Top stories this week
BlackRock CEO Larry Fink recently took a pro-cryptocurrency stance, claiming “Bitcoin is an international asset” and suggesting that US regulators consider how an ETF directly linked to Bitcoin could improve finances in the country could democratize. Under Fink, BlackRock has attempted to launch a spot BTC ETF, with crypto exchange Coinbase acting as a monitoring partner. It is unclear whether the US Securities and Exchange Commission (SEC) will approve the investment vehicle, as it has so far rejected all previously submitted spot BTC ETF applications.
Gemini Files Lawsuit Against Digital Currency Group and Barry Silbert Over Genesis and Earn Program
Gemini has announced legal action against conglomerate Digital Currency Group (DCG) and its CEO Barry Silbert, alleging “fraud against creditors”. Genesis, a DCG subsidiary, was the crypto lender responsible for running an earn program in partnership with the crypto exchange. The lawsuit follows an open letter from Gemini co-founder Cameron Winklevoss, which criticized Silbert for allegedly trying to play the victim card while owing Earn’s investors over $1 billion. “Not even Sam Bankman-Fried was capable of such deception,” Winklevoss wrote in the letter.
Bitcoin Bull Market Is Coming: Binance CEO Changpeng Zhao Reveals When
Changpeng “CZ” Zhao, CEO of Binance, has provided his forecast for the next Bitcoin bull market. In an “Ask me everything” session on Twitter on July 5, CZ offered his thoughts on the next bull run, explaining that Bitcoin’s price has historically moved in four-year bull cycles and his best bet is that it will continue to do so would happen. Despite admitting that he cannot predict the future, Zhao emphasized the upcoming Bitcoin halving event in 2024, stating that 2025 is the most likely year for the next bull market. He explained, “The year after the Bitcoin halving is usually the bull year.”
The UK government is pushing ahead with a bill that would give authorities the power to confiscate cryptocurrencies
Lawmakers in the UK are driving legislation aimed at expanding the authorities’ ability to target cryptocurrencies used for illicit purposes. A June 27 version of the bill included provisions intended to allow authorities greater flexibility in the seizure and civil recovery of crypto assets. In addition, the legislation clarified what powers the government has over digital assets “intended to be used for terrorist purposes” or similar reasons. Lawmakers will consider any amendments to the bill before it can be enacted by royal assent.
According to the data, Binance, Coinbase and Gemini employees are the least satisfied
According to a quadrant chart by technology recruitment firm TrueUp, using data from Glassdoor, crypto exchanges including Gemini, Binance, and Coinbase are home to some of the least satisfied employees in the industry. The chart shows the happiest and least happy employees from over 27 of the most valuable crypto firms at different stages of maturity. Dissolved 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 “hard” working culture could explain some of the findings, while Neil Dundon, founder of Crypto Recruit, warned that the data should be taken with caution.
Winner and Loser
Bitcoin at the end of the week (BTC) is at $30,321ether (ETH) at $1,868 And XRP at $0.46. The total market capitalization is at $1.18 Trillions, according to CoinMarketCap.
Among the top 100 cryptocurrencies, Bone ShibaSwap are the top three altcoin gainers of the week (BONE) at 40.88%, manufacturers (MKR) at 12.94% and flow (FLOW) at 11.73%.
The three biggest altcoin losers of the week are ApeCoin (APE) at -15.13%, Stellar (XLM) at -13.31% and Fantom (FTM) at -12.63%.
For more information on crypto prices, see Cointelegraph’s Market Analysis.
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Most Memorable Quotes
“The year after the Bitcoin halving is usually the bull year.”
Changpeng ZhaoBinance CEO
“Decentralized perpetual and futures trading is much newer, so on-chain derivatives offer great growth opportunities.”
Henrik AnderssonChief Investment Officer at Apollo Crypto
“To be clear: Bitcoin is an international asset.”
Larry FinkBlackRock CEO
“The future tells me that we are moving towards an augmented intelligence that will result in AI merging with normal brains. Maybe this is the future of humanity.”
Paul ArdoinoChief Technology Officer at Tether
“It takes a special kind of person to owe hundreds of thousands of people $3.3 billion and believe, or at least pretend to believe, that they are some kind of victim.”
Cameron WinklevossCEO of Gemini
“I think Bitcoin-related startup investments have doubled in the last year, especially in the early stages. So that’s positive.”
Adam backBlockstream CEO
forecast of the week
BTC Price Remains “Undoubtedly Bullish” as $30,000 Bitcoin Buyers Emerge
Bitcoin bulls had hoped that fresh yearly highs would allow BTC/USD to break out of its month-long trading range for good, but were ultimately disappointed. The largest cryptocurrency was rejected at $31,500 this week, falling below $30,000 just hours later to challenge the lower part of the range.
Longer-term views also continue the overall bullish narrative, with short-term retracements and flats expected below resistance.
Pseudonymous trader TraderKoz allayed fears of a deeper plunge that could threaten Bitcoin’s uptrend. “With a lot of people talking about short-term pullbacks, it’s important to keep the bigger picture in mind and not lose focus,” he wrote on July 6, adding, “Whether we’re at 28k, 29k, or wherever going back, this weekly chart is unquestionably bullish (in my opinion). And I will try to offer price declines.”
FUD of the week
The multichain MPC bridge drained more than $100 million, prompting fears of exploitation
Unusually large outflows from the Multichain Multi-Party Computation (MPC) bridge platform are raising fears of a multi-million dollar exploit. On July 6, observers noted that over $102 million worth of cryptocurrencies were withdrawn from Multichain’s Fantom bridge on the Ethereum side, as well as $666,000 from Dogechain and $5 million from Moonriver. Several on-chain detectives took to Twitter to flag the event as a possible exploit. Multichain said the movements were abnormal and the team “is not sure what happened and is currently investigating.”
The Coinbase domain name is reportedly being used by scammers in high profile attacks
Coinbase users have taken to Twitter over the past few weeks to report scams and phishing attacks related to the company’s services and applications, including claims that scammers are using the crypto exchange’s domain name. The perpetrators reportedly used the [email protected] email address to trick users and gain access to accounts. Coinbase said anyone who defrauds their customers will be prosecuted.
BarnBridge DAO calls for “all work” on DeFi protocol to halt amid SEC investigation
BarnBridge’s DAO members have been told to halt “all work” related to the project following a reported investigation by the US Securities and Exchange Commission. Douglas Park, an attorney for the decentralized autonomous organization, announced the news to members in a post on the platform’s Discord channel. All BarnBridge related products, including liquidity pools, are currently on hold. DAO members receive no compensation for labor resulting from the organization’s investment efforts.
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Cointelegraph Magazine writers and reporters contributed to this article.
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