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We post daily the best Bitcoin, Cryptocurrency & Blockchain News. Admin: @LevoBNTG
🔵 USDC Witnesses $1.6 Billion Decrease in Circulation in 30 Days, USDT Sees 0.8% Increase
Data from Coingecko reveals significant changes in the circulation of stablecoins in the past 30 days, with USDC experiencing a notable decline while USDT sees a slight increase in circulation. The USDC (USD Coin) has seen a decrease of $1.6 billion in circulation over the past month, representing a substantial 5.6% drop. As of July 23, the total circulation of USDC stands at $26.867 billion. USDT (Tether) has witnessed an increase in circulation, with a rise of $660 million, marking a modest 0.8% growth.
Stablecoins have become an essential part of the cryptocurrency ecosystem, providing stability and pegging their value to fiat currencies like the US Dollar. These digital assets offer traders and investors a means to mitigate the high volatility often associated with other cryptocurrencies. The recent fluctuations in the circulation of stablecoins may be influenced by various factors, including market demand, user preferences, and regulatory developments. The decrease in USDC circulation could be attributed to investors moving funds to other assets or platforms as market conditions evolve. As stablecoins aim to maintain a 1:1 peg with the US Dollar, the decrease may indicate a shift in investor sentiment or market dynamics.
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💰 Global X ETFs And CoinDesk Team Up For Groundbreaking New Bitcoin ETF
Global X ETFs, a prominent provider of exchange-traded funds, has joined forces with CoinDesk to seek regulatory approval for a groundbreaking financial product – the Global X Bitcoin Trend Strategy ETF. Unlike traditional spot-based Bitcoin ETFs, this innovative ETF will track BTC futures contracts and the CoinDesk BTC Trend Indicator Index, which gauges the strength and direction of BTC’s price movements based on a proprietary signal.
The application for the Global X Bitcoin Trend Strategy ETF comes amidst a surge in interest from various financial entities seeking to introduce Bitcoin ETFs to the market. As per Bloomberg ETF analyst James Seyffart, this particular application is expected to be accepted, considering it is not a spot-based ETF proposal. Seyffart believes that the approval process should follow a similar path to that of previously approved Bitcoin futures ETFs. The likelihood of approval appears high, with Seyffart noting that the only possible hindrance would be the SEC’s unprecedented decision to force the delisting of all previously approved Bitcoin futures ETFs.
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💰 Bitcoin And Dogecoin Already Integrated Into Tesla’s Payment Page Since January 2023
Rumors that Tesla added Bitcoin and Dogecoin to the payment page are false. Verification found they were already present since January 2023 and not removed when Bitcoin was discontinued. Tesla has been in the news lately due to rumors that it added Bitcoin and Dogecoin to its payment page source code. However, upon verification, it was found that Bitcoin and Dogecoin were already present in the source code as early as January 2023. It appears that Tesla did not remove this code when they previously discontinued the option to pay with Bitcoin.
Dogecoin has been making waves, especially after Elon Musk tweeted about it being the “future of currency” during a Saturday Night Live show. The famous blue bird logo of Twitter was replaced by the Doge logo for some days. This prompted a 30% increase in Dogecoin’s value within minutes, making it the top-performing cryptocurrency of the day. This discovery has caused some confusion and speculation among the cryptocurrency community. Some have questioned Tesla’s motives and whether they are truly committed to crypto. Others have speculated that Tesla may have plans to reintroduce Bitcoin as a payment option in the future. Regardless of the reasons behind this discovery, it serves as a reminder to always verify information before jumping to conclusions.
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🇺🇸 SEC Now Accepts Valkyrie’s Spot Bitcoin ETF Application
The U.S. Securities and Exchange Commission (SEC) has recently acknowledged the filing of Valkyrie’s spot Bitcoin (BTC) exchange-traded fund (ETF) application, marking another significant development in the pursuit of a Bitcoin ETF. Valkyrie’s proposal, outlined in an official filing on July 17, seeks a rule change to list and trade a spot Bitcoin ETF on Nasdaq. As part of the regulatory process, the SEC has opened a public comment period, allowing interested parties to provide feedback within 21 days after publication in the Federal Register.
