Top stories this week
Larry Fink, CEO of BlackRock, has recently delivered pro-crypto comments, claiming “Bitcoin is an international asset” and suggesting US regulators consider how an ETF directly linked to Bitcoin could democratize finance in the country. Under Fink, BlackRock has attempted to launch a spot BTC ETF with crypto exchange Coinbase acting as a monitoring partner. It is unclear whether the US Securities and Exchange Commission (SEC) will approve the investment vehicle, given its track record of rejecting all previously filed spot BTC ETF applications to date.
Gemini files lawsuit against Digital Currency Group and Barry Silbert over Genesis and Earn program
Gemini has announced legal action against conglomerate Digital Currency Group (DCG) and its chief executive, Barry Silbert, alleging “fraud on creditors”[ads1];. Genesis, a DCG subsidiary, had been the crypto lender responsible for running an Earn program in partnership with the crypto exchange. The case follows an open letter published by Gemini co-founder Cameron Winklevoss, who slammed Silbert for trying to play the victim card while owing over a billion dollars to Earn’s investors. “Not even Sam Bankman-Fried was capable of such a delusion,” Winklevoss wrote in the letter.
Bitcoin bull run incoming: Binance CEO Changpeng Zhao reveals when
Binance CEO Changpeng “CZ” Zhao has delivered his prediction for the next Bitcoin bull market. In an “ask me anything” session on Twitter on July 5, CZ gave his thoughts on the next bull run, explaining that the price of Bitcoin has historically moved in four-year bull cycles, and his best bet was that this would continue happen . While admitting he could not predict the future, Zhao emphasized the upcoming Bitcoin halving event in 2024 and declared 2025 as the most likely year for the next bull market, saying, “The year after Bitcoin halving is usually the year of the bull.”
The UK government is moving ahead with the bill that aims to give authorities the power to seize crypto
Lawmakers in the UK are moving forward with legislation aimed at expanding the government’s ability to target cryptocurrencies used for illegal purposes. A June 27 version of the bill included provisions to give authorities greater flexibility in the confiscation and civil recovery of crypto assets. Additionally, the legislation clarified the government’s authority over digital assets “intended to be used for terrorist purposes” or related causes. The legislators will consider all changes to the bill before it can be enacted into law by royal assent.
Employees at Binance, Coinbase and Gemini are among the least satisfied, data suggests
According to a quadrant chart by tech recruiting firm TrueUp using data from Glassdoor, crypto exchanges including Gemini, Binance and Coinbase are home to some of the least satisfied employees in the industry. The chart shows the happiest and least happy workers across over 27 of the most valuable crypto firms at different stages of maturity. Defunct crypto lender Celsius, crypto exchange Gemini and trading firm Amber Group top 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 cautioned that the data should be taken with a grain of salt.
Winners and losers
At the end of the week, Bitcoin (BTC) is at $30,321Ether (ETH) on $1868 and XRP on $0.46. The total market value is at $1.18 trillion, according to CoinMarketCap.
Among the top 100 cryptocurrencies, this week’s top three altcoin winners are Bone ShibaSwap (LEG) of 40.88%, Maker (MKR) of 12.94% and Flow (FLOW) of 11.73%.
The top three altcoin losers of the week are ApeCoin (MONKEY) at -15.13%, Stellar (XLM) of -13.31% and Fantom (FTM) of -12.63%.
For more info on crypto prices, be sure to read Cointelegraph’s market analysis.
From Director of the United States Mint to the very first Bitcoin IRA customer
Crypto, meet Fiat. You two should have a coffee sometime
Most memorable quotes
“The year after Bitcoin halving is usually the year of the bull.”
Changpeng ZhaoCEO of Binance
“Decentralized perpetuals and futures trading are much newer, so there is a high growth opportunity to bring derivatives into the chain.”
Henrik Anderssoninvestment manager at Apollo Crypto
“Let’s be clear: Bitcoin is an international resource.”
Larry FinkCEO of BlackRock
“The future tells me that we are moving towards augmented intelligence that will end up with AI mixing with normal brains. Maybe that is the future of humanity.”
Paul Ardoinochief technology officer at 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
“Bitcoin-related startup investment, I think especially early-stage, had doubled in the last year. So that’s positive.”
Adam backCEO of Blockstream
Prediction of the week
BTC Price Remains ‘Unquestionably Bullish’ As $30K Bitcoin Buyers Emerge
Bitcoin bulls had hopes that new yearly highs would allow BTC/USD to exit its month-long trading range for good, but were disappointed. The largest cryptocurrency declined to $31,500 this week, falling below the $30,000 mark just hours later to challenge the lower end of the range.
Long-term perspectives also continued the overall bullish narrative, with short-term pullbacks and sideways movement below resistance expected.
Pseudonymous trader TraderKoz dispelled fears of a deeper fall challenging Bitcoin’s uptrend. “With many people talking about short-term pullbacks, it’s important to keep the bigger picture in mind and not lose focus,” he wrote on July 6, adding: “Whether we pull back to 28k, 29k or wherever, this the weekly chart is definitely bullish (in my opinion). And I’m going to try to bid dips.”
FUD of the week
Multichain MPC bridge sees outflows of $100 million, raising fears of exploitation
Abnormally large outflows from the Multichain multi-party computation (MPC) bridge platform raise fears of a multimillion-dollar exploit. On July 6, observers noticed that over $102 million in crypto had been withdrawn from Multichain’s Fantom bridge on the Ethereum side, as well as $666,000 from Dogechain and $5 million from Moonriver. Several scouts at the chain took to Twitter to mark the incident as a possible exploit. Multichain said the movements were abnormal and the team “is not sure what happened and is currently investigating.”
Coinbase domain names are reportedly being used by fraudsters in high-profile attacks
Coinbase’s users have taken to Twitter to report scams and phishing attacks involving the company’s services and applications in recent weeks, including claims that fraudsters are using the crypto exchange’s domain name. According to reports, perpetrators have used the email “firstname.lastname@example.org” to trick users and gain access to accounts. Coinbase said anyone defrauding its customers will be prosecuted.
BarnBridge DAO calls a halt to “all work” on DeFi protocol amid SEC probe
BarnBridge DAO members have been asked to pause “all work” related to the project following a reported investigation by the US Securities and Exchange Commission. Douglas Park, a lawyer for the decentralized autonomous organization, revealed the news to members in a post on the platform’s Discord channel. All BarnBridge related products are currently on hold, including the liquidity pools. DAO members do not receive compensation for work flowing from the organization’s investment efforts.
Best Cointelegraph Features
Should you “orange pill” children? The Case for Bitcoin Children’s Books
How young is too young to introduce children to Bitcoin? Parents and the authors of Bitcoin children’s books weigh in.
Super Mario: Crypto Thief, Sega blockchain game, AI game rights battle — Web3 Gamer
Gods Unchained and My Pet Hooligan join the Epic Games Store looking at a sweet tropical island block chain game.
Why Coin Stories’ Natalie Brunell Doesn’t Want a Bitcoin ATH Anytime Soon: Hall of Flame
Natalie Brunell sees a “six-figure” Bitcoin price on the horizon, but she’s in no rush for the bull market to emerge anytime soon.
The most engaging read in blockchain. Delivered once a week.