Hello all! It was a bad week for the crypto market but the value has remained steady while BitCoin even managed to trade slightly higher than at the same time than a week ago. More on that you will be able to read in the usual Weekly CryptoNews Digest where I will cover the most useful stories from the always interesting world of cryptocurrencies where everything seems to be in order, compared to the totally devastated and crumbling HYIP industry.

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Let’s go back to the Weekly CryptoNews Digest and see what’s happened over the last calendar week – from June, 12 to June, 18, 2023.

REQUEST TO FREEZE BINANCE.US ASSETS REJECTED

You might remember how the crypto market reacted quite nervously to the possibility of the US authorities freezing the assets of Binance.US. However, it all turned out for the best and on June 13, 2023, a federal judge in the District of Columbia rejected the U.S. Securities and Exchange Commission’s (SEC) request to freeze said assets of the American subsidiary of the world’s largest cryptocurrency exchange. The SEC had argued that freezing the Binance.US assets was necessary to protect investors and prevent the company from moving funds outside of the U.S. However, Judge Amy Berman Jackson said that the SEC had not presented enough evidence to justify an asset freeze, and that doing so would “cause significant harm” to Binance.US and its customers.

The SEC’s request for an asset freeze came as part of a lawsuit it filed against Binance and its founder, Changpeng Zhao, on June 5. The SEC alleges that Binance operated as an unregistered securities exchange for years, and that it failed to register with the SEC despite generating billions of dollars in revenue. Binance has denied the SEC’s allegations, and has vowed to fight the lawsuit.

The SEC’s decision to sue Binance is a sign of the growing scrutiny that cryptocurrency exchanges are facing from regulators around the world. In recent years, regulators have become increasingly concerned about the risks associated with cryptocurrency trading, including the potential for fraud and market manipulation. The SEC’s lawsuit against Binance is the latest example of this trend, and it is likely that other regulators will follow suit.

The rejection of the SEC’s request for an asset freeze is a victory for Binance, but it does not mean that the company is out of the woods. The SEC’s lawsuit is still pending, and it is possible that the SEC could win its case and force Binance to pay a significant fine. However, the rejection of the asset freeze does mean that Binance will be able to continue operating as usual while the lawsuit is pending. This is a positive development for Binance, and it could help the company to avoid further damage to its reputation.

TETHER TEMPORARILY DEPEGGED FROM USD

Tether (USDT) temporarily depegged from the US dollar last week. It reached a low of $0.99 on June 13, 2023, before recovering to $1.00.

There are a few reasons why Tether’s USDT stablecoin temporarily de-pegged from the dollar, hitting like I just said 99 cents last week.
– Selling pressure: There was a lot of selling pressure on USDT last week, as investors became concerned about the stability of the Stablecoin. This selling pressure caused the price of USDT to fall below its $1 peg.
– Concerns about Tether’s reserves: There have been concerns about Tether’s reserves for some time. Tether claims that its USDT tokens are backed by a basket of assets, but the company has been reluctant to provide more details about its reserves. This lack of transparency has led to concerns about the solvency of Tether.
– The broader cryptocurrency market sell-off: The sell-off in the broader cryptocurrency market also contributed to the de-pegging of USDT. As the price of other cryptocurrencies fell, investors began to sell their USDT tokens as well. This selling pressure further drove down the price of USDT.

The de-pegging of USDT is a sign of the growing risks associated with stablecoins. Stablecoins are supposed to be a safe haven for investors, but the de-pegging of USDT shows that they are not immune to market volatility. It is important for investors to be aware of the risks associated with stablecoins and to do their research before investing in them.

Tether has since regained its $1 peg, but the de-pegging has raised concerns about the stability of the Stablecoin and the broader cryptocurrency market. It remains to be seen whether Tether can regain the trust of investors and whether the cryptocurrency market can recover from the recent sell-off.

BLACKROCK TO LAUNCH AN ETF TO TRACK BITCOIN PRICE

On June 15, 2023, BlackRock, the world’s largest asset manager, filed an application with the U.S. SEC to launch an exchange-traded fund (ETF) that would track the price of Bitcoin. The ETF, which would be called the iShares Bitcoin Trust, would be listed on Nasdaq and would be the first U.S.-listed ETF to track the price of Bitcoin directly.

BlackRock has partnered with Coinbase Custody Trust, the custody arm of cryptocurrency exchange Coinbase, to hold the Bitcoin for the ETF. Coinbase Custody Trust is a qualified custodian, which means that it is regulated by the New York State Department of Financial Services (NYDFS).

The filing of the application by BlackRock is a significant development in the ETF space. It is the first time that a major asset manager has filed an application for a Bitcoin ETF. The approval of the application would be a major milestone for the cryptocurrency industry and would provide a more traditional way for investors to gain exposure to Bitcoin.

