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
New data hints at why Bitcoin price movement took two months to reach $30,000
Bitcoin (Bitcoin) Another week of ranged price movements was released. In the past few days, Bitcoin’s trading range has been quite narrow, behaving more like an unstable stablecoin, rather than the bullish sloping turbulent cryptocurrency that people know and love.Bitcoin is largely stuck at approximately 30,000 USD and 40,000 USD per week.
Nunya Bizniz is a Twitter celebrity who follows Bitcoin. He pointed out that $30,000 is Potential key level There are many reasons cited on the Bitcoin price chart, Including Fibonacci levels.
Will Bitcoin go north or south next?No one knows for sure, but Glassnode data display People hoard BTC outside centralized exchanges, about 2,000 Bitcoin I have left these platforms every day for the past two weeks.This type of data rhymes with activity in April, when Bitcoin rose to near USD 65,000 per coin.
On the bearish side, trader Michaël van de Poppe Noticing a potential price drop For Bitcoin as low as around 29,000 USD, then 24,000 USD If the surrounding support 31,000 USD anchor.
U.S. Securities and Exchange Commission postpones decision on Wisdom Tree Bitcoin ETF
Approved Bitcoin Exchange Traded Fund (ETF) Continue to avoid the United States.This week, the U.S. Securities and Exchange Commission (SEC) postponed the Wisdom Tree’s Bitcoin ETF, Solicit public opinion on the product-what the committee has done in the past About the Bitcoin ETF proposal.
The US Securities and Exchange Commission detailed in a public document: “The Commission requires interested parties to provide written opinions, data and arguments on the above issues, as well as any other concerns they may have about the proposal.”
Binance ceases stock token sales, “effective immediately”
more Binance Due to the exchange’s decision to stop trading products in stock tokens, headlines have continued this week.The company gave There is no reason for this. Allows those who have a current position in the platform’s stock tokens 90 day window Exit their transaction.
In the past few weeks, Binance Facing regulatory resistance on Multiple fronts.
This week brought more regulatory news about Binance. Italy is close behind of National regulatory agencies related to exchanges. Binance has not been approved to provide crypto transactions in the region, According to the warning issued From Italian Companies and Exchange Commission.
The U.S. government offers a $10 million reward for in-depth research on crypto accountability
U.S. government agencies are not shy about regulating the emerging crypto industry.Thursday news in detail President Biden’s team plans to further track the use of crypto assets. To some extent, the team is focused on finding any Ransomware The relationship with the use of encryption.
People who help the government track down evil figures involved in certain online attacks may find that they have gained up to $10 million bounty.
The crypto community is divided on whether Bitcoin is an inflation hedge
For many in the crypto community, Bitcoin is considered Potential hedge against inflationHowever, as inflation in the United States soars to a ten-year high, Bitcoin’s recent price movements provide less evidence for this classification. Suspect assets as a hedge, While others hold the opposite view.
At the same time, the former U.S. Treasury Secretary Steven Mnuchin have Slightly changed his view of BTC.
“First of all, I think the underlying technology of the blockchain is really incredible, and there are many different things, especially in terms of fintech and finance,” he told CNBC. “I think it has something to do with Bitcoin-if people want to buy Bitcoin as an alternative, it is no different from buying gold or other assets-that’s good.”
Winners and losers
This weekend, Bitcoin is located at USD 31,895, Ether 1,911 USD And XRP in 0.59 USD. Total market capitalization 1.30 trillion US dollars, based on About CoinMarketCap data.
Among the 100 largest cryptocurrencies, the top three altcoin beneficiaries this week are Axie Infinity (axis) 57.38%, flow (flow) 30.36% and NEM (Look) 17.86%.
The top three altcoin losers this week are Telcoin (phone) -31.02%, 0x (ZRX) -24.41% and Theta (θ) -23.42%.
For more information on encryption prices, be sure to read Cointelegraph’s market analysis.
The most memorable quotes
“We are working hard to be the fastest turtle in the game. Over time, the long-term game will pay off.”
Cameron Winklevos, Co-founder of Gemini, a cryptocurrency exchange
“The problem is not #Bitcoin, #Ethereum or other encryption protocols-they are good. The risk comes from the bank’s operational processes.”
