Bitcoin’s ‘Great Accumulation,’ Binance.US Resumes Withdrawals, and Other News: Hodler’s Digest, June 18-24
Top Stories This Week
This week, industry experts have noted the start of what they are calling the ‘Great Accumulation’ of Bitcoin. This renewed optimism comes as several investment giants, such as Fidelity, Invesco, WisdomTree, and Valkyrie, have applied for a Bitcoin spot exchange-traded fund (ETF) with the United States Securities Exchange Commission (SEC). The growing interest in a Bitcoin ETF is believed to be the reason behind the recent surge in Bitcoin’s price.
Binance.US solves USD withdrawal issues but warns it won’t last long
Binance.US, a leading cryptocurrency exchange, has recently resolved an issue with U.S. dollar withdrawals. After working with its banking partners, the exchange announced that customers can now withdraw USD. However, Binance.US has cautioned users that this resolution may only be temporary. The exchange suspended dollar deposits and notified users about the temporary pause to fiat withdrawal channels due to ongoing regulatory battles with the SEC.
Atomic Wallet gives major update on hack but questions remain unanswered
Atomic Wallet, a decentralized wallet provider, recently released an update about a major exploit that occurred in June. However, the update left users wanting more answers. The company did not provide specific details about what caused the exploit, only pointing to four “probable” causes. Despite claiming that less than 0.1% of app users were affected, many online users are skeptical about this figure.
UK government moves forward on financial markets bill for potential regulation of crypto
The United Kingdom’s lawmakers are making progress with legislation that could support the adoption of cryptocurrencies in the country. The Financial Services and Markets Bill, initially introduced in July 2022, aims to ensure that the UK remains a prominent player in the financial world post-Brexit. This bill includes provisions granting authority on digital asset regulation. After going through a third reading in the House of Lords, further amendments and signing into law are being considered.
Fed sees stablecoin as form of money, wants ‘robust’ role in its oversight, Powell says
In a recent congressional address, U.S. Federal Reserve Chair Jerome Powell asserted that the Federal Reserve Board considers payment stablecoins as a form of money. Powell’s comments contradict the viewpoint of SEC Chairman Gary Gensler, who believes that stablecoins may require registration and regulation with the SEC. Powell emphasized the need for a strong federal role in overseeing stablecoins’ operations in the future.
Winners and Losers
At the end of the week, Bitcoin (BTC) is priced at $30,697, Ether (ETH) at $1,896, and XRP at $0.49. The total market cap stands at $1.19 trillion, according to CoinMarketCap. Among the top 100 cryptocurrencies, the biggest gainers this week were Bitcoin Cash (BCH) at 83.66%, Pepe (PEPE) at 67.59%, and Bitcoin SV (BSV) at 51.87%. On the other hand, the top losers were KuCoin Token (KCS) at -8.21%, Quant (QNT) at -6.51%, and BitTorrent (New) (BTT) at -4.72%. For a detailed analysis of cryptocurrency prices, you can read Cointelegraph’s market analysis.
Prediction of the Week
A popular trader predicts that Bitcoin will reach new all-time highs in 2023, with October being the favored month for it. The trader, known as Credible Crypto, explains that during previous parabolic advances, Bitcoin’s momentum increased exponentially. The trader believes that Bitcoin’s retest of support on monthly timeframes, with $25,000 acting as a springboard, could lead to a new parabolic advance. If this occurs, the trader expects monthly price increases of over $10,000 and believes that Bitcoin will surpass its previous all-time high of $69,000 within a few monthly candles.
FUD of the Week
The state of Nevada’s business regulator has issued a cease and desist order to Prime Trust, a crypto custodian, stating that the company is in a “critically deficient” financial condition and cannot honor customer withdrawals. Prime Trust has been unable to process customer withdrawals since June 21. The company has 30 days to respond to the order and can request an administrative hearing to contest it. This development follows Prime Trust subsidiary Banq filing for bankruptcy protection in the United States.
An apparent malicious app posing as the popular crypto hardware wallet Trezor has been removed from Apple’s App Store. However, other copycat apps still remain. Fake wallet apps on the App Store have been an ongoing issue. In 2021, a user reportedly lost $600,000 in Bitcoin after downloading a malicious Trezor app from the App Store.
Twitter has suspended the account of an AI-powered bot called “Explain This Bob” after Elon Musk called it a “scam crypto account.” The bot, created by Prabhu Biswal, used OpenAI’s GPT-4 model to generate responses to tagged tweets. It amassed over 400,000 followers before being suspended. The project was also linked to the ERC-20 memecoin Bob Token (BOB), which launched in April. Following the suspension, the hashtag “FREEBOB” has circulated on Crypto Twitter.
Best Cointelegraph Features
Bitcoin maximalists are changing their stance on NFTs and tokens on Bitcoin, considering them to be superior to those on Ethereum. They argue that these tokens on Bitcoin have better security and are not subject to the same scalability issues as Ethereum.
Crypto enthusiasts believe that Sydney, Australia, is a hub of innovation in the crypto space. Many innovative projects and companies are emerging from this city, contributing to the global blockchain ecosystem.
Podcaster and Bitcoin enthusiast Peter McCormack regrets some of his past behavior on Twitter, acknowledging that at times he was being rude. McCormack has a significant presence on social media, often engaging in discussions about Bitcoin and cryptocurrencies.
Bitcoin 2023 in Miami comes to grips with ‘shitcoins on Bitcoin’
Bitcoin maximalists are now grappling with the idea of NFTs and tokens existing on the Bitcoin blockchain. They argue that these tokens and NFTs on Bitcoin are inherently superior to those on other blockchains, such as Ethereum.
Crypto City guide to Sydney: More than just a ‘token’ bridge
Sydney, Australia, is not just a bridge between Asia and the Western world. It is also a city that fosters innovation in various industries, including the crypto space. Many innovative projects and companies are emerging from Sydney, contributing to the global blockchain ecosystem.
Peter McCormack’s Twitter regrets: ‘I can feel myself being a dick’ – Hall of Flame
British podcaster Peter McCormack is known for his outspoken views on Bitcoin and cryptocurrency. He admits to having moments on Twitter where he has acted rudely. McCormack has a love/hate relationship with Twitter, acknowledging its positive and negative aspects.
Bitcoin’s recovery and the growing interest in crypto-related ETFs are positive signs for the cryptocurrency market. The ‘Great Accumulation’ of Bitcoin by institutional investors and the resolution of USD withdrawal issues by Binance.US indicate the continued growth and maturation of the crypto industry. However, it is crucial for users to remain vigilant and cautious, as evidenced by the Atomic Wallet hack and the presence of fake wallet apps.
For the latest news and updates on the crypto market, visit Uber Crypto News.