Bitcoin’s “success or failure”, Binance is under pressure, strikes against Coinbase


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

The difficulty of Bitcoin mining has just dropped by a record 28%-but will it help prices rise?

Bitcoin recorded the biggest mining difficulty drop nearly 28%, But one model suggests that prices will not bottom until October.

The decline is due to the continued migration of miners out of China and the subsequent loss of hash rate-which may result in profit growth for miners who are still working.

Bitcoin has now closed its monthly candlestick for the third time in a row, which means that BTC/USD is now the furthest away from its stock flow model estimates in more than two years. The data shows that the world’s largest cryptocurrency fell by 40.36% in the second quarter…this is the biggest quarterly decline in more than three years.

Plan B says the next six months Will be “success or failure” For the inventory-to-flow model, add: “Even for me, when the Bitcoin price is at the lower limit of the inventory flow model, it’s always a little uneasy.”

As lawmakers target “global” exchanges, Binance faces regulatory turmoil

Binance’s regulatory dilemma is piling up. Japan accused the exchange of operating without proper registration, and the tough measures taken by the Canadian province of Ontario prompted Binance to announce its plan to cease all operations there.

Saw Binance on Monday Suspension of Faster Payments In the UK, this means that it will take longer for UK customers to withdraw GBP from the exchange. This is a few days after the Financial Conduct Authority told the exchange to stop all regulated activities in the country. But later recovered.

The Securities and Exchange Commission of Thailand and the Cayman Islands Monetary Authority are the latest financial regulators to announce a regulatory crackdown on Binance.

As a major global exchange, the exchange has been struggling to find the right jurisdiction in which to operate its business.

Bitcoin.org blocks access to Bitcoin software downloads in the UK

Bitcoin.org has blocked British visitors from downloading Bitcoin Core software and white papers written by Satoshi Nakamoto.

A few days ago, the British court ruled in favor of Craig Wright, who claims to be the creator of Bitcoin.

He has accused Bitcoin.org and its current operator Cøbra of hosting the BTC white paper in the UK and infringing copyright

In order to protect their anonymity, Cøbra chose not to defend – and was also ordered to pay 35,000 pounds (approximately US$48,600) in temporary legal fees.

judgment Is the latest volley In Wright’s attack on those who questioned the claim that he is the creator of Bitcoin Satoshi Nakamoto.

Strike offers “free” bitcoin transactions, targeting Coinbase and Square

The payment platform Strike announced that it will allow US customers to buy and sell bitcoin with almost no transaction fees—competing with companies such as Coinbase, Square, and PayPal.

Jack Mallers, the founder and CEO of Strike, stated that his platform will become “the cheapest and easiest place on earth to get BTC.”

Mallers also targeted Coinbase directly, describing Coinbase’s fees as “stupid.” He added: “There is no doubt that when you buy bitcoin on Coinbase, you are supporting shitcoins.”

In other respects, Coinbase revealed that it plans to list digital assets on its exchange at a faster rate than it currently does. As the exchange seeks to strengthen its global influence, It will launch an encrypted app store Provide products developed by third parties.

Simultaneously, Robinhood has submitted an application Conducted an IPO with the US Securities and Exchange Commission.​​ The application was filed the day after the regulator ordered the company to pay a $70 million fine because it triggered allegations “Extensive and significant harm” To thousands of users.

Elon Musk failed in his last attempt to draw Dogecoin

On Thursday, after receiving another support from Tesla CEO Elon Musk, the price of Dogecoin soared but did not.

Musk’s first tweet announced “Release the Governor!”-Sending a joke cryptocurrency rose 8.42% to $0.261. What followed was a sell-off, causing DOGE/USD to fall to USD 0.247.

Less than an hour later, Musk posted a rather unusual message on Twitter: “Baby dog, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep, beep.”

DOGE/USD then rose 5.22% to 0.26 USD After the second tweet.

Compared to the wild gains we have seen after Musk’s tweets in the past, this is modest.

