Top stories this week
“The Great Accumulation” of Bitcoin Has Begun, Says Gemini’s Winklevoss
According to industry experts, recently renewed optimism for an eligible bitcoin spot exchange traded (ETF) fund is igniting the “great race for accumulation” for bitcoin. Last week, Fidelity, Invesco, WisdomTree and Valkyrie followed investment giant BlackRock in filing with the U.S. Securities Exchange Commission for a bitcoin spot ETF, which some analysts say is the reason for bitcoin’s price surge over the past few days is.
Binance.US resolves USD withdrawal issues but warns it won’t last long
Crypto exchange Binance.US informed its customers that it had solved problems withdrawing US dollars after working with its banking partners, but warned that the relief might not last. The exchange suspended dollar deposits and on June 9 notified its clients of an upcoming pause in fiat withdrawal channels amid its dispute with the SEC. Binance.US has urged customers whose withdrawal attempts have failed to resubmit their applications. Any remaining USD balances in customer accounts will be converted to Tether at a later date.
Atomic Wallet gives important update on hack, but questions remain unanswered
Atomic Wallet users wanted even more answers, although the decentralized wallet provider finally released a full “event statement” about the exploit in June – which it has estimated caused up to $100 million in losses. In the statement, Atomic didn’t specify what exactly led to the exploit, merely citing 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 that number is still dismissed by many online users.
The British government is pushing ahead with the financial market draft on the possible regulation of cryptocurrencies
Lawmakers in the UK are pushing legislation that could help support crypto adoption in the country. The Financial Services and Markets Bill, first tabled in the UK Parliament in July 2022, aimed to ensure the country retains its place in the financial world post-Brexit, including granting powers to regulate digital assets. The bill went through a third reading in the House of Lords, one of the final stages of passage before further amendments were considered and enacted.
The Fed views stablecoin as a form of money and wants to play a “robust” role in its oversight, says Powell
Chairman Jerome Powell said on June 21, while addressing Congress on the proposed stablecoin law, that the Federal Reserve Board views payment stablecoins as a form of money. Powell took a position that contradicted that of SEC Chairman Gary Gensler. Last year, at a Senate Banking Committee hearing, Gensler said stablecoins may need SEC registration and regulation. Gensler has also repeatedly stated that all cryptocurrencies except Bitcoin are securities.
Winner and Loser
Bitcoin at the end of the week (BTC) is at $30,697ether (ETH) at $1,896 And XRP at $0.49. The total market capitalization is at $1.19 Trillions, according to CoinMarketCap.
Among the top 100 cryptocurrencies, Bitcoin Cash are the top three altcoin gainers of the week (BCH) at 83.66%, Pepe (PEPE) at 67.59% and Bitcoin SV (BSV) at 51.87%.
The three biggest altcoin losers of the week are KuCoin Token (KCS) at -8.21%, quant (QNT) at -6.51% and BitTorrent (New) (BTT) at -4.72%.
For more information on crypto prices, see Cointelegraph’s Market Analysis.
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Most Memorable Quotes
“We view payment stablecoins as a form of money, and […] It would be appropriate for the federal government to play a fairly strong role in future stablecoin developments.”
Jerome PowellChairman of the US Federal Reserve
“It’s becoming increasingly clear that Web3 financial tracks are the future.”
Lisa WadeCEO of DigitalX
“BlackRock has breathed new life into it [Bitcoin ETF] race.”
Eric Balchunassenior ETF analyst at Bloomberg
“If well designed, CBDCs can enhance the usability, resilience and efficiency of payment systems and improve financial inclusion.” [Latin America and the Caribbean].”
IMF
“Crypto will become AI’s native currency.”
Robby Youngthe CEO of Animoca Brands
“The great accumulation of bitcoin has begun.”
Cameron WinklevossCo-founder of Gemini
forecast of the week
Bitcoin’s ‘parabolic advance’ means BTC price will hit all-time high in 2023 – traders
Bitcoin will hit new all-time highs in 2023, and October is the preferred month for it, a popular trader said. In a June 22 Twitter update, pseudonymous trader Credible Crypto argued that the next four months should provide the bullish momentum in BTC price needed to challenge $69,000.
“What is clear with any parabolic advance is that momentum increases exponentially, peaking at the apex. We can see this in both previous impulsive moves from 3,000 to 14,000 and from 10,000 to 60,000,” he explained. This time around, Bitcoin has delivered a successful monthly retest of support, with $25,000 now potentially a stepping stone to a fresh “parabolic rise.”
“I expect that once the expansion starts (it looks like) we will easily see monthly moves of more than 10,000 at a time. From the current level to the previous ATH, the gap is $40,000. This gap should then logically close within a few monthly candles if it is a parabolic advance,” he said.
FUD of the week
Prime Trust can’t accept customer withdrawals, Nevada regulator says
Prime Trust’s financial position is “critically deficient” and the crypto custodian has not been able to service customer withdrawals since June 21, according to the Nevada Economic Commission. In a cease and desist order, the regulator claimed that Prime Trust was in an “unsafe or unsafe condition” to continue as a going concern. The company now has 30 days to respond to the order and can request an administrative hearing to challenge it. The move comes days after its subsidiary Banq filed for bankruptcy protection in the United States.
Apple removes the malicious Trezor app from the App Store
An apparently malicious app claiming to be crypto hardware wallet Trezor has been removed from Apple’s App Store, but a quick search revealed other copycat apps lurking. After a Twitter user warned 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 worth of Bitcoin after downloading a malicious Trezor app from the App Store.
Twitter Bans 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 claimed it was a “scam crypto account.” The bot was created by Prabhu Biswal from India and used OpenAI’s GPT-4 model to understand and respond to tweets from those who tagged the account. Before the suspension, it had over 400,000 followers. The project was also linked to the ERC-20 memecoin Bob Token (BOB) launched in April. Since the suspension, the hashtag “FREEBOB” has been circulating on Crypto Twitter.
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Bedford’s Monopoly millionaire only cares about Bitcoin, thinks CBDCs are “bullshit” and has a love-hate relationship with Twitter.
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editorial staff
Cointelegraph Magazine writers and reporters contributed to this article.