BlackRock is bullish on Bitcoin, Gemini CEO’s ‘delusion’, CEX’s disgruntled staff

Top stories this week

Larry Fink, CEO of BlackRock, recently delivered pro-crypto remarks claiming “Bitcoin is an international asset” and suggesting US regulators consider how an ETF directly tied to Bitcoin could democratize finance in the country. Under Fink, BlackRock has attempted to launch a spot BTC ETF with crypto exchange Coinbase acting as a monitoring partner. It is unclear whether the US Securities and Exchange Commission (SEC) will approve the investment vehicle, given its track record of rejecting all previously submitted spot BTC ETF applications to date.

Gemini files suit against Digital Currency Group and Barry Silbert over Genesis and Earn program

Gemini has announced legal action against conglomerate Digital Currency Group (DCG) and its CEO, Barry Silbert, alleging “fraud on creditors.” Genesis, a DCG subsidiary, had been the crypto lender responsible for running an Earn program in partnership with the crypto exchange. The suit follows an open letter released by Gemini co-founder Cameron Winklevoss, who criticized Silbert for allegedly trying to play the victim card while owing over a billion dollars to Earn’s investors. “Not even Sam Bankman-Fried was capable of such delusion,” Winklevoss wrote in the letter.

Bitcoin bull run incoming: Binance CEO Changpeng Zhao reveals when

Binance CEO Changpeng “CZ” Zhao has delivered his prediction for the next Bitcoin bull market. In an “ask me anything” session on July 5 on Twitter, CZ gave his thoughts on the next bull run, explaining that the price of Bitcoin has historically moved in four-year bull cycles, and his best bet was that this would continue with to occur. . While admitting he could not predict the future, Zhao emphasized the upcoming Bitcoin halving event in 2024 and declared 2025 to be the most likely year for the next bull market, saying, “The year after Bitcoin halving is usually the bull year.”



The UK government is moving forward with a bill that aims to empower authorities to seize crypto

Lawmakers in the United Kingdom are moving forward with legislation aimed at expanding authorities’ ability to target cryptocurrencies used for illicit purposes. A June 27 version of the bill included provisions to give authorities greater flexibility in the confiscation and civil recovery of crypto assets. In addition, the legislation clarified the government’s authority over digital assets “which are intended to be used for terrorist purposes” or related causes. Lawmakers will consider any changes to the bill before it can become law by royal assent.

Binance, Coinbase and Gemini staff are among the least happy, data suggests

According to a quadrant chart from tech recruiting firm TrueUp using data from Glassdoor, crypto exchanges including Gemini, Binance and Coinbase are home to some of the least happy employees in the industry. The chart shows the happiest and least happy workers across over 27 of the most valuable crypto companies at various stages of maturity. Defunct crypto lender Celsius, crypto exchange Gemini and trading firm Amber Group top the list of least satisfied employees, followed by Binance and Coinbase. Binance said its “hardcore” work culture could explain some of the results, while Crypto Recruit founder Neil Dundon cautioned that the data should be taken with a grain of salt.

Winners and losers

At the end of the week, Bitcoin (BTC) is at $30,321Ether (ETH) on $1,868 and XRP on $0.46. The total market value is at $1.18 trillion, according to to CoinMarketCap.

Among the top 100 cryptocurrencies, this week’s top three altcoin winners are Bone ShibaSwap (BONE) at 40.88%, Maker (MKR) of 12.94% and Flow (FLOW) of 11.73 per cent.

The top three altcoin losers of the week are ApeCoin (MONKEY) at -15.13%, Stellar (XLM) of -13.31% and Fantom (FTM) of -12.63 per cent.

For more info on crypto prices, be sure to read Cointelegraph’s market analysis.

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Most Memorable Quotes

“The year after the Bitcoin halving is usually the year of the bull.”

Changpeng ZhaoCEO of Binance

“Decentralized perpetuals and futures trading are very recent, so there is a high growth opportunity to be had with on-chain derivatives.”

Henrik Anderssoninvestment manager at Apollo Crypto

“Let’s be clear: Bitcoin is an international asset.”

Larry FinkCEO of BlackRock

“The future tells me that we are heading towards increased intelligence that will end up with artificial intelligence mixing with normal brains. Maybe that is the future of humanity.”

Paolo Ardoinochief technology officer at Tether

“It takes a special kind of person to owe $3.3 billion to hundreds of thousands of people and believe, or at least pretend to believe, that they are some kind of victim.”

Cameron WinklevossCEO of Gemini

“Bitcoin-related startup investment, I think especially at an early stage, had doubled in the last year. So that’s positive.”

Adam backCEO of Blockstream

Prediction of the week

BTC Price Remains “Unquestionably Bullish” As $30K Bitcoin Buyers Emerge

Bitcoin bulls had hopes that fresh annual highs would allow BTC/USD to exit its month-long trading range for good, but ended up disappointed. The largest cryptocurrency declined to $31,500 this week, falling below the $30,000 mark just hours later to challenge the bottom of the range.

Longer-term perspectives also continued the overall bullish narrative, with short-term retracements and sideways movement below resistance expected.

Pseudonymous trader TraderKoz dispelled fears of a deeper comedown challenging Bitcoin’s uptrend. “With many people talking about shorter pullbacks, it’s important to keep the bigger picture in mind and not lose focus,” he wrote on July 6, adding: “Whether we pull back to 28k, 29k or wherever second, this weekly chart is definitely bullish (in my opinion). And I’ll be looking to bid divers.”

FUD of the week

Multichain MPC bridge sees $100M+ outflows, raising fears of exploitation

Abnormally large outflows from the Multichain multi-party computation (MPC) bridge platform are raising fears of a multi-million dollar exploit. On July 6, observers noted that over $102 million in crypto had been withdrawn from Multichain’s Fantom bridge on the Ethereum side, as well as $666,000 from Dogechain and $5 million from Moonriver. Several scouts at the chain took to Twitter to label the event as a possible exploit. Multichain said the movements were abnormal and the team “is not sure what happened and is currently investigating.”

Coinbase domain name allegedly used by fraudsters in high-profile attacks

Coinbase’s users have taken to Twitter to report scams and phishing attacks involving the company’s services and applications in recent weeks, including claims that fraudsters are using the crypto exchange’s domain name. According to reports, the perpetrators used the email “help@coinbase.com” to defraud users and gain access to accounts. Coinbase said that anyone who cheats its customers will be prosecuted.

BarnBridge DAO Calls To Stop ‘All Work’ On DeFi Protocol Amid SEC Probe

BarnBridge DAO members have been asked to pause “all work” related to the project following a reported investigation by the US Securities and Exchange Commission. Douglas Park, a lawyer for the decentralized autonomous organization, revealed the news to members in a post on the platform’s Discord channel. All BarnBridge-related products are currently on hold, including its liquidity pools. DAO members do not receive compensation for work resulting from the organization’s investment efforts.

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Editorial office

Cointelegraph Magazine writers and reporters contributed to this article.

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