Hodler’s Digest

Crypto legislation goes to the House floor in the U.S., Worldcoin’s controversial launch and Russia’s digital ruble signed into law.

Top Stories This Week

Crypto bills pass congressional committee in huge win for US crypto

A key United States House panel has approved a pair of bills that could finally deliver some regulatory clarity to crypto firms in the country. On July 26, lawmakers voted in favor of the Financial Innovation and Technology for the 21st Century Act, which establishes rules for crypto firms on when to register with either the Commodity Futures Trading Commission or the Securities and Exchange Commission. The panel also approved the Blockchain Regulatory Certainty Act, which sets out guidelines that remove hurdles and requirements for blockchain developers and service providers such as miners, multisignature service providers and decentralized finance platforms. Despite the passage of these acts, a number of Republicans and Democrats refused to support another proposed piece of legislation dubbed the Digital Assets Market Structure bill.

Worldcoin token launch sparks response from Vitalik Buterin

Vitalik Buterin, the co-founder of the Ethereum network, released a long-form essay with his thoughts on the recently launched Worldcoin human identity verification system, addressing the larger concept in discussion with the release of the Worldcoin token proof-of-humanity. Worldcoin initiated its public launch on July 25 after nearly two years of development and beta testing, but criticism of it erupted almost immediately. The United Kingdoms Information Commissioners Office is deciding whether to investigate the project for violating the countrys data protection laws. The French National Commission on Informatics and Liberty also questioned Worldcoins legality. In response to criticism of its data collection practices, the project released an audit report on July 28.

Putin signs law on introduction of digital ruble in Russia

Russia is moving forward with its central bank digital currency as President Vladimir Putin signed the digital ruble bill into law on July 24. With this approval, the digital ruble law is officially scheduled to take effect from Aug. 1, 2023. Individuals in the country will have the choice to choose whether or not to use the digital ruble. According to Bank of Russia Deputy Governor Olga Skorobogatova, the government doesnt expect mass adoption of the digital ruble in Russia before 2025.

Binance withdraws crypto license application in Germany

Binance has withdrawn its cryptocurrency custody license application in Germany, nearly a month after reports of concerns from the German Federal Financial Supervisory Authority. A spokesperson from Binance told Cointelegraph that it intends to reapply for a license in Germany, with changes to its application reflecting adjustments in the regulatory environment. Binance CEO Changpeng Zhao said it would focus on becoming compliant with the European Unions Markets in Crypto-Assets regulations to offer its services in European countries. However, its European expansion plans have seen a setback amid its regulatory troubles in the United States.

FTXs Bankman-Fried seeks gag order for all witnesses in criminal case

Former FTX CEO Sam SBF Bankman-Fried has agreed to a gag order preventing him from making comments to third parties that may interfere with his trial but argues other potential witnesses should be gagged as well, including current FTX CEO John Ray. The gag order against Sam Bankman-Fried was initially requested on July 20, when the U.S. government accused the FTX founder of attempting to interfere with a fair trial by publicly discrediting former business partner and witness Caroline Ellison in an interview with the New York Times. According to SBF’s lawyers, there has been a toxic media environment surrounding their client since the collapse of the exchange.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $29,331, Ether (ETH) at $1,876 and XRP at $0.71. The total market cap is at $1.18 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are XDC Network (XDC) at 45.69%, GMX (GMX) at 11.82% and Bone ShibaSwap (BONE) at 9.60%. 

The top three altcoin losers of the week are Pepe (PEPE) at -12.36%, Gala (GALA) at -11.85% and Injective (INJ) at -11.58%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

Most Memorable Quotations

Our case and the decision rendered by our judge [Torres] will provide comfort to other judges that the SEC is just misguided.

Stuart Alderoty, chief legal officer of Ripple

In the months to come, we will add [to X] comprehensive communications and the ability to conduct your entire financial world. The Twitter name does not make sense in that context.

Elon Musk, tech entrepreneur

A world with no proof-of-personhood seems more likely to be a world dominated by centralized identity solutions.

Vitalik Buterin, co-founder of Ethereum

While the West continues to antagonize blockchain companies, Asia is welcoming us in with their arms wide open.

Yves La Rose, CEO of the EOS Foundation

We see it [Bitcoin] as an asset that has probably the best potential for growth of our capital reserves at the moment.

Paul Brewster, CEO of Flooring Hut

Companies creating AI technology have a responsibility to ensure that it is safe, secure, and remains under human control.

Brad Smith, vice chair and president of Microsoft

Prediction of the Week 

BTC price shrugs off strong PCE data as Bitcoin traders eye $28K range

Bitcoin stayed range-bound at the end of the week despite United States inflation data beating expectations. Data from Cointelegraph Markets Pro and TradingView showed BTC price action getting only a modest boost from the Personal Consumption Expenditures Price Index print.

Among traders, there was still an appetite for BTC price downside, with the $30,000 resistance now in place for over a week. Popular pseudonymous trader Crypto Tony confirmed that he remained short on BTC below $29,600.

I expect continuation down to $28,000 in time, but for sure we could range here for a little while before the drop, he told Twitter (now known as X) followers on the day.

FUD of the Week 

SEC files charges against Quantstamp for $28M initial coin offering

Blockchain security firm Quantstamp is set to return $28 million raised in a 2017 initial coin offering (ICO) following charges brought by the U.S. Securities and Exchange Commission for allegedly conducting an unregistered ICO of crypto asset securities. The SECs order outlines that Quantstamps ICO, which took place in October and November 2017, raised over $28 million by selling its native QSP tokens to some 5,000 investors. According to the SEC, the company failed to register its tokens offering, which the agency deemed to be securities.

Alphapo payment provider hack now estimated at over $60M ZachXBT

The Alphapo payments provider hack is now estimated to have caused losses exceeding $60 million, according to a report from pseudonymous on-chain sleuth ZachXBT. The loss was previously reported at roughly $31 million. The new report identifies an additional $37 million allegedly drained from the old addresses on the Tron and Bitcoin networks. Citing data from Dune Analytics, the ZachXBT argued that the Lazarus Group may be behind the attack. Neither company confirmed that the issues were caused by a hack, but security researchers have argued that the large outflows from known hot wallets, combined with stalled withdrawals, imply that the funds may have been moved by an attacker.

Pond0X token launch snafu leads to millions of dollars in losses

The launch of memecoin Pond0x (PNDX) has led to millions of dollars in losses for investors, according to multiple reports on social media on July 28. Data from the Maestrobots trading app shows that the token reached a price of $0.36 before collapsing to near zero in a span of five minutes. According to initial reports, PNDX had a faulty transfer function that allows users to transfer coins from any other user. Investors lost at least $2.2 million in the launch. The memecoin was announced on July 28 by pseudonymous Not Larva Labs founder Pauly, a developer of an NFT trading app for CryptoPunks and a separate parody collection called CryptoPhunks.

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Journeys: Herv Larren on Bitcoin, Apes and the psychology of blue-chip NFTs

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6 Questions for Simon Davis of Mighty Bear Games

Mighty Bear Games CEO Simon Davis AKA “Papa Bear” gave us a look inside his Web3 gaming studio, and his thoughts on the future of gaming.

Elegant and ass-backward: Jameson Lopps first impression of Bitcoin

Jameson Lopp says none of the developers deep into Bitcoin think the protocol should be allowed to ossify: Theres so much work to be done.

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The SEC examines the ruling in the Ripple case, a U.S. Senate bill seeks to regulate DeFi, and the poor performance of altcoins in the second quarter of 2023.

Top Stories This Week

Chair Gensler says SEC reaction to Ripple decision is mixed, still under consideration

U.S. Securities and Exchange Commission Chair Gary Gensler has commented publicly about the recent ruling on the agencys suit against Ripple, saying the SEC is still looking at it and assessing that opinion. Gensler declined to comment further on the case, but said the commission is pleased with the court’s decision stating that XRP was a security when sold to institutional investors, but disappointed with the non-security ruling for retail investors and other XRP distributions. Comments made by the regulator on July 21 in a lawsuit hinted that it might appeal the decision. In the crypto community, however, some believe it is unlikely to happen as the SEC benefits from the current confusion.

Bipartisan bill to regulate DeFi, crypto security risks introduced into US Senate

A bipartisan bill was introduced into the U.S. Senate, tightening regulations and sanctions requirements for decentralized finance (DeFi). The bill would subject DeFi operations to the same requirements as other financial companies, including centralized crypto trading platforms, casinos, and even pawn shops. The proposal also makes anyone who controls that project liable for the use of the DeFi service by sanctioned persons. The bill also set new requirements for operators of crypto kiosks (or ATMs) to prevent their use in money laundering. Kiosk operators would be required to verify the identities of both counterparties in a transaction.

