Bitcoin’s ‘Great Accumulation,’ Binance.US resumes withdrawals…

By Investor Empires On Jun 24, 2023

The “great accumulation” of bitcoin has begun, says Winklevoss of Gemini

The recently renewed optimism about a Bitcoin spot exchange-traded fund (ETF) is Ignite Bitcoin’s “Great Accumulation Race”.According to industry experts. Over the past week, Fidelity, Invesco, WisdomTree, and Valkyrie have followed investment giant BlackRock in filing for a Bitcoin ETF with the United States Securities Commission, which some analysts believe is the reason for Bitcoin’s price rally in recent days.

Binance.US solves USD withdrawal issues but warns it won’t last long

Cryptocurrency exchange Binance: The US has told customers it has resolved issues with withdrawing US dollars after working with its banking partners, though it warned the relief may not last. The exchange suspended dollar deposits and informed its customers of an upcoming halt to fiat withdrawal channels on June 9, amid its ongoing battle with the Securities and Exchange Commission. Binance.US has encouraged clients who failed to withdraw their requests to resubmit their requests. Any remaining USD balances in customer accounts will be transferred to Tether at a later date.

Atomic Wallet provides a major update regarding the hack but questions remain unanswered

Atomic Wallet users have been left wanting more answers, though, as the decentralized wallet provider finally released its full “event statement” about the June exploit — which some estimated resulted in losses of up to $100 million. In the statement, Atomic did not indicate what exactly led to the exploit, only identifying the four most “likely” causes, including a virus on user devices, an infrastructure breach, a man-in-the-middle attack or malware injection of code. According to the company, “less than 0.1%” of the app’s users have been affected, but that number is still dismissed by many online.

The UK government is moving ahead with the Financial Markets Bill for potential regulation of cryptocurrency

UK lawmakers are moving ahead with legislation that can help support cryptocurrency adoption in the country. The Financial Services and Markets Bill was first introduced to the British Parliament in July 2022, and was intended to ensure that the country retains its place in the financial world post-Brexit, including by giving power over the regulation of digital assets. The bill went through a third reading in the House of Lords, one of the final stages passed before any further amendments could be considered and signed into law.

The Fed sees stablecoins as a form of money, and wants a “strong” supervisory role, says Powell

US Federal Reserve Chairman Jerome Powell said on June 21, when addressing Congress on the proposed stablecoin bill, that the US Federal Reserve sees stablecoins as a form of money. Powell took a position at odds with that of Securities and Exchange Commission Chairman Gary Gensler. Last year, Gensler spoke at a Senate Banking Committee hearing saying that stablecoins may require registration and regulation with the Securities and Exchange Commission. Gensler has also consistently stated that all cryptocurrencies, with the exception of Bitcoin, are securities.

Winners and losers

At the end of the week, Bitcoin (BTC) in $30,697ether (ETH) in 1896 USD And XRP in 0.49 USD. The total market value of $1.19 trillion according to CoinMarketCap.

Among the top 100 cryptocurrencies, the three biggest weekly gainers are Bitcoin Cash (BCH) by 83.66% Baby (beep) at 67.59% and Bitcoin SV (BSV) by 51.87%.

The three biggest altcoin losers for the week are KuCoin Token (KCS) At -8.21%, the quantity (QNT) at -6.51% and BitTorrent (new) (BTT) by -4.72%.

For more information on cryptocurrency prices, be sure to read Cointelegraph’s market analysis.

Most memorable quotes

“We see payment stablecoins as a form of money, and (…) it would be appropriate to have quite a strong federal role in what happens with stablecoins in the future.”

Jerome PowellChairman of the US Federal Reserve

“It has become very clear that Web3 financial rails are the future.”

Lisa WadeCEO of DigitalX Corporation

“BlackRock has breathed new life into the Bitcoin ETF race.”

Eric Balchonaschief ETF analyst at Bloomberg

“If designed well, CBDCs can enhance the usability, flexibility and efficiency of payment systems and increase financial inclusion in (Latin America and the Caribbean).”

International Monetary Fund

“Crypto will become the native currency of artificial intelligence.”

Robbie YoungCEO, Animoca Brands

“The massive accumulation of bitcoin has begun.”

Cameron WinklevossGemini co-founder

predict the week

Bitcoin’s Parabolic Advance Means All-Time High Price for BTC in 2023 – Trader

A well-known trader said that Bitcoin will reach an all-time high in 2023, and October is her favorite month. In a Twitter update on June 22, the trader who goes by the pseudonym Credible Crypto argued that the next four months should provide the BTC bullish price momentum needed to deal with $69,000.

“What is evident with any parabolic advance is that momentum increases exponentially and peaks at the top. We can see this in both the previous 3k-14k and 10k-60k impulses,” he explained. This time, Bitcoin provided a successful retest of support on the monthly timeframes, with $25,000 now likely to be the starting point for a “new parabolic advance.”

“I would expect that once the expansion starts (which it appears to have already) we should see moves of over 10k per month at a time easily. From current levels to prior ATH is a $40,000 gap. Logically, that gap should be covered within A few monthly candles if that’s a parabolic progression.”

FUD week

Prime Trust cannot honor customer withdrawals, says the Nevada regulator

The Prime Trust’s financial condition is ‘critically weak’ and cryptocurrency wallet It has not been able to honor customer withdrawals since June 21, according to the Nevada business regulator. In a cease and desist order, the regulator claimed that Prime Trust was in an “unsafe or unsound condition” to continue operating. The company now has 30 days to respond to the request and can request an administrative hearing to challenge it. The move comes just days after its subsidiary, Banq, filed for bankruptcy protection in the US.

Apple removes the malicious Trezor app from the App Store

An ostensibly malicious app claiming to be Trezor’s crypto hardware wallet has been removed from Apple’s App Store, though a quick search showed other fake apps are still lurking. After a Twitter user warned the tech company, the app was quickly removed. Fake wallet apps in the Apple App Store are nothing new. In 2021, a user reportedly lost $600,000 in bitcoin after downloading the malicious Trezor app from the App Store.

Twitter suspends AI bot linked to memecoin after Elon Musk claims ‘crypto fraud’

Twitter has suspended the popular AI-powered memecoin-related bot account “Explain This Bob” after Elon Musk claimed it was a “fraudulent crypto account.” The bot was built by Prabhu Biswal from India and used OpenAI’s GPT-4 model to understand and provide responses to tweets by those who tagged the account. She amassed over 400,000 followers before commenting. The project has also been linked to the ERC-20 memecoin Bob Token (BOB), which was launched in April. Since the comment, the hashtag “FREEBOB” has been circulating on Crypto Twitter.

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Cointelegraph writers and reporters contributed to this article.