Every Saturday, Hodler’s Digest It will help you track each and every major news story that happened this week. Best (and Worst) Quotes, Adoption and Regulation Highlights, Leading Coins, Predictions, and More – A Week on Cointelegraph on a Link.
Featured News This Week
Bitcoin mining difficulty just dropped to a record 28%, but will this help prices rebound?
Bitcoin has recorded its biggest drop in mining difficulty of almost 28% But one model suggests that prices won’t bottom out until October.
The drop is in response to ongoing miner migration out of China and subsequent loss of hash rate, and this could lead to increased profits for miners still working.
Bitcoin has now closed its third consecutive monthly red candle, which means that BTC / USD is now the furthest from its stock-to-flow model estimates in more than two years. Data shows that the world’s largest cryptocurrency fell 40.36% in the second quarter … the biggest quarterly drop in more than three years.
Plan B said the next six months will be “decisive or broken” for the stock-to-flow model, adding: “Even for me it is always a bit awkward when the price of Bitcoin is at the lower limit of the stock-to-flow model.”
Binance faces regulatory turmoil as lawmakers target ‘global’ exchanges
Regulatory problems are mounting for Binance. Japan has accused the exchange of operating without proper registration, and stricter measures in the Canadian province of Ontario have prompted Binance to announce that it plans to cease all operations there.
On Monday, Binance suspended the use of Faster Payments in the UK, meaning that British clients would take longer to withdraw pounds from the exchange. This came days after the Financial Conduct Authority told the exchange to cease all regulated activities in the country.However, this was later reinstated.
The Securities and Exchange Commission of Thailand and the Cayman Islands Monetary Authority are the latest financial regulators to announce a regulatory crackdown on Binance.
As a major global exchange, the exchange has been struggling to find the right jurisdiction to operate its business.
Bitcoin.org blocks access to UK Bitcoin software download
Bitcoin.org has prevented UK visitors from downloading the Bitcoin Core software, as well as the whitepaper written by Satoshi Nakamoto.
It comes days after a British court ruled in favor of the self-proclaimed creator of Bitcoin, Craig Wright.
He had accused Bitcoin.org and its current operator Cøbra of copyright infringement for hosting the BTC whitepaper in the UK.
Cøbra chose not to mount a defense to protect his anonymity, and was also ordered to pay interim legal costs of £ 35,000 (approximately $ 48,600).
The trial it’s the last salvo in Wright’s assault on people who dispute his claim to be the creator of Bitcoin, Satoshi Nakamoto.
Strike to offer ‘free of charge’ Bitcoin trading, targeting Coinbase and Square
Payment platform Strike has announced that it will allow US customers to buy and sell Bitcoin with almost no trading fees, taking over companies like Coinbase, Square, and PayPal.
Strike founder and CEO Jack Mallers says his platform sets out to be the “cheapest and easiest place on the planet to acquire BTC.”
Mallers has also taken direct aim at Coinbase, describing Coinbase’s fees as “stupid.” He added: “Make no mistake, when you buy Bitcoin on Coinbase, you are supporting shitcoins.”
In other developments, Coinbase has revealed that it plans to list digital assets on its exchange faster than it does now. And as the exchange seeks to bolster its global presence, will launch a cryptographic app store that will offer products developed by third parties.
Meanwhile, Robinhood has filed an application with the US Securities and Exchange Commission for an initial public offering. That request came a day after regulators ordered the company to pay a $ 70 million fine, amid allegations that it caused a “widespread and significant damage” thousands of users.
Elon Musk’s latest attempt to pump Dogecoin fails miserably
Dogecoin prices rose but did not skyrocket after receiving another endorsement from Tesla CEO Elon Musk on Thursday.
Musk’s first tweet declared “Free the Doge!” – sending the prank cryptocurrency up to 8.42% at $ 0.261. A sell off followed suit, pushing DOGE / USD to $ 0.247.
Less than an hour later, Musk tweeted a rather unusual message that read: “Baby Doge, doo, doo, doo, doo, doo, Baby Doge, doo, doo, doo, doo, doo, Baby Doge, doo, doo, doo, doo, doo, Baby Doge.”
Subsequently, DOGE / USD rose by 5.22% to $ 0.26 after the second tweet.
