{"id":8030,"date":"2021-07-03T16:17:37","date_gmt":"2021-07-03T20:17:37","guid":{"rendered":"https:\/\/cointelegraph.com\/magazine\/?p=8030"},"modified":"2021-07-03T16:17:54","modified_gmt":"2021-07-03T20:17:54","slug":"btc-make-or-break-binance-pressure-strike-attack-0626-0703","status":"publish","type":"post","link":"https:\/\/cointelegraph.com\/magazine\/2021\/07\/03\/btc-make-or-break-binance-pressure-strike-attack-0626-0703","title":{"rendered":"\u2018Make or break\u2019 for Bitcoin, Binance under pressure, Strike attacks Coinbase: Hodler\u2019s Digest, June 27\u2013July 3"},"content":{"rendered":"

Coming every Saturday, <\/i><\/b>Hodler\u2019s Digest<\/i><\/b><\/a> will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more \u2014 a week on Cointelegraph in one link.<\/i><\/b><\/p>\n

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Top Stories This Week<\/b><\/h2>\n

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Bitcoin mining difficulty just fell by a record 28% \u2014 but will this help prices recover?<\/b><\/a><\/h4>\n

Bitcoin has recorded its biggest mining difficulty drop of nearly<\/span> 28%<\/b>, but one model suggests prices will not bottom until October.<\/span><\/p>\n

The drop is in response to the ongoing miner migration out of China and the subsequent loss of hash rate \u2014 and this could deliver a profit boost for the miners still at work.<\/b><\/p>\n

Bitcoin has now closed its third red monthly candle in a row, meaning BTC\/USD is now the furthest away from its stock-to-flow model estimates in more than two years. <\/span>Data shows the world\u2019s biggest cryptocurrency fell 40.36% in Q2\u2026 the biggest quarterly plunge in over three years.<\/b><\/p>\n

Plan B said the next six months <\/span>will be \u201cmake or break\u201d<\/span><\/a> for the stock-to-flow model, adding: <\/span>\u201cEven for me it is always a bit uneasy when Bitcoin price is at the lower bound of the stock-to-flow model.\u201d<\/b><\/p>\n

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Binance faces regulatory upheaval as lawmakers target \u2018global\u2019 exchanges<\/b><\/a><\/h4>\n

Regulatory woes are piling up for Binance. <\/span>Japan has accused the exchange of operating without proper registration, and toughened measures in the Canadian province of Ontario have prompted Binance to announce that it plans to cease all operations there.<\/b><\/p>\n

Monday saw Binance <\/span>suspend the use of Faster Payments<\/span><\/a> in the U.K., meaning that it would take longer for British customers to withdraw pounds from the exchange. <\/span>This came days after the Financial Conduct Authority told the exchange to cease all regulated activities in the country. <\/b>However, this was later reinstated<\/span><\/a>.<\/span><\/p>\n

Thailand\u2019s Securities and Exchange Commission and the Cayman Islands Monetary Authority are the latest financial regulators to announce a regulatory crackdown on Binance.<\/span><\/p>\n

As a major global exchange, the exchange has been struggling to find the right jurisdiction for operating its business. <\/b><\/p>\n

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Bitcoin.org blocks access to Bitcoin software download in the UK<\/b><\/a><\/h4>\n

Bitcoin.org has blocked U.K. visitors from downloading Bitcoin Core software, as well as the whitepaper authored by Satoshi Nakamoto.\u00a0<\/span><\/p>\n

It comes days after a British court ruled in favor of self-proclaimed Bitcoin creator Craig Wright.<\/b><\/p>\n

He had accused Bitcoin.org and its current operator C\u00f8bra of copyright infringement for hosting the BTC whitepaper in the U.K.<\/span><\/p>\n

C\u00f8bra elected not to mount a defense in order to protect their anonymity \u2014 and was also ordered to pay interim legal costs of \u00a335,000 (about $48,600.)<\/span><\/p>\n

The judgment <\/b>is the latest salvo<\/b><\/a> in Wright\u2019s assault on people who dispute his claim of being Bitcoin creator Satoshi Nakamoto. <\/b><\/p>\n

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Strike to offer \u2018no fee\u2019 Bitcoin trading, taking aim at Coinbase and Square<\/b><\/a><\/h4>\n

Payments platform Strike has announced that it will allow U.S. customers to buy and sell Bitcoin with almost no trading fees \u2014 taking on the likes of Coinbase, Square and PayPal.<\/span><\/p>\n

Strike\u2019s founder and CEO Jack Mallers says his platform is setting out to be the \u201ccheapest and easiest place on the planet to acquire BTC.\u201d<\/b><\/p>\n