However, it is important to note that the SEC has not yet approved any Bitcoin ETFs. The agency has been skeptical of Bitcoin ETFs in the past, citing concerns about market manipulation and the lack of regulation in the cryptocurrency industry. It is possible that the SEC will deny the application by BlackRock.

Even if the SEC approves the application, it is not clear how successful the iShares Bitcoin Trust would be. The cryptocurrency market is volatile and there is no guarantee that investors would be willing to invest in an ETF that tracks the price of Bitcoin.

Overall, the filing of the application by BlackRock is a positive development for the cryptocurrency industry. It is a sign that the industry is maturing and that traditional financial institutions are taking notice. However, it is important to note that the approval of the application is not guaranteed and that the ETF could be unsuccessful.

BYBIT INTEGRATES CHATGPT INTO ITS TRADING TOOLS

Bybit, a cryptocurrency exchange, has integrated ChatGPT into its trading tools. ChatGPT is a large language model chatbot developed by OpenAI that can generate text, translate languages, write different kinds of creative content, and answer your questions in an informative way. Bybit’s integration of ChatGPT into its trading tools allows users to get insights and predictions for various cryptocurrency trading scenarios.

Here are some of the benefits of using ChatGPT for trading:
– Improved market analysis: ChatGPT can analyze market data and provide insights into future price trends. This can help traders to make better decisions about when to buy and sell cryptocurrencies.
– Personalized advice: ChatGPT can generate personalized advice for each trader based on their individual trading goals and risk tolerance. This can help traders to avoid making costly mistakes.
– Automated trading: ChatGPT can automate trading tasks, such as placing orders and managing risk. This can free up traders to focus on other aspects of their trading.

Bybit’s integration of ChatGPT into its trading tools is a significant development in the cryptocurrency trading space. It is a sign that cryptocurrency exchanges are increasingly adopting artificial intelligence (AI) technology to improve the trading experience for their users.

Here are some of the limitations of using ChatGPT for trading:
– ChatGPT is not a substitute for human judgment: ChatGPT is a powerful tool, but it is important to remember that it is not a substitute for human judgment. Traders should always use their own discretion when making trading decisions.
– ChatGPT can be wrong: ChatGPT is trained on a massive dataset of text and code, but it is still possible for it to make mistakes. Traders should always double-check any advice that they receive from ChatGPT.
– ChatGPT is not available for all cryptocurrencies: ChatGPT is currently only available for a limited number of cryptocurrencies. Traders should check to see if ChatGPT is available for the cryptocurrencies that they are interested in trading.

Overall it has to be said though that Bybit’s integration of ChatGPT into its trading tools is a positive development for the cryptocurrency trading space. It is a sign that cryptocurrency exchanges are increasingly adopting AI technology to improve the trading experience for their users. However, it is important to remember that ChatGPT is not a substitute for human judgment and should only be used as a tool to help traders make better decisions.

DORSEY DONATES $5 MILLION TO BRINK

On June 14, 2023, Jack Dorsey, the former CEO of Twitter and Square, announced that he would be donating $5 million to Brink, a non-profit organization that supports Bitcoin developers. The donation will be made over the course of five years, with $1 million being donated each year.

Dorsey is a long-time supporter of Bitcoin, and he has previously donated millions of dollars to Bitcoin-related projects. In 2021, he donated $10 million to OpenSats, a non-profit organization that is working to make Bitcoin more accessible in developing countries.

The donation to Brink is a significant commitment to the future of Bitcoin development. Brink provides grants to Bitcoin developers who are working on improving the security, scalability, and privacy of the Bitcoin network. The donation from Dorsey will help to ensure that Bitcoin continues to evolve and grow in the years to come.

Dorsey’s donation is also a sign of his continued commitment to Bitcoin. Despite the recent volatility in the cryptocurrency market, Dorsey remains bullish on Bitcoin and believes that it has the potential to revolutionize the way we think about money.

In a tweet announcing the donation, Dorsey said: “Bitcoin is a key building block for the future of the internet. I believe in the mission of Brink to support the open source developers who are building this future.”

The donation from Dorsey is a major boost for Brink and the Bitcoin community. It is a sign that there is strong support for Bitcoin development, and it will help to ensure that Bitcoin continues to grow and evolve in the years to come.

That is just about all I had to report in today’s Weekly CryptoNews Digest on the MNO blog. I thank you all for reading and if you wish to find out more about any of the stories covered please contact me and tune in next Monday. Have a successful week ahead, guys, and be happy and optimistic whatever comes your way! MNO – For Money Lovers!