Top 5 Crypto News of the Week! (01-07 July)
Dear PointPay Family,
The first week of July is behind us, which brought a lot of news and events in the cryptosphere! Let's find out about the most interesting and important of them!
Bitcoin's Price Drop Sparks Optimism Among Traders
The recent dip in Bitcoin's price below $60,000 has invigorated market sentiment. According to Santiment's research, discussions have seen a significant rise in the phrase "buy the dip," indicating a strategic opportunity for investors. Notably, many experts encouraged purchases during the downturn, highlighting the potential for gains as the price stabilizes around $58,000.
Bitcoin Hashrate Drops to 2022 Levels
The Bitcoin network's hashrate has declined to levels last seen in December 2022, according to CryptoQuant. This 7.6% drop indicates potential price stabilization for Bitcoin. Other metrics, such as exchange reserves and miner activity indices, support this outlook, showing low selling pressure.
Circle Becomes First Stablecoin Issuer to Comply with MiCA in the EU
Circle has achieved a significant milestone by becoming the first global stablecoin issuer to secure compliance under the European Union's new Markets in Crypto-Assets (MiCA) regulations. With an Electronic Money Institution (EMI) license from French authorities, Circle will now offer its USDC and newly onshored EURC tokens across the EU. This development marks a pivotal step in stablecoin regulation, spurred by concerns over major tech companies' potential financial market entries, leading to five years of policy formation.
Deutsche Digital Assets Introduces First-Ever Macro Bitcoin ETP
Deutsche Digital Assets (DDA) has launched the world's first Macro Bitcoin Exchange-Traded Product (ETP) on Xetra. This innovative ETP adjusts Bitcoin exposure based on macroeconomic conditions, providing a dynamic and strategic investment option. The product aims to balance the potential gains of Bitcoin with macroeconomic risks, offering enhanced risk management through its adaptive strategy. Additionally, the ETP offers tax benefits for German investors and features institutional-grade security, making it an attractive option for long-term cryptocurrency investment.
Sony Enters the Crypto Arena with S.BLOX Launch in Japan
Sony Group has officially ventured into the cryptocurrency market by acquiring Amber Japan and rebranding it as S.BLOX. This strategic move highlights Sony's commitment to expanding its influence beyond traditional industries. S.BLOX plans significant updates to its WhaleFin service, aiming to enhance user experience and introduce new applications. Leveraging Sony's vast resources, this initiative marks a notable shift in the Japanese crypto landscape, promising innovative trading services under a well-established brand.
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