- Dubai Regulator Suspends Crypto Exchange BitOasis’ Conditional License
Dubai’s digital assets regulator suspended BitOasis’ conditional license and initiated enforcement action just three months after issuing one, saying the cryptocurrency exchange had failed to meet certain conditions.
“BitOasis is under review for not meeting mandated conditions, required to be satisfied within 30-60 day timeframes prior to being permitted to undertake any VARA regulated market activity … ,” the Virtual Assets Regulatory Authority said in a notice on Monday.
BitOasis, which received the license in April, said it is working closely with VARA to fulfil the conditions and that the license specifically covers institutional and qualified investors, to whom it had not yet provided services.
- Binance US Arbitrage: Social Media Users Say BTC Discount Not Indication of an Opportunity
On July 10 the BTC/USD value on the beleaguered crypto exchange Binance US stood at just over $27,500, about $2,500 below the price prevailing on other centralized exchanges. In contrast, when paired with the stablecoin USDT, the top cryptocurrency’s value of just over $30,100 on Binance’s affiliate in the U.S. was consistent with that on other exchanges.
Binance US Arbitrage: Social Media Users Say BTC Discount Not Indication of an Opportunity
BTC and ETH trading at a discount on Binance US.
In fact, as shown by data on Binance US, most crypto assets listed on the platform have also been trading at a discount in USD terms. Yet, when paired with the stablecoins USDT and USDC, many of the crypto assets appeared to track their true values. While news of BTC and other crypto assets’ discounts was one of the most trending topics on Twitter on July 9, recent data on the trading platform indicates that these price discrepancies initially emerged around June 21.
- Bitcoin Will Reach $120K Before 2025, Standard Chartered Predicts
British multinational bank Standard Chartered has boosted its Bitcoin price forecast to $120,000 by the end of 2024—a 300% leap from where it is today.
In a report viewed by Reuters, the bank predicted Bitcoin’s rise will be driven largely by miners hoarding their coins and cutting off additions to Bitcoin’s circulating supply.
“Increased miner profitability per BTC (bitcoin) mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher,” wrote Geoff Kendrick, one of Standard Chartered’s top FX analysts, in the report.
https://decrypt.co/147970/bitcoin-will-reach-120k-before-2025-standard-chartered-predicts
- Crypto custody market reached $448 billion in 2022: Report
The digital asset industry reached over $3 trillion at its peak in November 2021. However, the custodial part of the market remained at the more modest mark of $447.9 billion in 2022.
These numbers are cited from a joint report on the state of digital asset custody conducted by the consulting firm PricewaterhouseCoopers (PwC) and wealth tech platform Aspen Digital. The 39-page document was published on July 11.
The report puts the number of custody service providers at 120 as of April 2023, dividing them into two broad categories: third-party service providers and self-custody solutions. Among the key institutional developments cited in the report are a rise of interest in crypto staking, resulting from the Ethereum Merge, and the appearance of nonfungible tokens (NFTs) and the metaverse, attracting institutional investors.
https://cointelegraph.com/news/crypto-report-the-crypto-custody-market-reached-448-billion-in-2022
- Egypt Struggles With Skyrocketing Inflation and Depreciating Currency, While Bitcoin Nears Record High in the Country
Recent inflation figures show Egypt is currently grappling with soaring inflation rates. The annual inflation rate surged to 36.8% in June. Citizens face rising food prices, a depreciating currency, higher fuel costs, and a growing fiscal deficit. Since June 2022, when the inflation rate was at 14.7%, the cost of goods and services in Egypt has more than doubled.
The Egyptian pound (EGP) has declined significantly against the U.S. dollar in the first half of 2023, according to the latest exchange rates. The EGP’s value has dropped 80.25% against the dollar since Dec. 26, 2003, with 42.09% of that decline occurring within the past five years. The currency has depreciated nearly 20% against the U.S. dollar since the start of 2023. Additionally, the inflation rate in Egypt has reached the highest level recorded since 1958.