Eric Balchunas, a senior ETF analyst at Bloomberg, confirmed the acceptance of Valkyrie’s spot Bitcoin ETF application by the SEC. Notably, Valkyrie was the final applicant to submit a spot Bitcoin ETF proposal amid a recent surge of applications. Balchunas also highlighted that Valkyrie has chosen the ticker symbol “BRRR” for the Bitcoin ETF on the Nasdaq exchange. This move by the SEC to accept Valkyrie’s spot Bitcoin ETF application indicates a growing interest and recognition of the potential benefits of such investment products. Several prominent firms, including BlackRock, VanEck, Invesco, Fidelity, and WisdomTree, have also entered the race to secure SEC approval for their Bitcoin ETF proposals. The increased attention from major financial players highlights the growing acceptance and adoption of Bitcoin.
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🇪🇺 Europe Expects Its First Bitcoin ETF This Month, Report
Europe’s first bitcoin exchange-traded fund (ETF) is set to launch in July after a 12-month delay caused by the crypto winter. The fund has been authorized in Guernsey, a more flexible jurisdiction, which will ostensibly help to avoid some of the regulatory challenges associated with the European Union. The first bitcoin exchange-traded fund in Europe is expected to be publicly listed by the end of this month, a full year after its initially planned launch, the Financial Times reported on Thursday.
The asset manager wanted to list it on the Euronext exchange last year but decided that “the time wasn’t right” after a string of negative events in the crypto space like the crash of the terra-luna project and the bankruptcy of cryptocurrency exchange FTX. The issuer now says “demand has shifted since last summer” and the ETF is “on track.” All exchange-traded products (ETPs) based on digital assets in Europe so far have been structured as exchange-traded notes (ETNs), rather than funds, the business daily pointed out. Jacobi has specifically highlighted that it’s launching an ETF, not an ETN. While an ETF shareholder owns a portion of a fund’s underlying asset, ETN investors own a debt security.
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💰 Monochrome Updated Groundbreaking Application For First Bitcoin ETF In Australia
Monochrome Asset Management Pty Ltd, a crypto-focused investment management firm, and its responsible entity partner Vasco Trustees Ltd have made a significant move in the cryptocurrency industry by filing an updated application for a spot Bitcoin exchange-traded fund (ETF) with the Australian Securities Exchange (ASX). This marks a significant development for the Australian market as it would be the country’s first spot Bitcoin ETF under the new regulatory framework.
The Monochrome Bitcoin ETF (IBTC) aims to provide retail Australian investors with direct exposure to Bitcoin. In addition, the ETF will also offer exposure to Ether (ETH), the second-largest cryptocurrency by market capitalization. This will be made possible through Monochrome’s partnership with Vasco, which holds an Australian Financial Services Licence to offer regulated exposure to crypto-assets, specifically Bitcoin and Ethereum. Monochrome and Vasco have enlisted the support of several leading service providers to ensure a robust offering. State Street Australia, Automic Pty Limited, Ernst & Young, CF Benchmarks, and Gemini Trust Company are among the key partners supporting the venture.
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🇰🇷 South Korea Demands Crypto Companies To Reveal Holdings
South Korea’s financial regulator has released draft rules that will require companies that own or issue cryptocurrency to disclose more information in their financial statements starting in 2024. The new rules mandate that companies disclose information about the quantity, characteristics, business models, and accounting policies related to the sale of virtual currencies, as well as profits, volume, and market value of their cryptocurrency. The aim of these measures is to improve accounting transparency in the wake of the passing of the Virtual Asset User Protection Act on June 30.
Companies and their auditors held different opinions on the timing and criteria for determining whether the sale of virtual assets to customers constituted profit. Under the new rules, if companies sell virtual assets, the sales will be recognized as profit after the company fulfills obligations to its holders. Costs incurred in developing virtual assets and their platforms will not be recognized as intangible assets, the announcement said. However, the new rules may create some accounting uncertainties that domestic accounting experts have been discussing for the past year. The Financial Services Commission, the Financial Supervisory Service, and the Accounting Standards Board are all participating in this discussion.
