Author：Gazer (Gate.io Researcher)
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The cryptocurrency market still is caught in a downturn over the past week. The Panic and Greed Index has remained between 20-22 while the market remains in a state of extreme panic. Bitcoin price continued to slump over the past few days and even repeatedly tested towards the bottom end of the range after two failed attempts to break $36,000, once falling to a new 7-day low of $31,591.18 on the 14th. Ethereum, which is also favored by many analysts and management companies to replace Bitcoin in the future, also failed to get out of the shadow of Bitcoin trend and fell for days and fell below $1,900 on the 14th to a low of $1,864.52.
Many analysts speculate that the recent plunge may be related to today’s unlocking of the Grayscale Bitcoin Investment Fund. Grayscale Bitcoin Trust (GBTC) is currently the largest traded cryptocurrency fund, and the current unlocking involves 40,000 bitcoins worth about $1.5 billion. And the single largest unlocking would release 16,240 bitcoins worth more than $550 million. Once unlocked, investors can choose to sell at the current price or continue to hold. If investors choose to sell, it may produce downward pressure on bitcoin prices once again and trigger another price dive in the short term.
Ethereum founder, Tim Beiko, tweeted, all clients reiterated their satisfaction with 12,965,000 London hard fork deployed blocks on the mainnet after the core developer meeting. If there are no major security issues, the London upgrade will enter the mainnet on August 4th, 2021.
DeFi Education Fund (DEF) received a grant of one million UNI from Uniswap in mid-June. However, DEF cashed out 500 thousand UNI into 10.2 million USDC through OTC sales when the community was confused about how to use the currency, which aroused the discontent and doubt of community members.
Axie Infinity, an NFT+ blockchain gaming project on Ethereum, recently gained market recognition. Its revenue in the past 30 days surpassed $30 million and remains No.1 in the DeFi protocol revenue ranking. Meanwhile, the price of its token SLP once reached a record high of $0.409.
News in the Financial Market
During the U.S. stock shakeout in the last week, ARK Fund purchased a total of nearly 65,000 shares of Coinbase and now has a total position of 3.81 million shares. Meanwhile, manager Cathie Wood has applied with the SEC to establish a bitcoin exchange traded fund (ETF).
A unit of Capital Group, an investment house with a market value of $2.38 trillion, has purchased a 12% stake in MicroStrategy, making it the second largest shareholder of this company. Most of MicroStrategy's capital was used to purchase BTC, which means that Capital Group, one of the largest investment houses, has indirect exposure to bitcoin investment.
The Brazilian Securities and Exchange Commission (CVM) approved a new cryptocurrency exchange traded fund on July 14th, to track the performance of ETH. The Ethereum ETF, QETH11, will be listed on the Brazilian stock exchange B3, making it the first stock exchange in Latin America to list an Ethereum ETF.
India's largest private bank, Industrial Credit and Investment Bank of India (ICICI), recently updated its retail remittance application form to stipulate that funds transferred offshore cannot be used to invest or purchase any virtual currencies, including Bitcoin and Ether, or invest in mutual funds and stocks through virtual currencies.
According to an announcement "We will shut down virtual currency mining projects in an all-round way" issued by Hefei Online on July 14th, the electricity demand growth in this province will accelerate in the next three years. In order to solve this problem, Anhui Province will strictly control those projects of high energy consumption as well as shut down virtual currency mining projects in an all-round way.
The National Security Agency of Ukraine announced that the largest illegal cryptocurrency mining facility to date was found in the country. The mine covered its illegal activities by damaging data. The power stolen is enough to cause power outages in several urban areas, with losses reaching $255,000 per week.
The Police Department in London seized nearly $250 million in cryptocurrencies in its latest anti-money laundering investigation, surpassing the record of $158 million in late June. And it is said that the investigation will continue for several months.
The government of Tunisia, an African country, recently approved a draft law on Bitcoin and overseas accounts. Although the specific content has not been disclosed, according to the government's attitude towards cryptocurrency, Tunisia may become the next country to recognize cryptocurrency as a currency in circulation.
Author：Gazer (Gate.io Researcher)
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