Gate.io Blog Daily Flash | Russia Digital Payment Ban Signed Into Law, Ether Brokeout Amid September Merge Announcement

Daily Flash | Russia Digital Payment Ban Signed Into Law, Ether Brokeout Amid September Merge Announcement

18 July 09:55

Today's Headline - SEC Fines John McAfee’s Initial Offering Partner, Issues Lifetime Ban

On July 14, the US Securities and Exchange Commission (SEC) obtained a final consent judgment against late John McAfee's former associate Jimmy Gale Watson, Jr., for his alleged role in McAfee's alleged initial offering promotional scam.

The SEC claims that Watson helped McAfee by arranging the promotional agreements with the Initial Offering issuers and assisting McAfee in cashing out the cryptocurrency payments received. McAfee and Watson are also accused of participating in pump and dump schemes on Twitter.

McAfee is alleged to have earned more than $23 million from the operation. The SEC found that Watson's net profit from the illegal marketing was $316,401 and the final consent judgment with the U.S. District Court for the Southern District of New York mandates that Watson pay the US Treasury $316,401 in disgorgement, as well as $59,533 in pre-judgment interest. The order also banned Watson from buying, selling, or offering digital assets in a professional capacity.

Chart of the Day - Bitcoin HODL Waves: Glassnode report

Over 80% of the total USD denominated wealth invested in Bitcoin (BTC) has been HODLed for at least 3-months.

This signifies the majority of the BTC coin supply is dormant, and HODLers are increasingly unwilling to spend at lower prices.

As of this writing,
Bitcoin (BTC) is changing hands at around $21,030, down 0.6% in the past 24 hours,
while Ether (ETH) is trading at $1,370, or up 2.1% during the same period.

Notable gainers include:
Polygon (MATIC) at $0.749 (+2.35%),
Ethereum Classic (ETC) at $19.54 (+14.4%),
and Lido DAO (LDO) at $1.72 (+31%).

According to different sources, analysts remain divided in their opinion on the recovery of Bitcoin. While there are some who believe that the relief rally may be a bull trap, others expect the up-move to retest the crucial resistance at the 200-week moving average ($22,626).

According to Finbold, the crypto community predicted a price of $36,668 by July 31, calculated as an average of the votes submitted by 28,319 users at the time, while a consensus of 53 cryptocurrency and Web3 industry experts predict that the price of Bitcoin will hit a yearly low of $13,676 in 2022 before recovering to finish the year at $25,473

In the near term, most would agree that the largest crypto by market cap will continue to trade in the $18,000 to $22,000 range that it has maintained for a month, or until investors have a more explicit sign of whether central banks can curb inflation without casting the global economy into deeper recession.

Influencer of the Day - Vladimir Putin Signed Bill to Prohibit Digital Payments in Russia

According to a policy amendment released Thursday, Vladimir Putin, the President of Russia, has signed a law banning digital payments nationwide. The move comes a month after the bill was introduced and approved in the country’s lower chamber of parliament on June 8 and subsequently approved by the upper chamber on July 8.

The amendment is an addition to the previous digital asset law drafted in 2020, which prohibited cryptocurrencies from being used in payments.With the passing of the law, digital asset investment platforms would likely be required to submit transactions and actions to the Russian central bank’s registry as part of the national payments system.

This is in contrary to the view of the Ministry of Finance, which has pushed for crypto to be regulated instead of completely banned. Russia has come under scrutiny this year for its alleged use of cryptocurrencies to evade sanctions following its invasion of Ukraine.

Buzzes of Yesterday - #Ethereum Merge Set For September, #Tencent Shuts Down NFT Platform

Ethereum Devs Set Date For Merge In September, Though Researchers Say It May Not Reduce Gas Fees

Lending Firm EquitiesFirst Owes Celsius $439 Million

Ripple has spent ‘over $100 million on legal fees fighting SEC’, the CEO says

JPEX Announces Launch of MoonBirds NFT Index and Upcoming Giveaway

Crypto Firm Voyager Seeks to Honor Customer Withdrawals From Custodian Bank

New York Yankees Players, Staff Now Able to Convert Salary Into Bitcoin

Tencent shuts down NFT platform as gov policy makes it impossible to thrive

Mastercard partners with crypto gateway to drive financial inclusion in Indonesia

Hyosung America makes Bitcoin purchasing app available to 175,000 ATMs

Sri Lanka Keeps Crypto Illegal Despite Ongoing Economic Turbulence

UK Treasury Launches Inquiry on Crypto-Related Risks and Opportunities

Paraguayan Senate Passes Bill Regulating Crypto Mining and Trading

Author: Gate.io Researcher Peter L.
This article represents only the researcher's views and does not constitute any investment advice. Gate.io reserves all rights to this article.
Reposting the article will be permitted provided Gate.io is referenced.
In all other cases, legal action will be taken due to copyright infringement.

BTC/USDT + 5.21%

ETH/USDT + 3.27%

XRP/USDT + 2.05%

ETC/USDT + 2.36%

MATIC/USDT + 1.97%

LDO/USDT + 5.30%

CEL/USDT + 4.92%

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