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💰 Standard Chartered Bank Now Forecasting $120,000 Bitcoin Price By 2024
According to Reuters, prominent multinational British bank Standard Chartered predicts that the flagship cryptocurrency, Bitcoin, will hit $50,000 by the end of this year. In terms of greater peaks, the bank’s experts predict that Bitcoin will reach $120,000 by the end of next year, 2024. Standard Chartered Bank has amended its prior projection of a $100,000 Bitcoin price by the end of 2024, citing the conclusion of the “crypto winter.”
Although miners prepare to hold more BTCs, the difficulty of Bitcoin mining remains high. According to the on-chain analytics platform Glassnode, the Bitcoin Hash Rate (7DMA) is continuing to rise, hitting an all-time high of 395 EH/s. This translates to 395 quintillion guesses every second in an effort to solve a Block. Overall, Bitcoin has climbed by more than 80% since the beginning of the year, dwarfing the growth of the Nasdaq Composite index. A big bank forecasting a bright future for Bitcoin pricing is just one example of what one expert has nicknamed the BlackRock effect. The decision by BlackRock to register for a spot Bitcoin exchange-traded fund, followed by many other prominent asset managers.
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💰 BlackRock CEO’s Turnabout on Bitcoin Elicits Cheers, Skepticism of Crypto Cred
BlackRock CEO Larry Fink's change of heart on bitcoin (BTC) could make it easier for fellow Wall Street executives to embrace cryptocurrencies, but some experts warn that his favored financial instrument – the exchange-traded fund, or ETF – is an investment vehicle that's categorically different from the original ideals of digital assets and could push the industry in the wrong direction. The key distinction is that an ETF is simply a traditional investment vehicle, with bitcoin as the asset.
So the reception from the crypto faithful might be mixed, even if Fink’s newfound fondness might have helped to support the recent rally in bitcoin’s price, now up 82% year-to-date. “Crypto is losing the plot,” said Jim Bianco, president of Bianco Research. “It is supposed to be about decentralization, permissionless and self-sovereignty. Getting excited that it is going to become a more accessible poker chip is nice and will help degens in the short term, but it will not help to fulfill the real promise of crypto.”. Fink, who until this week was known to be a skeptic of crypto and at one point called bitcoin “an index of money laundering,” said on Wednesday that it could “revolutionize finance.”
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📣 Bakkt, aims to expand to Hong Kong, the UK, and the EU to benefit on cryptocurrency regulatory certainty.
Bakkt, the digital asset platform, has revealed plans to expand its operations to Hong Kong, the United Kingdom (UK), and the European Union (EU) in an effort to capitalize on regions with more regulatory clarity in the cryptocurrency space. According to Bakkt CEO Gavin Michael, the lack of a clear regulatory framework in the United States has prompted the company to focus on international expansion. The decision to target Hong Kong, UK, and EU stems from the fact that these regions have made significant progress.
Bakkt is keen on leveraging Bitcoin’s Layer 2 Lightning Network for custody and settlement services, particularly in the realm of cross-border payments. Exploring the potential of this technology opens up opportunities for Bakkt to offer efficient and secure financial services. The company believes that there is more traction and momentum in the crypto markets outside the US, attributing it to the faster pace of regulatory clarity in these regions. As a result, Bakkt aims to tap into these markets to drive the growth of its platform and better serve its international customer base. By expanding its operations to Hong Kong, UK, and EU, the company hopes to navigate the regulatory landscape more effectively and capitalize.
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🏦 BlackRock Chooses Coinbase as Surveillance Partner, COIN Skyrockets 12%
BlackRock, one of the fund managers that had to resubmit their ETF applications, due to the Security and Exchange Commission (SEC) claiming that applications submitted by Nasdaq and Chicago Board Options Exchange (Cboe) on their behalf were “inadequate,” has filed again for a Bitcoin ETF. The original filing contained details of an agreement between Nasdaq and Coinbase from last month. The objective of the agreement was to “supplement the exchange’s market surveillance program” and provide access to spot BTC trade data.
