07/08/2023. Weekly CryptoNews Digest (July, 31 – August, 06)

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And now when all introductions are said and done let’s have a look at the Weekly CryptoNews Digest. This time it will cover the period from July, 31 to August, 06, 2023. I have all the latest news and trends that happened in the crypto market over the last seven days. Let’s begin our journey, shall we?

EXCHANGE RATE AND CRYPTO TRADING WEEKLY OVERVIEW

As usual, I would like to start by checking out the latest price trends for the most popular cryptocurrencies that happened over the last seven days, in brief.

So, here’s a summary of the latest crypto price trends last week:

– Bitcoin: Bitcoin (BTC) has been relatively flat over the past week, trading between $29,000 and $30,000.
– Ethereum: Ethereum (ETH) has also been relatively flat over the past week, trading between $1,700 and $1,800.
– Solana: Solana (SOL) has been one of the best-performing cryptocurrencies over the past week, rising from $35 to $45.
– Cardano: Cardano (ADA) has also been a strong performer over the past week, rising from $0.45 to $0.55.
– Dogecoin: Dogecoin (DOGE) has been volatile over the past week, but has mostly traded sideways.

Overall, the cryptocurrency market has been relatively quiet over the past week. However, there have been some signs of strength in certain altcoins, such as Solana and Cardano. It remains to be seen whether this trend will continue in the weeks to come.

It’s important to note that the cryptocurrency market is highly volatile, and prices can change rapidly. As such, it’s important to do your own research before investing in any cryptocurrency.

REVOLUT TO HALT US CRYPTO OPERATIONS SOON

Revolut, a London-based fintech company, announced on August 4, 2023 that it will be shutting down its crypto trading operations in the United States. The company cited “regulatory uncertainty” as the reason for the decision.

Revolut first launched its crypto trading services in the United States in 2019. However, the company has faced a number of challenges in the US market, including regulatory scrutiny from the Securities and Exchange Commission (SEC). In June 2023, the SEC sued Binance, one of the world’s largest cryptocurrency exchanges, for offering unregistered securities. This lawsuit has raised concerns about the regulatory status of cryptocurrencies in the United States.

In a blog post announcing the decision to shut down its US crypto operations, Revolut said that it “remains committed to providing our customers with access to innovative financial products and services.” However, the company said that it “cannot continue to offer crypto trading in the US in the current regulatory environment.”

Here are some additional details about Revolut’s decision to shut down its US crypto operations:

– The decision will affect Revolut’s 500,000 US customers who use the company’s crypto trading services.
– Customers will be able to sell their crypto holdings until October 3, 2023. After that date, their crypto holdings will be liquidated at market price.
– Revolut said that it is “actively pursuing alternative means of providing access to crypto products” in the United States. However, it is not clear when or if the company will be able to offer crypto trading services in the US again.

The decision by Revolut to shut down its US crypto operations is a setback for the cryptocurrency industry. However, it is important to note that Revolut is not the only cryptocurrency company that has faced challenges in the US market. Other companies, such as Binance and Coinbase, have also been forced to make changes to their crypto trading services in the US due to regulatory scrutiny.

The regulatory environment for cryptocurrencies is still evolving in the United States. It remains to be seen how the regulatory landscape will change in the future. However, the decision by Revolut to shut down its US crypto operations is a sign that the regulatory challenges are real and that companies are taking them seriously.

CURVE EXCHANGER HACKED WITH MILLIONS STOLEN

Just yesterday it was reported that Curve Finance, a decentralized exchange (DEX) for stablecoins, was hacked for an estimated $52 million. The hacker exploited a vulnerability in the code of Curve’s Convex Finance platform, which allows users to earn yield on their stablecoin holdings.

The hack has raised concerns about the security of DeFi protocols and the risk of contagion in the DeFi ecosystem. DeFi protocols are built on top of blockchains, which are decentralized and transparent. This makes them more secure than traditional financial systems, which are centralized and opaque. However, DeFi protocols are still under development, and they are not immune to hacking.

The Curve hack is the latest in a series of hacks that have targeted DeFi protocols. In January 2023, the Ronin Network, a blockchain that powers the Axie Infinity game, was hacked for $625 million. In February 2023, the Wormhole protocol, a bridge between Ethereum and Solana, was hacked for $325 million.

The risk of contagion in the DeFi ecosystem is also a concern. If a large DeFi protocol is hacked, it could lead to a cascade of liquidations and losses across the DeFi ecosystem. This could have a significant impact on the price of cryptocurrencies and the overall health of the cryptocurrency market.

The Curve hack is a serious incident, but it is important to remember that DeFi is still a new and experimental technology. There will be more hacks in the future, but the DeFi community is learning from its mistakes and becoming more secure.

