Crypto Market Updates, Latest News !!

In this blog I will cover all the market news going on including the recent china news, BTC updates and alt coin news .

China News

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The People’s Bank of China has shut down a local firm suspected of providing various software services to cryptocurrency businesses.

As the new came out the price of bitcoin started falling rapidly. Most of the alt coins started falling too with Eth below $2300.

Bitcoins Updates

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  1. A study from Analytical service Coinalyze shows a significant decrease in trading volumes in bitcoin in early July on spot platforms.

2. Another Positive news is that purpose Bitcoin ETF holdings have been increasing regardless of the market conditions.

3. The Bitcoin Outflows From Spot Exchanges has Reached a Yearly High.

4. Another News is from the Financial giant JPMorgan says BTC Price crash on its way.

5. According to the operator Bitcoin.org under the nickname Cobra, the site was under “absolutely massive DDoS attack. They said they wont stop until a ransom has been in BTC is delivered.

6. JP Morgan predicts upcoming GBTC unlock would put downward pressure on Bitcoin price.

7. ‘Russian’ hackers demand $70 Million in Bitcoin (BTC) to restore US companies data.

Photo by Clint Patterson on Unsplash

The ransom demand was posted by a group called REvil, which is allegedly a ‘Russian’ group. The hackers are claiming to have access to over 1 million computers worldwide. The only way to retrieve hacked data is to pay up, or else there lies the risk of a leak or permanent deletion of information.

Other Market Updates

  1. Sygnum Becomes The First Bank to Offer Ethereum 2.0 Staking. They revealed they intends to become the first banking institution to provide Ethereum 2.0 staking. In doing so, its clients may be able to earn returns of up to 7 percent per annum. Sygnum Bank said “ Ethereum is a fast-growing network, and as such, staking is an attractive option for long-term investors looking to generate profits.”
Photo by Zoltan Tasi on Unsplash

2. Digital Asset Manager CoinShares to Acquire Alan Howard’s ETF Index for $17 Million.

3. A report from Financial Times says “A London Hedge Fund with $55 billion in assets under management has become the latest institution to enter the crypto market”. The hedge fund is looking to invest in blockchain technology and payment systems for cryptocurrencies as well as stablecoins.

4. Coinbase one of the best trading platform went from rank 1 in App Store to nearly rank 300 in 2 months.

5. The Hong Kong subsidiaries of South Korea’s largest exchange Bithumb are facing a lawsuit for breach of contract and top executives including the owner of the exchange have been indicted for committing fraud.

6. Cardano’s goals by 2026 include onboarding 50 banks, working with ten Fortune 500 companies. Cardano is aiming to promote growth in wallet addresses & increase diversity in the on-chain activity. It will lead the regulated Defi market to stay regulated, however, there shall be no more requirement for intermediary support. With the increase in on-chain diversity and wallet address, Cardano’s target is to bridge the gap between dependency on intermediaries and a regulated as well as an approachable decentralized system of finances.

7. Aave hovered near its three-week high on Tuesday, helped by the prospects of its foray into the mainstream through the launch of an institutional lending platform.

8. Philippine Stock Exchange plans cryptocurrency exchange.

9. Barclays stops UK clients from sending funds to Binance.

Conclusion:

There has a been lot of fuds going on in the market, as soon as bitcoin starts to recover some new fud comes up the market is really bearish guys and its smart to play along the market so lets trade accordingly.

I am planning to give weekly market updates too along with trading knowledge. So, you guys can expect it weekly I will try to cover all the important news in one blog or I will make another at the end of week if anything important comes up.

Not a financial advice.

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