According to reports, if the BlackRock Bitcoin ETF is approved, Nasdaq will receive market data for orders and trades from Coinbase, which it will use to monitor the trading. The SEC has approved futures-based ETFs in the past, but not a spot-based one that is physically backed by the asset, as opposed to CME contracts. The SEC and Wall Street’s move to control the asset class has been interpreted by industry analysts as a response to the recent crackdown on crypto companies in America. Cboe has refiled applications on behalf of several other firms, including Fidelity, WisdomTree, VanEck, and Invesco, all of which also listed Coinbase as a surveillance-sharing partner, who were looking to launch spot BTC funds last week.
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🇺🇸 Bittrex Challenges SEC's Authority in Lawsuit Dismissal Motion
Cryptocurrency exchange Bittrex has submitted a motion to dismiss in its legal dispute with the United States Securities and Exchange Commission (SEC). Bittrex argues that the SEC does not have the authority to regulate cryptocurrencies as securities unless explicitly granted by Congress. This assertion challenges the SEC’s interpretation of existing securities regulations and seeks to establish a more defined regulatory framework accommodating digital assets.
In its motion to dismiss, Bittrex has adopted a similar approach to Coinbase, aligning its arguments closely with those made by the larger cryptocurrency exchange. This alignment indicates a strategic move by Bittrex to capitalize on the robust legal framework established by Coinbase and construct a unified defense against the SEC’s lawsuit. Bittrex’s legal team identifies what they perceive as shortcomings in the SEC’s allegations regarding the trading of investment contracts. While both defendants acknowledge that the initial sale of certain crypto assets could be classified as securities contracts, they contend that the same classification does not extend to assets traded on secondary markets.
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📣 Celsius Can Convert All Altcoins To BTC, ETH After July 1
Celsius just stated that it had been given permission to begin liquidating its altcoins, as this insolvent cryptocurrency lender intends to payout to creditors using only the two most prominent cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH). Bankruptcy Judge Martin Glenn of the Southern District of New York accepted the action, which Celsius suggested following conversations with the Securities and Exchange Commission (SEC), which has said that a spectrum of less-used crypto coins needs regulatory permission.
On July 1, 2023, Celsius will be able to sell or convert any non-BTC and non-ETH cryptocurrency into BTC or ETH. Celsius has $70.5 million in CEL, $51.8 million in MATIC, $26.2 million in ADA, $17.3 million in LINK, and $14.4 million in LTC, among other investments. The cryptocurrencies owned by Celsius amount to $218 million, according to an alleged balance sheet that went viral in April and include CEL, MATIC, ADA, LINK, LTC, DOT, BCH, AAVE, UNI, XLM, SOL, EOS, FIT, SRM, and BNB. Celsius’ native token is CEL, while the remainder is largely MATIC and ADA. The company has been in regular contact with the SEC and certain state regulatory agencies regarding the proposed distribution of cryptocurrency under the plan to ensure that all such distributions are in full compliance with applicable federal.
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🇦🇺 Australian Treasury Takes Action On Crypto De-Banking Crisis
The Australian Treasury said on Wednesday that it recognizes the importance of de-banking corporations. The Treasury also said that it knows that further delay will drive businesses underground. The action follows reports of banking partners disconnecting from crypto platforms in the nation. In the same declaration, it backed up the bulk of prior Council of Financial Regulators (CFR) guidance on de-banking, which might harm crypto-related firms. Last year, the CFR made four suggestions to the government on potential de-banking legislative steps.
The government’s move to explain its position on de-banking comes only hours after Blockchain Australia repeated its vow to eliminate fraud. Moreover, the development came after claims that Binance Australia had just 24 hours’ warning before de-banking. Binance Australia has ceased accepting AUD payments and withdrawals through bank transfers. Debanking is a severe problem. Binance’s de-banking harmed around 1 million Australian consumers. Without a doubt, the unexpected departure from the banking system has posed challenges for the crypto exchange. Users were reassured that the loss of their banking partner had not had a substantial impact on their business operations.
