Discover the latest crypto highlights in this SEO-optimized episode of “We Will Crypto” podcast. Join host Ananomyx as he dives into the resilience of Bitcoin above $30,000 despite setbacks, the rise of altcoins like Litecoin and Bitcoin Cash, and the bullish sentiment surrounding Bitcoin. Explore the hopes for the approval of a spot Bitcoin ETF and the recent developments in refiled ETF applications by Fidelity Investments and other firms. Get insights into the historic Nasdaq debut of Bitcoin Depot, the world’s largest crypto ATM operator, and the entry of Bitget into the cryptocurrency lending sector. Stay informed about the recent exploit experienced by Poly Network and the importance of security in the crypto industry. Lastly, delve into the global shift in crypto capital and the regulatory developments in various jurisdictions, including Thailand and Singapore. Don’t miss out on the latest developments in the crypto world – tune in to “We Will Crypto” for a comprehensive crypto news update.
Welcome to “We Will Crypto,” the podcast where we dive into the latest developments and trends in the world of cryptocurrencies and blockchain technology. I’m your host, Ananomyx, and today is Monday, July 3, 2023. In today’s episode, we have a jam-packed agenda covering a range of exciting topics. We’ll explore the resilience of Bitcoin above $30,000 despite setbacks such as the rejection of ETF applications by the SEC, and the significant inflows into Bitcoin investment products. We’ll also discuss the rise of altcoins like Litecoin and Bitcoin Cash, the bullish sentiment surrounding Bitcoin, and the hopes for the approval of a spot Bitcoin ETF. Additionally, we’ll delve into the recent developments in the refiled ETF application by Fidelity Investments and other firms. We’ll highlight the historic Nasdaq debut of Bitcoin Depot, the world’s largest crypto ATM operator, and the entry of Bitget into the cryptocurrency lending sector. Furthermore, we’ll shed light on the recent exploit experienced by Poly Network, emphasizing the importance of security in the crypto industry. Finally, we’ll explore the global shift in crypto capital and the regulatory developments in various jurisdictions, including Thailand and Singapore.
Let’s start by talking about Bitcoin and Ethereum. Bitcoin and Ethereum prices continue to rally, with Bitcoin surpassing $31,000 and Ethereum approaching $2,000. Bitcoin experienced a 1.8% jump in 24 hours and has gained over 2% in the past week. Institutional investors are showing increased interest in the digital asset market, with $125 million of inflows in the past week, primarily focused on Bitcoin. The rise in Bitcoin’s market dominance to 58% is its highest level since April 2021. Additionally, Pepe, a meme coin launched in April, has seen significant gains recently but has also experienced a decline in value since its peak.
Altcoins like Litecoin, Ripple, and Cardano saw minimal inflows. Interestingly, Litecoin and Bitcoin Cash have experienced significant gains, possibly due to their availability on the institutionally backed cryptocurrency exchange EDX. Ethereum has outpaced Bitcoin on the spot market, reaching $1,960 following a bullish weekend. Despite some volatility, Bitcoin’s sentiment remains bullish, and there is hope for the approval of a spot Bitcoin ETF in the future.
Speaking of ETFs, the SEC could potentially reject the recent flood of spot Bitcoin ETF filings, including those led by BlackRock. The applications were deemed lacking in clarity on how they will manage surveillance-sharing agreements to prevent fraud and manipulation. The SEC has instructed Nasdaq and Cboe to have the applications refiled with the correct data. However, financial institutions like Fidelity, JPMorgan, Morgan Stanley, and others are actively working to provide access to Bitcoin. Bitcoin’s price has doubled from its 2022 lows, reaching over $30,000, and other major cryptocurrencies have also experienced significant price increases. Bitcoin’s dominance in the market has reached a new yearly high of 52%.
Moving on, Fidelity Investments and other firms have refiled applications for a spot Bitcoin ETF after initial filings were deemed insufficient by the SEC. In the new filings, all five firms indicated that Coinbase Global Inc. would provide market surveillance for their funds, a crucial factor for gaining SEC approval. This involvement of Coinbase in the ETFs could bring a revenue boost to the company. However, it’s important to note that the filings are still subject to SEC approval.
In exciting news, Bitcoin Depot, the world’s largest crypto ATM operator, saw its shares more than double on its Nasdaq debut following a merger with GSR II Meteora. Trading under the ticker “BTM,” Bitcoin Depot became the first crypto ATM operator to list on a major U.S. stock market. With over 6,000 crypto ATMs, Bitcoin Depot plans to consolidate the sector through mergers and acquisitions and aims to install ATMs at more retail locations.
