The latest crypto, blockchain and Defi news

We mentioned at the end of the letter last week that bitcoin’s price was primarily driven by global macroeconomic factors and that the next data that could potentially influence its direction would be the United States consumer price index for June. This statistic fell this morning, showing a 9.1% year-on-year rise in inflation, a rate even higher than the already pessimistic forecast of 8.8%.

Source: Adobe

As has been the case since inflation has risen at a breakneck pace, this data has created downward pressure on all markets, including cryptocurrencies.

The Federal Reserve’s Monetary Policy Committee will meet from July 26-27 to discuss further monetary tightening. The new inflation spike could give the central bank the green light for another aggressive rate hike. All this while the Bank of Canada itself has just announced a 100-point increase. However, the recent decline in energy prices could indicate that inflation has peaked.

Struggling crypto lending firm Celsius continues to generate a lot of buzz. According to a new report from blockchain analytics firm Arkham Intelligence, the company reportedly used client funds worth $534 million to execute “risky leveraged crypto trading strategies” through a third-party asset manager. A lawsuit by the founder of KeyFi against the company also paints a completely surreal picture of Celsius’s activities. Indeed, Jason Stone claims that hundreds of millions were managed through his company without the slightest written consent and in a downright amateurish manner, with no structure for the protection of funds. This lawsuit also alleges that Celsius used customer deposits to purchase the CEL token from BTC to manipulate the markets, a clearly highly illegal practice. Tether, meanwhile, claimed to have liquidated a bitcoin loan provided to Celsius. The stablecoin issuer claimed the loan was over-collateralized and liquidated in a way to minimize its impact on the market.

Vermont becomes the sixth US state to open an investigation against Celsius. The state financial regulator alleged that the company has violated state tax laws by offering customers high-interest cryptocurrency accounts and using unethical customer money to invest in illiquid products. The latter claims that Celsius is now “severely insolvent”. “Celsius has deployed client assets in a variety of risky and illiquid investments, transactions and lending,” the Financial Regulation division said in a statement. “Celsius has magnified these risks by using customer assets as collateral for additional loans to pursue leveraged strategies,” the statement added.

Investors in the former fund are not doing much better Three arrows capital† In April, the crypto hedge fund had assets under management totaling $3 billion. It filed for bankruptcy in July. A New York bankruptcy judge on Tuesday gave liquidators full control over U.S. assets Three arrows capital and authorized them to issue subpoenas to co-founders Su Zhu, Kyle Davies and other parties with information about the Singapore-based crypto hedge fund. The injunction comes after liquidation attorney Adam Goldberg filed a petition Friday to block the sale or transfer of 3AC’s assets. 3AC co-founder Su Zhu broke a month-long silence yesterday by posting screenshots of a recent email from Lawyer Legal LLP, the law firm acting on behalf of 3AC, to the legal representatives of the company’s liquidators. One of the letters made public accuses some of 3AC’s liquidators of “luring” Su and Kyle Davies. “Unfortunately, our good faith in working with the liquidators has been encountered pull outSuZhu tweeted.

The CoinFLEX exchange this week laid out its strategy to combat the company’s current liquidity crisis, which has left users unable to withdraw funds for nearly three weeks. In a blog post published Saturday, co-founders Sudhu Arumugam and Mark Lamb announced that the company had initiated arbitration proceedings in Hong Kong to recover $84 million in losses from a “major individual customer” that was closed late last month, according to CoinFLEX, none other than Roger Ver. Arumugam and Lamb said they expect a ruling in the arbitration case to take up to 12 months. Since this is a personal liability, both men are optimistic that the case will result in a significant refund for CoinFLEX. “The individual is personally responsible for paying the full amount,” Arumugam and Lamb wrote, “so our attorneys are confident that we can enforce the award against him.”

South Africa’s central bank will regulate cryptocurrencies as financial assets and new laws are expected within the next 12 months. The use of cryptocurrency in South Africa is quite popular, with about 13% of the population owning some form, according to research from the global exchange Luno. The South African National Treasury budget released in February 2022 officially introduced the move to declare cryptos as financial products. The state also plans to strengthen monitoring and reporting of cryptocurrency transactions to comply with exchange regulations in the country. South African Reserve Bank deputy governor Kuben Chetty confirmed today that new legislation will be introduced within the next 12 months.

In a new July 6 correspondence, attorney Nobuaki Kobayashi, who was appointed as a trustee as part of Mount Gox’s rehabilitation process, confirmed that he was “preparing to issue refunds” to account holders. More than eight years after the implosion of Mount Gox, it seems that those who have lost money are about to receive BTC. The event raises concerns about its impact on the market. As the cast approaches, this will be a scenario to watch closely.

Long-term Bitcoin investors have held onto their holdings for the past few weeks, even as speculators have fled the market. At least that is the conclusion of analyst David Duon, head of institutional research at Coinbase. “Recent BTC sales have been made almost exclusively by short-term speculators.” Long-term investor persistence is a sign of confidence in bitcoin’s ability to survive what appears to be a Federal Reserve-induced bear market and thrive as an alternative and one day become true digital gold, where today’s active are struggling. have with you.

This article is brought to you by Fonds Rivemont. The Rivemont crypto fund is the first and only actively managed cryptocurrency fund in Canada. RRSP and TFSA are eligible. Accredited investors can learn more here

Disclaimer: This column does not necessarily reflect the views of CryptonewsFR and does not constitute investment advice or instructions to trade.

Follow our affiliate links:

  • To buy cryptocurrencies in the SEPA zone, Europe and French citizensvisit Coinhouse
  • Buy Cryptocurrency in Canadavisit Bitbuy
  • To generate interest with your bitcoinsgo to the BlockFi website
  • To secure or store your cryptocurrenciesget Ledger or Trezor wallets
  • To trade your cryptos anonymouslyinstall the NordVPN app

To invest in cryptocurrency mining or masternodes:

To collect coins while playing:

  • In poker on the CoinPoker gaming platform
  • Towards a global fantasy football on the Sorare platform

Stay tuned with our free weekly newsletter and to our social networks:

Leave a Comment