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Posted 2 hours ago | by Catoshi Nakamoto
The Bitcoin Bulls are bashful, instead of a CBDC -The United Kingdom confirms plans to regulate stablecoins and The Luna Foundation Guard looks to compensate their smallest holders. My name is Ben. This is your nightly Crypto News Wrap Up. Let’s get it!
In Bullfighting, when a bull sees red, it violently charges forward with full force…right now, I can’t say the same about the bulls in crypto. Normally in a downtrend, there will be at least one or two green candles on the way down…right? Unfortunately, now Bitcoin has closed seven consecutive red candles for the first time in the history. (source) For an indication on how the markets reacted to the FED increasing the interest rates, the first of these seven red candles was printed shortly after the first interest hike…it’s been a slippery slope ever since and they’ll be continuing to raise the basis points at every one of the remaining 5 Fed meetings this year. It’s not looking great for the Altcoins either as the Tether Dominance, despite the wobble, has been GREEN for seven weeks and Bitcoin Dominance has been over 44% since May 12th. As the Bulls fight to get back above the 30k level, the conversation at the macro level will continue in Switzerland at the World Economic Forum this upcoming weekend. A glimmer of hope in the short term is that we could be looking at an oversold rally as Bitcoin long positions spike 60% on Bitfinex. A glimmer of hope for the long term is that Meta has adopted Bitcoin since their own stablecoin, Libra (renamed to Diem) has failed. For a deeper look into today’s market, let’s pass it over to our guy Frankie Candles for a market watch!
The United Kingdom is passing a new “Financial Services and Markets” bill to strengthen their economy. It turns out, that her majesty and her treasury isn’t just bullish on crypto, but on stablecoins as well. A spokesperson for the Queen stated, “Legislation to regulate stablecoins, where used as a means of payment, will be part of the Financial Services and Markets Bill.” (source) This legislation will make the U.K the first country in history to legally greenlight stablecoins. The U.K government has noted that they will only work with collateral backed stablecoins, like Tether and USDC and not algorithmic stablecoins like UST. This has all come to light since U.K chancellor Rishi Sunak stated back in April that he wants the U.K to become “a global hub for crypto asset technology.” Sunak sees what crypto is capable of and even tasked the Royal Mint to drop NFTs by summertime. (source) A story that broke today shows that the U.K is serious about crypto and they’re moving right along with their plans since Greyscale is listing a crypto ETF that will go live on the London Stock Exchange tomorrow. To be clear, The “Bloomberg Grayscale Future of Finance Index” ETF is not tied to the price of Bitcoin, but a basket of crypto asset companies such as Coinbase, Robinhood and Block Inc. CryptoPotato.com points out, “This is the first time an American digital asset manager has launched a fund in Europe.” The ETF will be available in the UK, Germany and Italy. Bullish News for the global adaptation of crypto and the future of finance.
After the massive shake up last week, The Luna Foundation Guard did everything in their power to attempt to save the peg for their failed algorithmic stablecoin, UST. In a last ditch effort to save the peg, they sold over 33 thousand Bitcoin for over 1 billion UST. Unfortunately, their UST stablecoin, that stood strong at a dollar not long ago, is now trading for around 5 cents. Just 9 days ago, the LFG had over 80 thousand Bitcoin…and now there’s only 313 Bitcoin left along with their dwindled BNB, AVAX and UST holdings. (The remaining LUNA is staked by validators) Although the method of distribution is yet to be determined, the LFG decided to use the rest of their asserts to compensate the remaining users of UST, starting with the smallest holders first. As noble as these efforts are, it doesn’t make up for the flood of negative attention stablecoins have received in the US. The US government plans to regulate all stablecoins by the end of the year, algorithmic or not, and it’s much more likely we see a CBDC opposed to the U.K’s holistic approach.
That’s all I got. Be blessed. BitBoy out!
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