This is modest compared to the huge gains we’ve seen after Musk’s tweets in the past.
Winners and losers
At the end of the week, Bitcoin is at $ 34,544.52 , Ether to $ 2,219.30 and XRP to $ 0.2469 . Total market capitalization is $ 1,433,529,255,589 .
Among the top 100 cryptocurrencies, the top three altcoin winners of the week are XinFin Network , Compound and Internet Computer . The top three altcoin losers of the week are Zeal , Theta Fuel Y Revain .
To learn more about crypto prices, be sure to read Cointelegraph’s market analysis.
Most memorable quotes
“Make no mistake, when you buy Bitcoin on Coinbase, you are supporting shitcoins.”
Jack Mallers , CEO of Strike
“I suggested to the president that whatever Salvador chooses to do regarding Bitcoin, make sure that it is well regulated, that it is transparent and accountable, and that it is protected against evil actors.
Victoria Nuland , US Department of State.
“While I believe in the power of new technologies, we must also manage their impact on our economy and society.”
Rishi Sunak , Chancellor of the United Kingdom
“The ‘Rick Astley’ is the headline that keeps buying and never tends to sell much.”
Willy woo , Bitcoin analyst
“Free 140 NFT for 140 of you best friends.”
“A good currency, in my opinion, is one that is used to buy coffee, buy your house, buy a car, and in that sense, Bitcoin has failed, and not only has it failed, it has failed miserably.”
Aswath Damodaran , professor of finance at New York University
Prediction of the week
44% of Investors Expect Bitcoin to Fall Below $ 30K in 2021: CNBC Survey
A recent CNBC poll suggests that the 44% of portfolio managers and equity strategists think Bitcoin will be below the $ 30,000 by the end of this year.
Of 56% remaining, the 25% predicted that the price would skyrocket and stabilize at $ 45,000 while another 25% projected that we could see $ 55,000.
A small minority of 6% said that Bitcoin could go back to $ 60,000 , near to all-time high of $ 65,000 seen in April 2021.
FUD of the week
Bitcoin has failed miserably as a currency, says NYU ‘dean of valuation’
Aswash Damodaran has launched another devastating attack on Bitcoin.
The New York University finance professor said: “In my opinion, a good currency is one that is used to buy coffee, buy your house, buy a car, and in that sense, Bitcoin has failed, and not only has it failed, it failed miserably.
He added that Bitcoin’s only claim to fame is in the returns earned by early investors, adding: “When I meet Bitcoin enthusiasts, they seem to push this notion that Bitcoin is a great currency because they have made a lot of money from it. . “
In May, Damodaran claimed that Ether has a better chance of becoming a commodity than Bitcoin.
UK NatWest Bank limits transactions to crypto exchanges
As the crackdown on cryptocurrencies in Britain continues, another major bank has stepped up its efforts to restrict the use of digital assets by its customers.
Natwest Group has reportedly limited the daily amount its clients can send to cryptocurrency exchanges due to concerns about investment scams and fraud. However, the new limits on fiat currency transfers have not been disclosed.
NatWest said the restrictions are designed to be temporary and, in some cases, will completely block payments to specific crypto-asset firms where there have been “particularly significant levels of fraud-related damage.”
‘We don’t have much time left’ to regulate cryptocurrencies, says Bank of France governor
The governor of the Bank of France, François Villeroy de Galhau, said that Europe should make crypto regulation a priority or risk digital assets that challenge its monetary sovereignty.
He warned that the European Union only has “one or two years” left to establish a regulatory framework for cryptocurrencies.
“In Europe we have to act as quickly as possible,” added the governor.
Best Cointelegraph Features
London fork enters Ethereum testnet as difficulty bomb lingers
As the Ethereum update in London rolls out on the Ropsten testnet, anticipation of the mainnet for stakeholders and miners increases.
Stablecoins under scrutiny: USDT backs ‘commercial paper’ tying up
Are stablecoins really stable? Tether’s basket of reserve assets surprises as a new round of backing debate begins.
Slow, but not steady: India’s stance on Bitcoin and cryptocurrencies is evolving
India’s regulatory stance on crypto has been shaky at best and biased at worst, but what is India doing about crypto?