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📣 Jim Cramer’s Latest Change of Heart, Says He is Not Against Crypto
Jim Cramer – the host of CNBC’ financial TV show “Mad Money” – clarified that he is “not against crypto” but opposes such projects that scam people. This is yet another controversial statement coming from the American who has changed his view on the industry countless times over the years. The crypto community often mocks him for making not-so-accurate price predictions and investment guidance. For one, Cramer advised people to sell their “awful” positions in December last year when bitcoin was hovering around $17,000. Recall that the leading digital asset has recently surpassed $30,000.
Cramer took it to Twitter to explain that he is not a critic of the digital asset industry. Instead, he is against “BOGUS crypto and outfits” that drain money from investors and never give it back. Hundreds of users noted under the post that Cramer’s latest statement is much different than what he had shared before. He suggested at the beginning of 2022 that BTC and ETH selloffs could be over, hinting at the start of a new bull run. Nonetheless, last year was devastating for the sector and saw the meltdown of multiple giants, such as FTX, Three Arrows Capital (3AC), Celsius Network, and others, whereas bitcoin and ether lost a significant chunk of their USD valuation. On the other hand, the crypto market started ascending shortly after he told investors.
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⬜️ OKX Wallet Launches Staking-Like System For Bitcoin And BRC-20 Tokens
OKX has recently announced a new feature for its wallet that enables a staking-like function for tokens on Bitcoin and native bitcoin. This feature involves locking up bitcoin or BRC-20 tokens, which will then result in the user receiving BRC20-S tokens as rewards. These BRC20-S tokens are created through OKX’s extension to the current standard for building tokens on Bitcoin, known as the BRC20-S standard, which can be accessed through this link.
As stated by the company’s Chief Innovation Officer Jason Lau, the introduction of the staking-like function was a response to the desire of OKX Wallet users to have more opportunities to participate in the ecosystem. This allows for greater engagement and involvement in the cryptocurrency community. OKX has also announced that DeFi developers and projects can use the BRC20-S protocol to create staking pools and subsequently distribute BRC20-S tokens to holders of bitcoin and BRC-20 tokens. This is a significant step in the realm of blockchain technology as it provides a new avenue for developers to create and distribute tokens.OKX has revealed that it will soon launch a marketplace for selling BRC20-S tokens.
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💰 FSB Empowers G20 with Cutting-Edge Crypto Framework for Financial Transformation
The Financial Stability Board (FSB) has published a set of recommendations for international crypto regulation that will inform the G20 this September. The FSB is a global finance regulator that seeks to address the risks of crypto to global financial stability. The recommendations are based on the principle of “same activity, same risk, same regulation.” In essence, the Financial Stability Board believes that crypto activities must be regulated exactly how their traditional finance counterparts are regulated.
To ensure the safeguarding of client assets, the Financial Stability Board recommends that client assets are segregated from a firm’s own assets. The FSB points to national authorities to require that crypto-asset service providers maintain adequate safeguarding of customer assets and protect ownership rights, including in insolvency. This is an important aspect of crypto regulation that can help ensure that clients are not left in the dark when it comes to their own assets. The FSB is concerned about the practice of certain crypto exchanges, such as Binance, that “combine multiple functions.” In traditional finance, certain functions need to be carried out by different entities to avoid fraud. In crypto, it’s common for firms to act as a jack of all trades, which leads to some firms not being transparent about their governance structures.
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🇺🇸 US SEC Clarifies Coinbase Listing Approval, Stresses Regulatory Requirements
The US Securities and Exchange Commission declared that Coinbase listing clearance is not a “talisman” and does not indicate if the company meets regulatory criteria. The US Securities and Exchange Commission (SEC) has emphasized that approving a company’s S-1 listing application does not serve as a “talisman” and does not determine compliance with regulatory requirements. Court documents from the SEC v. Coinbase case reveal the SEC’s argument during a recent pre-motion hearing on July 13.
