[Comparative Weekly Review] The crypto market rebounded in the middle of the week, and Tesla is likely to continue to accept Bitcoin payments; Rothschild Investments will increase 103,059 grayscale Bitcoin trusts and 13,817 grayscale Ethereum trusts; the US President's Financial Markets Task Force will issue stablecoin regulatory recommendations within the next few months

Over the past week, the crypto market stabilized its downward trend on Wednesday and began to strengthen slightly. The total global cryptocurrency market capitalization rebounded to $1.46 trillion on Saturday night. Bitcoin's recovery led this trend. As of press time, the price of Bitcoin was $34324.95, an intraday increase of 6.47 percent. In line with the trend of Ethereum, it has continuously recovered a large amount of losses. As of press time, the price of Ethereum was $2185.90, an increase of 8.28% during the day.

On the institutional side, Rothschild Investments increased its holdings of 103,059 Grayscale Bitcoin trusts and 13,817 Grayscale Ethereum trusts. Venture capital firm Pillar VC's two funds raised $192 million, with investment priorities including the cryptocurrency sector. Tether's general counsel said Tether will release an audit report within a few months. The cloud division of the emerging stock exchange IEX Group is joining Pyth, a Solana-based data project. Celsius invests $54 million in carbon-neutral Bitcoin mining company Core Scientific.

On the regulatory side, the US President's Financial Markets Task Force will issue stablecoin regulation recommendations in the next few months. The European Commission plans to ban anonymous cryptocurrency wallets. The US SEC chairman said that stock tokens and stablecoins backed by securities are subject to securities laws and must be reported to the SEC. The US National Credit Union Administration wants to learn about cryptography-related technologies such as DLT and DeFi. The UK Treasury launched a public consultation on the implementation of the FATF cryptocurrency “travel rules”.

Furthermore, Musk stated that Tesla, SpaceX, and himself all own Bitcoin, and considering that Bitcoin is completing the energy consumption transition, Tesla is likely to continue to accept Bitcoin payments.

[Weekly market: The crypto market is weak, and Bitcoin falls below the $35,000 support level]

On Monday, risk aversion spread in the market. Bitcoin fell below the $31,000 support level, Ethereum fell 5%, and the transaction price fluctuated above $1,800. The fall of the two major cryptocurrencies triggered a general sell-off of mainstream altcoins. With the exception of all stablecoins, many altcoins declined slightly. The price of BNB fell 7%, ADA fell 4%, and the market capitalization of XRP plummeted 5.96%, falling to 7th place in the market capitalization ranking.

The crypto market continued to decline on Tuesday. Bitcoin fell below the $30,000 support level, and the price fluctuated above $29,000, with a daily decline of 3%. The European Commission is proposing to amend anti-money laundering rules, which may include banning anonymous crypto asset wallets, leading to a further decline in market sentiment. Ethereum fell below $1,800, a daily decline of around 2%, and BNB/ADA/XRP both fell by more than 5%. Institutional investors currently seem to be very cautious and risk aversion is spreading, according to a report released by Arcane Research on Tuesday.

On Wednesday, the crypto market rebounded. At Wednesday's B-Word meeting, Musk boosted the bullish sentiment in the market by announcing that one of his companies, SpaceX, holds Bitcoin on its balance sheet. Musk also said that he personally owns Ethereum and Dogecoin. The statement led to a rise in cryptocurrency prices on Wednesday, Bitcoin rebounded 6% during the day, and the price returned above $31,000. Ethereum rebounded more than 8%, almost above $2,000. Dogecoin's price rose by about 9% to $0.213, then fell back to $0.188. The top ten cryptocurrencies all rose, with the exception of stablecoins, by more than 5%.

The cryptocurrency market continued to rise on Thursday, with bulls dominating the market situation. Following Musk's positive comments on Wednesday, the Bitcoin price rebounded from the $30,000 support level and stagnated above $32,000 during the day. Analysts believe that the technical side indicates that there is limited upside, and the upward resistance is around $34,000. Ethereum broke through the $2,000 pressure level and rose more than 3% during the day. The top ten cryptocurrencies by market capitalization all rose. Among them, DOT had the highest increase, reaching 8.56%, and the trading price was around $13.

The crypto market declined more and rose less on Friday. Bitcoin consolidated slightly above $32,000. The intraday volatility was less than 1%, and Ethereum rose slightly by 1%. With the exception of Bitcoin and Ethereum, the top ten cryptocurrencies all fell. Most altcoins declined, and AXS, the governance token of the Axie Infinity platform, doubled, with a daily increase of more than 50%, breaking through a record high of $38.6. The token's year-to-date increase has exceeded 5,700%.