Mallers has taken aim directly at Coinbase too, describing Coinbase\u2019s fees as \u201casinine.\u201d He added: <\/span>\u201cMake no mistake, when you buy Bitcoin on Coinbase, you are supporting shitcoins.\u201d<\/b><\/p>\n

In other developments, Coinbase has revealed that it plans to list digital assets on its exchange faster than it does now. <\/span>And as the exchange seeks to bolster its global presence, <\/b>it\u2019s going to launch a crypto app store<\/b><\/a> offering products developed by third parties.<\/b><\/p>\n

Meanwhile, <\/span>Robinhood has filed an application<\/span><\/a> with the U.S. Securities and Exchange Commission for an initial public offering. <\/span>That application came a day after regulators ordered the company to pay a $70 million penalty, amid allegations it caused <\/b>\u201cwidespread and significant harm\u201d<\/b><\/a> to thousands of users.<\/b><\/p>\n

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Elon Musk’s latest attempt to pump Dogecoin fails miserably<\/b><\/a><\/h4>\n

Dogecoin prices surged but did not skyrocket after receiving another endorsement from Tesla CEO Elon Musk on Thursday.<\/span><\/p>\n

Musk\u2019s first tweet declared \u201cRelease the Doge!\u201d \u2014 sending the joke cryptocurrency up 8.42% to $0.261. <\/b>A sell-off followed suit, taking DOGE\/USD down to <\/span>$0.247.<\/b><\/p>\n

Less than an hour later, Musk tweeted a rather unusual message that said: <\/span>\u201cBaby Doge, doo, doo, doo, doo, doo, Baby Doge, doo, doo, doo, doo, doo, Baby Doge, doo, doo, doo, doo, doo, Baby Doge.\u201d<\/b><\/p>\n

DOGE\/USD subsequently rose <\/span>5.22% <\/b>to <\/span>$0.26 <\/b>after the second tweet.<\/span><\/p>\n

This is modest compared with the wild gains we\u2019ve seen after Musk\u2019s tweets in the past.<\/span><\/p>\n

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Winners and Losers<\/b><\/h2>\n

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At the end of the week, Bitcoin is at <\/span>$34,544.52<\/b>, Ether at <\/span>$2,219.30 <\/b>and XRP at <\/span>$0.2469<\/b>. The total market cap is at <\/span>$1,433,529,255,589<\/b>.<\/span><\/p>\n

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are <\/span>XinFin Network<\/b>, <\/span>Compound <\/b>and <\/span>Internet Computer<\/b>. The top three altcoin losers of the week are <\/span>Celo<\/b>, <\/span>Theta Fuel <\/b>and <\/span>Revain<\/b>.<\/span><\/p>\n

For more info on crypto prices, make sure to read <\/span>Cointelegraph\u2019s market analysis<\/span><\/a>. <\/span><\/p>\n

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Most Memorable Quotations<\/b><\/h2>\n

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\u201cMake no mistake, when you buy Bitcoin on Coinbase, you are supporting shitcoins.\u201d<\/span><\/p><\/blockquote>\n

Jack Mallers<\/b><\/a>, Strike CEO<\/b><\/p>\n

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\u201cI did suggest to the President that whatever Salvador chooses to do with regards to Bitcoin, you ensure that it is well regulated, that it is transparent and that it is responsible, and you protect yourself against malign actors.\u201d<\/span><\/p><\/blockquote>\n

Victoria Nuland<\/b><\/a>, U.S. State Department\u00a0<\/b><\/p>\n

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\u201cWhile I believe in the power of new technology, we also need to manage its impact on our economy and society.\u201d<\/span><\/p><\/blockquote>\n

Rishi Sunak<\/b><\/a>, U.K. Chancellor<\/b><\/p>\n

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\u201cThe \u2018Rick Astley\u2019 is the holder that keeps buying and never tends to sell much.\u201d<\/span><\/p><\/blockquote>\n

Willy Woo<\/b><\/a>, Bitcoin analyst<\/b><\/p>\n

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\u201c140 free NFTs for 140 of you, besties.\u201d<\/span><\/p><\/blockquote>\n

Twitter<\/b><\/a><\/p>\n

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\u201cA good currency, in my view, is one that’s used to buy coffee, buy your house, buy a car, and on that count, Bitcoin has failed, and not just failed, it’s failed miserably.\u201d<\/span><\/p><\/blockquote>\n

Aswath Damodaran<\/b><\/a>, New York University professor of finance<\/b><\/p>\n

Prediction of the Week\u00a0<\/b><\/h2>\n

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44% of investors expect Bitcoin to drop below $30K in 2021: CNBC survey<\/b><\/a><\/h4>\n

