BTC eased below $23,000, ETH just under $1,600
Despite the pullback in major US stocks on Friday and a modest drop from weekly highs, major cryptocurrencies are still on track for significant weekly gains. Bitcoin is on track to have gained around 9.5%, which would mark its strongest week since March. Ethereum, meanwhile, will rise by over 18%, marking its best week since last August.
Analysts said last week’s announcement of a date for Ethereum’s so-called “Merge” from a proof-of-work to a proof-of-stake consensus mechanism, now tentatively scheduled for September, gave ETH a significant boost. Alternative.me’s Bitcoin Fear & Greed Index, often cited to measure crypto market sentiment, was last at 31/100 and in a state of fear.
Kryptovinter: Nexo deposits in decline
Crypto lending platform Nexo has so far seemingly weathered the crypto winter storm well. While many of its rival firms including Celsius Network, Voyager Digital, Vauld, Babel Finance and more have been forced to halt withdrawals and, in some cases, declare bankruptcy, Nexo has projected strength and signaled a willingness to acquire rivals.
But according to data released by an accounting firm contracted by Nexo to certify its reserves, the lending platform has had significant withdrawals in recent months. According to CoinDesk reporting, Nexo’s customer liabilities were down to $3.9 billion as of Thursday from $6.9 billion on May 12. Given Bitcoin’s approximate 20% decline since then, some of this drop can be explained by the broad downside in cryptocurrency prices.
SEC needs to prove crypto tokens are securities in Coinbase insider trading case
Speaking on CoinDesk TV on Friday, a legal expert said the US Securities and Exchange Commission must first prove that some of the cryptocurrencies listed on Coinbase’s exchange are cryptocurrencies before they can pursue securities insider trading charges against one of the exchange’s former chief product officers. .
US law enforcement arrested Coinbase’s former chief product officer and one of his associates on charges of leaking information about which cryptocurrencies will soon be listed on the exchange so they can profit from the official announcement. The SEC opened a parallel case against the former Coinbase product manager, accusing him and his associates of securities fraud.
But that assumes the tokens they profited from insider trading are securities. The SEC claims that nine of the 25 tokens involved in the insider trading scheme are securities. Coinbase claims not to allow any securities to trade on its platform, and the SEC does not charge Coinbase.
Texas Republicans are pushing to protect the right to use crypto in the state’s Bill of Rights
The Republican Party of Texas has called for the inclusion of a new clause in the state’s Bill of Rights that would protect citizens’ right to own, hold and use any medium of exchange they like, including cryptocurrency. “The right of the people to own, hold and use a mutually agreed medium of exchange, including cash, coin, bullion, digital currency or scrip, when trading and contracting goods and services shall not be infringed,” reads part of the clause that Texas Republicans would like to see added.
Republican officials, including state Sen. Ted Cruz, are pushing to further solidify the state’s status as a crypto-friendly hub.
Crypto will have 1B users by 2030, says BCG Report
The global use of cryptocurrency will reach 1 billion by 2030, according to the findings of a report published on Friday by the Boston Consulting Group (BCG) together with Bitget and Foresight Ventures. BCG compares the current adoption curve of crypto-technology with that of the Internet’s early adopters and as a result concludes that there is “plenty of growth ahead”. According to the report, only 0.3% of individual wealth is stored in crypto versus around 25% in global stock markets.