Altcoins bled as Bitcoin gained dominance in Q2: CoinGecko

The second quarter of the year has been a solid one for Bitcoins performance as its market dominance gained against altcoins, which bled throughout the period, according to CoinGecko’s industry report. Bitcoin (BTC) and Ether (ETH) continued to build their market share over the past months, while Binance Coin (BNB), XRP (XRP), and Cardano (ADA) suffered double-digit losses over the quarter. DeFi tokens were hit particularly hard during the quarter, with Uniswap (UNI), Chainlink (LINK) and Lido (LDO) taking double-digit losses as well. The top five metaverse and play-to-earn tokens by market cap also marked losses up to 40%.

Multiple spot crypto ETF applications go to Federal Register in step toward SEC approval

Applications from several firms for a spot Bitcoin exchange-traded fund (ETF) have been published in the Federal Register, moving them one step along in the U.S. SEC process. According to the records, applications from BlackRock, Fidelity, Invesco Galaxy, VanEck and WisdomTree were officially registered. Publishing the applications gives the SEC a window of opportunity to accept or reject the request, extend the time allowed or open the application for public comment. The SEC has an initial window of 45 days to reach a decision, but the commission has the option of extending the process for up to 240 days until March 2024 for final approval or denial.

Robert F. Kennedy Jr. vows to back US dollar with Bitcoin if elected president

Democratic presidential candidate Robert F. Kennedy Jr. has promised to progressively back the United States dollar with Bitcoin if he is elected president. Kennedy said during an event that backing the U.S. dollar with what he called hard currency, including gold, silver, platinum or Bitcoin, could help to re-stabilize the American economy. Kennedy explained the process would be gradual and that, depending on the plans success, hed adjust the amount of backing for the dollar. Additionally, Kennedy declared he would make Bitcoin-to-U.S. dollar conversions exempt from capital gains taxes in an attempt to spur investments in the country.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $29,883, Ether (ETH) at $1,894 and XRP at $0.78. The total market cap is at $1.2 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Maker (MKR) at 32.18%, XDC Network (XDC) at 24.19% and Stellar (XLM) at 20.88%. 

The top three altcoin losers of the week are Rocket Pool (RPL) at -14.95%, GMX (GMX) at -10.93% and Lido DAO (LDO) at -7.90%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

Most Memorable Quotations

For me, the lack of protection for retail investors underscores the fierce urgency around passing a market structure bill to protect the average American consumer.

Ritchie Torres, New York Representative

Japan, Korea, China, all these places are pushing Web3 in a really big way because they see that as an opportunity to break away from basically U.S.-dominant technologies.

Yat Siu, co-founder of Animoca Brands

Backing dollars and U.S. debt obligations with hard assets [gold, silver, platinum or Bitcoin] could help restore strength back to the dollar.

Robert F. Kennedy Jr., U.S. Democratic presidential candidate

Based on Metcalfes law model, fair value for Bitcoin is around $55K. So I think we drift upwards toward that level.

Mark Yusko, chief investment officer at Morgan Creek Capital

[The Ripple ruling] has made our argument more compelling and more urgent, meaning that we cant just rely on enforcement to get the kind of investor protection standards we need.

Timothy Massad, former chair of the U.S. Commodity Futures Trading Commission

The Commission benefits from the current confusion and losing these issues on appeal would jeopardize its entire enforcement agenda. So Id be surprised if the SEC tried to appeal now.

Kathryn Haun, CEO of Haun Ventures

Prediction of the Week 

Bitcoin Bollinger Bands echo move that ended in 40% January gains

Bitcoin is lining up a burst of volatility that could rival its 40% January gains, on-chain data suggests. 

BTC price has acted in a tight range for an entire month, using $30,000 as a focal point for sideways behavior, putting both bulls and bears to the test. According to popular analyst Aksel Kibar:

Seems like $BTCUSD is exhausting many traders patience, he wrote on July 21, before adding that this is usually the condition you see before strong moves. Not sure about the direction though. I will stick with my well-defined boundaries. I know that increased volatility is around the corner. Capture the directional move.

According to Bollinger Bands behavior, a classic volatility indicator, this move should come sooner rather than later as it’s printing a telltale sign that the days of rangebound BTC price action are at an end.

FUD of the Week 

Crypto memes can be considered financial promotions, says UK watchdog

Crypto firms and influencers may need to start including disclaimers on crypto memes to stay compliant with advertising laws in the United Kingdom. The countrys Financial Conduct Authority (FCA) released, on July 17, a proposed guidance on social media financial promotions that targets promotional memes and financial influencers or finfluencers. The FCA considers crypto a high-risk investment. Per the FCAs proposal, crypto can be advertised to retail investors at large, but there are requirements such as including risk warnings and a ban on investment incentives.

Hackers compromise Uniswap founders Twitter account to promote scam

Uniswap founder Hayden Adams Twitter account was compromised on July 20. His account released a tweet to its more than 254,000 followers falsely claiming that the platforms Permit2 contract had been affected by an unknown exploit and users tokens were at risk, encouraging them to click on a malicious link. The Web3 Security Alerts channel on Telegram detected the scam attempt and reported that Adams had also been blocked from his accounts with MetaMask and Coinbase Wallet.

Couple behind Bitfinex money laundering scheme reach plea deal with US prosecutors

Two people accused of having laundered billions of dollars worth of Bitcoin connected to the 2016 Bitfinex hack have reached a plea agreement with authorities in the United States. The pair had been charged with money laundering conspiracy and conspiracy to defraud the U.S., and they are expected to forfeit digital assets connected to the case. Crypto exchange Bitfinex was hacked in August 2016, with roughly 119,754 Bitcoin stolen.

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Wolf Of All Streets worries about a world where Bitcoin hits $1M: Hall of Flame

Former globe-trotting DJ Scott Melker The Wolf Of All Streets worries about the circumstances leading to Bitcoin topping $1 million.

Tokenizing music royalties as NFTs could help the next Taylor Swift

Negative experiences in the music biz have seen artists like 3lau, Nas and The Weeknd turn to tokenized royalties for a fair deal.

Web3 Gamer: Earn Bitcoin in Minecraft, BGAs 50/50 gender split, Oath of Peak hot take

How to earn Bitcoin in Minecraft, Sega is half in/half out of blockchain games, BGA board’s 50/50 gender split, and more Web3 gaming news.

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Ripple Labs has partially defeated the SEC in court, triggering a price increase for XRP. A billion-dollar fine was imposed on Celsius Network by the FTC, and its CEO was arrested for fraud.

Top Stories This Week

Judge rules XRP is not a security in SEC’s case against Ripple

Ripple Labs scored a victory in a district court in New York on July 13, with Judge Analisa Torres ruling partially in favor of the company in a case brought forth by the U.S. Securities and Exchange Commission (SEC) dating back to 2020. According to court documents, Judge Torres granted summary judgment in favor of Ripple Labs, ruling that the XRP token is not a security, but only in regard to programmatic sales on digital asset exchanges. XRP’s price skyrocketed within minutes of the news breaking. The case has been ongoing since December 2020, when the SEC sued Ripple and two of its executives over allegations of offering an unregistered security. Despite the positive outcome, several lawyers warned against celebrating too soon, noting the ruling is only partial and does not set a precedent. In addition, the SEC may appeal the decision, which could result in a reversal by a higher court.

XRP becomes 4th largest crypto after Ripple’s partial win over SEC

XRP has become the fourth-largest cryptocurrency by market capitalization this week after Ripples partial victory over the SEC. The price of XRP surged as much as 98% in the hours following the decision, reaching as high as $0.93, according to data from TradingView. Meanwhile, its market cap surged a whopping $21.2 billion to reach a new yearly high of $46.1 billion. The new ruling has also sparked a fresh wave of re-listing activity from mainstay U.S. exchanges, with Coinbase, Kraken and iTrustCapital making the token available for trading on their respective platforms.

Celsius Network fined $4.7B by FTC, and CEO arrested under criminal fraud charges

U.S. authorities have announced charges against the former CEO of bankrupt crypto lender Celsius, Alex Mashinsky, over securities fraud, commodities fraud and wire fraud. Former chief revenue officer Roni Cohen-Pavon and Mashinsky will also face charges of conspiracy, securities fraud, market manipulation and wire fraud related to manipulating the price of the Celsius token. Authorities arrested Mashinsky as part of the indictment, which includes seven criminal counts. In parallel, the Commodity Futures Trading Commission announced a complaint against Celsius along with a $4.7 billion fine, claiming its co-founders marketed the platform as a safe place for consumers to deposit their cryptocurrency while misappropriating over $4 billion in consumers assets. Under similar allegations, the SEC also filed a lawsuit against the company. While Celsius is cooperating with regulators, Mashinsky pleaded not guilty to charges of misleading customers and inflating the CEL token.

