Bitcoin consolidating – where to from here?

Bitcoin consolidating – where to from here?
Crypto
Ara Zohrabyan
Author:
Ara Zohrabyan
Published on: 04.07.2022 17:40 (UTC)
Post reading time: 1.62 min
63

Bitcoin downtrend didn’t reverse last week. Bitcoin price is below $20,000 currently. A glance at the daily chart reveals Bitcoin sideways trading continues currently. There are no clear signs who has the upper hand - the bulls or bears,  as the market consolidation continues.         




Bitcoin volatility remains high while the average Ethereum gas fee hit lower than $1 today while Singapore-based cryptocurrency exchange and lending platform Vauld suspended all withdrawals, trading and deposits. The crypto brokerage firm Voyager Digital suspended withdrawals last Friday after the liquidation of crypto hedge fund Three Arrows Capital was ordered by a British Virgin Islands court last Monday, while deposit rates were raised at BlockFi  as free withdrawals were eliminated. And EU agreed on crypto authorization law – MiCA.

 

Partners from Teneo Restructuring have been called in to handle the insolvency of the crypto hedge fund Three Arrows Capital as its liquidation was ordered by a British Virgin Islands court last Monday. Crypto brokerage Voyager Digital had issued a default notice to 3AC after the fund failed to make required payments on loans

 

Crypto lending platform BlockFi on Friday announced increases in deposit rates on BTC, ETH, USDT and other crypto assets after layoffs at the company and a $250 million emergency line of credit from FTX. BlockFi announced it would be eliminating a policy allowing the free withdrawal of BTC, ETH, and stablecoins once per month but will be lowering withdrawal fees on all of those assets.

 

European Union policymakers have struck a deal on requirements for crypto issuers to publish a kind of technical manifesto called a "white paper," to register with the authorities and to keep proper bank-style reserves for stablecoins. As reported earlier the deal includes a cap on large stablecoins that become widely used as a means of payment, meaning that they can’t exceed 200 million euros of transactions per day.


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