Top Stories This Week
- Larry Fink, the CEO of BlackRock, believes that “Bitcoin is an international asset” and has suggested U.S. regulators consider an ETF linked to Bitcoin to democratize finance in the country. BlackRock is attempting to launch a spot BTC ETF with Coinbase as a surveillance partner. Approval by the SEC is uncertain, as the commission has previously rejected all previously filed spot BTC ETF applications.
- Gemini has filed a lawsuit against Digital Currency Group (DCG) and its CEO, Barry Silbert, claiming “fraud against creditors.” The lawsuit follows an open letter by Gemini co-founder Cameron Winklevoss, accusing Silbert of owing over a billion dollars to Earn’s investors and playing the victim card. Gemini operates through a partnership with DCG subsidiary Genesis for its Earn program.
- Binance CEO Changpeng Zhao (CZ) predicts that the next Bitcoin bull market will likely occur in 2025, after the Bitcoin halving event in 2024. CZ bases his prediction on historical patterns of Bitcoin’s price movement, which has historically followed four-year bull cycles.
- The UK government is moving forward with legislation that aims to empower authorities to seize cryptocurrencies used for illicit purposes. The proposed bill includes provisions for greater flexibility in the confiscation and civil recovery of crypto assets.
- According to Glassdoor data analyzed by TrueUp, exchanges like Gemini, Binance, and Coinbase have some of the least happy employees in the cryptocurrency industry. Factors contributing to low employee satisfaction may include the “hardcore” work culture at Binance and challenges faced by the industry as a whole. The data should be interpreted with caution.
Winners and Losers
- Bitcoin (BTC) is priced at $30,321, Ether (ETH) at $1,868, and XRP at $0.46.
- 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 Coinpostman’s 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
“Let’s 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 that’s 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 Bitcoin’s uptrend. “With a lot of people talking about shorter-term pullbacks, it’s 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 Multichain’s 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 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. All BarnBridge-related products are currently on hold, including its liquidity pools. DAO members are not receiving compensation for their work.
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