Top news this week
Bitcoin's 'Great Accumulation' Has Begun, Says Gemini's Winklevoss
Recently renewed optimism for an approved Bitcoin spot exchange-traded fund (ETF) is Starting "The Great Race to Accumulation" for Bitcoin, according to industry experts. Over the past week, Fidelity, Invesco, WisdomTree, and Valkyrie have followed investment giant BlackRock in filing for a Bitcoin spot ETF with the United States Securities and Exchange Commission, which some analysts believe is the reason for the rise in prices. Bitcoin prices in the last few days.
Binance.US Resolves USD Withdrawal Issues But Warns It Won't Last Long
Binance.US cryptocurrency exchange informed customers that it has resolved the withdrawal of US dollars after working with his banking partners, though he warned the relief might not last. The exchange suspended dollar deposits and notified its clients of an incoming pause in fiat withdrawal channels on June 9, amid its ongoing battle with the SEC. Binance.US has encouraged clients who have a failed withdrawal attempt to resubmit their requests. Any remaining USD balance held in client accounts will be converted to Tether at a future date.
Atomic Wallet Gives a Major Update on the Hack, but Questions Remain Unanswered
Atomic Wallet users have been left wanting more answers, despite the decentralized wallet provider finally publish a full "event statement" about the June exploit - which, by some estimates, has reached $100 million in losses. In the statement, Atomic did not point out 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 the app's users were affected, but many still dispute the figure online.
UK government advances Financial Markets Bill for possible regulation of cryptocurrencies
Lawmakers in the UK they are advancing with the legislation that could help support crypto adoption in the country. First introduced to the UK Parliament in July 2022, the Financial Services and Markets Bill was intended to ensure the country retained its place in the financial world after Brexit, including granting authority over the regulation of digital assets. The bill went through a third reading in the House of Lords, one of the final stages before considering additional amendments and becoming law.
The Fed sees the stablecoin as a form of money, wants a 'robust' role in its oversight, says Powell
The US Federal Reserve Board sees paid stablecoins as a form of moneysaid Chairman Jerome Powell on June 21 when addressing Congress on the proposed stablecoin bill. Powell took a position 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) I sat down $30,697Ether (ETH) in $1,896 and XRP in $0.49. Total market capitalization is $1.19 trillion, according to CoinMarketCap.
Among the top 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) to -8.21%, Quant (QNT) at -6.51% and BitTorrent (New) (MTB) at -4.72% .
For more information on cryptocurrency prices, be sure to read Cointelegraph Market Analysis.
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most memorable quotes
“We see payment stablecoins as a form of money, and […] it would be appropriate to have a fairly strong federal role in what happens with stablecoins going forward.”
Jerome PowellPresident of the US Federal Reserve
"It's becoming very obvious that the financial lanes of Web3 are the future."
lisa wadeCEO of DigitalX
“BlackRock breathed new life into the [Bitcoin ETF] career."
Eric BalchunasSenior ETF Analyst at Bloomberg
“If designed well, CBDCs can strengthen the usability, resilience and efficiency of payment systems and increase financial inclusion in [Latin America and the Caribbean].”
"Crypto will become the native AI currency."
robby yungthe CEO of Animoca Brands
“The Great Bitcoin Accumulation has begun.”
cameron winklevossco-founder of Gemini
prediction of the week
Bitcoin 'parabolic advance' means BTC price is all-time high in 2023: trader
bitcoin will hit new all-time highs in 2023, and October is the favorite month for itsaid a popular trader. In a Twitter update on June 22, pseudonymous trader Credible Crypto argued that the next four months should deliver the BTC price bullish momentum needed to reach $69,000.
“What is clear with any parabolic advance is that the momentum increases exponentially and peaks at the top. We can see this in both previous 3k-14k and 10k-60k impulsive moves,” he explained. This time, Bitcoin has successfully retested support in monthly terms, with $25,000 now possibly serving as a springboard for a new “parabolic advance”.
“I expect that once the expansion starts (which it looks like it has) we should see monthly moves of >10k at a time, easily. From current levels to previous ATH there is a gap of $40,000. This gap should then logically be covered in a few monthly candles if it is a parabolic advance,” he said.
FUD of the week
Prime Trust can't honor customer withdrawals, Nevada regulator says
Prime Trust's financial condition is "critically deficient" and the crypto custodian has been unable to meet customer withdrawals since June 21, according to the Nevada trade regulator. In a cease and desist order, the regulator claimed that Prime Trust 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 challenge it. The move comes just days after its subsidiary, Banq, filed for bankruptcy in the United States.
Apple Removes Malicious Trezor App From App Store
An apparent malicious application pretending to be Trezor crypto hardware wallet has been pulled from Apple's app store, though a quick search has revealed that other copycat apps are still on the prowl. After a Twitter user warned the tech company, the app was quickly removed. Fake wallet apps on the Apple App Store are nothing new. In 2021, a user supposedly lost $600,000 worth of Bitcoin after downloading a malicious Trezor app from the App Store.
Twitter suspends memecoin-linked AI bot after Elon Musk's 'rogue cryptocurrency' claim
Twitter has suspended the account of the popular AI-powered bot linked to memecoin “Explain This Bob” after Elon Musk alleged it was a “rogue crypto account”. The bot was created by Prabhu Biswal from India and used OpenAI's GPT-4 model to understand and provide responses to tweets from those who tagged the account. He amassed over 400,000 followers prior to the suspension. The project was also tied to the ERC-20 Bob Token (BOB) memecoin, which launched in April. Since the suspension, the hashtag "FREEBOB" has circulated on Crypto Twitter.
Best Cointelegraph Features
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Peter McCormack's Twitter Regrets: 'I Can Feel I'm A Jerk' - Hall of Flame
The Bedford Monopoly Millionaire Only Cares on Bitcoin, thinks CBDCs "suck" and has a love/hate relationship with Twitter.
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