The crypto market has collectively risen over the past 24 hours. Bitcoin has been rising all the way up. Currently, it is gradually approaching the $35,000 mark, with an intraday increase of 6.47 percent. Ethereum has also soared 8.28 percent. Apart from Bitcoin and Ethereum, the top ten cryptocurrencies have all risen. Of the top 100 cryptocurrencies, only

THORChain (RUNE) fell 1%. However, Tehter CTO Paolo Ardoino tweeted that although the price of Bitcoin has risen, the trading volume is still very low, and investors should be cautious.

[Agency News: Rothschild Investments adds 103,059 Grayscale Bitcoin trusts and 13,817 Grayscale Ethereum trusts; venture capital firm Pillar VC raises $192 million, focusing on the cryptocurrency sector; General Counsel Tether says Tether will release an audit report within a few months; the cloud division of the emerging stock exchange IEX Group is joining the Solana-based data project Pyth; Celsius becomes carbon neutral Bitcoin mining company Core Scientific invests USD 54 million]

On Monday, Rothschild Investment Corporation (Rothschild Investment Corporation) has added 103,059 grayscale Bitcoin trusts (GBTC) and 13,817 grayscale Ethereum trusts (ETHE), bringing its total GBTC holdings to $4.2 million and ETHE holdings to $6.3 million, according to a recent filing with the US Securities and Exchange Commission (SEC). According to the New York Times, the Chicago-based investment company was founded by Monroe Rothschild in 1908. It has nothing to do with the famous Rothschild family; it just has a similar name.

On Tuesday, venture capital firm Pillar VC announced that its venture fund Pillar III raised US$169 million and Pillar Select raised US$23 million, raising a total of US$192 million. The two funds will focus on cryptocurrencies, fintech, enterprise SaaS, AI/ML, hardware, manufacturing and logistics, proptech, and consumer markets. The investments will focus on the Boston region of the United States. The funds will conduct pre-seed investments of $50,000-$500,000 and $2-$6 million seed round investments for startups in target sectors. Blockchain company Algorand and USDC issuer Circle are among the beneficiaries of Pillar's previous fund.

On Wednesday, Tether's general counsel Stu Hoegner said in an interview with CNBC that the audit is “ongoing” and that Tether will release the audit report “in months rather than years.” In an interview, Hoegner and CTO Paolo Ardoino said that USDT has earned the trust of the market: “More importantly, our recent 24-hour trading volume on the exchange was US$45-50 billion, which dwarfs our competitors. We believe the market has made up its mind. The market has shown trust and confidence in Tether and its products”. Comparing to previous reports, stablecoin issuer Circle yesterday released details of reserves supporting its stablecoin USDC.

On Thursday, the US startup stock exchange IEX Group Inc. (IEX Group Inc.) is entering the DeFi market, and IEX Cloud, the company's cloud division, is joining Pyth, a Solana-based data project. Pyth was launched by high-frequency trading company Jump Trading to make market data more accessible to developers, according to sources familiar with its business. Specifically, the platform is built on the Solana blockchain to link stock market data through partnerships with trading companies such as Virtu Financial, exchanges such as LMAX Group, and IEX's data division IEX Cloud. Brad Katsuyama, CEO and co-founder of IEX, said, “IEX Cloud's participation in this project has accelerated the innovation that may occur there, improved the reliability of data that people can build on, and is in line with our company's mission.”

On Friday, crypto mining and earnings platform Celsius announced that it has invested $54 million in carbon-neutral Bitcoin mining company Core Scientific. This investment is part of Celsius's commitment of $200 million to create clean Bitcoin mining in North America, making it one of the largest US investors and mining companies in the Bitcoin mining industry. Core Scientific, which provides 100% net carbon-neutral infrastructure and software solutions to the world's leading blockchain companies, just announced plans to list on the NASDAQ through SPAC yesterday, with a valuation of $4.3 billion.

[Regulation: The US President's Financial Markets Working Group will issue stablecoin regulatory recommendations in the next few months; the European Commission plans to ban anonymous cryptocurrency wallets; US SEC Chairman: Stock tokens and stablecoins backed by securities are subject to securities law and need to be reported to the SEC; the US National Credit Union Administration wants to understand cryptography-related technologies such as DLT and DeFi; the British Treasury conducts public consultations on the implementation of the FATF cryptocurrency “travel rules”]

On Monday, US Treasury Secretary Janet Yellen convened the President's Financial Markets Task Force (PWG), the Office of the Comptroller of Monetary Affairs, and the Federal Deposit Insurance Corporation to discuss stablecoins. At the conference, participants discussed the rapid growth of stablecoins, the potential use of stablecoins as a means of payment, and potential risks to end users, financial systems, and national security. The Secretary of State emphasized the need to act quickly to ensure the proper regulatory framework is in place. PWG also heard from Treasury staff on preparing a stablecoin report, which will discuss its potential benefits and risks, the current US regulatory framework, and suggestions to address any regulatory gaps. PWG is expected to issue stablecoin regulatory recommendations within the next few months.