The SEC stated that approving Coinbase’s listing in April 2021 did not signify approval of its business structure. SEC attorney Peter Mancuso clarified that granting permission for a company to go public does not imply recognition of its underlying business or structure, nor does it guarantee compliance with legal regulations. Mancuso stated, “S-1 approval cannot be the company’s entire business talisman. In fact, there is no evidence that the SEC reviewed specific assets and made a specific determination assuring Coinbase that these assets would not be considered securities in the future.” Previously, the SEC had accused Coinbase of engaging in unregistered securities offerings since 2019.
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💰 Celsius Network founder arrested, charged with fraud, US prosecutor says
Alex Mashinsky, the founder and former CEO of bankrupt cryptocurrency lender Celsius Network, was arrested and charged with fraud, the U.S. attorney in Manhattan said Thursday morning. Mashinsky was charged with seven criminal counts, including securities fraud, commodities fraud and wire fraud, while Celsius' former chief revenue officer, Roni Cohen-Pavon, was charged with four criminal counts, according to the indictment, which was unsealed on Thursday.
The U.S. Securities and Exchange Commission also sued Mashinsky and Celsius on Thursday, according to a court filing, alleging Mashinsky and Celsius raised billions of dollars through the sale of unregistered crypto asset securities and misled investors about the financial success of his business. The crypto industry has been on shaky ground since the SEC's lawsuits against major crypto exchanges Binance and Coinbase Global (COIN.O) last month raised risks of further regulatory challenges for the sector. Reporting by Niket Nishant in Bengaluru and Chris Prentice in New York; Editing by Shinjini Ganguli, Chizu Nomiyama and Jonathan Oatis. The lawsuit adds to a series of challenges for Celsius Network.
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🟠 Binance Reserves Show Asset Health Of 57 Billion USD And Safely Store Diversified Coins
CoinMarketCap’s recent report on Binance’s public reserve stock has highlighted the strength and stability of the world’s largest crypto exchange. According to the 2023 H1 trading platform data report, Binance’s public reserve stock stands at an impressive $57 billion, putting it at the top of the list of all encrypted trading platforms. The report reveals that Bitcoin and stable coins make up the majority of Binance’s reserve assets, which is not surprising given the popularity and stability of these digital assets.
Despite the market panic that occurred in the past 3 months, which led to the outflow of funds from Binance, the exchange has been able to maintain its position as the market leader. The report states that Binance ranks first in terms of transaction volume and market share in the first half of 2023, demonstrating the exchange’s strength and resilience in the face of market volatility. Binance has been able to maintain a healthy amount of proof-of-reserve assets and has safely stored a diversified currency, despite the large outflow of funds from the exchange in the second quarter of 2023. This is a positive sign and indicates that Binance has robust asset management practices, which will help it to continue to grow and succeed in the cryptocurrency market.
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🇺🇸 Presidential Candidate Robert F. Kennedy Jr. Owns Up To $250K In Bitcoin: Report
Presidential candidate Robert F. Kennedy Jr. holds between $100,001 and $250,000 in Bitcoin, raising concerns about potential conflict of interest for the candidate. Presidential candidate Robert F. Kennedy Jr.’s recent BTC holdings have raised concerns about a potential conflict of interest for the candidate. Despite his statements at a Bitcoin conference in May that he was “not an investor,” CNBC uncovered financial records showing that Kennedy holds between $100,001 and $250,000 in BTC.
The revelation comes at a time when the digital asset industry is at the forefront of the political sector and has become a key talking point as the 2024 presidential election approaches. Kennedy’s support for the king of crypto has been notable throughout his campaign, and he has gone as far as accepting the digital asset for campaign donations. However, the news of his substantial BTC holdings has led to questions about his objectivity in policymaking, particularly related to the regulation of the cryptocurrency industry. Kennedy has expressed concerns about government-issued digital assets, but his personal financial interest in Bitcoin could be seen as a potential conflict of interest.