Meanwhile, Bitget, a well-known crypto exchange, has entered the cryptocurrency lending sector with its new product, Crypto Loans. The service allows users to stake one coin as collateral and borrow a corresponding amount in another coin, with loans issued at specific interest rates. This move caters to the growing demand for crypto loans, as traditional loan users show interest in digital lending. Bitget has also formed partnerships in the esports sector and is recognized as one of the top-performing platforms for copy-trading in the crypto market.
Unfortunately, not all news is positive. Poly Network, a cross-chain bridge platform, experienced another exploit where a hacker manipulated a smart contract function, resulting in the creation of billions of tokens for profit. The attack affected 57 different crypto assets across multiple blockchains. Poly Network has temporarily suspended its services and is working with centralized exchanges and law enforcement agencies to address the issue.
With the rise of crypto crime, personal losses have become a significant concern for individuals. Recent hacks targeting ordinary people have caused billions of dollars in losses and shaken consumer confidence in Web3 technology. To bridge the gap between anxious users and the potential of blockchain, prioritizing security at all levels is crucial. This includes regular audits, transaction monitoring, emergency response protocols, and automated threat detection systems. It is essential to involve third-party code auditing and specialized cybersecurity firms in the security process. Additionally, user education on safe practices is crucial to prevent crypto heists and protect users’ assets.
The global crypto market is experiencing a shift in capital as regulatory clarity and changing circumstances lead to the redistribution of funds. China’s ban on crypto-related activities in 2021 initially sparked this global shift, prompting Chinese miners to move their operations overseas and disrupting the Asia-Pacific (APAC) crypto market. Singapore and Hong Kong emerged as attractive destinations due to clear guidelines on cryptocurrency regulation. The United Arab Emirates (UAE) has also established itself as a crypto hub, offering a high quality of life and recognizing the opportunities brought by the pandemic and unfavorable crypto regimes. Dubai and Abu Dhabi have implemented measures to attract businesses from APAC and Europe.
In the United States, uncertainty surrounds the outflow of funds to comply with the European Union’s Markets in Crypto Assets (MiCA) legislation. London and the United Kingdom, major international crypto hubs, have expressed skepticism about retail crypto trading. Hong Kong, Singapore, and other Asian exchanges have become key access points to APAC markets, hindering the entry of US exchanges into this market dominated by derivatives trading.
MiCA, effective from early 2025, allows companies to serve the pan-European market and is expected to have positive effects on the crypto banking sector by enhancing consumer protection and accountability measures. France has attracted numerous crypto companies and is poised for further growth under MiCA.
Regulatory clarity is driving the redistribution of crypto capital, favoring jurisdictions that provide favorable conditions for digital asset businesses. Singapore, the UAE, and Hong Kong are benefiting from this shift, while the US faces regulatory uncertainty. The future of the crypto industry will be shaped by regulatory developments, market dynamics, and the ability of different regions to attract and support crypto innovation.
In other regulatory news, the SEC in Thailand has implemented new regulations focused on investor protection in the digital asset space. These guidelines require digital asset service providers to provide clear warnings about the risks associated with cryptocurrency trading and prohibit the use of customers’ funds for lending or investment purposes. These measures aim to safeguard investors from the risks associated with lending services.
Similarly, the Monetary Authority of Singapore (MAS) has introduced new requirements for cryptocurrency service providers to hold customer assets in a statutory trust by the end of the year. These custody measures aim to enhance investor protection and market integrity in the crypto industry. The MAS is also considering restrictions on crypto firms facilitating lending or staking for retail customers while allowing such activities for institutional and accredited investors. These measures are a response to industry implosions and the crypto lending crisis in 2022.
As we wrap up today’s episode, we’ve covered a wide range of topics that showcase the dynamic nature of the crypto industry. From the resilience of Bitcoin to the rejection of multiple spot ETF applications, the influx of capital into Bitcoin investment products, and the rise of altcoins like Litecoin and Bitcoin Cash, we’ve explored the current market trends. We’ve also discussed the refiled applications for a spot Bitcoin ETF by major firms, the historic listing of Bitcoin Depot on Nasdaq, and Bitget’s entry into the cryptocurrency lending sector. Additionally, we delved into the Poly Network exploit and the importance of prioritizing security in the crypto world. Lastly, we examined the global shift in crypto capital and the regulatory developments in jurisdictions like Thailand and Singapore. As we move forward, it’s clear that regulations and security measures will shape the future of the industry. Be sure to stay tuned to “We Will Crypto” for more updates on the latest developments in the crypto world.