On Tuesday, the European Commission proposed on Tuesday that companies must collect details of the sender/receiver of bitcoins or other crypto assets transferred, such as the customer's name, address, age, and recipient's name. The proposal means that the EU wants to ban anonymous cryptocurrency wallets as part of the Commission's fight against the financing of terrorism and money laundering, and the commission claims in its statement that the new proposed law will make bitcoin and other cryptocurrencies fully traceable: “Today's amendments will ensure full traceability of transfers of crypto assets, such as bitcoin, and will allow prevention and detection of their possible use in money laundering or terrorist financing.”

On Wednesday, during the American Bar Association's keynote address on July 21, US Securities and Exchange Commission (SEC) Chairman Gary Gensler said that some creative securities that appear in the form of tokens still need to be reported to the SEC. Gensler said, “Many platforms actively provide crypto tokens or other products that are priced at the value of the securities and operate like derivatives. Make no mistake: Whether it's a stock token, a stablecoin backed by securities, or any other virtual product that provides comprehensive exposure to the underlying securities, it doesn't matter. These platforms — whether in the decentralized or centralized financial sector — are subject to securities laws and must operate within our securities system”.

On Thursday, the US National Credit Union Administration (NCUA) issued a request for information and comment (RFI) on digital assets and related technology, asking how distributed ledger technology (DLT) and decentralized finance (DeFi) may affect the credit union system, and how their regulated entities may interact using these technologies or other crypto-related tools. The NCUA is a US federal regulatory agency that oversees credit unions, which is equivalent to the Office of the Comptroller of the Currency (OCC) of the National Bank. In its RFI, NCUA asked about insurance, risk/compliance, operations, supervision, how to insure stablecoin accounts, and related areas NCUA might cover if credit unions want to provide crypto-related services.

On Friday, the UK Treasury announced a public consultation, including how to implement the Financial Action Task Force (FATF) Travel Rules for Cryptocurrency Transactions (Travel Rules). The Ministry of Finance said that this consultation is a key step in improving Britain's regulations relating to terrorist financing, money laundering, and money transfers. The public consultation will continue until October 14, with the aim of taking legislative action in the spring of 2022. The report states: “The government's implementation approach is based on the principle that the application of [travel rules] should be consistent across the financial services industry, regardless of the technology used to facilitate transfers, unless there is a compelling reason to use a different approach. These requirements will apply to crypto asset exchange providers and custodial wallet providers operating in the UK, as defined in the Money Laundering and Financing of Terrorism (Amendment) Regulations 2019”.

[Celebrity News: Interactive Brokers Founder Says He Holds Some Cryptocurrency; Musk Says Tesla, SpaceX, and He All Hold Bitcoin, and Tesla Will Probably Continue to Accept Bitcoin Payments]

Thomas Peterffy, founder and chairman of Interactive Brokers (Interactive Brokers) of the United States, told CNBC on Wednesday that he has invested in cryptocurrencies but is still skeptical about the long-term future of digital assets. He said, “I myself have invested a little money in cryptocurrency because even if I don't think it's going to be a viable market, I think it's unlikely that it will become a dominant currency, but you have to calculate the probability to seize the opportunity.” Peterffy didn't specifically say what kind of cryptocurrency he owns. Comparing previous reports, Yingtou Securities is preparing to launch a cryptocurrency trading service in late summer.

Elon Musk said at The B Word virtual conference on Wednesday: “Overall, I support Bitcoin. Tesla, SpaceX, and I all own Bitcoin; government intervention in the currency is the root cause of the mistake.” He also stated that he personally owns Bitcoin, Ethereum, and Dogecoin, but has far more Bitcoin positions than the other two. Musk said, “We don't sell any bitcoins. I personally don't sell, and SpaceX doesn't... it looks like Bitcoin is shifting more towards renewable energy, and some power plants that clearly use heavy coal have shut down, particularly in China. I'd like to work a little harder to confirm that the percentage of renewable energy use is likely to reach or exceed 50%, and that number is trending up. If so, Tesla will resume accepting Bitcoin payments”.

Author: Chen Zou

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