Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.
Top Stories This Week
Bitcoin (BTC) posted another week of range-bound price action. Bitcoin has traded in a fairly tight range over the past several days, acting more like a volatile stablecoin than the bullishly tilted turbulent cryptocurrency folks know and love. Bitcoin has largely been stuck in a price range between roughly $30,000 and $40,000 for weeks.
Nunya Bizniz, a Bitcoin-focused Twitter personality, noted $30,000 as a potential key level on Bitcoin’s price chart, citing a number of reasons, including a Fibonacci level.
Will Bitcoin head north or south next? No one knows for sure, but data from Glassnode revealed folks stocking up on BTC off centralized exchanges, with roughly 2,000 Bitcoin leaving those platforms each day over the past fortnight. Such data rhymes with activity seen in April, when Bitcoin rose to nearly $65,000 per coin.
On the bearish front, trader Michaël van de Poppe noted a potential price fall for Bitcoin down to around $29,000 and then $24,000 if support around $31,000 broke down.
An approved Bitcoin exchange-traded fund (ETF) continues to elude the United States. This week, the U.S. Securities and Exchange Commission, or SEC, postponed its decision on Wisdom Tree’s Bitcoin ETF, looking for comments from the public on the product — something the commission has done in the past regarding Bitcoin ETF proposals.
“The Commission requests that interested persons provide written submissions of their views, data and arguments with respect to the issues identified above, as well as any other concerns they may have with the proposal,” the SEC detailed in a public document.
More Binance headlines flowed in this week as the exchange decided to halt stock token trading offerings. The company gave no rationale for the move. Folks with current positions in the platform’s stock tokens are allowed a 90-day window to exit their trades.
Over the past couple of weeks, Binance has faced regulatory resistance on a number of fronts.
This week brought further regulatory news regarding Binance. Italy jumped on the bandwagon of national regulators concerned with the exchange. Binance lacks approval for providing crypto trading in the region, according to a warning sent out from the Italian Companies and Exchange Commission.
United States government agencies have not been shy about regulating the burgeoning crypto industry. Thursday news detailed that President Biden’s team plans to further track crypto asset usage. In part, the team is focused on looking for any ransomware ties to crypto usage.
Folks who help the government track down nefarious characters involved in certain online attacks could find themselves rewarded with as much as $10 million in bounty.
For many in the crypto community, Bitcoin is considered a potential hedge against inflation. Bitcoin’s recent price action, however, has given less evidence for such classification as inflation surges to decade highs in the U.S. Some folks doubt the asset as a hedge, while others argue the opposite.
Meanwhile, former U.S. Treasury Secretary Steven Mnuchin has slightly altered his take on BTC.
“The first part of it is I think the underlying technology of blockchain is really incredible and has lots of different things, particularly in fintech and finance,” he told CNBC. “I think as it relates to Bitcoin — if people want to buy Bitcoin as a…