Europes first spot Bitcoin ETF eyes 2023 debut after year-long delay

Europe’s first spot Bitcoin exchange-traded fund (ETF) is set to debut later this year after a long delay. The Bitcoin ETF, created by London-based Jacobi Asset Management, was set to debut in July 2022 but was postponed due to market conditions. The asset manager now sees a gradual shift in demand compared with 2022. A related development also took place in Argentina this week, as the nation welcomed its first Bitcoin futures contract. According to Matba Rofex, the trading platform behind the investment vehicle, it is the first Bitcoin futures contract in Latin America.

Binance headcount reduction hits 1,000 employees

Binance has reportedly laid off hundreds of employees in recent weeks. According to former employees, cuts were global and customer service workers were heavily affected, particularly in India. Including this weeks layoffs, over 1,000 employees have lost their jobs at the exchange. Before the slash, Binances global headcount was estimated at 8,000. The reorganization could cost Binance more than a third of its staff. The crypto exchange announced the 20% reduction in staff on May 31, claiming it was not downsizing but reallocating resources amid the ongoing crackdown in the United States. Binances most enduring challenge is reportedly an ongoing investigation of its activities and executives by the U.S. Justice Department.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $30,227, Ether (ETH) at $1,923 and XRP at $0.72. The total market cap is at $1.21 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are XRP (XRP) at 54.20%, Stellar (XLM) at 37.88% and Synthetix (SNX) at 31.92%. 

The top three altcoin losers of the week are eCash (XEC) at -21.82%, Bitcoin SV (BSV) at -16.75% and Maker (MKR) at -7.87%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

Most Memorable Quotations

This [Ripple ruling] is a big deal. […] Its been clear since this case was filed that it would have implications across the entire industry.

Sheila Warren, CEO of the Crypto Council for Innovation

What I do think is BlackRock, Invesco [and] the group of ETF providers is a real signal that adoption is coming.

Mike Novogratz, founder and CEO of Galaxy Digital

I think the next crypto cycle will be driven by consumer apps that are powered by crypto, but users wont know its crypto unless they look closely.

0xDesigner, pseudonymous Web3 UI/UX designer

XRP is not a security. This victory for Ripple is a win for the entire industry and a step toward regulatory clarity in the U.S.

Ripple Labs, developers of the Ripple payment protocol

[It] is our expectation that the price of Bitcoin will repeat its historical pattern of rallying both ahead of and following each Bitcoin halving.

Berenberg Capital Markets, New York-based investment firm

I think if we want Bitcoin to be more than payments, it needs more scaling solutions.

Vitalik Buterin, co-founder of Ethereum

Prediction of the Week 

Can XRP price hit $1? Watch these levels next

The price of XRP has skyrocketed after a federal court ruling declared that its sales on crypto exchanges complied with United States securities laws. At its highest during the week, the XRP/USD pair reached $0.93, its best level since December 2021.

Certain indicators show that XRPs ongoing price pump may not be just a short-term reaction to the positive news for Ripple. For instance, the duration of XRPs massive pump coincides with its trading volumes reaching a 10-month high. 

The number of XRP whale transactions wallets holding more than $100,000 climbed to their best level in 2023, suggesting that the wealthiest investors back the XRP rally. If key whale and shark addresses are increasing their supply going into this pump, then it is a get foreshadowing signal that the pump may just be getting started, stated pseudonymous analyst Brian Q from data analytics platform Santiment.

From a technical standpoint, XRP can test the key $1 level in the coming days, but its potential to continue the rally beyond looks weak for the time being. If the XRP price decisively breaks above $1, then its next price target by September will likely be near $1.35.

FUD of the Week 

Blockchain Association calls for investigation into Prometheum over alleged sweetheart SEC deal

The Blockchain Association has submitted a letter to the U.S. SEC calling for an investigation into crypto firm Prometheum. In the letter, the Blockchain Association requested the regulator to take a look at Prometheum’s special purpose broker-dealer license approval by the Financial Industry Regulatory Authority. The group also raised concerns about the means by which co-CEO Aaron Kaplan secured a seat testifying before the U.S. House Financial Services Committee in June. Prometheum has reportedly changed its public position from calling for regulatory clarity from the SEC to claiming that there exists a clear pathway to registration for digital assets and legislation is unnecessary in the country.

New York prosecutor charges hacker over $9M exploit of Solana-based exchange

A former security engineer for an international technology firm has been arrested and charged for allegedly using a smart contract bug to steal $9 million in cryptocurrency from a Solana-based decentralized crypto exchange. The attack was carried out in July 2022 and involved exploiting a vulnerability in the exchanges smart contracts to generate inflated fees with flash loans. The exploiter later returned most of the funds but was allowed to keep $1.6 million as a white hat bounty. The indictment indicates that the U.S. Department of Justice will pursue criminal charges if a person intentionally uses a protocol in a way that it was not *intended* to be used, crypto lawyer Orlando Cosme said on Twitter.

Algorand decentralized lending protocol Algofi to shut down by end of year

Algofi, the borrowing and lending protocol built on decentralized finance blockchain Algorand, will soon shut down. According to a July 11 announcement, developers’ belief in the strength of Algorand’s technology and novel consensus algorithm has not wavered. Liquidity Mining programs will be halted and several collaterals will be reduced to 0% until December. The Algofi protocol has around $25 million in total value locked, down from its $135 million peak in February.

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China expands CBDCs tentacles, Malaysia is HKs new crypto rival: Asia Express

China’s president Xi Jinping expands CBDC cooperation at SCO, Hong Kong’s crypto licensing costs surge, and Multichain is hacked yet again.

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BlackRock’s PR campaign for a Bitcoin ETF, Gemini’s fight with DCG over Earn program funds, and CEX employees’ sentiment.

Top Stories This Week

Bitcoin is an international asset’ BlackRock CEOs bullish remarks

Larry Fink, the CEO of BlackRock, has recently delivered pro-crypto remarks, claiming Bitcoin is an international asset and suggesting U.S. 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 surveillance partner. Its unclear if the U.S. 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 the conglomerate Digital Currency Group (DCG) and its CEO, Barry Silbert, claiming fraud against creditors. Genesis, a DCG subsidiary, had been the crypto lender responsible for operating an Earn program in partnership with the crypto exchange. The suit follows an open letter published by Gemini co-founder Cameron Winklevoss, which slammed Silbert for allegedly 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 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 a July 5 ask me anything session on Twitter, 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 to occur. While admitting he couldn’t predict the future, Zhao emphasized the upcoming Bitcoin halving event in 2024 and declared 2025 to be the most likely year for the next bull market, stating: The year after Bitcoin halving is usually the bull year.

UK government moves forward on bill aimed at empowering authorities to seize crypto

Lawmakers in the United Kingdom are moving forward with legislation aimed at expanding authorities ability to target cryptocurrencies used for illicit purposes. A June 27 version of the bill included provisions to allow authorities greater flexibility in the confiscation and civil recovery of crypto assets. In addition, the legislation clarified the governments authority over digital assets intended to be used for the purposes of terrorism or related reasons. The lawmakers will consider all amendments to the bill before it can be made law by royal assent.

Binance, Coinbase and Gemini staff are among the least happy, data suggests

According to a quadrant chart by tech recruitment firm TrueUp using data from Glassdoor, crypto exchanges, including Gemini, Binance and Coinbase, are home to some of the least happy employees in the industry. The chart shows the happiest and least happy workers across over 27 of most valuable crypto firms on different stages of maturity. The 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 warned that the data should be taken with a grain of salt.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $30,321, Ether (ETH) at $1,868 and XRP at $0.46. The total market cap is at $1.18 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Bone ShibaSwap (BONE) at 40.88%, Maker (MKR) at 12.94% and Flow (FLOW) at 11.73%. 

The top three altcoin losers of the week are ApeCoin (APE) at -15.13%, Stellar (XLM) at -13.31% and Fantom (FTM) at -12.63%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

Most Memorable Quotations

The year after Bitcoin halving is usually the bull year.

Changpeng Zhao, CEO of Binance

Decentralized perpetuals and futures trading is much newer, so there is a high growth opportunity to be had with on-chain derivatives.

Henrik Andersson, chief investment officer at Apollo Crypto

Lets be clear: Bitcoin is an international asset.

