo.
The illegal miners stole the necessary wattage from JSC Vinnytsiaoblenergo Pil nearly 4,000 PlayStation 4 consoles, as well as many other technical devices for their operation. The Ukrainian police raided the facility.
Cryptocurrency crackdown on USD access points has begun: Caitlin Long
The regulatory sky may darken in the distance, with further crackdown on crypto in the US.
Bitcoin and Ethereum can be safe right before the storm, though Regulators can track fiat ramps and middlemen associated with crypto activitysaid Avanti Bank & Trust founder and CEO Caitlin Long.
The UK FCA will spend £ 11 million warning people not to invest in cryptocurrencies
The United Kingdom‘s Financial Conduct Authority (FCA) sees crypto investments, according to a. as very risky Draft speech by FCA manager Nikhil Rathi.
The agency wants the population of the country, especially the younger generation, to be informed about such risks, Pounds sterling worth $ 15 million to work to get his message across. “More and more people see investment as entertainment,” said Rathi, according to the draft.
Best Cointelegraph Features
Hedge funds see the decline in the crypto market as an investment opportunity
From rebalancing cash positions to announcing new investment products, hedge funds seem unaffected by the current decline in the crypto market.
China’s crypto industry is gone? Beijing’s raid continues to send shock waves
The Chinese government’s ongoing crusade against cryptocurrencies could have dramatic consequences for both domestic and global crypto traders.
Adopt a decentralized way of life, from small steps to big leaps
Decentralization may seem out of reach to many, but here are some realistic ways to reject the idea of centralization in our daily lives.