Highlighting what went right, and what went wrong, in this week’s crypto news analysis.
Looking back at last week’s biggest news, including price analyses for BTC, ETH, and XRP.
Twitter is reeling after experiencing the biggest hack in its history on Wednesday.
Scammers sent a volley of tweets extorting Bitcoin from social media accounts belonging to some of the planet’s most influential people – including Barack Obama, Bill Gates, Elon Musk and Jeff Bezos.
Considering the enormous reach of the accounts targeted, the scam was surprisingly ineffective but naturally caused a huge stir on social media and the press. While some of the mainstream media blamed Bitcoin, the cryptocurrency’s reputation is unlikely to take a hit as most news outlets were careful in framing the incident as a Twitter problem – not a Bitcoin one.
On Thursday, the local government of Beijing released a hefty 145 page document unveiling a series of plans to establish itself as the first blockchain hub. China has been a staunch promoter of blockchain, and is the first country having proposed and developed a central bank digital currency, known as DCEP.
Hot on the heels of China’s CBDC, Thailand announced it has entered the third-phase development of its native digital currency, saying the central bank is already using the CBDC for financial transactions with a number of big businesses.
Crypto exchange giant, Binance, was a regular feature in the headlines this past week after concluding its 12th BNB coin burn valued at over $60 million – the largest in the crypto asset’s history. It also announced plans to roll out its crypto debit card in the European Economic Area (EEA) and in the UK.
But it’s not all welcome news for the exchange. On Friday, it was added to the list of unauthorised companies by the Malaysia Securities Commission. This is the latest blow for Binance, which was also banned from offering derivatives products in Brazil earlier in July.
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On Friday, we unveiled an integration with Signet, the blockchain-based digital payments platform of Signature Bank.
The integration will enable institutional investors to quickly pay and settle transactions in US Dollars and other major currencies, making it faster and easier for asset managers to send different currencies between bank accounts and trading environments.
Grayscale recorded inflows of $905.8m for its second quarter— nearly double the previous quarter.
Bitcoin remained Grayscale’s most popular asset, accounting for 83% of investment, though Grayscale also reported large interest in alternative cryptocurrencies, with demand for its Ethereum Trust accounting for nearly 15% of total inflows – an all-time quarterly high.
During a webinar on July 17, The former Finance and Economic Affairs Secretary of India, Subhash Chandra Garg, told the Indian crypto community that crypto assets should be regulated as commodities.
However, he stands by his draft crypto bill that bitcoin and other cryptocurrencies should be outlawed.
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