Gate.io Blog Gate.io Launched Liquidity Mining with Mega Rewards_ the Big Three Bitcoin Giants Gather in “The ₿ Word” Summit

Gate.io Launched Liquidity Mining with Mega Rewards_ the Big Three Bitcoin Giants Gather in “The ₿ Word” Summit

23 July 19:02

Important Announcement of Gate.io
Gate.io has launched liquidity mining recently, aiming to provide flexible financing products with higher expected profits for our users during low volatility. Participants can obtain extra time-limited bonuses in the reward pools besides a share of 100% of transaction fees.
Click to earn profits: https://www.gate.io/liquidity
For more details, please refer to: https://www.gate.io/article/21337

Cryptocurrency Market
The prices in the crypto market dived and rose again last week. On July 20th, crypto prices plunged, influenced by the drop in American share prices. Bitcoin plummeted to below $30,000, and its lowest price of the day plunged to $29786.90, which has also been the lowest price since May 19th, 2021. Meanwhile, Ethereum’s lowest price of the day was $1,719.0, even lower than the Crypto Market Crash on May 19th. On May 21st, crypto prices rebounded significantly. Bitcoin’s highest price of the day was $32,800, closing at 32,134.25; Ethereum’s highest price of the day reached $2,032.53 and closed at $1,994.99.

According to the candlestick chart, the prices of Bitcoin and Ethereum showed bullish for three consecutive days. Both prices returned to horizontal price movement after a short adjustment. Last week, Bitcoin moved closely with lowerBB and reached middleBB on July 20th and July 21st. Its KDJ formed a standard golden cross, indicating Bitcoin had entered the preparation stage and was trying to improve the market trend. After DeFi’s downturn, Ethereum’s price made a performance increasingly similar to Bitcoin’s price.

Crypto News
Stablecoin project USDC has released its capital verification report of this May, which shows that 61% of its assets are "cash and cash equivalents," plus 13% in certificates of deposit, 12% in U.S. Treasuries, and a small amount in corporate commercial paper and corporate debt. Jeremy Allaire, a founder of Circle, said USDC would be the most public, transparent and fully-reserved stablecoin project worldwide.

After the polka derivatives protocol Bifrost won the KSM slot auction with $136,000, the five Kusama slots were sold out in the first round. Another four winners are Karura, Moonriver, Shiden, and Khala. After this auction, the Kusama network will suspend auctions and observe the overall performance. Then it will start a new round of auctions.

Anthony Di Iorio, the co-founder of Ethereum, has publicly stated that he will no longer get involved in cryptocurrency for personal security and plans to sell Decentral, a software development company focusing on decentralized technology, and his attention will return to philanthropy and other ventures unrelated to cryptocurrency.

Musk, Tesla CEO, Jack Dorsey, CEO of Twitter and Square, and Cathie Wood, Ark Fund manager, attended "The ₿ Word" one-day summit together. Musk re-emphasized that he is a supporter of Bitcoin and cryptocurrencies and holds Bitcoin, Ethereum and Dogecoin, along with Tesla and SpaceX. He also said that Tesla might accept Bitcoin payments again as Bitcoin mining shifted to clean energy.

News in the Financial Market
According to the stats released by the business analytics platform CB Insights, crypto coin firms raised a record $4 billion in venture capital in the second quarter of 2021. Fintech firms recorded a new record of $30.8 billion, 29% from the year before.

The IPO application filed by Robinhood to SEC shows that Robinhood has reached a settlement with the New York State Department of Financial Services regarding the issues related to cybersecurity and anti-money laundering rules. Robinhood will pay $35 million in fines and plan to hire a moderator in the future.

The co-founder of GMO, legendary investor Jeremy Grantham warns that the stock and crypto markets are in a more serious bubble than that in the 2000s. And it’s expected to burst in the fall, pricked by possible reasons such as virus problems, inflation problems, or other problems, leading to an enormous negative wealth effect.

Exchange-traded fund (ETF) provider Global X has submitted a filing of its own for a Bitcoin ETF with the SEC. The ETF, named Global X Bitcoin Trust, will be listed on the Cboe BZX Exchange, and operate with the goal of holding Bitcoin.

Big News
The People’s Bank of China published a white paper for the e-CNY or digital yuan, including the background, definition, primary objectives, frames and possible outcomes, and the current process, revealing the development of e-CNY for the first time.

The European Commission for Financial Services made a package of four proposals intended to fight money laundering. One of the proposals directly banned anonymous crypto wallets to make sure the crypto-asset transfers are traceable. Service providers must collect information including customers’ names, addresses, account numbers, etc.

It’s reported that El-Salvador is planning to issue its own stablecoin, which is currently referenced as the Colón-Dollar”. It’s also planning to digitize files including identification, social security cards, medical records and so on. However, according to current research, about 77% of the population are against the Bitcoin Law, claiming that many remitters and merchants prefer US dollars to Bitcoin.

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Author: Gazer. C & Charles. F (Gate.io Researchers)
* The article only represents the researcher’s views and does not constitute any investment advice.
* Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.

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