Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The crypto market ends the week at a total market capitalization of $2,17 trillion. Bitcoin continues to trade at around $62,300. Ethereum experiences no changes and stagnates at around $2,400. XRP is down by 2%, Solana by 1%, and Dogecoin by 3%. Almost all altcoins are trading in the red, with very few exceptions. The DeFi sector decreased the total value of protocols (TVL) to around…
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Wall Street Believes BTC Could Yet Fall to 10K
A recent MLIV Pulse survey has shed light on the sentiments of Wall Street traders regarding the future of the world’s biggest crypto Bitcoin. Considering Bitcoin’s recent struggles, several Wall Street investors expect the leading crypto to rather sink to $10k support than rising soon. Few Expect a Recovery MLIV’s new study warns Bitcoin bulls and expects the bearish period to probably last longer than earlier predicted. Over the past few months, crypto prices have continued to fall, the bearish…
3 years ago
Compass Mining Lays Off 15% of Staff, Reduces Executive Compensation
Compass Mining is the next crypto company to succumb to falling crypto prices and macroeconomic uncertainty. The firm’s co-CEOs sent a letter to investors on Thursday confirming that it had laid off 15% of staff. In addition to staff cuts, Compass will also implement compensation and spending reductions across the rest of the business. “While painful, these changes will enable Compass to stay agile and well-positioned in this evolving market, which has challenged many of our industry peers,” stated the…
3 years ago
Bitcoin Lobby Group Presents Pro-Bitcoin Case to US Department of Commerce
The Bitcoin Policy Institute (BPI) has submitted a report to the US Department of Commerce highlighting how Bitcoin can serve US interests. It explores the unique attributes of Bitcoin and its potential to support matters like financial inclusion, energy, and national security Why Bitcoin is Special The BPI is a think tank dedicated to better understanding the policy implications of Bitcoin and other emerging monetary networks. Its cohort of economists, coders, and scientists look to advance the pro-Bitcoin narrative among…
3 years ago
Grayscale CEO Rejects Claims of an Establishment Agenda Against Bitcoin
Grayscale CEO Michael Sonnhenshein spoke to Fox Business on Wednesday about his fund’s rejected Bitcoin ETF application. Though he believes that Grayscale is receiving unfair treatment, he denies regulators having a larger agenda to suppress Bitcoin. During the interview, host Charles Payne asked if Sonnhenshein thought there were “underlying reasons” for its hesitancy to approve an ETF. In a similar vein, he asked whether the CEO viewed Bitcoin as a “threat” to the establishment. To the contrary, Sonnhenshein believes that…
3 years ago
The Wolf of Wall Street Still Believes in Bitcoin’s Long-Term Outlook
Jordan Belfort – the former stockbroker who inspired the film The Wolf of Wall Street – is still bullish on Bitcoin. The trader-turned-novelist argued that investors are nearly guaranteed to make money if they hold Bitcoin for over three years. HODL, says Belfort In a conversation with Yahoo Finance on “The Crypto Mile,” Belfort warned Bitcoin investors against taking a "12-month or 24-month horizon". Rather, he maintained that Bitcoin is best viewed as a long-term inflation hedge, and valuable for…
3 years ago
Crypto Adoption Improves in Turkey as Inflation Hits Record High
Turkish residents are turning to cryptocurrency and gold as the nation remains in the grip of rapidly rising inflation rates. Inflation Rates Soar Over the years prices in Turkey have shot up gradually. However, June marked the highest increase the nation has seen in nearly a quarter-century. At the moment, Turkey’s statistics institute places the annual inflation rate at 78.62%. The agency recorded a 4.95% increase from May’s 73.5% inflation rate. Various factors have contributed to the skyrocketing prices. These…
3 years ago
Peter Schiff’s Bank Was Closed by Regulators, but He Still Doesn’t Get Bitcoin
Peter Schiff – CEO of Euro Pacific Capital and a popular financial commentator – had his bank frozen by Puerto Rico’s regulators. The anti-crypto economist was mocked fiercely by Bitcoiners shortly afterward, but he failed to understand why. Closed Without Warning On Sunday, Schiff tweeted that his bank was closed due to net capital issues “despite no evidence of crimes.” The situation has left customers' accounts frozen, meaning they may lose their money. The “crimes” in question refer to media…
3 years ago
Hacker Who Stole Records of 1B Chinese Citizens Demands 10 Bitcoins
An anonymous hacker named ChinaDan recently offered to sell the personal data of 1 billion Chinese residents for 10 Bitcoins. While there are uncertainties to this claim, Changpeng Zhao and others ask users to beware. Attack on Shanghai Police Database The hacker allegedly came by the information through a cybersecurity attack that took place earlier this year. According to Reuters, the breach leaked resident details contained in a database in possession of the Shanghai National Police (SHGA). Security experts have…
3 years ago
El Salvador Buys the Dip; Adds 80 BTC to Its Balance Sheet
El Salvador, the first country to make Bitcoin (BTC) legal tender, has purchased an additional 80 BTC. The country’s president, Nayib Bukele, announced via Twitter earlier today. According to him, the Salvadoran government bought the tokens at an average price of $19,000. This means the government spent around $1.52 million on this purchase. [embed]https://twitter.com/nayibbukele/status/1542672286490271744?s=21&t=tNewbes_XFcRtaHCIDnHdg[/embed] This news comes on the heels of Bukele announcing the purchase of another 500 BTC on May 9. This purchase brought El Salvador’s BTC holdings 2,301…
3 years ago