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Peter Davis

An writer at FOMOdrive

  • Jul 18, 2023
  • 3 min read

Bitcoin hit new lows below $30,000 - what's going on?

BTC Bitcoin gold metall coin with financial chart

After reaching its highest levels of the year, Bitcoin is now in a period of correction.

The former Securities and Exchange Commission (SEC) official declared that Ripple is prematurely rejoicing its success.

At the G20 summit, the countries will contemplate a plan to strengthen the control of digital currencies.

Customers of an Australian bank are not allowed to deposit money into crypto exchanges.

Binance has implemented a second-level solution for the Bitcoin Lightning Network.

On Monday, Bitcoin dropped to a low of below $29,700, lower than the end of June. This caused some investors to cash out their profits, as BTC was unable to reach the $32,000 mark last week.

Last week, CoinShares reported that investments in crypto funds had risen by $137 million, marking the fourth consecutive week of inflows. Of this, $140 million was invested in bitcoin, while Ethereum saw a decrease of $2 million. Funds that allow for shorting bitcoin, however, experienced a decrease of $3 million.

CoinShares reported that the inflow of funds over the past 4 weeks was an impressive $742 million, the highest since the fourth quarter of 2021. Additionally, trading volumes rose to an impressive $2.3 billion in a week, far surpassing the annual average of $1.4 billion.

John Reed Stark, a former official of the U.S. Securities and Exchange Commission (SEC), cautioned against celebrating Ripple's success in its legal battle with the American regulator too soon.

SEC officials will likely challenge the court's decision, as it is based on "shaky ground". If they are unsuccessful, a new type of crypto-assets, software purchase tokens (PBT), will emerge and be available on unregulated platforms.

Jeremy Hogan, a renowned crypto lawyer, believes that the SEC will not be in a hurry to file an appeal in the Ripple case. He states that appeals are usually submitted by the parties after the case has been concluded and a "final decision" has been made, however, the SEC's case against Ripple is still in progress.

It is anticipated by Ripple that U.S. banks will once more make use of the On-Demand Liquidity solution, which allows XRP tokens to be employed as a bridge between fiat currencies for cross-border payments.

The National Australia Bank (NAB) has prohibited its customers from making payments to cryptocurrency exchanges and platforms, labeling them as high-risk.

Integrating the Lightning Network, a second layer solution, into Binance, the largest exchange, could be a major step towards the mass adoption of Bitcoin. This integration would reduce fees and increase the speed of transactions with the first cryptocurrency.

The G20's Financial Stability Board (FSB) has proposed a global regulatory framework for cryptocurrencies, which includes tighter rules for safeguarding the assets of crypto platform customers. Additionally, large companies will be required to share certain activities and functions.

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