One week in review:
July 12–17 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. New data hints why Bitcoin price action has spent two months at $30K | | | Bitcoin (BTC) posted another week of range-bound price action. Bitcoin has traded in a fairly tight range over the past several days, acting more like a volatile stablecoin than the bullishly tilted turbulent cryptocurrency folks know and love. Bitcoin has largely been stuck in a price range between roughly $30,000 and $40,000 for weeks. | | | Nunya Bizniz, a Bitcoin-focused Twitter personality, noted $30,000 as a potential key level on Bitcoin's price chart, citing a number of reasons, including a Fibonacci level. | | | Will Bitcoin head north or south next? No one knows for sure, but data from Glassnode revealed folks stocking up on BTC off centralized exchanges, with roughly 2,000 Bitcoin leaving those platforms each day over the past fortnight. Such data rhymes with activity seen in April, when Bitcoin rose to nearly $65,000 per coin. | | | On the bearish front, trader Michaël van de Poppe noted a potential price fall for Bitcoin down to around $29,000 and then $24,000 if support around $31,000 broke down. | | #2. Binance stops stock token sales, 'effective immediately' | | | More Binance headlines flowed in this week as the exchange decided to halt stock token trading offerings. The company gave no rationale for the move. Folks with current positions in the platform's stock tokens are allowed a 90-day window to exit their trades. | | | Over the past couple of weeks, Binance has faced regulatory resistance on a number of fronts. | | | This week brought further regulatory news regarding Binance. Italy jumped on the bandwagon of national regulators concerned with the exchange. Binance lacks approval for providing crypto trading in the region, according to a warning sent out from the Italian Companies and Exchange Commission. | | #3. SEC delays decision on Wisdom Tree Bitcoin ETF | | | An approved Bitcoin exchange-traded fund (ETF) continues to elude the United States. This week, the U.S. Securities and Exchange Commission, or SEC, postponed its decision on Wisdom Tree's Bitcoin ETF, looking for comments from the public on the product — something the commission has done in the past regarding Bitcoin ETF proposals. | | | "The Commission requests that interested persons provide written submissions of their views, data and arguments with respect to the issues identified above, as well as any other concerns they may have with the proposal," the SEC detailed in a public document. | | #4. Prediction of the week. El Salvador Bitcoin move will put pressure on network: JPMorgan | | | Bitcoin became an official currency of El Salvador in June. However, a recent report from JPMorgan Chase doubts Bitcoin's ability to function under that context. | | | Bitcoin's scalability has been a significant talking point in recent years, with the asset transitioning to a store of value rather than a currency. Bitcoin's blockchain does not move funds particularly quickly or cheaply compared to mainstream payment cards or various other crypto assets. | | | In the JPMorgan Chase report, experts note the weight BTC must carry should El Salvador rely heavily on the asset following its recognition as legal tender. "Daily payment activity in El Salvador would represent 4% of recent on-chain transaction volume and more than 1% of the total value of tokens which have been transferred between wallets in the past year," the report detailed, as per Bloomberg. | | #5. FUD of the week. Crypto crackdown targeting USD access points has begun: Caitlin Long | | | The regulatory skies may be darkening in the distance, with further crackdown headed toward crypto in the United States. | | | Bitcoin and Ethereum may be safe from the storm in a direct manner, although regulators may pursue fiat on-ramps and middlemen connected to crypto activities, according to Avanti Bank & Trust founder and CEO Caitlin Long. | | #6. FUD of the week: UK FCA will spend £11M to warn people about investing in crypto | | | The United Kingdom's Financial Conduct Authority, or FCA, sees crypto investing as highly risky, according to a draft of a speech from FCA executive Nikhil Rathi. | | | The agency wants the country's people, particularly its younger generations, to know about such risks, putting about $15 million worth of pound sterlings to work toward getting its message across. "More people are seeing investment as entertainment," Rathi expressed, as per the draft. | | | Feel free to explore the most important news with Hodler's Digest: | | | |
