While for the market on the whole this week was as usual, the Bitcoin community had a rollercoaster week! We’ll be reviewing the most relevant news and events of the past seven days in our usual cryptocurrency news digest, enjoy!
Key Takeaways
- Bitcoin was dangerously close to falling below $30,000. The anticipation of “The B Word” conference helped it bounce and close the week in the green;
- More news about developing digital currencies emerge. El Salvador is also pondering a national dollar-pegged stablecoin while Amazon aims to develop their own digital currency;
- Meanwhile, regulators in the EU and US keep close attention to the cryptocurrency businesses and even propose stricter regulations.
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Latest Cryptocurrency News Digest
Bitcoin Digest
- In the middle of the week Bitcoin has had a dip below $30,000 and even stayed at that level for almost a day. Only the news from “The B Word” conference helped it return from that level up to $32,800.
- Is Bitcoin in danger of crashing again? Not for now, as the bounce shifted the sentiment into a more positive area.
Latest Bitcoin News
- On Wednesday, the largest Bitcoin conference so far, “The B Word” took place with Jack Dorsey, Elon Musk and Cathie Wood as speakers. The main takeaways of the event were Tesla and SpaceX holding Bitcoin without any plans to sell. The electric car manufacturer is leaning towards reenabling payments in Bitcoin. Twitter founder Jack Dorsey might also be looking forward to integrating Bitcoin functions into the website such as tip jars and Super Follows.
- Another country invites miners from China, and this time it is Russia. A collective known as the Russian Association of Cryptoindustry and Blockchain (RACIB) invites businesses to assist in developing the legal framework and establishing a strong industry.
Altcoin News
- Aave plans to build an alternative to Twitter on Ethereum.The platform will let the users govern the social network’s rules and monetize content.
- Circle published an attestation report on assets backing the USDC reserve. The reserve consists of dollar-backed assets but curiously enough, only 61% of the reserve is cash and its equivalents.
Business Cryptocurrency News
- Mastercard is boosting the on-ramp capabilities for their crypto cards with settlements in stablecoins.
- Amazon is looking for a blockchain specialist to develop the Amazon digital currency.
Cryptocurrency News on Adoption
- El Salvador is not planning to stop with the crypto adoption of Bitcoin: the administration has plans to launch a national stablecoin currency. Preliminarily called “Colón-Dollar”, it is set to arrive inby the end of 2021.
Regulation & Politics Cryptocurrency News
- Here’s the story that deserves to be in the DeFi and Ethereum news. The US SEC Chairman Gary Gensler in his address to the Futures Law Committee remarked that stablecoins and digital assets are to be regulated as securities;
- Coinbase was sued in a class action on allegations of the misleading Dogecoin sweepstakes campaign.
- The European Commission proposed to crack down on money laundering in cryptocurrencies. To make transactions traceable, service providers will need to collect personal data on senders and recipients of every transaction.
Cryptocurrency News Digest from Social Media
Video of the Week
YouTuber Crypto Banter streamed The B Word conference to an audience of 60 thousand viewers. He provided the commentary and live chat for reactions.
Cryptocurrency News Digest from Twitter
Late Monday evening BlockFi received an order from the New Jersey Bureau of Securities regarding BlockFi Interest Account (BIA) operations in the State of New Jersey.
(thread) — Zac Prince (@BlockFiZac) July 20, 2021
BlockFi CEO Zac Prince disclosed on Twitter that New Jersey regulators have alleged that the service operates without complying to security laws. The founder assures that this will not have a dramatic impact on the functioning of the lending service.
#TheBWord conference failed to advance the conversation on #Bitcoin in any meaningful way.@elonmusk came for debate and was instead greeted with a stubborn and unexplained refusal to answer any of his questions.
— The Bitcoin Historian (@pete_rizzo_) July 22, 2021
My latest for @bitcoinmagazine https://t.co/mXeDVHXmcx
Naturally, the feedback around “The B Word” wasn’t uniformly wide-eyed and bullish. Bitcoin Magazine editor Pete Rizzo provided strong and well-founded criticism on the debate and its lack of impact in the bigger picture.
Influencer of the Week
Wise words from a wise storm trooper @IrnCrypt in the Academy. As I have said many times, downside from current levels is limited imo, upside potential is massive. Keep the big picture in mind. $BTC pic.twitter.com/1kXKSiMqFq
— CrediBULL Crypto (@CredibleCrypto) July 20, 2021
Highlighted trader of the day is @CredibleCrypto, an influencer highlighting plenty of altcoins and the market as a whole.
This Week on the Market
How is the market this week? At the moment of writing the digest, the general market stats are:
- Total Market Cap: $1,332,594,414,197 (+2.86%);
- BTC Dominance: 45.7%.
7d Change in Top Coins
Bitcoin and the market are looking well this week. What is the next best cryptocurrency to invest in? Grab the dips while they last! At the moment of writing, the weekly change of the top currencies is:
- Bitcoin (BTC) $32,470 (↑1.85%);
- Ethereum (ETH) $2,065 (↑8.57%);
- Binance Coin (BNB) $289 (↓6.54%);
- XRP $0.595 (↓0.62%);
- Dogecoin (DOGE) $0.191 (↑6.08%);
- Polkadot (DOT) $12.88 (↑1.63%);
- Uniswap (UNI) $17.71 (↑6.78%);
- Bitcoin Cash (BCH) $442 (↓0.72%);
- Litecoin (LTC) $120 (↓2.91%);
- Solana (SOL) $27.71 (↓0.85%).
Gainers of the Week
What is the best crypto coin to buy right now? Looks like it’s green across the board, no matter if it’s an exchange, DeFi token or an old-guard altcoin. Here are the gainers you can get at ChangeHero:
Conclusion
The positive price action in the light of the Bitcoin conference reinvigorated the community but it would take work to make it last. For now, at last the market is relieved of the selling pressure of the previous weeks. For weekly crypto news, keep an eye on our blog! Follow ChangHero on Twitter, Facebook, and Telegram for daily updates.
