03/07/2023. Weekly CryptoNews Digest (June, 26 – July, 02)

Hello guys! Welcome to the MNO blog. Summer is in full swing, and I hope you’re all enjoying the warm weather and sunny days. For me, summer is a time to relax, have fun, and spend time with loved ones. I’ve been doing a lot of swimming, hiking, and reading lately. I’ve also been spending some time working on my blog, and I hope you’ll have some time to check it out.

Speaking of the HYIP industry first – there seems to be nothing worth mentioning at the moment. The majority of HYIP investors have successfully transferred to the crypto market which has been much more lucrative thus far and where profit margins have reached sufficient levels for a significantly lesser risk of losing money and more chance to profit. Take Bitcoin as a bright example of that, becoming one of the most profitable commodities in 2023 so far. And people had nothing to do for that but simply buying Bitcoin back when it was around the $20K mark and wait until it has reached over $30K as it is situated at the time of writing this post.

Having all of this into the account my blog has recently completely switched from HYIPs to cryptocurrencies whose highlights I post every Monday under the name Weekly CryptoNews Digest. In today’s article you will be able to find out what I personally found interesting that happened with Bitcoin and its main rivals over the last seven days, June, 26 to July, 03, 2023.

Don’t get me wrong though! As the MNO blog was originally established as a reliable and up-to-date source of information about the lucrative money-making opportunities which provides much higher returns for a higher degree of risk involved called HYIPs I have not completely given up on the chance to get back to the industry once it recovers to some sort of normalcy. However, I simply refuse to entertain any sort of fast scams that would rob my readers of the chance to earn like it used to be in the HYIP industry a few years ago.

So if you believe that we will soon see the light at the end of the tunnel feel free to subscribe to the MNO blog articles delivered directly to your email address you may submit here. Alternatively, follow MNO on Telegram, Facebook, and Twitter. Don’t be a stranger and stay in touch by chatting with me live on Telegram @mnoblog, or simply submit your query here or email me directly at abramsonp@gmail.com I am always happy to see your mail and am always trying to help at any means possible!

Now let’s get back to the main subject of today’s news article – Weekly CryptoNews Digest. You can see that the BTC price now is over $30K while Ethereum is coming closer to the rubicon of $2K which has been a positive sign for the crypto holders. But what might trigger more growth on the market? Let’s try to find out by covering the major news events from the cryptocurrency industry that happened over the last week.

BINANCE TAKES MORE STEPS TO COMMIT TO COMPLIANCE

Binance, the world’s largest cryptocurrency exchange, has been taking steps to commit to compliance in recent months. Last week, Binance announced a number of new initiatives to further these efforts.

One of the most significant announcements was the appointment of former HSBC executive Noah Perlman as Chief Compliance Officer. Perlman is a highly experienced compliance professional with over 20 years of experience in the financial services industry. His appointment is a sign that Binance is serious about its commitment to compliance.

Binance also announced that it has partnered with Chainalysis, a leading blockchain analytics firm, to help improve its compliance program. Chainalysis will provide Binance with tools and data to help the exchange identify and prevent financial crimes.

In addition, Binance announced that it has created a new team dedicated to compliance. The team will be responsible for developing and implementing Binance’s compliance program.

These are just a few of the steps that Binance has taken to commit to compliance. The exchange has also made a number of other changes, such as implementing stricter KYC (know your customer) requirements and banning the use of anonymous accounts.

Here are some of the other steps that Binance has taken to commit to compliance:
– Establishing a global compliance team: Binance has established a global compliance team with offices in key jurisdictions around the world.
– Adopting AML/CFT regulations: Binance has adopted AML/CFT regulations in line with international standards.
– Working with regulators: Binance is working with regulators around the world to ensure that it is compliant with local regulations.
– Providing transparency: Binance is providing transparency about its operations by publishing regular reports on its compliance efforts.

Binance’s commitment to compliance is a positive sign for the cryptocurrency industry. It shows that Binance is taking steps to address the concerns of regulators and investors. It also helps to legitimize the cryptocurrency industry and make it more attractive to institutional investors.

BANKRUPT CELSIUS GIVEN PERMISSION TO CONVERT ALTCOINS

You might remember the Celsius Network, a crypto lending platform which filed for bankruptcy in July 2022. The newest development in the story came last week when Celsius has been granted permission to convert its altcoins into Bitcoin (BTC) and Ether (ETH). The order was issued by Judge Martin Glenn of the United States Bankruptcy Court for the Southern District of New York on June 30, 2023.

The decision allows Celsius to sell or convert its altcoins into BTC and ETH starting from July 1, 2023. The court-approved step allows Celsius to leverage the potential benefits associated with BTC and ETH. Moreover, the court issued a directive for the bankrupt firm to submit a monthly report known as the “Budget and Coin Report.”

The decision is a positive development for Celsius, as it will allow the company to generate more liquidity and repay its creditors. However, it is important to note that the decision does not guarantee that Celsius will be able to repay all of its creditors in full.

The conversion of altcoins into BTC and ETH is a strategic move by Celsius. BTC and ETH are the two most popular cryptocurrencies, and they are seen as being more stable than altcoins. By converting its altcoins into BTC and ETH, Celsius is hoping to reduce its risk and improve its chances of repaying its creditors.

The decision to convert altcoins into BTC and ETH is also a sign that Celsius is confident in the future of these two cryptocurrencies. BTC and ETH have been the two best-performing cryptocurrencies in the past few years, and they are seen as being the most likely to survive the current bear market.

