On weekends, some rest, some work, and some reflect. So we propose plunging into the past week’s events and recalling the events in the crypto market. But first, let’s discuss Bitcoin and Ethereum. Bitcoin has been holding steady at around $33k all week. The market dominance of Bitcoin accounts for 45.49%.
Ethereum indicators look more positive against the background of stable Bitcoin. At the time of this writing, the price of ETH is $2,136. Since Monday, the second most popular cryptocurrency has grown. The market dominance of Ethereum is 17.83%.
Just a couple of weeks ago, bitcoin held 10th place in terms of capitalization among assets. Now, the digital gold has dropped to 12th place, giving way to Tesla and Berkshire Hathaway.
There are also a few more facts that may be of interest to you: First, in 2021, Bitcoin showed the best first (+103%) and the worst second (-40.8%) quarters in 8 years – this combination is happening for the first time. Second, The income of BTC and ETH miners in June fell by 42% and 53% respectively. Third, Market capitalization is $1.36 trillion (down -3.76%).
Simply put, there are no major changes this week. Nevertheless, several exciting events took place and we will talk about them! Let’s go!!!
1. Let’s start with the news at LUMI. You know that a month ago, the AppStore removed the LUMI app, citing violations. We have long wanted to tell you our story and will publish a long article about this situation very soon. But this is not about that. A week ago, we received more lousy news – Twitter blocked the Lumi Wallet account, citing violations of the site’s policy.
At the moment, we are trying our best to get our account back. The sequence of these events looks pretty suspicious. Someone is playing a dishonest game with our company. All the main news will be released on the second account of Kate from Lumi. We ask you to subscribe and support us during this difficult time. Despite all the difficulties, we at Lumi continue to delight you with updates. And this week, we have added three new currencies: Small Love Potion, Ethernity Chain, PAX Gold.
2. Last week we talked about Chinese miners moving to Kazakhstan. This week on Tuesday, the President of Kazakhstan signed a law on the taxation of miners. The government of the Republic believes that the cryptocurrency mining industry should be economically viable for the country. One of the largest manufacturers of mining equipment – Canaan, launched its first mining farm. The company’s data center is located in Kazakhstan.
Canaan believes that launching its own mining farm will allow the company to improve its financial performance and expand its business and customer base. We will follow the development of events, as this phenomenon is one of the key reasons for the fluctuations in Bitcoin price.
3. US senator Cynthia Lummis called on the government to transfer part of the assets in retirement funds to Bitcoin. These changes will help protect savings assets from inflation.
“I would like to see cryptocurrency, like Bitcoin, become part of a diversified asset allocations that are used in retirement funds and other opportunities for people to save for the future.”
4. JPMorgan stated that institutional interest in cryptocurrencies has dried up and even turned negative. According to a strategist of the investment bank Nikolaos Panigirtzoglou, the demand for digital assets among large investors began to decline back in April this year.
5. The largest company in the cryptocurrency market is not doing well either. The Thai regulator has initiated an investigation against the Binance crypto exchange. The Thai Securities and Exchange Commission (SEC) has accused the company of providing digital asset trading services without a license.
Also, the UK Financial Conduct Authority (FCA) has banned the Binance exchange from offering regulated services to residents of the country.
6. It became known that Coinbase plans to launch a crypto application store (an analog of the App Store for crypto), which will offer products from third-party developers.This is an incredible decision that, when implemented, could change the crypto market in the future.
7. And finally, a small survey from the WSJ: about 14% of financial advisors are ready to recommend and use cryptocurrencies. In the past, this figure did not exceed 1%.
And concluding our digest with the speech of Mexican billionaire Ricardo Salinas Pliego: “Fiat is a scam, Bitcoin should be in every portfolio.”
Stay tuned to our wallet, enjoy the usable interface and transaction security, and check back for updates and news on Twitter, Telegram, Facebook, Reddit, and LinkedIn. Let’s learn the cryptocurrency market together step by step!