Caitlin Long, CEO and founder of Avanti Bank & Trust
“I think the regulatory pressure is greater than before, but it will drive many bad actors out of the industry and ensure that the reputation of the industry is much better than without it. Therefore, I think that in the long run, this kind of blow may be against It’s a good thing for the industry.”
Jihan Wu, Co-founder and former CEO of Bitmain
“Market intelligence shows that crypto assets are mainly held by retail investors, and institutional investors currently have limited exposure. However, there are signs that institutional investors, banks, and major payment system operators are becoming more and more interested in crypto assets and related services. Interest. These developments may increase the interconnection between crypto assets and other systemic financial markets and institutions.”
Bank of England, Bank of England
“If we were the largest exchange, [buying Goldman Sachs and CME] There is no problem at all. “
Sam Bankman-Fried, FTX CEO
“The industry that is most likely to decrease overnight is the gray area industry. Just saying no to Bitcoin mining, about 68,000 GW of electricity was immediately withdrawn from China.”
Phil Harvey, CEO of Phoenix Store
“Of course, Bitcoin has been performing well over time. But most of the gains occurred during a global deflationary period when all risk assets rose. Now inflation is really rising, and this is the first time since Bitcoin was born. The performance is obviously poor.”
Dead Greenspan, The founder of a company called Quantum Economics
“You don’t need stablecoins. If you have digital U.S. currency, you don’t need cryptocurrencies. I think this is one of the strong arguments to support it.”
Stephen Lynch, The representative of the United States
“I believe that cryptocurrency is essentially a right-wing, hyper-capitalist technology, and its main purpose is to expand the wealth of its supporters through a combination of tax avoidance, reduced regulation, and artificially implemented scarcity.”
Jackson Palmer, Co-founder of Dogecoin
“Money is definitely poison.”
Damien Hirst, Artist
Forecast this week
El Salvador’s Bitcoin initiative will put pressure on the network: JPMorgan Chase
Bitcoin becomes the official currency of El Salvador In June. However, a recent JPMorgan Chase report doubted Bitcoin’s ability to operate in this situation.
In recent years, the scalability of Bitcoin has been an important topic, as assets transform into Store of value Not currency. Compared with mainstream payment cards or various other encrypted assets, Bitcoin’s blockchain does not transfer funds particularly quickly or cheaply.
In the JPMorgan Chase report, experts pointed out that if El Salvador relies heavily on the asset after it is confirmed as legal tender, BTC must bear the weight. “Daily payment activities in El Salvador will account for 4% of recent on-chain transactions and more than 1% of the total value of tokens transferred between wallets in the past year,” the report details, according to Bloomberg.
FUD this week
Ukrainian police seized 3,800 PS4 game consoles for illegal mining
Allegedly, a group of crypto miners believed that a company named JSC Vinnytsiaoblenergo.
Steal the necessary wattage from JSC Vinnytsiaoblenergo, used by illegal miners Nearly 4,000 PlayStation 4 consoles, And many other technical equipment for its operation. Ukrainian police raided the facility.
The encryption crackdown on US dollar access points has begun: Caitlin Long
The regulatory sky in the distance may darken, U.S. further cracks down on cryptocurrencies.
Bitcoin and Ethereum may be safe Directly from the storm, although Regulators may seek statutory entrances and intermediaries related to crypto activitiesSaid Caitlin Long, founder and CEO of Avanti Bank & Trust.
UK FCA will spend 11 million pounds to warn people to invest in cryptocurrencies
This United KingdomAccording to a report, the Financial Conduct Authority (FCA) believes that crypto investment is highly risky Speech by FCA Executive Nikhil Rathi.
The agency hopes that the people of the country, especially its younger generation, will understand such risks, £15 million worth of pounds Try to communicate its message. “More and more people see investment as entertainment,” Lati said in the draft.
Best Cointelegraph features
Hedge funds see the decline in the crypto market as an investment opportunity
From rebalancing cash positions to announcing new investment products, hedge funds do not seem to be deterred by the current decline in the crypto market.
Is China’s encryption industry gone?Beijing’s repression keeps sending shock waves
The Chinese government’s continued crusade against cryptocurrency may have a huge impact on domestic and global cryptocurrency traders.
Adopt a decentralized lifestyle, from small steps to great leap forward
To many people, decentralization may seem out of reach, but here are some realistic ways to reject the idea of centralization in our daily lives.