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🪙 Linked Wallet With Do Kwon Drained 18.73M USDC Just In Time 5292 BTC Moved
As reported by Digital Asset, the personal Ethereum wallet address of Terraform Labs CEO Do Kwon moved all of his 18.73 million USDC holdings to an anonymous address on July 3. The 1873 USDC withdrawal was confirmed as the largest of all stablecoin transactions that took place in CEO Kwon’s six wallets. The suspected anonymous address was created recently, and the first transaction took place on July 3. From July 3 to 5, the unknown address exchanged 18.73 million USDC for other tokens such as WBTC, ETH, stETH, and DAI through Uniswap, and other DEXs were sent to another anonymous wallet address as well as other DeFi projects.
Officials in the virtual asset industry said it appeared that Kwon’s accomplices, who have yet to be arrested, were attempting to withdraw money on a large scale. According to previous news, the LFG wallet held by Do Kwon moved 5,292 BTC to the new address on July 3, or about $163 million. Prior to the transfer, the wallet withdrew 351 BTC on May 8. LFG Wallet is a Binance wallet of the Luna Foundation, founded by Kwon in January 2021 for the purpose of protecting the price of LUNC (Terra Classic). The wallet holds the most significant amount of Bitcoin among Kwon’s on-chain assets. A court in Montenegro has ordered that Do Kwon, a former crypto criminal, and his associate Han Chang-Joon remain in detention for an additional six months while judges review extradition requests from the courts.
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💰 Do Kwon Transfers $163 Million Worth Of Bitcoin To Anonymous Wallet
Digital Asset reports that Terraform Labs CEO, Do Kwon transferred 5292 BTC (approximately $163 million) from a Luna Foundation Guard (LFG) Binance wallet to a new anonymous wallet on July 3rd. Prior to this transfer, only 351 BTC had been withdrawn from the wallet on May 8th. On July 3rd, 2021, the encrypted wallet held by Terraform Labs CEO Do Kwon, known as Luna Foundation Guard (LFG)’s Binance wallet, transferred all 5,292 BTC (approximately $163 million) to a new anonymous wallet that has no known connection to Kwon, according to Digital Asset.
The LFG wallet is the Binance wallet of the Luna Foundation, which Kwon established in January 2021 with the aim of defending the price of LUNC (Terra Classic). The wallet contained the largest amount of Bitcoin among Kwon’s on-chain assets. On November 2022, it was reported for the first time that 6983 BTC (approximately 155.6 billion won) were stored in this wallet. Since then, all transactions that took place in the wallet have been tracked and reported ten times. Prior to the BTC transfer, a test transfer appeared between the LFG wallet and the anonymous wallet on June 22nd and 23rd, where they exchanged 0.0211 BTC (approximately 870,000 won) three times.
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🇹🇭 SEC Thailand Prohibits Crypto Staking And Lending With The Passage Of The New Act
On July 3, 2023, Thailand’s Securities and Exchange Commission (SEC Thailand) issued guidelines for cryptocurrency trading entrepreneurs to disclose risk warnings so that traders are adequately informed about the risks of cryptocurrencies, as well as rules prohibiting digital asset business operators from providing services. Instead, to strengthen investor protection from the hazards of such services, back digital asset custody with returns to deposit staking and lending.
To safeguard investors, the rules went into force on July 31, with an injunction prohibiting deposit staking and lending effective on August 30. However, the SEC approved requiring cryptocurrency business operators to disclose warnings of the risks of trading cryptocurrencies at its meeting No. 12/2022 on September 1, 2022, and set to prohibit digital asset business operators from providing services or supporting deposit staking & lending services. The authorities determined to adopt upgrading the rules for revealing risk warnings from cryptocurrency trading to be more suitable at meetings No. 16/2022 on December 1, 2022, and No. 9/2023 on May 11, 2023, so the SEC Thailand has continued to write the regulations for both of these topics.
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💰 Bitcoin Miner Hive Blockchain Touts Privacy of AI Models Running on Its GPUs
Bitcoin mining firm Hive Blockchain (HIVE) aims to allow customers to train large language AI models in its data centers, touting better privacy compared to rivals such as OpenAI's ChatGPT, the firm said on an earnings call with analysts on Friday. Miners have been increasingly pivoting to AI as mining economics have interfered with their profitability, with some facing bankruptcies, while the AI sector sees a boom in interest from investors.
