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Peter Davis

An writer at FOMOdrive

  • Jul 06, 2023
  • 3 min read

Binance offices raided in Australia

Bitcoin coins made of gold with financial price chart background

Saxo Bank was instructed by the Danish authorities to reduce its trading of cryptocurrencies.

Once again, the CEO of Binance has expressed his disapproval of regulators in the United States and Europe.

The relationship between bitcoin and the stock market has decreased significantly, nearing zero.

For the first time since March, crypto exchanges saw an increase in trading volume in June.

An ex-SEC official referred to central bank digital currencies as a "crazy idea".

The Block Scholes indicator has revealed that the correlation between Bitcoin and the US stock market has plummeted to nearly nothing. This is the lowest it has been since July 2021, when Bitcoin was in between its two peaks in April and November.

Fitch has observed that the stablecoin sector has not taken full advantage of Bitcoin's surge to its highest levels of the year.

In June, CCData reported a 14.2% increase in the total volume of trading on centralized crypto exchanges, bringing the figure to $2.71 trillion - the first rise since March.

A report from the brokerage firm Bernstein has suggested that the US Securities and Exchange Commission (SEC) is likely to approve a Bitcoin ETF.

Searches were conducted at the offices of Binance in Australia as part of an investigation into the crypto exchange's activities in the country. A representative from the Australian Securities and Investments Commission (ASIC) stated that the regulator's review of the company is still in progress.

Changpeng Zhao, CEO of Binance, has once again expressed his disapproval of the way regulators in the US and Europe are treating his exchange, claiming that the issue with bribes is not the currency used to make them, but the bribes themselves.

The Danish government has mandated that Saxo Bank cease trading in cryptocurrencies by the end of 2024. All existing positions in digital assets must be closed out, as banks are not allowed to engage in transactions involving cryptocurrencies.

John Deaton, the founder of CryptoLaw, reported that over 2,300 traders have expressed their interest in backing Coinbase in its legal battle with the SEC by becoming "friends of the court".

Mark Cuban, a billionaire and crypto investor, has expressed his disapproval of the SEC's approach to regulating the cryptocurrency industry. He believes that the SEC has taken the wrong course of action, opting to sue instead of regulate. Cuban used Japan as an example, noting that they have made it clear that the failed FTX is not a crypto issue, but a scam.

John Reed Stark, a former official of the Securities and Exchange Commission, has labelled the concept of central bank digital currencies as "the most absurd notion in the annals of monetary policy".

The Hong Kong government has proposed the creation of its own "stablecoin", the HKDG, which would be backed by the jurisdiction's foreign exchange reserves. This would be a direct competitor to existing industry giants USDT and USDC.

PeckShield reported that in June, hackers were able to steal approximately $93 million in cryptocurrency. 42 hacks were conducted, resulting in the crypto industry losing a total of $313 million from 212 incidents, as reported by CertiK.

According to a UN report, Kenya is ranked fifth in the world in terms of global adoption of cryptocurrencies, with 8.5% of the population owning them. In response to this, the country has implemented a 3% tax on cryptocurrency transactions.

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