Winners and losers

This weekend, Bitcoin is located at USD 34,544.52, Ether USD 2,219.30 And XRP in 0.2469 USD. Total market capitalization 1,433,529,255,589 USD.

Among the 100 largest cryptocurrencies, the top three altcoin gains this week are Sinn Fen, Compound with Internet computer. The top three altcoin losers this week are forehead, Theta Fuel with reborn.

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

The most memorable quotes

“There is no doubt that when you buy bitcoin on Coinbase, you are supporting shitcoins.”

Jack Mullers, Strikes CEO

“I do advise the President that whatever El Salvador chooses to do with Bitcoin, you must ensure that it is well regulated, it is transparent, it is responsible, and you protect yourself from malicious actors.”

Victoria Newland, U.S. State Department

“Although I believe in the power of new technology, we also need to manage its impact on our economy and society.”

Rich Sunak, British Prime Minister

“The holders of’Rick Astley’ keep buying and never tend to sell too much.”

Hu Weili, Bitcoin analyst

“Providing 140 free NFTs for 140 people, good friends.”

Twitter

“In my opinion, a good currency is the currency used to buy coffee, buy a house, and buy a car. In this regard, Bitcoin has failed. Not only has it failed, but it has failed miserably.”

Aswas Damodaran, Professor of Finance at New York University

Forecast this week

44% of investors expect Bitcoin to fall below $30,000 in 2021: CNBC survey

A recent CNBC survey showed 44% Of portfolio managers and stock strategists believe that Bitcoin will fall below 30,000 USD By the end of this year.

In the rest 56%, 25% Predict that the price will rise and stabilize at 45,000 USD –And the other 25% Expected we can see US$55,000.

a small part 6% Said Bitcoin might return 60,000 USD, Close to 65,000 USD It hit a record high in April 2021.

FUD this week

New York University’s “Dean of Valuation” says Bitcoin has failed miserably as a currency

Aswash Damodaran launched another violent attack on Bitcoin.

Professor of Finance at New York University said: “In my opinion, a good currency is the currency used to buy coffee, buy a house, and buy a car. In this regard, Bitcoin has failed. Not only has it failed, but it has failed miserably.”

He added that the only reason for Bitcoin’s rise to fame is the returns received by early investors, adding: “When I met Bitcoin enthusiasts, they seemed to promote the idea that Bitcoin is a great currency because they have already made a lot of money with it.”

As early as May, Damodaran claimed that Ether is more likely to become a commodity than Bitcoin.

UK’s NatWest Bank restricts trading to cryptocurrency exchanges

As the UK’s crackdown on cryptocurrencies continues, another high street bank has stepped up its efforts to limit the use of digital assets by its customers.

According to reports, due to concerns about investment fraud and fraud, Natwest Group limits the amount that its customers can send to cryptocurrency exchanges each day. However, no new restrictions on the transfer of legal tender have been disclosed.

NatWest stated that these restrictions are temporary – in some cases, payments to specific crypto-asset companies that have “particularly serious fraud-related damages” will be completely blocked.

The governor of the Bank of France stated that “we don’t have much time” to regulate cryptocurrencies

FranCois Villeroy de Galhau said that Europe should give priority to encryption supervision, otherwise digital assets will face the risk of challenging its currency sovereignty.

He warned that the EU only has “one or two years” left to establish a regulatory framework for cryptocurrencies.

“We need to act as soon as possible in Europe,” the governor added.

Best Cointelegraph features

Due to the delay of the difficulty bomb, London forks into the Ethereum testnet

With the launch of the London upgrade of Ethereum on the Ropsten testnet, the mainnet for pledgers and miners is expected to increase.

Stable currency under review: USDT supports “commercial paper” tether

Are stablecoins really stable? As a new round of support debate begins, Tether’s package of reserve assets has attracted people’s attention.

Slow but unstable: India’s stance on Bitcoin and cryptocurrencies is evolving

India’s regulatory stance on encryption is unstable at best and prejudice at worst, but what has India actually done with encryption?



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