Several Bitcoin HODLers are taking advantage of the cryptocurrency's recent crash to accumulate more. This ‌ ‌and‌ ‌more‌ ‌news‌ in‌ ‌this‌ ‌practical‌ ‌summary‌ ‌daily so that‌ ‌you are always‌ ‌informed‌ with‌ ‌events ‌ ‌most‌ ‌recent‌ ‌that‌ ‌occur‌ ‌within‌ ‌the‌ ‌crypto‌ ‌world.‌ ‌
Cryptocurrencies and altcoins
📍‌Meltem Demirors of investment firm CoinShares points out that only “weak hand” investors are selling their position in Bitcoin, while real HODLers see the recent drop as a buying opportunity. The chief strategy officer of CoinShares stated in CNBC that the fall of Bitcoin is shaking the weakest investors, although it is possible that in the future the market will rise again and consolidation will occur. Demirors assures that many of the investors who entered the bitcoin financial ecosystem did not do enough research before investing, so they are now selling.
“What we are seeing is a correction, a contraction, and a lot of what is being shaken out is what we call the 'paper hands,' the 'weak hands.'”
On the other hand, the CoinShares executive points out that addresses that have held their cryptocurrencies for a long time are also taking advantage of the recent drop as an opportunity to accumulate more bitcoins.
Bitcoin and Blockchain Adoption
📍‌Cynthia Lummis, a US senator from the state of Wyoming, said she is eager to buy Bitcoin's dip to increase her holdings in this cryptocurrency. The senator stated that “As soon as it goes down a little more, I'm going to buy more.”, highlighting the opportunity the market is presenting for bitcoin HODLers.
📍‌3iQ Corp launched its QBTC Bitcoin ETF on the Nasdaq Dubai stock exchange. This Wednesday, digital asset manager 3iQ Corp Opened its Bitcoin exchange-traded fund (ETF) on the Nasdaq Dubai international stock market, one of the largest exchanges in the Middle East. The company is expanding its product offering based on cryptocurrencies and digital assets to a large number of global investors.
NFT and DeFi Markets
📍‌Rarible will open a new market on the Flow blockchain. The company closed a $14 million investment round that will help it expand its decentralized non-fungible token market (NFT) to more blockchain networks. As reported by the company, Rarible will arrive on the highly scalable third-generation Flow network, designed by Dapper Labs. Additionally, the company will leverage the funds to build and include a governance structure of DAO (Decentralized Autonomous Organization) to your NFT market. Alexei Falin, CEO of Rarible, assured that Rarible is determined to build a new generation of services and be a pioneer of innovation and development in the industry.
Cybersecurity
📍‌Fireblocks faces a lawsuit from StakeHound for the loss of 38.178 ETH that were in its custody. According to the statement published by StakeHound, Fireblocks claims to have lost 2 of the 4 private keys needed to access the funds, which have now become inaccessible. Given the negligence of the company, which has not been able to resolve the problem, StakeHound decided to file a lawsuit before the High Court of Israel. The “lost” funds are worth more than $75 million.
Development and Technology
📍‌Lightning Labs, the company behind the development of the Lightning Network, is hiring a Project Manager for the LATAM area. In her web page, the company reported that it is looking for a Project Manager to promote the development of the Lightning network in Latin America. The company is looking for a resourceful person who is willing to roll up their sleeves to build a strong and connected community on the Latin American continent.
Rules and Regulations
📍‌Valkyrie's application for a Bitcoin ETF will be approved or denied on August 10, the SEC reported. The US Securities and Exchange Commission (SEC) has extended the time for approval or denial of Valkyrie's Bitcoin ETF application by 45 more days. The new designated date for the review of the Valkyrie Bitcoin Fund application was set for August 10, as reported the SEC recently.
📍‌The head of compliance at the Financial Conduct Authority warned about 111 companies providing services related to cryptocurrencies. Mark Steward, head of compliance at the FCA, said Reuters that more than a hundred companies that provide cryptocurrency services in the United Kingdom are high risk for investors and for the financial system in general, for operating without being duly registered with the competent authorities.
For its part, the financial regulator published the listing of the companies that are offering their services and trading in cryptocurrencies without complying with current regulations.
Continue reading: BTC.com and other Bitcoin miners leave China for Kazakhstan and the United States
