The latest crypto bear has served as a stark reminder for investors that crypto assets come with extra risk and volatility, especially in times of economic and political uncertainty that the entire world is experiencing now. Although many experts still believe that investment decisions shouldn’t be influenced by news related panic or hype! Our Crypto news – weekly roundup, sheds light on key events and trends in crypto that transpired across the week.
Crypto News – Weekly Roundup (Week 3 – July)
The past week had markets see a revival of sorts. We finally got to see some growth in the prices of top coins that is likely to reignite the interests of investors, who seemed to have been relatively passive in the past month or so. Let us jump into the key events that took place this week in the world of Crypto:
- Bitcoin crossed the $23,000 mark after a long and daunting period of 37 days. The month of June was a whirlwind month for the crypto industry. Several crypto companies announced layoffs and froze withdrawals due to extreme market conditions. Some have even filed for bankruptcy to stem losses. Amidst all these chaotic events, the Bitcoin revival is a silver lining. Although not a significant recovery, many would still be content with the market recovery.
Bitcoin Prices over the last week. Source – Coinmarketcap
- Tesla sold 75% of its Bitcoin holdings – Tesla’s CEO, Elon Musk revealed on Thursday during its second-quarter earnings call that it sold 75% of its bitcoin holdings between April and June. During Tesla’s second-quarter earnings call, CEO Elon Musk addressed the crypto sell-off, saying that it “should not be taken as some verdict on Bitcoin.” Musk was quoted as saying that “Tesla sold its Bitcoin because it was concerned about overall liquidity of the company given COVID-19 shutdowns in China.” The company having sold 75% of its BTC holdings increased its liquidity by an additional $936 Million. Elon Musk cleared the air and said it was a move to solidify the position of the company during these tough times and had nothing to do with the merit of the cryptocurrencies. Tesla still holds digital assets worth $218 million and would consider buying again.
- Kucoin raises $10 million from Susquehanna International Group amidst rumours of insolvency – The global cryptocurrency exchange, Kucoin was the talk of the crypto community. The exchange had announced earlier this week that they have raised $10 million from Susquehanna International Group. Post this news, Binance CEO had tweeted citing the withdrawal pause at Zipmex (A renown exchange from Singapore). He had suggested that the investors should avoid exchanges that need to raise money to survive. Apart from this a twitter user with the handle name Otteroooo was cited as the major reason for spreading FUDs through rumours by Kucoin. Kucoin released an official statement later rubbishing the claims made by the same twitter user.
- Exchanges under immense pressure, Zipmex & Blockchain.com – The bear market has been tough days for everyone but even more so for cryptocurrency exchanges. A Singapore based cryptocurrency exchange Zipmex faced the heat when it had to pause its withdrawals. Citing the volatile markets resulting into financial difficulties of their key partners, Zipmex paused withdrawals on Thursday. The digital assets exchange has operations in Singapore, Australia, Indonesia and ThailandOn Thursday, the leading cryptocurrency exchange Blockchain.com laid off 25 per cent of its workforce, nearly 150 employees, amid the global economic meltdown. The digital assets trading firm said it will shut its Argentina-based offices and halt its expansion plans globally, reports CoinDesk.
- Ex-Coinbase manager arrested in US crypto insider-trading case -US authorities arrested and charged a former Coinbase Global Inc. product manager with allegedly leaking insider information to help his brother and a friend buy tokens just before they were listed on the crypto exchange, Coinbase. The move to detain Ishan Wahi, who helped oversee listings for a Coinbase unit focused on investment products, follows a sweeping probe that involved prosecutors in the Southern District of New York and the Securities and Exchange Commission (SEC). The SEC also sued Wahi for allegedly violating the agency’s anti-fraud rules. This entire fiasco has also been dubbed as the “first crypto insider trading tipping scheme”
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