Binance News, Circle plans to go public, bullish cryptocurrency review: Hodler Digest, July 4-10


Come every Saturday, Hodler’s Digest Will help you keep track of every important news report that happened this week. The best (and worst) quotes, adoption and regulatory focus, leading tokens, forecasts, etc.-Cointelegraph for the week on a link.

Table of Contents

Headlines this week

FinCEN hires its first chief digital currency advisor

The US Financial Crime Enforcement Network (FinCEN) has played a new role—— Chief Digital Currency Advisor, Announced July 6, Recruitment Michelle Korver for work. Korver has extensive experience in crypto regulation, including serving as a digital currency advisor to the U.S. Department of Justice.

“Miss. Korver will work with internal and external partners to develop strategies and innovative solutions to prevent and mitigate illegal financial practices and exploitation, thereby enhancing FinCEN’s leadership in the digital currency field,” Say FinCEN’s public statement describes the new chief digital currency advisor position.

In other regulatory-related news, the U.S. state of Wyoming is very beneficial to the cryptocurrency and blockchain industry. Officially named as American CryptoFed DAO A legal entity– The first of any decentralized autonomous organization, or DAO.

In addition, China has Continue the regulatory crackdown on cryptocurrencies.

Bitcoin price fell below the critical $33,000 support level as Bitfinex short jumped over 5,000 BTC

Bitcoin (Bitcoin) After another week of turbulence, Below the 33,000 USD mark on July 8, Less than nearly 35,000 US dollars. Short positions on the cryptocurrency exchange Bitfinex have also become more common, indicating bearish sentiment.Although Bitcoin fell below $33,000, the asset once again Break the horizon on July 9.

BTC analyst Willy Woo points out The current environment seems to be similar to that before the Bitcoin breakthrough in the second half of 2020.Analysts pointed out that indicators show BTC is drawn into long-term holdings, Which in turn reduces the available coins in circulation. The data also exposed the influx of new users on the Bitcoin blockchain.In addition, the Bitcoin exchange Withdrawals increased with Deposit decreased.

Polish financial regulator issues public warning about Binance

The regulatory complexity surrounding the Binance cryptocurrency exchange has continued to surface in the past week, with several news developments on the scene. Given that recent regulatory measures around Binance are related to Canada, Japan and the United Kingdom, the Polish Financial Supervisory Authority (PFSA), the governing body of the Polish financial sector, Warn Polish Binance users About their interaction with exchanges and cryptocurrencies in general.

“In view of the protection of financial market participants and the warnings of foreign regulators, the PFSA Office recommends that you be particularly cautious when using the services of Binance Group entities and trading cryptocurrencies and crypto assets, as this may involve significant risks that may result in funds Losing,” PFSA Say In the public statement July 7.

Earlier this week, Binance suspends the ability to send euros From the bank account to its trading platform, quote No clear explanation Regarding the reason for this move. “Due to events beyond our control, we will suspend Euro deposits via SEPA bank transfers from 8 a.m. UTC on July 7, 2021,” Binance said in a statement. July 6 email Exchange users.

In addition, Binance users also proposed a Class action Object to the trading platform, request Significant compensation For the losses they allegedly suffered due to the interruption of the platform during important price movements.Participants claim that they cannot access their accounts during this period Critical period.

Barclays Bank also Stop payment card transactions with Binance. Change found Respond to developments with dissatisfaction, Said that this decision seems to stem from a misunderstanding. In late June, the British Financial Conduct Authority Request Binance Markets LimitedOr BML, stop all domestic business. Binance claims that BML is an independent legal entity.

In another report on July 7, Binance CEO Changpeng Zhao Positive on the regulation of the crypto industry Generally through a July 6 The letter was posted on Binance’s blog.he famous The problem of unclear regulation still exists, and Binance hopes to cooperate with regulators.

Avalanche founder Emin Gün Sirer is “very optimistic” about the prospects of the cryptocurrency market

Despite the decline in digital asset prices in recent weeks, Cornell University professor and founder of Avalanche Emin Gün Sirer Maintain positive expectations For the industry, a group of entities are cited as increasing interest in crypto assets. “I have been in contact with retirement funds, not hedge funds, but retirement funds,” he said tell Cointelegraph China. Sirer Foresee the further scope of encryption In the next few months, with What happened in autumn.

The stablecoin company Circle will be listed on a $4.5B blank check transaction

Circle is the company behind USD Coin, a stable currency with a market value of 26 billion USD (USDC), intends to pass SPAC, Or special purpose acquisition of the company.Its stock code will be CRCL If everything goes according to plan, the stock will be traded on the New York Stock Exchange. “Circle will be listed through a business combination with Concord Acquisition Corp (NYSE: CND), which is a publicly traded special purpose acquisition company with a trust of $276 million. Funding,” Circle Say In the public statement July 8.

Winners and losers

This weekend, Bitcoin is located at 33,499 USD, Ether USD 2,131 And XRP in 0.63 USD. Total market capitalization 1.39 trillion US dollars, according to To CoinMarketCap.