Larry Fink, CEO of BlackRock

The future tells me that we are going toward augmented intelligence that will end up with AI co-mingling with normal brains. Maybe that is the future of humanity.

Paolo Ardoino, chief technology officer at Tether

It takes a special kind of person to owe $3.3 billion dollars to hundreds of thousands of people and believe, or at least pretend to believe, that they are some kind of victim.

Cameron Winklevoss, CEO of Gemini

Bitcoin-related startup investment, I think particularly at an early stage, had doubled in the last year. So thats a positive.

Adam Back, CEO of Blockstream

Prediction of the Week 

BTC price remains undoubtedly bullish as $30K Bitcoin buyers emerge

Bitcoin bulls had hopes that new yearly highs would allow BTC/USD to exit its months-long trading range for good, but ended up disappointed. The largest cryptocurrency saw rejection at $31,500 this week, falling below the $30,000 mark just hours later to challenge the lower part of the range.

Longer-term perspectives likewise continued the overall bullish narrative, with short-term retracements and sideways movement below resistance expected.

Pseudonymous trader TraderKoz dispelled fears over a deeper comedown challenging Bitcoins uptrend. With a lot of people talking about shorter-term pullbacks, its important to keep the bigger picture in mind and not lose focus, he wrote on July 6, adding, Whether we pullback to 28k, 29k, or wherever else, this weekly chart is undoubtedly bullish (in my opinion). And I will be looking to bid dips.

FUD of the Week 

Multichain MPC bridge sees $100M+ outflows, sparking fears of exploit

Abnormally large outflows from the Multichain multi-party computation (MPC) bridge platform are sparking fears of a multimillion-dollar exploit. On July 6, observers noticed that over $102 million worth of crypto had been withdrawn from Multichains Fantom bridge on the Ethereum side, as well as $666,000 from Dogechain and $5 million from Moonriver. Several on-chain sleuths took to Twitter to label the event as a possible exploit. Multichain said the movements were abnormal and the team is not sure what happened and is currently investigating.

Coinbase domain name reportedly used by scammers in high-profile attacks

Coinbase’s users have been turning to Twitter to report scams and phishing attacks involving the company’s services and applications in the recent weeks, including claims that scammers are using the crypto exchange’s domain name. According to reports, perpetrators have been using the email help@coinbase.com to deceive users and gain access to accounts. Coinbase said anyone scamming its customers will be prosecuted.

BarnBridge DAO calls halt to all work on DeFi protocol amid SEC probe

BarnBridge DAO members have been told to pause all work related to the project after a reported probe by the U.S. Securities and Exchange Commission. Douglas Park, a lawyer for the decentralized autonomous organization, revealed the news to members in a post on the platforms Discord channel. All BarnBridge-related products are currently on hold, including its liquidity pools. DAO members are not receiving compensation for work flowing from the investment efforts of the organization.

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SEC calls BTC ETF filings inadequate, Binance loses euro partner, and a record number of DeFi hacks and scams in 2023.

Top Stories This Week

US SEC deems spot Bitcoin ETFs filings as inadequate

There may be a longer wait for a spot Bitcoin exchange-traded fund (ETF) in the United States, as the Securities and Exchange Commission labeled investment managers recent applications inadequate. The SEC told the Nasdaq and the Chicago Board Options Exchange that their filings are not sufficiently clear and comprehensive. The regulator returned the filings, citing the lack of information regarding the proposed surveillance-sharing agreement. Asset managers can still resubmit their applications.

Cathie Woods ARK reportedly first in line for a spot Bitcoin ETF

ARK Investment Management is reportedly ahead of BlackRock in the race for a spot Bitcoin ETF, as it still has a previous application pending with the United States securities regulator. ARK and 21Shares filed their third application for a spot BTC ETF in April, and amended it this week to include a surveillance-sharing agreement, making it similar to BlackRock’s filing. Since BlackRock’s application on June 16, other investment firms such as Valkyrie, WisdomTree and Invesco have reapplied for spot Bitcoin ETFs.

Binance to lose support of its euro banking partner

Crypto exchange Binance informed users that its current euro banking partner, Paysafe Payment Solutions, will no longer support the exchange after September 25. Binance said it will switch to a new service provider for euro deposits and withdrawals via SEPA bank transfer, though it didnt name which provider that would be. In recent months, Binance has been facing waves of backlash from regulators around the world, leading to a cessation of operations in various countries.

FTX has recovered $7B in assets so far, has almost $2B to go to cover misappropriations

FTX has recovered about $7 billion in liquid assets so far, and the search for additional assets is continuing, according to an interim report released June 26. The extensive commingling of funds complicates their efforts, however. The FTX Debtors, made up of FTX and affiliates, currently estimate the amount of misappropriated customer assets at $8.7 billion. Most of that money, about $6.4 billion, was in fiat and stablecoins. The former FTX leadership did not commingle and misuse customer deposits by accident, the report alleged.

3AC liquidators look to recoup $1.3B from founders

Teneo, the liquidator behind bankrupt hedge fund Three Arrows Capital (3AC) is seeking to recover roughly $1.3 billion in funds from its founders Su Zhu and Kyle Davies. The debt reportedly incurred when 3AC was already insolvent, adding to creditors losses. The company owed creditors $3.5 billion, making the founders potential liability more than a third of the total debt. Davies and Zhu have maintained active social media profiles, but their physical whereabouts are unknown, delaying the liquidation process. Both 3AC founders have received digital subpoenas during the bankruptcy proceedings. To date, they have not cooperated.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $30,418, Ether (ETH) at $1,928 and XRP at $0.47. The total market cap is at $1.19 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Compound (COMP) at 84.33%, Bitcoin Cash (BCH) at 63.16% and eCash (XEC) at 44.59%. 

The top three altcoin losers of the week are Conflux (CFX) at -22.38%, Sui (SUI) at -15.41% and Stacks (STX) at -14.81%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

Most Memorable Quotations

One of the things that I think people need to stop doing is going, Whats the ultimate blockchain? […] It doesnt exist in my mind because it really depends.

Mel McCann, vice president of engineering at the Cardano Foundation

Crypto presents [the SEC] an opportunity to rethink how we approach innovation. […] I really think we’ve been taking an approach that is not appropriate.

Hester Peirce, commissioner of the U.S. Securities and Exchange Commission

Many of the largest financial institutions in the US are actively working to provide access to Bitcoin and more.

Meltem Demirors, chief strategy officer at CoinShares

I think that our NFTs are a neat way to show that we do have a seat at the table and that were really invested in crypto and the investigation of digital assets.

Andrew Frey, forensic financial analyst in the U.S. Secret Service

Once in a while, something comes along that makes poor people rich because they got it really, really cheap. This [Bitcoin] was one of them.

Davinci Jeremie, crypto advocate

Regulation by enforcement is the equivalent of having a hammer and seeing everything as a nail.

Simon Callaghan, CEO of Blockchain Australia

Prediction of the Week 

Bitcoin speculators send 35K BTC to exchanges in new elation inflow

Bitcoin short-term holders (STHs) are feeling the need to sell BTC at $30,000, according to a recent report from analytics firm Glassnode flagging tens of thousands of coins being sent to exchanges.

This indicates that speculative interest in Bitcoin remains fickle and highly sensitive to even smaller price movements.

Historical data has shown that once STH profitability reaches an aggregate 20%, selling begins, and against their current $26,500 breakeven point, anything much above $33,000 could spark a significant shift in hodler composition. Current data shows STH profitability at around 10%, with their realized price the price at which STH coins last moved now above $27,000.

FUD of the Week 

FTX alleges former exec used hush money to silence whistleblowers

FTX has filed a lawsuit against a former regulatory and compliance executive at the exchange, alleging he made a series of payments attempting to prevent staff from blowing the whistle about the exchanges issues. Daniel Friedberg, who held multiple leadership roles at the exchange, is accused of making hush money payments to two potential whistleblowers to stop them from leaking information about regulatory issues and the close ties between FTX and Alameda.

Over $204M was lost in Q2 DeFi hacks and scams

Over $204 million was lost in decentralized finance (DeFi) hacks and scams in the second quarter of 2023, according to a recent report. A total of $208.5 million was initially lost during the quarter, but $4.5 million was recovered through prosecutions, deals with hackers and other recovery methods. The number of DeFi hacks in Q2 rose by almost 7 times year-over-year, with 117 incidents during the period, compared with only 17 in the same quarter of 2022. A total of over $665 million was lost during the first half of 2023.