Overall, despite the decision to convert altcoins into BTC and ETH is a positive development for Celsius, it remains to be seen whether it will be enough to save the company. Celsius is facing a number of challenges, including a liquidity crisis and a lawsuit from the New York Attorney General. However, if the company is able to successfully convert its altcoins and repay its creditors, it could emerge from bankruptcy as a stronger company.

FIDELITY TO FILE FOR BITCOIN EXCHANGE TRADED FUND

Fidelity Investments, a leading asset management firm, filed a new application with the U.S. Securities and Exchange Commission (SEC) for a spot Bitcoin ETF on Thursday, June 29, 2023. The ETF, which would be called the Wise Origin Bitcoin Trust, would track the price of Bitcoin directly, rather than through futures contracts.

This is the second time that Fidelity has filed for a spot Bitcoin ETF. The first application was filed in 2021, but it was rejected by the SEC in January 2022. The SEC’s rejection was based on concerns about the potential for market manipulation and the lack of a reliable surveillance-sharing agreement.

Fidelity’s new application addresses these concerns by proposing to enter into a surveillance-sharing agreement with a regulated cryptocurrency exchange. The agreement would allow the exchange to share information with Fidelity about Bitcoin trading activity, which would help to ensure that the ETF is not being manipulated.

The SEC is not required to approve or deny Fidelity’s application, and it could take several months for the agency to make a decision. However, the filing is a positive sign for the prospects of a spot Bitcoin ETF in the U.S.

If approved, the Wise Origin Bitcoin Trust would be the first spot Bitcoin ETF to be listed on a major U.S. exchange. This would make it easier for investors to access Bitcoin, and it could help to boost the price of the cryptocurrency.

The filing by Fidelity comes at a time when there is growing interest in Bitcoin from institutional investors. A number of large asset managers, including BlackRock and ARK Invest, have filed for spot Bitcoin ETFs in recent months.

The approval of a spot Bitcoin ETF would be a major milestone for the cryptocurrency industry. It would signal that the SEC is comfortable with the security and transparency of Bitcoin markets, and it would open up the cryptocurrency to a wider range of investors.

MICROSTRATEGY BUYS MORE BITCOIN

On June 28, 2023, MicroStrategy, a business intelligence company, announced that it had purchased an additional 1,045 Bitcoin for about $29.3 million in cash. This brings MicroStrategy’s total Bitcoin holdings to 152,333 Bitcoin, which is worth over $4.6 billion at current prices.

MicroStrategy is one of the largest corporate holders of Bitcoin, and its CEO, Michael Saylor, is a vocal advocate for the cryptocurrency. Saylor has said that he believes Bitcoin is a “digital gold” that can provide a hedge against inflation and other economic risks.

The purchase of 1,045 Bitcoin by MicroStrategy is the latest in a series of large Bitcoin purchases by the company. In August 2020, MicroStrategy purchased 21,454 Bitcoin for about $250 million. In October 2020, the company purchased another 16,795 Bitcoin for about $175 million. And in February 2021, MicroStrategy purchased another 480 Bitcoin for about $19 million.

The total value of MicroStrategy’s Bitcoin holdings has increased significantly since the company began accumulating the cryptocurrency in 2020. In August 2020, when MicroStrategy first purchased Bitcoin, the price of the cryptocurrency was about $11,000. As of June 28, 2023, the price of Bitcoin is about $30,000.

The purchase of 1,045 Bitcoin by MicroStrategy is a significant vote of confidence in the future of Bitcoin. It is also a sign that institutional investors are becoming increasingly interested in the cryptocurrency.

It remains to be seen how the price of Bitcoin will react to MicroStrategy’s latest purchase. However, the company’s continued accumulation of Bitcoin suggests that it believes the cryptocurrency has a bright future.

130 COUNTRIES EXPLORING CBDCS

And finally, a new study by the Atlantic Council, a think tank, found that 130 countries are now exploring central bank digital currencies (CBDCs). The study, which was released on June 28, 2023, found that almost half of the G20 countries are in one of the advanced stages of development, pilot, or launch of a CBDC.

CBDCs are digital versions of fiat currencies, such as the U.S. dollar or the euro. They are issued and controlled by central banks, and they can be used to make payments just like traditional cash.

The study found that there are a number of reasons why countries are exploring CBDCs. These include:
– To improve efficiency: CBDCs can make payments more efficient by reducing the need for cash and checks.
– To reduce costs: CBDCs can reduce the costs of processing payments, which can save businesses and consumers money.
– To enhance financial inclusion: CBDCs can make it easier for people to access financial services, especially those who do not have access to traditional banking services.
– To combat financial crime: CBDCs can be used to track and trace financial transactions, which can help to combat financial crime.

The study found that the most advanced CBDC projects are being developed in China, the Bahamas, and Nigeria. China’s CBDC, known as the Digital Renminbi, is currently in the pilot phase. The Bahamas’ CBDC, known as the Sand Dollar, was launched in October 2020. And Nigeria’s CBDC, known as the eNaira, was launched in October 2021.

The study also found that a number of other countries, including the United States, the European Union, and Japan, are still in the early stages of developing CBDCs. The study concluded that the adoption of CBDCs is likely to have a significant impact on the global financial system. It is still too early to say how CBDCs will be used, but they have the potential to change the way we make payments and access financial services.

I hope you have enjoyed reading the main news events from the crypto industry and will come back next Monday for another update in the traditional MNO’s Weekly CryptoNews Digest. Stay tuned for more, guys!

That was all for today’s blog post on MNO. I hope you’re all having a great summer, and I hope to see you on my blog soon! MNO – For Money Lovers!