Crypto News of the day (31.7.) | Analyst: Whales are sending Bitcoins and stablecoins to crypto exchanges • Bitcoin is not completely banned in China • and other news
4 min readTable of Contents
We have prepared for you an overview of the most important things that happened during the last day in the cryptoworld. Welcome to crypto news of the day.
Markets
Bitcoin has been at rest for the past 24 hours, with small gains toward $ 11,100. Unlike the primary cryptocurrency, the altcoin market has made impressive gains, including yesterday’s birthday project – Ethereum and Chainlink. Although the US economy has had the worst quarter since World War II in terms of GDP, Wall Street is breaking records, especially in technology.
You can monitor the current prices of cryptocurrencies here.
Cryptocurrency
Analyst: Whales are sending Bitcoins and stablecoins to crypto exchange
Holders of bitcoins and stablecoins are waking up and moving their funds towards crypto exchanges. According to Ki Young Ju, CEO of CryptoQuant, they share information on how deposits from big whales are starting to grow and reach record levels in a few months. He went on to think that the influx of stablecoins would eventually win, which could lead to higher BTC prices in the coming days and weeks. However, this can change at any time, and once stablecoins stop entering the market, the price of the largest virtual currency, as well as the prices of stablecoins, could eventually fall.
Bitcoin is not completely banned in China
China has no objections to “Bitcoin as a virtual commodity,” the Beijing Arbitration Commission (BAC) said in a report. The report also added that the country’s laws and regulations do not “prohibit” the private possession and legal circulation of BTC. The Beijing Arbitration Commission stressed in the report that bitcoins, however, cannot be used as currency. It is not legal tender and is not issued by the Chinese monetary authority. Overall, BTC does not share the same legal status as the official fiat currency of the country and cannot be used in financial transactions. On the other hand, Bitcoin is reportedly a virtual commodity in China.
Crypto exchanges, Banks, Companies
Trust Wallet from Binance has reached 5 million users, now it is planning DeFi services
Binance acquired Trust Wallet two years ago. In this short period of time, the service has reached 5 million users and is now expanding into the growing DeFi sector. Trust Wallet claims that 10% of this rapidly acquired user base now has access to a wide range of DApps and DeFi platforms. It plans to aggressively expand into this sector.
Twitter: A recent massive hack was carried out in the form of a “spear phishing” attack
According to Reuters, the Twitter team, after a proper investigation, finally found out how cybercriminals managed to hack a large number of top-level accounts and launch a massive bitcoin scam from this site. The Twitter team concluded that cybercriminals, who managed to gain access to approximately 130 VIP accounts, used the “spear phishing” technique to carry out their attack. “Spear phishing” means that hackers send e-mails purposefully looking like a person whose address is known to the recipient, in order to obtain confidential data from him.
CBDC
Bank of Japan is stepping up research on CBDC
Bank of Japan has appointed its best economist to lead a team tasked with accelerating central bank digital currency(CBDC) research. According to a Reuters report on July 31, the appointment of Kazushige Kamiyama may mean a shift away from the bank’s previously cautious approach to digital currencies.
British of England (BoE) is developing a network for payments using the digital pound
The BoE will ensure that its redesigned real-time gross settlement (RTGS) service, a payment network used by UK financial institutions, can be pre-compatible with CBDCs such as the digital pound. The new settlement system is designed so that the bank can “activate” the instrument for digital currency transactions if it decides to support the CBDC.
RTGS is a key part of the UK’s financial infrastructure – the institution holds its accounts there and serves as the main channel for the BoE to introduce liquidity into the economy. On average, RTGS settles transactions worth more than 685 billion GBP (900 billion USD) each day. The new RTGS system should be operational in 2022.
Thank you for your time and reading or crypto news of the day.
