Top stories this week
“The Great Accumulation” of Bitcoin Has Begun, Gemini’s Winklevoss Says
Recent renewed optimism for an approved Bitcoin spot exchange-traded fund (ETF) is igniting “The Great Accumulation Race” for Bitcoin, according to industry experts. Over the past week, Fidelity, Invesco, WisdomTree and Valkyrie have followed investment giant BlackRock in filing for a Bitcoin spot ETF with the United States Securities Exchange Commission, which some analysts believe is the reason for Bitcoin’s price rise in recent days.
Binance.US resolves USD withdrawal issues, but warns it won̵[ads1]7;t last long
Crypto exchange Binance.US informed customers that it has solved withdrawal problems in US dollars after working with its banking partners, although it warned that the relief may not last. The exchange suspended dollar deposits and notified its clients of an incoming break to fiat withdrawal channels on June 9, amid the ongoing battle with the SEC. Binance.US has encouraged customers who have a failed withdrawal attempt to resubmit their requests. Any remaining USD balances in customer accounts will be converted to Tether at a future date.
Atomic Wallet gives big update on hack, but questions remain unanswered
Atomic Wallet users have been wanting more answers, despite the decentralized wallet provider finally releasing a full “event statement” about the June exploit — which some estimate amounted to $100 million in losses. In the statement, Atomic did not point to what exactly led to the exploit, only the four most “likely” causes, including a virus on user devices, an infrastructure breach, a man-in-the-middle attack or malware code injection. According to the company, “less than 0.1%” of app users were affected, but the figure is still dismissed by many online.
The UK government is moving forward with the Financial Markets Bill for potential regulation of crypto
Lawmakers in the UK are moving forward with legislation that could help support the adoption of crypto in the country. First introduced to the UK Parliament in July 2022, the Financial Services and Markets Bill was aimed at ensuring the country retained its place in the financial world after Brexit, including authorizing the regulation of digital assets. The bill went through a third reading in the House of Lords, one of the final stages in its implementation before considering further changes and being signed into law.
The Fed sees stablecoin as a form of money, and wants a “robust” role in supervision, says Powell
The US Federal Reserve Board views payment stablecoins as a form of money, Chairman Jerome Powell said on June 21 when he addressed Congress on the proposed stablecoin bill. Powell took a position at odds with that of SEC Chairman Gary Gensler. Last year, Gensler spoke at a Senate Banking Committee hearing and said that stablecoins may require registration and regulation with 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 at $30,697Ether (ETH) on $1896 and XRP on $0.49. The total market value is at $1.19 trillion, according to CoinMarketCap.
Among the top 100 cryptocurrencies, this week’s top three altcoin winners are Bitcoin Cash (CHF) at 83.66%, Pepe (PEPE) of 67.59% and Bitcoin SV (BSV) of 51.87%.
The top three altcoin losers of the week are KuCoin Token (KCS) at -8.21%, quant (QNT) at -6.51% and BitTorrent (new) (BTT) of -4.72%.
For more info 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 would be appropriate to have a fairly robust federal role in what happens in stablecoin going forward.”
Jerome Powellchairman of the US central bank
“It’s becoming very obvious that Web3 financial rails are the future.”
Lisa WadeCEO of DigitalX
“BlackRock breathed new life into [Bitcoin ETF] run.”
Eric Balchunassenior ETF analyst at Bloomberg
“If well designed, CBDCs can strengthen the usability, resilience and efficiency of payment systems and increase financial inclusion in [Latin America and the Caribbean].”
The International Monetary Fund
“Crypto will become the native currency of AI.”
Robby YungCEO of Animoca Brands
“The Great Accumulation of Bitcoin Has Begun.”
Cameron Winklevossco-founder of Gemini
Prediction of the week
Bitcoin ‘parabolic advance’ means BTC price all-time high in 2023 — Trader
Bitcoin will hit new all-time highs in 2023 and October is the preferred month for that, a popular trader said. In a Twitter update on June 22, pseudonymous trader Credible Crypto claimed that the next four months should deliver the bullish BTC price momentum needed to tackle $69,000.
“What is clear with any parabolic advance is that momentum increases exponentially and peaks at the top. We can see this in both previous impulsive moves from 3k-14k and from 10k-60k,” he explained. This time, Bitcoin has delivered a successful retest of support on monthly time frames, with $25,000 now possibly a springboard for another “parabolic advance.”
“I expect that once the extension begins (as it looks like it has) we should easily see monthly moves of > 10k at a time. From current level to previous ATH there is a gap of $40k. This gap should then logically be covered within a few monthly lights if this 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 deficient” and the crypto custodian has been unable to honor customer withdrawals since June 21, according to Nevada’s business regulator. In a cease and desist order, the regulator claimed that Prime Trust is in an “unsafe or unsound condition” to continue operations. The company now has 30 days to respond to the order and can request an administrative hearing to contest it. The move comes a few days after its subsidiary, Banq, filed for bankruptcy protection in the United States.
Apple removes malicious Trezor app from App Store
An apparently malicious app posing as crypto hardware wallet Trezor has been removed from Apple’s App Store, although a quick search has revealed that other copycat apps are still lurking around. After a Twitter user alerted the tech company, the app was quickly removed. Fake wallet apps on Apple’s 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’s “Scam Crypto” Claim
Twitter has suspended the account of popular memecoin-linked AI-powered bot ‘Explain This Bob’ after Elon Musk alleged it was a “scam crypto account”. Created by Prabhu Biswal from India, the bot used OpenAI’s GPT-4 model to understand and respond to tweets from those who tagged the account. It amassed over 400,000 followers before its suspension. The project was 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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