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Fred Cole

An editor at FOMOdrive

  • Jul 14, 2023
  • 3 min read

Bitcoin soared above $31,800 - what's going on?

Bitcoin BTC gold metal coins with candlestick chart on background

Since early June 2022, Bitcoin has reached new heights.

Cryptocurrencies are gaining more trust from hedge funds as their stability increases.

The Securities and Exchange Commission (SEC) has taken legal action against the cryptocurrency firm Celsius, resulting in the arrest of its former CEO.

Europe is set to launch its first Bitcoin Exchange Traded Fund (ETF).

Telegram has unveiled its new Wallet Pay service, allowing users to make payments using cryptocurrencies.


On Thursday, Bitcoin reached new heights since the start of June 2022, surpassing $21,800. This surge in value was likely due to Ripple's success in its legal battle against the U.S. Securities and Exchange Commission (SEC). As a result, the XRP token saw a 73% increase in value.

Since 2020, the Court of the Southern District of New York has been part of a process that has concluded that XRP, which were sold to retail investors, are not securities.

The court ruled that institutional XRP sales could potentially be classified as unregistered securities. This decision is not yet final, as the case is still being considered in court and the SEC may choose to appeal.

The SEC has brought a legal action against the now-bankrupt cryptocurrency lender Celsius, and its former CEO, Alex Mashinsky, has been taken into custody as part of an inquiry into the company's downfall. He is charged with fraud and market manipulation, and the token of the company is considered a security.

Approximately 9% of participants in a Twitter poll confirmed the assumption of Coinbase CEO Brian Armstrong that Bank of America has started blocking accounts used for transactions with the exchange, which is the largest American crypto exchange.

Barclays, one of the biggest banks in the UK, has lowered its rating of Coinbase due to a lack of potential catalysts for the stock's growth in the foreseeable future.

PwC reported that hedge funds have become more confident in the stability of cryptocurrencies, with 93% of those surveyed expecting the market capitalization of digital assets to increase by the end of the year. However, the percentage of hedge funds investing in cryptocurrencies decreased from 37% to 29% by 2023.

The Financial Times reported that Jacobi Asset Management, a British firm, will be launching the first bitcoin ETF in Europe in July. The instrument has been listed on the Euronext stock exchange in Amsterdam.

In March 2023, the US government sold 9,861 BTC, which had been confiscated from the Silk Road darknet marketplace, for $215 million. This marks the beginning of another round of cryptocurrency sales by US authorities.

The creators of Polygon, a platform for scaling the Ethereum blockchain, have proposed the issuance of a multi-purpose POL token, which would serve as a substitute for MATIC.

Telegram's Messenger app has just launched Wallet Pay, a service that allows users to pay with Bitcoin (BTC), Tether (USDT), and Telegram's own cryptocurrency, Toncoin (TON).

The Google Play platform will provide users with the ability to purchase, sell, and earn digital assets through the hosting of games and dapps.

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