AUSTRALIAN REGULATOR FILES LAWSUIT AGAINST ETORO

The Australian Securities and Investments Commission (ASIC) filed a lawsuit against eToro on August 3, 2023, alleging that the trading platform exposed retail investors to excessive risk by offering them contracts for difference (CFDs) without adequately assessing their suitability.

CFDs are a type of derivative that allows investors to speculate on the future price of an underlying asset, such as a stock, without actually owning the asset. CFDs are often seen as a high-risk investment, as they can amplify losses if the market moves against the investor.

ASIC alleges that eToro’s CFD product was too risky for many of its retail investors, as evidenced by the fact that almost 20,000 eToro users lost money trading CFDs between October 5, 2021 and June 14, 2023. ASIC also alleges that eToro’s screening test for CFD suitability was “wholly inadequate” and that the company failed to provide adequate warnings about the risks of CFD trading to its retail investors.

The lawsuit seeks injunctive relief, disgorgement of profits, and civil penalties.

eToro has denied the allegations and has said that it will defend itself vigorously. The company has said that its CFD product is “suitable for a wide range of investors” and that it has “robust risk management procedures in place.”

The lawsuit against eToro is the latest in a series of regulatory actions against cryptocurrency companies. In recent years, ASIC has taken action against a number of companies for offering CFDs to retail investors without adequate risk warnings.

The lawsuit against eToro is a significant development in the regulation of CFD trading in Australia. It remains to be seen how the case will be resolved, but it is a clear indication that ASIC is taking a tough stance on CFD trading.

HONG KONG REGULATOR GRANTS CRYPTO LICENCE TO HASHKEY

Hong Kong’s Securities and Futures Commission (SFC) granted the first crypto exchange license to HashKey Exchange on August 3, 2023. HashKey Exchange is a unit of digital asset financial-services firm HashKey Group.

The license allows HashKey Exchange to offer trading services to both institutional and retail investors. The exchange will be able to list Bitcoin (BTC) and Ether (ETH) as well as other cryptocurrencies that are approved by the SFC.

The granting of the license is a significant development for Hong Kong’s cryptocurrency industry. It is the first time that a crypto exchange has been granted a license in Hong Kong, and it paves the way for other exchanges to apply for licenses.

The SFC’s decision to grant a license to HashKey Exchange is also a sign that the regulator is taking a more positive stance towards cryptocurrencies. In recent years, the SFC has been cautious about cryptocurrency regulation, but it has recently signaled that it is open to the idea of allowing regulated crypto exchanges to operate in Hong Kong.

The granting of the license to HashKey Exchange is a significant development for Hong Kong’s cryptocurrency industry. It is the first time that a crypto exchange has been granted a license in Hong Kong, and it paves the way for other exchanges to apply for licenses. The SFC’s decision to grant a license to HashKey Exchange is also a sign that the regulator is taking a more positive stance towards cryptocurrencies.

HALF OF CRYPTO COPY TRADERS ARE GEN Z ACCORDING TO BITGET

A report by Bitget, a cryptocurrency exchange, found that half of all crypto copy traders are Gen Z. The report, which was released on August 3, 2023, analyzed data from over 1 million copy traders on Bitget.

Copy trading is a trading strategy that allows investors to mirror the trades of other, more experienced traders. This can be a popular strategy for beginners, as it allows them to benefit from the experience of more experienced traders.

The Bitget report found that 44% of all copy traders on the platform are under the age of 25. This suggests that Gen Z is a major driver of copy trading in the cryptocurrency market.

There are a number of reasons why Gen Z may be more likely to engage in copy trading.

First, Gen Z is more likely to be comfortable with technology than older generations. This makes them more likely to be familiar with copy trading platforms and to be able to use them effectively.

Second, Gen Z is more likely to be interested in cryptocurrencies than older generations. This is due to a number of factors, including the fact that Gen Z has grown up with the internet and is more likely to be exposed to cryptocurrency news and information.

Finally, Gen Z is more likely to be risk-tolerant than older generations. This means that they are more likely to be willing to invest in cryptocurrencies, even though they are a relatively new and volatile asset class.

The Bitget report provides valuable insights into the growing popularity of copy trading among Gen Z investors. This is a trend that is likely to continue in the years to come, as Gen Z continues to enter the cryptocurrency market.

That’s about all I have to report in this week’s post on cryptocurrencies on the MNO blog. Check out next Monday for another update on the most significant developments in the vast world of crypto in the following Weekly CryptoNews Digest on MNO.

I hope your business week has started on a bright note and I hope you find good luck and fortune for the remainder of the week. I hope to speak to you all again on my blog next week. MNO – For Money Lovers!