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Happy Monday Folks! Over the weekend, many voice concerns about the SEC appeal of the Ripple case but John Deaton thinks it's a nothing burger. Today, the most covered news is about the launch of Worldcoin by Sam Altman. Would you get your iris scanned so we can know that you are a real human and not a bot?
Bitcoin's price has decided to drop, hearing $29K. $28.5K was the level I was watching so now let's see if it can remain above $29K. The best performing asset in the past 24 hours is $DOGE - up 4.62% and in position #7 on Coinmarketcap.com thanks to Elon Musk talking about rebranding Twitter to X. Let's jump into the news...
Biggest mining difficulty drop of 2023? 5 things to know in Bitcoin this week (Cointelegraph):
- BTC price tags $29,000 in bearish start to week
- Fed rate hike decision leads "action packed week"
- Fundamentals due a dip in Hash Ribbons "capitulation"
- NVT taps highest since 2019
- Long-term holders control 75% of BTC supply
Bitcoin’s price fell to around $29,000 as the market prices in expected rate hikes from the Federal Reserve and the European Central Bank this week as digital asset investment products recorded outflows last week for the first time since mid-June, CoinShares reported. However, On-chain data shows the number of Bitcoin sharks has continued to increase recently, but the whale count on the network has hit stagnation. Bitcoin's Bollinger Bands tighter than ever. This tranquility indicated by tightening of Bitcoin's Bollinger Bands, key technical indicator, suggesting reduced price fluctuation on cryptocurrency market. Long-term bitcoin (BTC) holders, or addresses that hold coins for at least 155 days, now control a record three-fourths of the cryptocurrency's circulating supply. With bitcoin sliding further below the $30,000 line, the value of liquidated positions has increased to almost $150 million on a daily scale. In a recent tweet, on-chain data aggregator Santiment mentioned a brief surge of Bitcoin above the $30,000 level, saying that there is one important factor that traders are recommended to keep an eye on if they look forward to a BTC price breakout this summer. Meanwhile, tick tock, next block. The Bitcoin network passed block 800,000 with less than a year to go to the next block reward halving.
An online carpet and flooring retailer based in the United Kingdom has bought Bitcoin and put it on the balance sheet, following in the footsteps of Tesla, Microstrategy and Real Bedford. The securities regulator will start reviewing the applications of BlackRock, Fidelity, VanEck, Invesco, WisdomTree, and Bitwise.
As Bitcoin’s halving date approaches, miners are already carrying extensive research and planning. Though the Bitcoin halving will reduce rewards for miners, the prospects for the industry remain bright and innovations like Ordinals promise more demand for miner services in the future. Several counties in the U.S. state of Arkansas are hurrying to adopt new ordinances before August, when crypto mining facilities will be subject to the same rules as data centers. Miners are repurposing their cooling systems, security and access to cheap energy to take advantage of the AI boom. ASIC machines are harder to convert. Miners have flocked to the state since China banned mining in 2021, encouraged by cheap energy, grid incentives and an alignment of values. “Bitcoin is all about freedom,” says one miner. “And in my dealings with the utilities and the regulators, Texas is all about freedom.” Oil and gas companies are keen to use gas that would normally be flared off to run bitcoin mining operations. But environmentalists claim the practice merely perpetuates the use of fossil fuels. Proof-of-work mining will help to decarbonize the grid and lower the cost of energy production, Reed College professor and Bitcoin Policy Institute fellow Troy Cross writes.
Data from CoinGlass reveals that the open interest for XRP futures contracts has reached a staggering $1.2 billion. XRP price cooling off after weeks of steady rallying. Dogecoin is in a descending triangle pattern and as a result the asset could pump 23,000%. Crypto exchanges Binance, Huobi, Bybit and OKX have listed Worldcoin's WLD token, which went live on Monday. Vitalik Buterin highlighted four major risks in the biometric-based proof-of-personhood system used by Worldcoin and Buterin said an approach combining social-graph and biometric techniques could mitigate these risks. However, Vitalik Buterin discusses potential future of digital identification.
