Bitcoin ‘great accumulation’, Binance.US resumes withdrawals…

Top stories this week

Bitcoin’s ‘great accumulation’ has begun, says Gemini’s Winklevoss

Recently renewed optimism for an approved Bitcoin cash exchange-traded fund (ETF) is triggering “the great accumulation race” for Bitcoin, according to industry experts. Over the past week, Fidelity, Invesco, WisdomTree, and Valkyrie have followed investment giant BlackRock in applying for a Bitcoin spot ETF with the U.S. Securities Exchange Commission, which some analysts say is the reason for Bitcoin’s price surge in recent days.

Binance.US resolves USD withdrawal issues but warns it won’t last long

Crypto exchange Binance.US has informed customers that it has resolved US dollar withdrawal issues after working with banking partners, although it warned that the relief may not last. The exchange suspended dollar deposits and notified customers of an incoming pause in fiat withdrawal channels on June 9, amid its ongoing battle with the SEC. Binance.US encouraged customers whose withdrawal attempt failed to resubmit their requests. Any remaining USD balances held in client accounts will be converted to Tether at a later date.

Atomic Wallet Gives Major Hacking Update But Questions Remain Unanswered

Atomic Wallet users found themselves wanting more answers, though the decentralized wallet provider eventually released a full “event statement” about the June exploit – which some estimates cost up to $100 million in losses. In the statement, Atomic did not state exactly what led to the exploit, stating only the four most “probable” causes, including a virus on users’ devices, an infrastructure breach, an attack man-in-the-middle or malware. code injection. According to the company, “less than 0.1%” of app users have been affected, but the figure is still dismissed by many netizens.

UK Government Advances Financial Markets Bill For Potential Crypto Regulation

Lawmakers in the UK are moving forward with legislation that could help support crypto adoption in the country. First introduced in the UK Parliament in July 2022, the Financial Services and Markets Bill aimed to ensure that the country retains its place in the financial world post-Brexit, including granting authority over the regulation of digital assets. The Bill received a third reading in the House of Lords, one of the final stages of passage before any further amendments are considered and signed into law.

Fed sees stablecoin as a form of currency and wants ‘robust’ role in oversight, Powell says

The U.S. Federal Reserve Board considers payment stablecoins a form of currency, President Jerome Powell said June 21 during a speech to Congress on the 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 weekend, Bitcoin (BTC) is at $30,697Ether (ETH) To $1,896 And XRP To $0.49. The total market capitalization is $1.19 billion, according to CoinMarketCap.

Among the 100 biggest cryptocurrencies, the top three altcoin gainers of the week are Bitcoin Cash (BCH) at 83.66%, Grandpa (PEPE) at 67.59% and Bitcoin SV (BSV) at 51.87%.

Top three altcoin losers of the week are KuCoin Token (KCS) at -8.21%, Quant (QNT) at -6.51% and BitTorrent (New) (MTB) at -4.72%.

For more information on crypto prices, be sure to read Cointelegraph’s market analysis.

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Most Memorable Quotes

“We view payout stablecoins as a form of currency, and (…) it would be appropriate to have a fairly strong federal role in what happens in stablecoins going forward.”

Jerome PowellChairman of the US Federal Reserve

“It’s becoming very clear that Web3 financial rails are the future.”

Lisa WadeCEO of DigitalX

“BlackRock has breathed new life into the race (Bitcoin ETF).”

Eric Balchunassenior ETF analyst at Bloomberg

“If designed well, CBDCs can enhance the usability, resilience and efficiency of payment systems and increase financial inclusion in (Latin America and the Caribbean).”

International Monetary Fund

“Crypto will become the native currency of AI.”

Robby YungCEO of Animoca Brands

“The great accumulation of bitcoin has begun.”

Cameron Winklevossco-founder of Gemini

Prediction of the week

Bitcoin’s ‘parabolic advance’ means BTC price will hit 2023 high — Trader

Bitcoin will hit new all-time highs in 2023, and October is the preferred month for that, a popular trader has said. In a June 22 Twitter update, pseudonymous trader Credible Crypto argued that the next four months should provide the bullish momentum for BTC prices needed to hit $69,000.

“What is clear with any parabolic advance is that the momentum increases exponentially and peaks at the peak. We can see this in the two prior impulsive moves of 3k-14k and 10k-60k,” a-t He explained.This time around, Bitcoin passed a new support test on monthly timeframes, with $25,000 now possibly a springboard for another “parabolic advance.”

“I would expect that once the expansion starts (which appears to be the case), we should see monthly moves of >10,000 at a time, easily. From the current levels to the previous ATH, there is a gap of $40,000. This gap should then, logically, be covered within a few monthly candles if it is a parabolic advance,” he said.

FUD of the week

Prime Trust can’t honor customer withdrawals, says Nevada regulator

Prime Trust’s financial condition is “seriously deficient” and the crypto custodian has been unable to honor customer withdrawals since June 21, according to the Nevada trading regulator. In a cease and desist order, the regulator claimed Prime Trust was in an “unsafe or unhealthy condition” to continue trading. The company now has 30 days to respond to the order and can request an administrative hearing to challenge it. The move comes days after its subsidiary, Banq, filed for bankruptcy protection in the United States.

Apple removes malicious Trezor app from App Store

An apparent malicious app claiming to be the Trezor crypto hardware wallet has been removed from the Apple App Store, although a quick search revealed that other copycat apps are still hidden. After a Twitter user tipped off the tech company, the app was quickly taken down. Fake wallet apps on the Apple App Store are nothing new. In 2021, a user allegedly lost $600,000 in Bitcoin after downloading a malicious Trezor app from the App Store.

Twitter suspends memecoin-related AI bot after Elon Musk’s ‘fraudulent crypto’ allegation

Twitter has suspended the account of popular AI-powered memecoin-linked bot “Explain This Bob” after Elon Musk alleged it was a “fraudulent 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. It amassed over 400,000 subscribers before 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 been circulating on Crypto Twitter.

Best Crypto Features

Bitcoin 2023 in Miami tackles “shitcoins on Bitcoin”

Bitcoin maximalists began to rationalize the idea of ​​NFTs and tokens on Bitcoin as being inherently better than those on Ethereum.

Sydney’s Crypto City Guide: More Than Just a ‘Token’ Bridge

“There’s a lot of innovation coming out of this city – way more than you see on the world stage.”

Peter McCormack’s Twitter regrets: “I feel like an asshole” — Hall of Flame

The Bedford Monopoly millionaire only cares about Bitcoin, thinks CBDCs are “bullshit” and has a love/hate relationship with Twitter.

Editorial team

Cointelegraph Magazine writers and reporters contributed to this article.

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