Revolut US to delist ADA, MATIC and SOL in September

Crypto-friendly neobank Revolut is next to delist a batch of digital assets on its platform in the United States amid the ongoing regulatory developments in the country, including the complete delist of tokens like Cardano (ADA), Polygon (MATIC) and Solana (SOL). The firm, however, still supports the tokens in other jurisdictions outside the country. ADA, MATIC and SOL were labeled as unregistered securities by the SEC in early June.

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Bitcoin’s “Great Accumulation” period has begun, Binance.US withdrawals resume, and the U.K. prepares for its upcoming crypto regulation.

Top Stories This Week

The Great Accumulation of Bitcoin has begun, says Geminis Winklevoss

Recently renewed optimism for an approved Bitcoin spot exchange-traded fund (ETF) is igniting The Great Accumulation Race for Bitcoin, according to industry pundits. Over the past week, Fidelity, Invesco, WisdomTree and Valkyrie have followed investment giant BlackRock in applying for a Bitcoin spot ETF with the United States Securities Exchange Commission, which some analysts believe is the reason for Bitcoins price surge in the past days.

Binance.US solves USD withdrawal issues but warns it wont last long

Crypto exchange Binance.US informed customers that it has resolved U.S. dollar withdrawal issues after working with its banking partners, though it warned the relief may not last. The exchange suspended dollar deposits and notified its customers of an incoming pause to fiat withdrawal channels on June 9, amid its ongoing battle with the SEC. Binance.US has encouraged customers that have a failed withdrawal attempt to resubmit their requests. Any remaining USD balances held in customer accounts will be converted into Tether at a future date.

Atomic Wallet gives major update on hack but questions remain unanswered

Atomic Wallet users have been left wanting more answers, despite the decentralized wallet provider finally releasing a full event statement about the June exploit which some estimate has run up to $100 million in losses. In the statement, Atomic didnt point to what exactly led to the exploit, only laying out the four most probable 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 the figure is still rebuffed by many online.

UK government moves forward on financial markets bill for potential regulation of crypto

Lawmakers in the United Kingdom are moving forward with legislation that could help support the adoption of crypto in the country. First introduced to the U.K. Parliament in July 2022, the Financial Services and Markets Bill was aimed at ensuring the country maintained its place in the financial world following Brexit, including granting authority on digital asset regulation. The bill went through a third reading in the House of Lords, one of the final stages in passage before considering any additional amendments and being signed into law.

Fed sees stablecoin as form of money, wants robust role in its oversight, Powell says

The U.S. Federal Reserve Board sees payment stablecoins as a form of money, Chair Jerome Powell said on June 21 when addressing Congress about the proposed stablecoin bill. Powell took a position that runs contrary to that of SEC chairman Gary Gensler. Last year, Gensler spoke at a Senate Banking Committee hearing saying that stablecoins may require registration and regulation with the SEC. Gensler has also consistently stated that all cryptocurrencies, except Bitcoin, are securities.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $30,697, Ether (ETH) at $1,896 and XRP at $0.49. The total market cap is at $1.19 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Bitcoin Cash (BCH) at 83.66%, Pepe (PEPE) at 67.59% and Bitcoin SV (BSV) at 51.87%. 

The top three 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 info on crypto prices, make sure to read Cointelegraphs market analysis.

Most Memorable Quotations

We do see payment stablecoins as a form of money, and […] it would be appropriate to have quite a robust federal role in what happens in stablecoin going forward.

Jerome Powell, chairman of the U.S. Federal Reserve

It is becoming very obvious Web3 financial rails are the future.

Lisa Wade, CEO of DigitalX

BlackRock breathed new life into the [Bitcoin ETF] race.

Eric Balchunas, senior ETF analyst at Bloomberg

If well designed, CBDCs can strengthen the usability, resilience, and efficiency of payment systems and increase financial inclusion in [Latin America and the Caribbean].

International Monetary Fund

Crypto will become the native currency of AI.

Robby Yung, the CEO of Animoca Brands

The Great Accumulation of bitcoin has begun.

Cameron Winklevoss, co-founder of Gemini

Prediction of the Week 

Bitcoin parabolic advance means BTC price all-time high in 2023 Trader

Bitcoin will hit new all-time highs in 2023, and October is the favored month for it, a popular trader said. In a Twitter update on June 22, pseudonymous trader Credible Crypto argued that the next four months should deliver the bullish BTC price momentum needed to tackle $69,000.

Whats clear with any parabolic advance is that momentum increases exponentially and peaks at the top. We can see this in both prior impulsive moves from 3k-14k and from 10k-60k, he explained. This time around, Bitcoin has delivered a successful retest of support on monthly timeframes, with $25,000 now possibly a springboard for a new parabolic advance.

I would expect that once expansion begins (which it looks like it has) we should see monthly moves of > 10k at a time, easily. From current levels to prior ATH is a $40,000 gap. This gap should then, logically, be covered within a few monthly candles if this is a parabolic advance, he said.

FUD of the Week 

Prime Trust cant honor customer withdrawals, says Nevada regulator

Prime Trusts financial condition is critically deficient, and the crypto custodian has been unable to honor customer withdrawals since June 21, according to Nevadas business regulator. In a cease and desist order, the regulator claimed Prime Trusts is in an unsafe or unsound condition to continue business. The company now has 30 days to respond to the order and can request an administrative hearing to contest it. The move comes a few days after its subsidiary, Banq, filed for bankruptcy protection in the United States.

Apple removes malicious Trezor app from App Store

An apparent malicious app purporting to be crypto hardware wallet Trezor has been taken off Apples App Store, though a quick search has revealed that other copycat apps are still lurking. After a Twitter user warned the tech company, the app was quickly removed. Fake wallet apps on Apples App Store are nothing new. In 2021, one user reportedly lost $600,000 in Bitcoin after downloading a malicious Trezor app from the App Store.

Twitter suspends memecoin-linked AI bot after Elon Musks scam crypto claim

Twitter has suspended the account of the popular memecoin-linked, AI-powered bot Explain This Bob after Elon Musk alleged it was a scam crypto account. The bot was created by Prabhu Biswal from India and used OpenAIs GPT-4 model to comprehend and provide responses to tweets by those who tagged the account. It amassed over 400,000 followers before the suspension. The project was also linked to the ERC-20 memecoin Bob Token (BOB), which was launched in April. Since the suspension, the hashtag FREEBOB has circulated on Crypto Twitter.

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U.S. representative introduces bill to fire SEC’s chief, BlackRock applies for a spot Bitcoin ETF and Binance.US hires top lawyer for upcoming court battles.

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US lawmakers file SEC Stabilization Act to fire Gary Gensler

United States Representative Warren Davidson has introduced the SEC Stabilization Act into the House of Representatives. One of the bills main provisions is to fire Securities and Exchange Commission (SEC) Chair Gary Gensler. The bill would remove Gensler from office and redistribute power between the SEC chair and commissioners. It would also add a sixth commissioner to the agency, disallow any party from holding a majority on the commission and create an executive director position. The SEC declined to comment on the matter.

BlackRock applies for spot Bitcoin ETF a US first if approved

BlackRock, the worlds largest investment company, has filed an application for a Bitcoin spot exchange traded fund (ETF). It would be the first crypto spot ETF in the United States, if it receives approval. According to the filing, Coinbase Custody Trust Company would be the custodian of the fund and Bank of New York Mellon would custody its fiat. The SEC has not approved a spot Bitcoin ETF so far despite numerous applicants. The worlds first spot traded Bitcoin ETF was Canadas Purpose Bitcoin ETF, set up in early 2021.

Binance CEO Changpeng Zhao denies rumors of selling Bitcoin to bolster BNB

Binance CEO Changpeng CZ Zhao has refuted accusations that Binance has been secretly selling Bitcoin (BTC) to artificially stabilize the price of its BNB token. The rumors have come from several market commentators in the past days, accusing the exchange of intentionally manipulating the market to artificially inflate the value of BNB. CZ said that Binance had not sold any of its BTC or BNB, adding that the crypto exchange still held a bag of FTX Token the native token of the now-defunct crypto exchange FTX.

SECs Gensler says BTC, ETH not securities in a newly surfaced video

A newly surfaced video from 2018 featuring Gary Gensler has made the rounds on social media, showing the now-chair of the U.S. securities regulator again stating that multiple cryptocurrencies are not securities. Over 70% of the crypto market is Bitcoin, Ether, Litecoin, Bitcoin Cash. Why did I name those four? Theyre not securities, Gensler says in the video, which is understood to come from a 2018 event hosted by Bloomberg for institutional investors. At the time, Gensler was a professor at the Massachusetts Institute of Technology. The video contrasts with his more recent actions as the chair of the SEC.

