While big whales buying Bitcoin to keep it afloat, new assets were boiling in the background, and Ethereum was preparing to shed its old skin with the nearing hardfork London. July was a hot crypto month but it seems like it was just an opening act for much more!
📰 In July 2021 our experts discussed:
- Security & Regulations
- Crypto news
- CEX.IO news
Continue reading to know more hot stuff and see what’s coming next.
🔏 Security & Regulations
🔹 Many countries are now putting serious effort into finding ways to regulate and tax cryptocurrencies, as well as research the applications of central bank digital currencies and stablecoins in their economies. China is making steady progress with its digital yuan, the EU is looking into developing the digital euro within several years – aside from them, the US, Sweden, Japan, South Korea, and many others are also considering the notion of developing their own CBDCs. All this shows that governments across the world have accepted the benefits of blockchain technology, according to Konstantin Anissimov.
🔹 Cryptocurrencies have become a hot topic over the past several years, with the global blockchain market expected to hit approximately $23 billion by 2023 and the total market size for cryptocurrencies expected to hit more than $1 billion by 2026. This surging market is a hotbed for cybercrime, however, with the Massachusetts Institute of Technology (MIT) Technology Review finding that nearly $3 billion was laundered through cryptocurrency exchanges in 2019 alone, up from $1 billion the year prior. Read the report where PYMNTS talked with Konstantin Anissimov about how new blockchain-based security systems can help prevent social engineering attacks.
- Report: crypto exchanges use blockchain tech to boost onboarding security
- CEX.IO on ensuring secure user authentication in cryptocurrency exchange onboarding
📣 Crypto news
🔹 Ethereum is all set to transition from its previous, energy-intensive proof-of-work to a more scalable and cheaper proof-of-stake. Analysts and traders believe the Ethereum market has a lot of upward potential due to looming shortages the upgrade is set to bring. Ether’s shrinking supply and rising demand will increase its value. The reduction of Ether on exchanges is certainly a favorable indication, according to Yuriy Mazur, head of the data analysis department at CEX.IO Broker. He says Investors are now looking for other ways to protect their ETH holdings amid the price drop rather than selling them directly for cash.
🔹 Under the bill, the Securities Clarity Act, a digital token would be called an “investment contract asset” rather than a security, even if it is part of a securities offering, such as an initial coin offering. Emmer’s bill doesn’t go far enough because it would apply to few kinds of digital tokens and would not provide enough to facilitate secondary market trading, said Alexander Kravets, chief executive of CEX.IO US. Ideally, regulators need to identify and create an overarching digital asset structure — what is or is not a security, commodity, or ecosystem asset — how to apply the framework, how digital assets should trade, and so on, he said.
🔹 UK’s advertising watchdog (ASA) to clamp down on misleading marketing for crypto investments. Mark Taylor, Head of Financial Crime at CEX.IO said: “ASA’s initiative is a welcome one. It is unusual as they historically have relied upon customer complaints. However, any action taken to better educate consumers about crypto and to be clear about the risks involved should be a welcome thing and it is no great surprise. The FCA has been regulating this type of miscommunication for a long time and with good intent. This matter is now getting the attention it requires and is no surprise. The financial industry has long been subject to rules concerning marketing and advertising and the need to be open and transparent with customers.”
🔹 Amazon, like many other large corporations, wants to give their customers “the opportunity to do something” with cryptos, said Arina Kulackovska, Head of Corporate Payment Solutions at CEX.IO. The company is actively hiring specialists so some of its potential future plans include accepting payments in cryptos. Alternatively, management may be interested in transferring some of its processes onto the blockchain or even paying employee bonuses in cryptos. The executive said: “There are indeed many speculation opportunities around this news.”
⭐ CEX.IO news
🔹 CEX.IO announces a new partnership with the leading blockchain data monitoring provider Chainalysis. CEX.IO leverages its partner’s comprehensive solutions to have a greater scope in transaction monitoring, with the ability to efficiently identify, investigate, and respond to suspicious activity on the platform. As part of the cooperation, Chainalysis provides CEX.IO access to its powerful Reactor investigation software and transaction monitoring suite to achieve more robust compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) rules and regulations.
“Chainalysis’ powerful solutions allow for a much safer environment for our customer base and assist in preventing CEX.IO’s platform from being abused,” said Konstantin Anissimov.
🔹 In these interviews Konstantin Anissimov talks about the origins of CEX.IO, what challenges did we face during the Covid-19 pandemic, and how we responded to those challenges. Also, you will find exclusive information on our future plans.
🔹 El Salvador has been featured in the headlines of numerous media outlets after becoming the first nation to make Bitcoin a legal tender. While many considered this a bold move, it is also a reasonable step for the Central American country’s government. The state lacks its own national currency – before adopting BTC, USD was the only official means of payment. Konstantin Anissimov takes a coffee shop as an example to illustrate that merchants currently need a third-party financial solution to accept Bitcoin for their products without putting their businesses in danger or dedicating much of their resources to make their own systems work.
While Bitcoin struggles to stay on the bullish side, Ethereum is said to obtain promising perspectives because of the much-anticipated London fork. Follow these links to find the data and deep analysis of the market by our experts.
- Bitcoin rebounds from $33K support as US dollar inflation comes back into focus
- Ethereum price can gain 40% on Bitcoin, argues analyst as London fork nears
- $60K is now more likely for Bitcoin than $20K, Bloomberg’s senior strategist asserts
- Bitcoin’s key momentum metric hints at bullish divergence as BTC clings to $33K
Do you have any thoughts or want to discuss the prospects of the digital asset in the future? Share your opinion on our Telegram channel https://t.me/CEX_IO.
Keep following our experts across the Internet media to stay tuned to the hottest crypto topics! 🧐
Your CEX.IO Team