Among the top 100 cryptocurrencies, the top three altcoins rose 147.51% of Axie Infinity (AXS), 80.82% of KuCoin Token (KCS) and 76.67% of Synthetix (SNX) this week.

The top three altcoin losers this week are Telcoin (TEL) -21.46%, Celo (CELO) -15.37% and Hedera Hashgraph (HBAR) -9.71%

For more information on encryption prices, be sure to read Cointelegraph’s market analysis.

The most memorable quotes

“Ransom payment is the fuel that drives the digital blackmail engine, and […] The United States will use all available tools to make these attacks more costly and less profitable for criminal companies. “

Lisa Monaco, Deputy Attorney General of the United States Department of Justice

“Transferring crypto mining operations out of China will be a huge opportunity for Canada. The Toronto Stock Exchange recently listed the world’s first Bitcoin ETF, so the country is already at the forefront of mainstreaming cryptocurrencies. .”

Kuramshrov, CEO of iMining and Chairman of the IBC Group

“If the Bank of Japan wants to issue [a] CBDC, it will have a huge impact on financial institutions and Japan’s settlement system. [A] CBDC has the potential to completely reshape the changes that have taken place in Japan’s financial industry. “

Hideki Murai, The head of the ruling Japanese Liberal Democratic Party’s digital currency team

“Regulators have proven that they can and will crack down on cryptocurrencies, so we recommend that investors stay awake and build investment portfolios around lower-risk assets. We have long warned that changes in investor sentiment or regulatory crackdowns may Caused the bubble-like crypto market to burst.”

UBS Global Wealth Management Team

“So China decided to make a big deal. It was useless, that was their last trump card. So expect them to try anything. You can’t beat the bulls.”

Alex Sanders, CEO and founder of Nuggets News

“We are disappointed that Barclays seems to have taken unilateral action based on an inaccurate understanding of the incident.”

Binance spokesperson

“[Ether] At present, it looks like the cryptocurrency with the highest practical use potential like Ethereum. It is a platform for native digital currency and the most popular smart contract application development platform. “

Goldman Sachs

Forecast this week

Goldman Sachs: The popularity of Ethereum may make ETH the main store of value

Bitcoin is the dominant player in the cryptocurrency market, and as the largest asset by market value, it is in a leading position in the industry.The asset is largely viewed as a store of value, although Goldman Sachs said Ethereum (Ethereum) Can be the main asset of the market, Flip Bitcoin on the market value and use it as the core storage of cryptocurrency value assets. Goldman Sachs’s reason? The company basically says that Ethereum has greater potential in terms of its versatility.

Goldman Sachs stated in its July 6 communication: “Ether currently appears to be the cryptocurrency with the highest potential for practical use, because Ethereum is a local digital currency platform and the most popular smart contract application development platform.” Report From market insider.

FUD this week

“Investors stay awake”: UBS warns regulators that there may be a “bubble-like crypto market”

UBSA well-known investment bank sent an email to a client expressing concern about the possible collapse of cryptocurrency prices due to increased regulatory scrutiny.UBS cited China’s recent regulatory tightening As a reason Recent downward crypto price action.

“Regulators have proven that they can and will crack down on cryptocurrencies, so we recommend that investors stay awake and build investment portfolios around lower-risk assets. For a long time, we have been warning about changes in investor sentiment or possible regulatory crackdowns. Will cause the bubble-like crypto market to burst,” UBS pointed out, as Report From market insider.

Brazil’s “King of Bitcoin” arrested more than 7,000 missing BTCs

Brazil claims to be the “king of bitcoin” and the chairman of the digital asset brokerage firm Bitcoin Banking Group Claudio Oliverira was arrested by the Brazilian Federal Police on suspicion of fraud. 7,000 BTC for investors The company claimed to have disappeared in 2019. According to a press release, the Federal Police of the Curitiba metropolitan area provided Oliveira (who was the president of the group when BTC was reported missing) and other personnel associated with the company with a precautionary arrest warrant, 4 temporary arrest warrants and 22 search and seizure warrants.Several developments surrounding the company have raised suspicion, including Hypothetical hacker That operation claim Without being able to provide convincing evidence to prove that the hacker did occur, he suffered losses in 2019. More than 200 lawsuits Has surfaced against the Bitcoin Banking Group. The Brazilian authorities have detained Oliveira.

The owner of Bitcoin.org reports an “absolutely large-scale” DDoS attack on the website

Bitcoin.org, an educational website about BTC, also promotes the development of assets, and has recently encountered troubles. “Bitcoin.org is under an absolutely large-scale DDoS attack and ransom demand for sending Bitcoin, otherwise they will continue,” Tweet The owner of the website-a pseudonymous entity called cobra -On July 5. DDoS stands for Distributed Denial of Service.Historically, this type of attack is not uncommon in the field of encryption, although people may Questioning the value of Bitcoin.org as a target, Because the website does not contain private customer data, which is different from cryptocurrency exchanges and other websites.

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