Binance.US hires former SEC enforcement official amid lawsuit

Former SEC enforcement official George Canellos has reportedly been hired by Binance.US as part of the legal team defending the company against allegations of operating as an unregistered securities exchange. In response to the SEC’s action on June 5, Binance.US announced the suspension of U.S. dollar deposits and the potential pausing of fiat withdrawals, citing extremely aggressive and intimidating tactics from regulators. On Twitter, a former SEC chief said the exchange is clearly preparing for a criminal prosecution and continuing to hire the best defense attorneys in the world.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $26,349, Ether (ETH) at $1,716 and XRP at $0.47. The total market cap is at $1.06 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are KuCoin Token (KCS) at 9.75%, Maker (MKR) at 8.08% and Quant (QNT) at 4.10%. 

The top three altcoin losers of the week are EOS (EOS) at -29.88%, ApeCoin (APE) at -26.07% and Flow (FLOW) at -25.93%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

Most Memorable Quotations

Inflation is moving in the right direction but the comments from Jerome Powell signify that rates could stay higher for longer, which would put Bitcoin on the back foot.

Josh Gilbert, market analyst at eToro

Requiring a DEX to register in the same way as a national securities exchange is impossible.

Paul Grewal, chief legal officer of Coinbase

U.S. capital markets must be protected from a tyrannical Chairman, including the current one. Its time for real reform and to fire Gary Gensler as Chair of the SEC.

Warren Davidson, United States Representative

The addressable market for digitizing the world’s assets and transferring value safely across the internet is greater than the sum of all the value of all existing assets.

Emin Gn Sirer, CEO of Ava Labs

The banking system is failing. The legacy financial system is failing. […] Nothing works. Only Bitcoin works.

Samson Mow, CEO of Jan3

Over 70% of the crypto market is Bitcoin, Ether, Litecoin, Bitcoin Cash. Why did I name those four? Theyre not securities.

Gary Gensler, chair of the U.S. Securities and Exchange Commission

Prediction of the Week 

Bitcoin price eases downside as traders demand $24.5K support holds

Bitcoin recovered some lost ground by the end of the week as markets shook off mixed United States macro signals.

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $26,000 on June 16 after bouncing over $1,000 from the previous days lows when it fell below $25,000 for the first time in three months. The 4% plunge came as the Federal Reserve pressed a pause on interest rates but suggesting more hikes would come later this year.

On short timeframes for BTC/USD, traders are remaining cautious amid the risk of further downside to come. Still in the area of interest, but need to sustain above $24.5K to avoid a cascade to $23k, wrote Michal van de Poppe, founder and CEO of trading firm Eight.

FUD of the Week 

Curve pool imbalance triggers USDT depeg concerns, Tether CTO calls it FUD

The Tether (USDT) stablecoin slightly deviated from its U.S dollar peg on June 15 due to an imbalance in Curves 3pool. The price of USDT fell by 0.3% to around 0.997 as its weightage in the Curve 3pool increased to over 70% from the usual 33.1%. A significant rise in the weightage of a stablecoin in the pool indicates heavy selling of that asset. Tethers chief technology officer, Paolo Ardoino, took to Twitter to assure that the depeg is nothing to worry about and it is ready to redeem any amount.

Board member Yat Siu answers community concerns on ApeCoin DAO salary payouts

Leaders of the decentralized autonomous organization governing the ApeCoin ecosystem have been criticized by community members for what they described as insane salaries. An organizational chart showed salaries ranging from $7,000 to $75,000 per month, shocking some community members and prompting a slew of inquiries from others. According to a board member, the compensation corresponds to the responsibility and liability of the role.

Who the hell is Prometheum and what did it say to Congress about SEC compliance?

The relatively under-the-radar crypto company Prometheum has been thrust into the spotlight after a recent testimony from its co-founder, Aaron Kaplan, before a U.S. House Committee discussing crypto regulatory clarity. Kaplans testimony advocated for regulating crypto under current securities laws a view also shared by the SEC. He argued that multiple frameworks provided by the SEC have clearly laid out a compliant path forward for crypto, adding that those arguing for new crypto-specific laws are simply not willing to comply.

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The SEC sues Binance and Coinbase, and labels dozens of coins as securities. Both the crypto exchanges paused services while promising legal battles in courts.

Top Stories This Week

U.S. SEC sues Binance and Coinbase amid crypto crackdown

Binance and Coinbase have been targeted in a new round of lawsuits by the U.S. Securities and Exchange Commission (SEC) against crypto businesses. The regulator pressed 13 charges against Binance on June 5, including those involving unregistered offerings and sales of tokens, and failing to register as an exchange or broker-dealer. The commission also went after Coinbase on similar grounds, alleging that popular cryptocurrencies offered by the exchange are securities. Trading volume across the major decentralized exchanges jumped 444% in the hours following the legal actions. In the six months after FTXs bankruptcy, SEC crypto-related enforcement actions rose 183%.

SEC lawsuits: 67 cryptocurrencies are now seen as securities by the SEC

The total number of cryptocurrencies the United States securities regulator has labeled as a security has now reached an estimated 67, after adding a few more to the list in its lawsuit against crypto exchanges Binance and Coinbase. In its case against Binance, the SEC introduced 10 cryptocurrencies into the securities classification, while it named 13 cryptocurrencies in its Coinbase suit. The security label now applies to over $100 billion worth of the market, or around 10% of the $1.09 trillion total crypto market capitalization.

Coinbase CEOs stock sale was probably not planned to occur a day ahead of SEC suit

Coinbase CEO Brian Armstrong sold company shares the day before the SEC lawsuit against the exchange. The transaction caused a minor stir in the Twitter cryptoverse, as Armstrong avoided a sharp loss by doing so. SEC records show that Armstrong sold 29,730 shares of the company on June 5, the day before the SEC suit. Armstrong has been selling Coinbase stock regularly since November under a 10b5-1 plan adopted in August, which determines the timing and size of transactions in advance. The net worths of Armstrong and Binance CEO Changpeng Zhao have suffered heavy blows due to the suits. Within 30 hours, Armstrong’s net worth plummeted by $289 million and Zhao’s by $1.33 billion. 

Binance.US suspends USD deposits, warns of fiat withdrawal pause

Binance.US has suspended U.S. dollar deposits and announced an upcoming pause for fiat withdrawals as early as June 13. According to the exchange, it was forced to take action amid extremely aggressive and intimidating tactics from American regulators. Trading, staking, deposits and withdrawals in crypto remain fully operational. Binance.US also delisted eight Bitcoin pairs and two BUSD pairs while noting that OTC Trading Portal services were paused.

Crypto.com suspends US institutional exchange service

June 2023 has proven to be a tumultuous month for cryptocurrency exchanges in America. Crypto.com will no longer serve institutional clients in the United States after announcing the suspension of the service starting June 21. The Singapore-based cryptocurrency exchange cited limited demand from institutional customers as a primary reason for the move, which has been exacerbated by testing prevailing market conditions. American retail users still have access to cryptocurrency derivatives trading and the UpDown Options offering.

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $26,449, Ether (ETH) at $1,837 and XRP at $0.53. The total market cap is at $1.1 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Terra Classic (LUNC) at 17.73%, XRP (XRP) at 2.40% and Stacks (STX) at 2.39%. 

The top three altcoin losers of the week are Sui (SUI) at -22.08%, Conflux (CFX) at -20.97%, and Flare (FLR) at 20.57%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

Most Memorable Quotations

The SEC doesnt make the law. Indeed, this approach to regulation is unacceptable, but it is what we have come to expect from the SEC and its anti-crypto stance.

Kristin Smith, CEO of the Blockchain Association

We’re proud to represent the industry in court to finally get some clarity around crypto rules.

Brian Armstrong, CEO of Coinbase

We believe that blockchain and Web3 technology have enormous potential to transform a wide range of industries and prepare them for the future.

Lars Rensing, CEO of Protokol

[Gary Gensler] opened up this year, in 2023, with all these enforcement actions; I think it looks like CYA [cover your ass] to me.

French Hill, United States Representative

When regulation does not meet novel technology where it is, the U.S. loses its competitive edge over other countries.

Ryan Wyatt, president of Polygon Labs

We believe that the capital market information will be completely different in a few years, and it is our job to lead the revolution.

Ittai Ben Zeev, CEO of the Tel Aviv Stock Exchange

Prediction of the Week 

Bitcoin price can gain 60% if textbook chart pattern confirms Trader

Bitcoin may be in line for a 60% upside if a long-term chart feature stays intact. Popular pseudonymous trader Mikybull Crypto flagged encouraging signs on the BTC/USD weekly chart, arguing that it shows the pair completing and now retesting an inverse head-and-shoulders pattern.

