Top news this week
Larry Fink, the CEO of BlackRock, recently made comments in favor of cryptocurrencies, stating that "Bitcoin is an international asset" and suggesting that US regulators consider how an ETF directly tied to Bitcoin could democratize finance in the country. Under Fink, BlackRock has tried launch a spot BTC ETF with crypto exchange Coinbase acting as a watchdog partner. It is unclear if the US Securities and Exchange Commission (SEC) will approve the investment vehicle, given its record of rejecting all previously filed 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, alleging "fraud against creditors". Genesis, a subsidiary of DCG, had been the cryptocurrency lender responsible for operating an Earn program in partnership with the cryptocurrency exchange. The lawsuit follows an open letter. Posted by Gemini Co-Founder Cameron Winklevoss, which criticized Silbert for allegedly trying to play the victim card while owing more than $1 billion to Earn investors. “Not even Sam Bankman-Fried was capable of such a deception,” Winklevoss wrote in the letter.
Bitcoin Bull Run Is Coming: 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 bullish cycles, and his best bet was that this would continue to happen. . While admitting that he could not predict the future, Zhao emphasized Bitcoin's next halving event in 2024 and stated that 2025 would be the most likely year for the next bull market, stating: "The year after the halving Bitcoin halving is usually the bull year."
The UK government is making progress on a bill aimed at empowering authorities to seize cryptocurrency
Lawmakers in the UK they are advancing with the legislation intended to expand the ability of authorities to attack cryptocurrencies used for illicit purposes. A June 27 version of the bill included provisions to allow authorities greater flexibility in seizing and civilly recovering crypto assets. In addition, the legislation clarified the authority of the government over digital assets "intended to be used for the purposes of terrorism" or related reasons. Lawmakers will consider all amendments to the bill before it can become law by royal assent.
Binance, Coinbase, and Gemini Staff Among the Least Happy, Data Suggests
According to a quadrant graph By tech recruiting 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 graph shows the happiest and least happy workers at more than 27 of the most valuable crypto companies at different stages of maturity. Late cryptocurrency lender Celsius, cryptocurrency 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 cautioned that the data should be taken with a grain of salt.
Winners and losers
At the end of the week, Bitcoin (BTC) I sat down $30,321Ether (ETH) in $1,868 and XRP in $0.46. Total market capitalization is $1.18 trillion, according to CoinMarketCap.
Among the top 100 cryptocurrencies, the top three altcoin gainers of the week are Bone ShibaSwap (BONE) at 40.88%, manufacturer (MKR) at 12.94% and Flow (FLOW) at 11.73%.
The top three altcoin losers of the week are ApeCoin (BUN) at -15.13%, stellar (XLM) at -13.31% and Fantom (FTM) at -12.63%.
For more information on cryptocurrency prices, be sure to read Cointelegraph Market Analysis.
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most memorable quotes
"The year after the Bitcoin halving is usually the bull year."
chang peng zhaoBinance CEO
"Decentralized perpetuals and futures trading is much newer, so there is a huge opportunity for growth with on-chain derivatives."
henrik anderssoninvestment director of Apollo Crypto
"Let's be clear: Bitcoin is an international asset."
Larry FinkCEO of BlackRock
“The future tells me that we are going towards augmented intelligence that will end AI mixing with normal brains. Maybe that's the future of humanity."
Paul ArdoinoTether CTO
“It takes a special kind of person to owe $3.3 billion to hundreds of thousands of people and believe, or at least pretend to believe, that they are some kind of victim.”
cameron winklevossGemini CEO
“The initial investment related to Bitcoin, I think particularly at an early stage, has doubled in the last year. So that's positive."
Adam BackBlockstream CEO
prediction of the week
BTC Price Remains 'Definitely Bullish' as $30K Bitcoin Buyers Emerge
Bitcoin bulls were hopeful that The new yearly highs would allow BTC/USD to break out of its months-long trading range for good, but it ended up disappointing. The largest cryptocurrency was rejected at $31,500 this week, dipping below the $30,000 mark just hours later to challenge the bottom of the range.
The longer-term outlook also continued the overall bullish narrative, with short-term pullbacks and sideways below expected resistance.
Pseudonymous trader TraderKoz allayed fears about a deeper drop challenging Bitcoin's uptrend. “With a lot of people talking about short-term retracements, it's important to keep the big picture in mind and not lose focus,” he wrote on July 6, adding: “Whether we retrace to 28k, 29k or anywhere else, this The weekly chart is definitely bullish (in my opinion) and I will look for bids on dips.”
FUD of the week
Multi-chain MPC bridge sees departures of more than $100 million, raising fears of exploitation
The abnormally large output streams of the multi-party computing (MPC) bridge platform Multichain are raising fears of a multi-million dollar feat. On July 6, observers noted that more than $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 detectives took to Twitter to label the event as a potential exploit. Multichain said that the movements were abnormal and that the team "is not sure what happened and is currently investigating."
Coinbase Domain Name Reportedly Used by Scammers in High-Profile Attacks
Coinbase Users have been taking to Twitter to report scams and phishing attacks involving the company's services and apps in recent weeks, including claims that scammers are using the crypto exchange's domain name. Perpetrators have reportedly been using the email "help@coinbase.com" to trick users into gaining access to accounts. Coinbase said that anyone who defrauds its customers will be prosecuted.
BarnBridge DAO Calls for Stop 'All Work' on DeFi Protocol Amid SEC Probe
BarnBridge DAO Members have been told to pause "all work" related to the project after an investigation reported by the US Securities and Exchange Commission, Douglas Park, a lawyer for the decentralized autonomous organization, revealed the news to members in a post on the platform's Discord channel. All BarnBridge-related products are currently suspended, including its liquidity pools. DAO members do not receive compensation for work arising from the organization's investment efforts.
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