Ripple Labs is teaming up with a Northern Europe-based research and development firm to run experiments centered on crypto assets and central bank digital currencies (CBDCs). San Francisco's Federal Reserve Bank is seeking a crypto architect for a central bank digital currency (CBDC). Hana Bank in South Korea plans to research certificates of deposit tokens, while Woori Bank’s research department has recently released a report on the tokens. United States Republican Representative Warren Davidson has spoken out against central bank digital currencies, urging Congress to ban them and criminalize their development. Russian citizens will not be forced to use the digital ruble, and use of the CBDC will be a voluntary choice for people to make, Bank of Russia governor said last week.
A newly-introduced crypto bill is causing a stir among US lawmakers as Democrat members of the House of Representatives accuse Republicans of focusing on less important issues. Coinbase CEO Brian Armstrong has reportedly said United States lawmakers have a renewed focus on regulatory clarity in the crypto space following talks with key officials. The U.S Securities and Exchange Commission (SEC) is reportedly asking a federal judge to pay no heed to the recent groundbreaking court ruling in favor of Ripple Labs and XRP. Ripple’s XRP offerings are unique, and the wider applications of the court’s ruling are difficult to determine, the Bank of America report said. Ripple’s chief executive has spoken out about the U.S. SEC and “the mess” it has made of the regulatory situation for digital assets. A judge in New York has approved a joint request from the SEC and Coinbase to settle dates for opening briefs and all subsequent responses.
Celsius Network and its account holders have reached a new agreement that could expedite the settlement of more than 30,000 claims filed against the bankrupt crypto lender and the former CEO of the troubled crypto lender faces multiple charges of fraud and market manipulation as U.S. regulators eye crypto market overhaul.
A Nevada woman who tried to pay a hitman on the dark web with Bitcoin to kill her ex-husband received a five-year prison sentence on Friday. Canadian police are issuing a warning to high-value crypto investors, stating thieves are breaking into homes to forcibly steal digital assets.
WATCH
LISTEN
Podcast of the Day: 180 - Worldcoin’s Sam Altman & Alex Blania on Crypto's Most Ambitious Project | Bankless
Sources:
Bitcoin Analysis (UToday | Coindesk | Blockworks | CryptoPotato | Decrypt | UToday | TB)
Inflows Sour (Coindesk | Cointelegraph)
Sharks accumulate (NewsBTC)
Bitcoin Adoption (Cointelegraph)
Spot Bitcoin ETF (CryptoPotato)
Bitcoin Mining (Cointelegraph | Coindesk | Coindesk | Coindesk | Coindesk | Coindesk | Decrypt | Coindesk)
Arkansas Mining Bill (Cointelegraph | Blockworks | Blockworks)
XRP futures (UToday)
XRP Price (UToday | Cointelegraph)
Dogecoin Analysis (Finbold | UToday)
Worldcoin Launch (Coindesk | Coindesk | EWN | Finbold | UToday | Decrypt | Cointelegraph | TB | Coindesk | Cryptoglobe | Cointelegraph | Coindesk | Coindesk | Blockworks | Cointelegraph)
- Vitalik Response (Decrypt | TB | Cointelegraph | Cryptoglobe | UToday | Coindesk | TDH | CryptoPotato)
Ripple CBDC experiments (TDH)
CBDC project (Cointelegraph)
CBDC in Korea (Cointelegraph)
Warren Davidson agains CBDCs (Cointelegraph)
Russia's CBDC (Cointelegraph | Blockworks | TDH | NewsBTC)
Financial Innovation and Technology for the 21st Century Act (TDH)
- Coinbase Response (Cointelegraph)
SEC Appeal (TDH | Blockworks)
BOA Ripple Report (Coindesk)
Ripple Response (CryptoPotato | Cointelegraph)
Coinbase vs SEC (Cointelegraph)
Celius Agreement (TDH)
Alex Mashinsky (Cointelegraph)
Hiring Hitman with Bitcoin (Decrypt)
Canadian Thieves stealing Crypto (TDH)