A recent CNBC survey suggests <\/span>44% <\/b>of portfolio managers and equity strategists think Bitcoin will be below <\/span>$30,000 <\/b>by the end of this year.<\/span><\/p>\n

Out of the remaining <\/span>56%<\/b>, <\/span>25%<\/b> predicted the price to shoot up and settle at<\/span> $45,000<\/b> \u2014 while another <\/span>25%<\/b> projected that we could see <\/span>$55,000.<\/b><\/p>\n

A small minority of <\/span>6%<\/b> said Bitcoin could return back to <\/span>$60,000<\/b>, near the <\/span>$65,000 <\/b>all-time high seen in April 2021.<\/span><\/p>\n

FUD of the Week\u00a0<\/b><\/h2>\n

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Bitcoin has failed miserably as currency, says NYU’s ‘dean of valuation’<\/b><\/a><\/h4>\n

Aswash Damodaran has launched another blistering attack on Bitcoin.<\/span><\/p>\n

The professor of finance at New York University said: <\/span>\u201cA good currency, in my view, is one that’s used to buy coffee, buy your house, buy a car, and on that count, Bitcoin has failed, and not just failed, it’s failed miserably.\u201d<\/b><\/p>\n

He added that Bitcoin\u2019s only claim to fame is in the returns earned by early investors, adding: <\/span>\u201cWhen I run into Bitcoin enthusiasts, they seem to push this notion that Bitcoin is a great currency because they\u2019ve made a lot of money on it.\u201d<\/b><\/p>\n

Back in May, Damodaran claimed Ether stands a better chance of becoming a commodity than Bitcoin.<\/span><\/p>\n

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UK\u2019s NatWest bank limits transactions to crypto exchanges<\/b><\/a><\/h4>\n

As the crypto crackdown continues in Britain, another high street bank has intensified its efforts to curtail its customers’ use of digital assets.\u00a0<\/span><\/p>\n

Natwest Group has reportedly capped the daily amount its customers can send to cryptocurrency exchanges due to concerns over investment scams and fraud. <\/b>However, the new limits on fiat currency transfers have not been revealed.<\/span><\/p>\n

NatWest said the restrictions are designed to be temporary \u2014 and, in some cases, payments to specific crypto asset firms where there have been \u201cparticularly significant levels of fraud-related harm\u201d will be blocked altogether.<\/span><\/p>\n

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\u2018We don’t have much time left\u2019 to regulate crypto, says Bank of France governor<\/b><\/a><\/h4>\n

Bank of France governor Fran<\/span>\u00e7<\/span>ois Villeroy de Galhau said that Europe should make crypto regulation a priority or risk digital assets challenging its monetary sovereignty.<\/span><\/p>\n

He warned the European Union only has \u201cone or two years\u201d left to establish a regulatory framework for cryptocurrencies.<\/b><\/p>\n

\u201cWe in Europe need to move as quickly as possible,\u201d the governor added.<\/span><\/p>\n

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Best Cointelegraph Features<\/b><\/h2>\n

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London fork enters testnet on Ethereum as difficulty bomb sees delay<\/b><\/a><\/h4>\n

As Ethereum\u2019s London upgrade launches on the Ropsten testnet, mainnet anticipation for stakers and miners increases.<\/span><\/p>\n

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Stablecoins under scrutiny: USDT stands by \u2018commercial paper\u2019 tether<\/b><\/a><\/h4>\n

Are stablecoins actually stable? Tether\u2019s basket of reserve assets raises eyebrows as a new round of debate regarding backing begins.<\/span><\/p>\n

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Slow, but not steady: India\u2019s stance on Bitcoin and crypto is evolving<\/b><\/a><\/h4>\n

India\u2019s regulatory stance on crypto has been shaky at best and prejudiced at worst, but what is India actually doing about crypto?<\/span><\/p>\n

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The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more \u2014 one week on Cointelegraph in one link!<\/p>\n","protected":false},"author":15,"featured_media":8035,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"mc4wp_mailchimp_campaign":[],"_links_to":"","_links_to_target":""},"categories":[35,2413],"tags":[2883,2722,2987,2727,2795,2796,2902,2989,2988],"yst_prominent_words":[225],"_links":{"self":[{"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/posts\/8030"}],"collection":[{"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/comments?post=8030"}],"version-history":[{"count":1,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/posts\/8030\/revisions"}],"predecessor-version":[{"id":8036,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/posts\/8030\/revisions\/8036"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/media\/8035"}],"wp:attachment":[{"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/media?parent=8030"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/categories?post=8030"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/tags?post=8030"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/cointelegraph.com\/magazine\/wp-json\/wp\/v2\/yst_prominent_words?post=8030"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}