Long-term crypto holders are likely to see a slight drop in investment from last weekend, broadly speaking, but the reality is that the market has been largely static over the past seven days.
At the time of writing, the leading cryptocurrency, Bitcoin, has fallen about 5% to $23,216 over the course of the week, while Ethereum has fallen about 0.32% to $1,714.
Other than Flow, which surged 33% to $2.64 among the top 30 cryptocurrencies by market cap, there was no noticeable price movement. What’s so great about Flow? On Thursday, Instagram added support for Flow-based NFTs for users in over 100 countries. Insta’s parent company Meta’s announcement sent Flow’s price up 44% in the last few hours of the day.
in the news
Is the bear market over? Bank of America seems to think so. In its July issue, Global cryptocurrencies and digital assets The bank posted an 11% rise in the digital asset market from June 29 to July 26, according to the report, which comes at the end of a year-to-date contraction of 56% in the market.
According to the report, during the same June/July period, Bitcoin outflow from exchanges to wallets reached $500 million, signaling a bull market as investors moved cryptocurrencies into HODL storage. There is a possibility that
Exchange inflows for the top four stablecoins (USDT, USDC, BUSD and DAI) totaled around $1.4 billion for three consecutive weeks. This is also a bullish signal as investors typically move their stablecoins to exchanges so that they can be used in riskier digital assets.
On Tuesday, cloud software company MicroStrategy announced that Bitcoin-loving CEO Michael Saylor is stepping down after 33 years at the company. The company’s president, Fong Lee, was chosen to replace Thaler.
The switch will take effect on Monday, According to Thalerhis new role as executive chairman will allow him to focus on growing the company’s $2.8 billion Bitcoin finance. largest of its kind For private companies. In MicroStrategy’s second quarter earnings call, the company reported: Impairment charges of $917 millionwhich means that the company has reduced its total investment by about a quarter. for a while.
Sailor is not alone. On Thursday, Block Inc., the payments company founded by Twitter founder and Bitcoin his Maxima mate Jack Dorsey, reported: Bitcoin impairment loss of $36 million in the second quarter. The company attributes this to “broader uncertainty around crypto assets.”
On Wednesday, a bipartisan group of U.S. senators called the Senate Agriculture Committee said: Digital Goods Consumer Protection Act. Commodity Futures Trading Commission We “exclusively monitor” anything that we consider to be “digital goods”. Importantly, the bill is: Bitcoin When ethereum as a product.
Last week, the CFTC Strengthen your technical team In preparation for potentially overseeing crypto. This new legislative proposal from the Senate Agriculture Committee builds on a bipartisan House bill that also calls for the CFTC to become the industry’s primary regulator. Responsible Finance Innovation Act was published in June and is co-hosted by Sen. Kirsten Gillibrand (D-New York) and Sen. Cynthia Ramis (Republican-Wyoming).
Crypto is also promoting alliances between political parties in the UK Thursday, the All-Party Parliamentary Group (APPG) announced that it is seeking recommendations on the following for UK crypto and digital assets: The best way to regulate cryptoThe group will “focus on key policy issues related to the UK crypto and digital asset sector, […] We are seeking input from crypto operators, regulators, industry experts, and governments on the regulatory needs of the sector. “
On the same day, it was reported that US Senator Elizabeth Warren of Massachusetts was gathering support among her Capitol colleagues for a letter asking the Office of the Comptroller of the Currency to: Withdraw Crypto Guidance Which banks have you depended on?
of legal guidance Warren’s aim is to allow banks to hold deposits that act as reserves to back stablecoins. This lays the groundwork for banks to potentially offer other crypto-related services. Warren is a hardliner when it comes to regulating cryptocurrencies, and her letter reportedly calls on the OCC to work with the Federal Reserve and Federal Deposit Insurance Corporation to develop new approaches.