Bitcoin is flashing a text book inverse head and shoulders on the weekly TF. Price is currently retesting the Neckline after the breakout, Mikybull Crypto explained, before adding that if the range between the head and neckline is usually the sprint, we are anticipating another 60% rally on BTC.

That 60% sprint would place BTC/USD at around $40,000.

FUD of the Week 

US Bitcoin supply fell over 10% in the past year Glassnode

Bitcoin abandoned the United States during the 2022 bear market, new research from on-chain analytics firm Glassnode. The latest analysis of the Bitcoin supply shows a global migration away from the U.S. and toward Asia. Since mid-2022, the amount of the supply held and traded by U.S. entities has decreased by more than 10%. At the same time, Europes share has stayed roughly equal, translating to a redistribution from west to east. The Year-over-year Supply Change shows the U.S. share beginning to decline in March 2021 but accelerating beginning in May this year.

Gary Gensler: Crypto market is like 1920s stock market, full of ‘fraudsters’

During a speech this week, U.S. SEC chair Gary Gensler compared the current crypto market to the 1920s stock market, saying that it is full of hucksters, fraudsters, and Ponzi schemes. Just as Congress cleaned up the stock market by enacting securities laws in the past, the current SEC can also clean up the crypto market by applying these laws, he argued. Gensler has been heavily criticized within the crypto industry, especially since the SEC filed lawsuits against crypto exchanges Binance and Coinbase. Critics say he has an overly expansive view of the SECs regulatory authority and is driving innovation out of the U.S.

GameStop fires CEO Matt Furlong months after axing crypto push

GameStop has fired its CEO Matt Furlong, the executive responsible for launching the companys push into NFTs. The news came alongside GameStops first quarter earnings call, which saw earnings per share that missed market expectations by more than 133%. The company did not provide a reason for Furlongs termination. He will be succeeded by billionaire investor Ryan Cohen. GameStop launched its NFT marketplace in June 2022 with nearly $2 million in sales in the first 24 hours of operation. In August, however, daily sales volumes had fallen to under $4,000, a 99.8% drop from opening day.

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DOGE investor lawsuit against Elon Musk, the Satoshi Nakamoto chatbot, and the ongoing crypto debanking worldwide.

Top Stories This Week

Dogecoin investors accuse Elon Musk of insider trading in amended class-action lawsuit

A group of Dogecoin investors has requested leave to amend a class-action lawsuit against tech entrepreneur Elon Musk, alleging he is responsible for insider trading of DOGE and asserting the token is a security under U.S. Securities and Exchange Commission regulations. According to the complaint, Musk profited off DOGE trading at the expense of other investors by causing the price of the token to spike through actions including changing Twitters logo to the Dogecoin logo. As one of the worlds richest people, the Twitter CEO has made frequent statements about Dogecoin to his millions of followers since 2019, often causing the price of the token to surge.

Satoshi Nak-AI-moto: Bitcoin’s creator has become an AI chatbot

Satoshi Nakamoto may have effectively disappeared over 12 years ago, but two artificial intelligence dabblers are seeking to revive the ability to chat with the famed Bitcoin creator. The model, essentially, is OpenAIs ChatGPT trained on a limited data set, including Nakamotos public emails and forum posts, as well as other Bitcoin sources. In testing, the chatbot generates responses that are typically uncertain of the future of fiat currencies and hopeful about Bitcoin. Its goal is to show that AI tools could potentially be used in education, one of the creators said.

Buying a bank wont solve cryptos debanking issue Binance CEO

Binance CEO Changpeng CZ Zhao has considered acquiring a bank amid the ongoing debanking of crypto firms across the globe. However, according to CZ, regulatory complexity and capital requirements make it unwise for Binance. The reality is much more complex than the concept, said the crypto executive. Binance has recently lost its fiat on-ramp and off-ramp partner in Australia after difficulties finding a bank partner in the United States earlier this year. The company has been seeking a new payment provider in the country. 

Crypto.com joins ranks of licensed payment institutions in Singapore

Crypto.com has been granted a major payment institution license for digital payment token (DPT) services in Singapore. With the license, the crypto exchange is now authorized to offer its DPT services to customers in the country. The latest announcement adds to Crypto.coms track record of securing regulatory licenses. The exchange has also been granted registration and/or licenses in France, the United Kingdom, Dubai, South Korea, Australia, Italy, Greece and Cyprus..

Web3 developer Magic raises $52M in funding led by PayPal Ventures

Wallet-as-a-service provider Magic raised $52 million in a strategic funding round led by PayPal Ventures. The funding round also saw participation from venture firms Cherubic, Synchrony, KX, Northzone and Volt Capital, bringing Magics total funds raised to over $80 million. Magics software is currently used by brands in retail, music, fashion and gaming, including Mattel, Macys, Xsolla and Immutable. Founded in 2020, Magic has generated over 20 million unique wallets to date. 

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $27,160, Ether (ETH) at $1,903 and XRP at $0.52. The total market cap is at $1.15 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Injective (INJ) at 22.67%, Quant (QNT) at 18.60% XDC Network (XDC) at 15.92%. 

The top three altcoin losers of the week are Pepe (PEPE) at -14.26%, Kava (KAVA) at -11.13% and Flare (FLR) at -10.80%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis.

Most Memorable Quotations

The bear phase is finished. […] I think well see new highs probably in the second half of 2024, 2025. […] Well probably hit up to 6-to-8 trillion [in market capitalization].

Dan Tapiero, founder of 10T Holdings and 1RoundTable Partners

Are the creators of the AI responsible for creating the tool thats used to infringe copyright, or is it the people who are actually using that to infringe on copyright?

Andrew Petale, trademarks attorney at Y Intellectual Property

The debt ceiling deal once again highlights Bitcoins utility because its essentially a break away from the traditional financial system.

Josh Gilbert, market analyst at eToro

Even though Ethereum doesnt have the biggest market cap compared to Bitcoin, I think Ethereum is the front-runner in terms of driving worldwide adoption.

Roger Ver, early Bitcoin investor and Bitcoin Cash advocate

Crypto, like the internet before it, has the potential to modernize finance and numerous other sectors, [] by offering a faster, cheaper, more private, and accessible platform.

Brian Armstrong, CEO of Coinbase

By combining the power of cryptography with the power of a decentralized crypto network like Bitcoin, we can bring cost and consequence into cyberspace.

Michael Saylor, executive chairman of MicroStrategy

Prediction of the Week 

Bitcoin wicks down to $26.5K, but trader eyes chance for bullish surprise

On Bitstamp, the BTC/USD pair reached a low of $26,519 this week, showing little signs of a trend change as a stalemate between bulls and bears continued to produce little volatility.

Analyzing the current setup, pseudonymous trader Crypto Ed considered the potential for upside topping out at $27,500. I do think we go down, but as long as we do not break that $26,000, there is a chance for a bullish surprise, he said.

To break the current impasse, Crypto Ed continued, Bitcoin would nonetheless need to tackle the area above $27,600. Now I think we bounce back toward $27,500 resistance of the previous range high and from there I will be looking for, possibly, shorts toward $25,000, he said.

FUD of the Week 

Missing Bitcoin Millionaire and ONFO coin co-creator found dead

The co-founder of crypto project ONFO coin has been found dead from an apparent gunshot wound about a week after he went missing. John Forsyth, a crypto advocate and emergency room doctor, was reported missing by relatives after not showing up to his shift in a hospital in Missouri. The ONFO coin project allows users to earn coins by referring others to the platform, a term it calls network mining. Forsyth joins a list of crypto advocates and founders that have died under mysterious circumstances.

Jimbos Protocol offers $800K bounty to the public after hacker ignores deal

DeFi platform Jimbos Protocol has offered 10% of the exploited funds to the general public after giving the hacker several days to respond to the deal. The Arbitrum-based DeFi app was exploited on May 28 through a lack of slippage control on liquidity conversions, allowing the exploiter to seize assets worth about $7.5 million. The team behind the exploited protocol attempted to negotiate with the hacker offering a fast $800k payday in exchange for the return of 90% of the funds. Now, the protocol has extended the bounty offer to the general public.

Multichain team cannot locate CEO, halts service for affected chains

Cross-chain protocol Multichain revealed that its team has been unable to contact its CEO, Zhaojun, fueling rumors that the protocols leadership may have been arrested in China amid ongoing technical issues. The protocol has experienced technical problems over the past week, with transactions delayed across multiple cross-chain bridges. After failing to contact the CEO and lacking permission to address the issue, the team suspended services for over 10 chains on May 31, including KeKchain, Public Mint, DynoChain, Redlight Chain, Dexit, Ekta, High Performance Blockchain, Onus, Omax, Findora and Planq.

