This Week’s Coins: Firms Report Significant Bitcoin Depreciation Fee But Markets Mostly Ignore

This week in coins. Illustration by Mitchell Brewer to decode

While the long-term holders of the cryptocurrency are likely to dip slightly in their investments since the end of last week, the reality is that the markets have barely moved in the past seven days.

As of this writing, the leading cryptocurrency Bitcoin has lost about 5% for the week to fall at $23,216, while Ethereum is down about 0.32% to $1,714.

There were no noticeable price movements among the top 30 cryptocurrencies by market capitalization, with the exception of Flow, which rose 33% to $2.64. What’s all the excitement about Flow? On Thursday, Instagram added support for Flow-based NFT for users in more than 100 different countries. An announcement by Insta’s parent company Meta raised Flow’s price by 44% within hours that day.

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Is the bear market over? Bank of America seems to think so. In the July issue of Global cryptocurrencies and digital assets In the report, the bank recorded an 11% rise in the digital asset market from June 29 to July 26, although this came to the end of a 56% year-to-date contraction in the market.

During the same June/July period, according to the report, there were half a billion dollars in Bitcoin outflows from exchanges to wallets, indicating a bull market as investors move crypto-to-storage to HODL.

Total inflows to the four largest stablecoin exchanges (USDT, USDC, BUSD and DAI) amounted to nearly $1.4 billion over three consecutive weeks. Investors usually move stablecoins to exchanges so they can spend them on higher-risk digital assets, so this is another bullish sign.

On Tuesday, cloud software company MicroStrategy announced that Bitcoin-loving CEO Michael Saylor will be stepping down after 33 years in the job. Phong Le, the company’s president, was chosen to fill in Saylor’s shoes.

The change takes effect on Mondays, and According to SaylorHis new role as CEO will allow him to focus on expanding the company’s $2.8 billion Bitcoin treasury The largest of its kind for a private company. On MicroStrategy’s second-quarter earnings call, the company reported a $917 million impairment chargeswhich means the company is down about a quarter in total investment, although this was public news for a period.

Nor is Saylor alone. On Thursday, Block Inc. , the payments company formed by Twitter founder and fellow Bitcoin maxi Jack Dorsey, a $36 Million Bitcoin Devaluation Loss in the second quarter. The company attributes this to “wider uncertainty around crypto assets.”

On Wednesday, a bipartisan group of US senators called the Senate Agriculture Committee presented its Consumer Protection for Digital Goods Act. The bill proposes granting Commodity Futures Trading Commission “Exclusive supervision” of what it considers to be “Digital Goods.” Significantly, the bill lists Bitcoin And the Ethereum as commodities.

Last week, we learned that the CFTC was Strengthening its technology team In preparation for the possible supervision of cryptocurrencies. This new legislative proposal from the Senate Agriculture Committee comes on the back of a bipartisan House bill that also calls for the CFTC to be the industry’s primary regulator. Responsible Financial Innovation Act It was revealed back in June and was co-sponsored by Senators Kirsten Gillibrand (D-NY) and Cynthia Loomis (R-Wye).

Crypto is also working to strengthen alliances between parties in the UK. On Thursday, the All-Party Parliamentary Group (APG) (APPG) of the UK Crypto and Digital Assets announced that it is seeking recommendations on The best way to regulate encryption. The group will “focus on key policy issues in relation to the crypto and digital asset sector in the UK and […] He wants to hear from crypto operators, regulators, industry experts, and government about the need to regulate the sector.”

On the same day, it was reported that US Senator Elizabeth Warren of Massachusetts was getting support among colleagues on Capitol Hill for a letter asking the Office of the Comptroller of the Currency to Pull coding instructions on which the banks have relied.

The Legal guidance Targeted by Warren enables banks to hold deposits that act as reserves that support stablecoins. This lays the foundation for banks to provide other crypto-related services. Warren is tough when it comes to regulating cryptocurrencies, and her letter is said to ask the OCC to work with the Federal Reserve and the Federal Deposit Insurance Corporation to develop a new approach.

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