"Companies now are mindful that they don't want to upload sensitive client data to a company like OpenAI that has a public LLM [large language model]. What we aspire to offer at Hive through Hive Cloud is privacy where companies can have a service agreement in place, ownership of their data and privacy and still run AI [artificial intelligence] compute workloads on our bank of GPUs [graphics processing units]," said Aydin Kilic, CEO and President of the mining firm. However, it is yet to be determined whether miners can compete with big tech firms such as Google and Amazon Web Services who benefit from both economies of scale and decades of experience running high-quality customer-facing data centers.
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🇬🇧 UK Now Admits Crypto As Regulated Financial Activity In The Country
The United Kingdom (UK) has taken a proactive step to strengthen its financial ecosystem with the Royal Assent of the Financial Services and Markets Bill (FSMB). The UK Government has been working on the Financial Services and Markets Bill for quite some time, and it believes that its passage will play a central role in delivering the Government’s vision of growing the economy and creating an open, sustainable, technologically advanced financial services sector, and it includes measures to bring crypto and stablecoins under regulation.
Among other things, the FSMB establishes a clear route for crypto assets to be regulated as financial products in order to facilitate their safe adoption in the United Kingdom. The necessity to release a functioning regulation remains one of the most pressing issues in the United States, and the clear progress in the United Kingdom has sparked fears that America would lag behind in adopting future innovation. The recently signed Bill in the United Kingdom is significantly more comprehensive since it considers wider innovation using blockchain technology. Significantly, the Act provides “sandboxes” that potentially promote the deployment of innovative technologies like blockchain in financial markets.
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💰 Bitcoin Investment Soars With $187 Million Inflows In A Week, Beating Expectations
According to Coinshare, digital asset investment products saw the largest weekly inflows since July 2022, totaling $199 million. Bitcoin was the primary beneficiary, receiving $187 million in inflows last week. The renewed positive sentiment is believed to be due to high-profile ETP issuers filing for physically-backed ETFs with the US Securities & Exchange Commission. Total assets under management (AuM) have reached $37 billion, their highest since before the collapse of 3 Arrows Capital.
Ethereum saw minor inflows of $7.8 million, representing just 0.1% of AuM relative to Bitcoin’s inflows at 0.7%, suggesting a lower appetite for Ethereum compared to Bitcoin at present. The turn in sentiment did not trickle down to altcoins, with only minor inflows into XRP and Solana totaling $0.24 million and $0.17 million, respectively. However, the improved sentiment did encourage some investors to buy multi-asset investment ETPs, with $8 million in inflows last week. This surge in digital asset investment products can be attributed to filing physically-backed ETFs with the US Securities & Exchange Commission. This renewed positive sentiment is a welcome change after nine consecutive weeks of outflows. The increased inflows for Bitcoin is a clear indication of its dominance in the market, with Ethereum lagging behind.
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💰 Leveraged Bitcoin Futures ETF to Start Trading Tuesday, Sponsor Says
Volatility Shares’ 2x Bitcoin Strategy ETF (BITX) will become the first leveraged crypto ETF available in the United States after the U.S. Securities and Exchange Commission (SEC) let it go effective on Friday, an executive at the company told CoinDesk. The regulator has not denied the application for the 2x ETF, Volatility Shares Chief Investment Officer Stuart Barton said, paving the way for its launch this upcoming Tuesday.
“It’s exciting to see digital assets in the ETF wrapper,” Barton said. A leveraged 2x ETF allows customers to gain bitcoin exposure by only putting up half the value of the bitcoin. A prospectus filing said the ETF would correspond with the CME Bitcoin Futures Daily Roll Index. This comes in the wake up of bitcoin’s value steadily rising past $30,000 after multiple major traditional investment companies like BlackRock filed an application for spot bitcoin ETFs with the SEC. While a number of futures-based ETF products already trade, the SEC has consistently blocked spot products from launching. Other leveraged bitcoin futures products have also failed to secure the necessary approvals to launch.
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