Best Cointelegraph Features

Bitcoin is on a collision course with Net Zero promises

Every year countries are pressured to ramp up their climate change commitments at the COP conference and Bitcoin mining is an easy target.

Mad scientists NFTs degrade when theyre traded: 0xDEAFBEEF, NFT Creator

Self-proclaimed tinkerer 0xDEAFBEEF has hit it big with audiovisual NFTs that slowly degrade in quality every time theyre traded.

AI Eye: 25K traders bet on ChatGPTs stock picks, AI sucks at dice throws, and more

Decentralized ledger technology is arguably everything that AI is not: transparent, traceable, trustworthy and tamper-free. Could it offset the opaqueness of AIs black-box solutions?

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FTX reboot is in the works, Multichain issues spark uncertainty and Sam Altman’s crypto project Worldcoin raises millions of dollars.

Top Stories This Week

Binance suspends deposits for bridged tokens, seeks clarity from Multichain team

Crypto exchange Binance suspended deposits for 10 bridged tokens following days of uncertainty surrounding the Multichain protocol. Transactions on the cross-chain protocol have been delayed over multiple bridges in the past few days, with little information from Multichain’s team about the ongoing issues. In a tweet from May 24, Multichain said that some cross-chain routes were unavailable due to force majeure, noting that the time for service restoration was unclear. Binance was not the only company to take steps amid the unexplained downtime the Fantom Foundation removed 449,740 MULTI ($2.4 million) from liquidity on SushiSwap. The MULTI token plunged during the week. On Twitter, rumors circulated that Multichains team had been arrested by the Chinese police, with $1.5 billion of smart contract funds under authorities control.

FTX 2.0 launching soon? Court filing shows a reboot plan in the works

Bankrupt crypto exchange FTXs revival plans could soon become reality. According to court filing documents, FTX’s new management had a series of meetings with creditors and debtors in the past month, reviewing plans for restarting the exchange and finalizing the material required for its rebooting as FTX 2.0. The documents also suggest FTX could soon enter into a bidding process. Previous reports pointed out that a reboot could come as early as 2024, as the exchange has already recovered over $7 billion in assets.

Sam Altmans Worldcoin secures $115M for decentralized ID

The bear market didn’t stop Worldcoin from raising $115 million this week in a Series C round led by Blockchain Capital. Funds will be used to support its decentralized World ID and recently released gas-free crypto wallet, World App. The project was co-founded by OpenAI CEO Sam Altman and built by Tools for Humanity developers to address issues emerging from the exponential complexity of artificial intelligence, such as proving personhood. Worldcoin’s token, WLD, is not available in the United States and some other countries. 

Fahrenheit wins bid to acquire assets of crypto lender Celsius

Crypto consortium Fahrenheit won the bidding war for insolvent crypto lender Celsius Network. The bid incorporates Celsius assets previously valued at nearly $2 billion, including institutional loan portfolio, staked cryptocurrencies, mining unit, alternative assets, and over $450 million in liquid cryptocurrency. Behind the consortium are the venture capital firm Arrington Capital and crypto miner US Bitcoin Corp. While Celsius and its creditors have accepted the bid, regulatory approval is still required to complete the acquisition. Celsius filed for bankruptcy protection in July 2022, contributing to a prolonged crypto winter in the industry.

Bitcoin Pizza Day 2023: Community celebrates anniversary of first known BTC transaction

Earlier this week, the crypto community celebrated the 13th anniversary of the first Bitcoin transaction when developer Laszlo Hanyecz made the first documented purchase of a good with BTC. The exchange involved 10,000 BTC worth $41 at the time and two pizzas from a local restaurant in Florida. The milestone turned into an annual celebration for the crypto space, with community members reminiscing on how far the industry has come since the transaction. Over a decade on, the pioneer cryptocurrency network faces a new wave of disruption thanks to the advent of Ordinals, highlighting the need for developers and capital to build layer-2 solutions. 

Winners and Losers

At the end of the week, Bitcoin (BTC) is at $26,737, Ether (ETH) at $1,831 and XRP at $0.46. The total market cap is at $1.12 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Render Token (RNDR) at 16.86%, Kava (KAVA) at 10.71% and Huobi Token (HT) at 9.44%. 

The top three altcoin losers of the week are GMX (GMX) at -13.35%, Sui (SUI) at -12.38% and Fantom (FTM) -11.00%.

For more info on crypto prices, make sure to read Cointelegraphs market analysis. 

Most Memorable Quotations

I dont think many people understand the concept of other people owning their data, so I think blockchain will be a big deal in the future.

Gary Vaynerchuck, crypto entrepreneur

Dont overload Ethereums consensus.

Vitalik Buterin, co-founder of Ethereum

You have every right to do Bitcoin. The only reason these people in Washington dont like it, is because they dont control it.

Ron DeSantis, governor of Florida

This experience [with Ledger Recover] has been very humbling. […] We understand the communitys direction and apologize for the miscommunication.

Pascal Gauthier, CEO of Ledger

[Bitcoin is] so decent. There is no marketing department, there is no foundation, theres no incentive. Thats why it is grassroots decentralized and most decentralized driven.

Muneeb Ali, CEO of Trust Machines

By embracing AI responsibly, we can transform policies to better serve our societies.

Sabin Dima, CEO of Humans.ai

Prediction of the Week 

Bitcoin holds $20K realized price as analyst eyes big moves coming

Bitcoin is at 10-week lows, but one longtime analyst is telling investors to ignore the panic.

In a Twitter update on May 25, Philip Swift, creator of data resource LookIntoBitcoin and co-founder of trading suite DecenTrader, eyed a BTC price breakout still in progress. A lot of panic in the market today, Swift summarized.

BTC/USD is currently testing the mettle of key moving averages against a backdrop of traders downside targets extending to $25,000 and below, Cointelegraph reported. Even Swift believes that Bitcoin could still return to as low as $20,000 in the coming months, despite remaining bullish on higher timeframes.

Zooming out, bitcoin is actually performing well and as expected for this stage of cycle. A clear BTC breakout above Realized Price, he added, referring to the aggregate price at which the BTC supply last moved. It currently sits at just above $20,000, according to LookIntoBitcoin.

FUD of the Week 

DeFi protocol WDZD Swap exploited for $1.1M: CertiK

DeFi protocol WDZD Swap was recently exploited for $1.1 million worth of Binance-Pegged Ether. According to a report from blockchain security firm CertiK, a known exploiter labeled Fake_Phishing750 by BSCScan created the contract that later drained the tokens from the protocol. Once the malicious contract was created, the attacker used it to perform nine transactions that drained the funds from the Swap LP contract where the ETH had been deposited. Fake_Phishing750 was responsible for an attack on another protocol called Swap X, CertiK stated.

ETH can be both a security and a commodity, former CFTC commissioner says

Ethereum’s native token, Ether, may be both a commodity and a security, the former commissioner of the United States Commodities Futures Trading Commission, Dan Berkovitz, has claimed. The CFTC regulates futures and swaps on commodities, while the SEC solely regulates securities. However, if something is a commodity in the eyes of the CFTC as well as a security under the SECs definition, its entirely possible for both regulatory bodies to have jurisdiction over it.

Binance denies fund mismanagement allegations, calls it conspiracy theory

Binance denied allegations of mismanagement of customers funds, in response to a Reuters report claiming the crypto exchange commingled customers funds with company revenue. As per Reuters’s sources, Binance allegedly blended billions of dollars of corporate revenue and customer funds between 2020 and 2021, with the majority of commingling taking place on accounts held at now-bankrupt Silvergate Bank. On Twitter, Binance chief of communication Patrick Hillmann called the report 1000 words of conspiracy theories.

Best Cointelegraph Features

Getting a home loan using crypto collateral: Insane or just risky?

Crypto investors are often wealthy on paper but can’t get a home loan from a bank. But putting your Bitcoin up as collateral for a mortgage is super risky.

Ethereum is woefully undervalued but growing more powerful: DeFi Dad, Hall of Flame

DeFi Dad has dabbled in everything from selling cameras to delivering food, but it was his crypto insights that amassed him a whopping 152,100 followers on Twitter.

Crypto City: Guide to Osaka, Japans second-biggest city

Decentralized ledger technology is arguably everything that AI is not: transparent, traceable, trustworthy and tamper-free. Could it offset the opaqueness of AIs black-box solutions?

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