- UK Regulator Ramped Up Campaign Against Crypto ATMs in May and June
The financial watchdog conducted inspections in conjunction with the South West Regional Organized Crime Unit and the police forces of Greater London, Bedfordshire and Hertfordshire.
The Financial Conduct Authority (FCA) crackdown against crypto ATMs in the U.K. saw another 18 sites inspected in May and June to bring the total for the year to 34. In total the regulator said it has “disrupted” 26 machines operating unlawfully across the country.
The financial watchdog conducted the inspections in conjunction with the South West Regional Organized Crime Unit and the police forces of Greater London, Bedfordshire and Hertfordshire.
In one case, a member of the public paid 1,000 British pounds ($1,290) into a crypto ATM and, even though the machine said the transaction was unsuccessful, no funds were returned.
- Egypt Struggles With Skyrocketing Inflation and Depreciating Currency, While Bitcoin Nears Record High in the Country
Recent inflation figures show Egypt is currently grappling with soaring inflation rates. The annual inflation rate surged to 36.8% in June. Citizens face rising food prices, a depreciating currency, higher fuel costs, and a growing fiscal deficit. Since June 2022, when the inflation rate was at 14.7%, the cost of goods and services in Egypt has more than doubled.
The Egyptian pound (EGP) has declined significantly against the U.S. dollar in the first half of 2023, according to the latest exchange rates. The EGP’s value has dropped 80.25% against the dollar since Dec. 26, 2003, with 42.09% of that decline occurring within the past five years. The currency has depreciated nearly 20% against the U.S. dollar since the start of 2023. Additionally, the inflation rate in Egypt has reached the highest level recorded since 1958.
- Celsius liquidations could exert sell-side pressure, warns Kaiko
Celsius received approval to commence selling or converting a portion of its crypto holdings effective July 1, leading to speculation of a potential sell-off.
The market for digital assets within the portfolio face “significant” pressure should bankrupt crypto lender Celsius sell or convert assets on reserve to bitcoin (BTC) and ether (ETH), research firm Kaiko said Monday.
As of June 30, the company held slightly more than $600 million worth of crypto, with its largest positions consisting of approximately $300 million in BTC and $117 million in ETH. Those volumes are a fraction of the daily trading volume for the top pair of crypto assets.
https://blockworks.co/news/celsius-altcoin-liquidations
- Musk Vs. Zuckerberg Fight Has Crypto Gamblers Seeking 80% Returns on Potential Billionaire’s Clash
In a showdown that has captured the imagination of the internet, renowned tech moguls Mark Zuckerberg, the CEO of Meta, and Elon Musk, the influential figurehead of Tesla and Twitter, have ignited speculation over a potential Mixed Martial Arts (MMA) showdown.
What Happened: This unexpected turn of events has prompted crypto gamblers to engage in wagering, as they eagerly await the outcome of a clash between the billionaires.
Data from Polymarket, a blockchain-based betting platform currently lists the “Musk” shares at $0.51 each, while the “Zuck” shares are valued at $0.50.
Blockchain-based prediction markets offer a venue where users can place bets and have them settled through smart contracts using cryptocurrencies. These permissionless platforms enable gambling on a wide range of topics.
https://www.binance.com/en/feed/post/771545
- Arkham on-chain ‘Intel Exchange’ labeled ‘snitch-to-earn’ by Crypto Twitter
Arkham, a “blockchain intelligence company,” announced what it’s calling the “world’s first on-chain intelligence exchange” on July 10 alongside the launch of a new coin, ARKM, through Binance’s Launchpad service.
Crypto Twitter has had a predictably split response to the announcement, with negative sentiment surrounding Arkham’s purported mission to “deanonymize the blockchain” causing some ire. Chief among the complaints, many of which describe the company’s Intel Exchange as a “snitch-to-earn” or “snitching-as-a-service” program, involves Arkham’s perceived role as a centralized intelligence agency.
As Arkham stated in its announcement thread, there are numerous positive use cases for the utilization of blockchain sleuths as information brokers. However, some experts are concerned about the potential for misuse that the exchange’s proposed business model appears to follow.
