Bitcoin fell below $8,000; $710 million was eliminated on BitMEX; Google’s quantum computer doesn`t threaten the cryptography algorithms on which Bitcoin is based; the Association of Banks of Russia has proposed a solution that allows cryptocurrencies to be taxed and not recognized as a means of payment.

Bitcoin fell below $8,000; $710 million was eliminated on BitMEX; Google’s quantum computer doesn`t threaten the cryptography algorithms on which Bitcoin is based; the Association of Banks of Russia has proposed a solution that allows cryptocurrencies to be taxed and not recognized as a means of payment.

1. «Bakkt didn`t help» the Bitcoin rate fell below $ 8,000, pulling the entire market. LTC can already be bought at $ 50, XRP at the moment was trading at 22 cents, and BNB, which was the most powerful asset for the first half of the year, is already trading at $ 15.

Analysts are paying attention to the level of $ 8 310, which is located at the 200-day moving average. If the price fixes below it (and it has already broken through it), then this will be a signal of a trend change from bullish to bearish.

As a result of the sharp drop of the first cryptocurrency on the BitMEX crypto-derivative exchange, long positions totaling $ 710 million were eliminated.

$ 643 million was liquidated in positions on bitcoin, $ 53 million – on Ethereum, $ 14 million – on EOS and XRP.


2. Recently, the cryptocurrency community began to discuss a quantum computer developed by Google. People speculate that it will be able to circumvent Bitcoin encryption and thereby question the existence of cryptocurrencies. Peter Todd,Bitcoin Core cryptographer and developer, said there are no prerequisites for panic, a quantum computer from Google doesn`t threaten the cryptography algorithms on which Bitcoin is based.

«Google’s quantum computer can be used for simple quantum computing. Talking about hacking cryptographic algorithms is incorrect. We have not yet mastered even such a thing as scaling quantum computers» Todd noted.

 

3. The US Securities and Exchange Commission (SEC) postponed the decision on the application for the launch of a traded exchange-traded fund (ETF) to Bitcoin once again, which was submitted by Wilshire Phoenix in May.

The SEC is still wary of manipulating the price of ETFs.

It should be noted, that next month is the last date when the Commission must respond to the application from Bitwise Asset Management. It will no longer be able to postpone the decision, it will be necessary either to give permission to launch a new tool or to ban it.

 

4. Binance along with the payment company Koinal implements a solution for the purchase of digital currencies by using bankcards.

The new service will be available in more than 175 countries. Due to it, users will be able to buy BTC, BCH, ETH, LTC and XRP for fiat currency. The uniqueness of this particular solution lies in the extremely low fees compared to similar tools.

 

5. Fintech-startup «SoFi» launched a service for trading cryptocurrencies on its platform.

This decision was made due to increased demand from customers, whose company has more than 800,000 people. Now they can trade three cryptocurrencies – BTC, LTC and ETH. Over time, the list of tools will be expanded.

 

6. The Chinese manufacturer of mining equipment «Canaan Creative» has developed an ASIC miner for Ethereum mining, which is almost 5 times higher than the performance of public GPUs.


It should be reminded, that last year Bitmain announced Antminer F3 for Ethash, which also exceeded all the equipment available on the market by 2 times. Then the creator of Ethereum commented on this news:

«We are not going to change the algorithm so that equipment manufacturers spend 6-12 months adapting to new conditions. This will distract developers from more important work. Ethereum is not Bitcoin. Here miners cannot control anything. If at some point Bitmain begins to control most of the computing power and try to use it to the detriment, we will simply accelerate the development of Casper».

 

7. Justin Sun, the founder of the TRON blockchain platform, promised to set a new date on which he will meet with Warren Buffett at dinner «very soon».

It should be reminded, that Sun won the right to have a dinner with Buffett, offering the highest price of $ 4.6 million. The meeting was scheduled for a certain date, but it was rescheduled due to San’s health.

 

8. Benoît Cœuré, member of the board of directors of the European Central Bank, has noted that the announcement of Libra «made the lawmakers and central banks move».

Cœuré believes that the demand for stablecoins will only increase, because consumers need fast, reliable and cheap payments.

«Lawmakers and the Central Bank have received a challenge and must answer it» he said, adding that stablecoins have every chance to fix a number of problems in global payment markets.

According to him, at the moment, about 1.7 billion people on the planet don`t have free access to financial services.

 

9. The Association of Banks of Russia has proposed a solution that will allow taxing cryptocurrencies and not recognize them as a means of payment. They want to equate digital coins with «occupation» or «treasure».

«It is said in the Austrian law that a person who is engaged in cryptocurrency mining actually occupies the virtual assets received, that is, becomes the first legal owner. This approach is quite interesting» the ADB statement said.

Representatives of the Association also say that cryptocurrencies can be considered as «treasure», because the miner «finds» them in an «anonymous system».

 

10. The bitcoin hash rate has fallen by 30% the other day, however, according to the Blockchain.com portal, it has recovered to its usual values and now amounts to 92 EH/s.


It has not yet been possible to find out the cause of the sharp fall. A number of analysts agree that there was no hesitation at all.

«Hash rate is a mysterious indicator. There is no real hash rate chart. Its entire visual presentation is extremely inconsistent over short periods of time» Dan Macardle, co-founder of Messari, said.
James Prestwich, founder of the Summa service, has a similar opinion: «the hash rate drop is not true. Blocks with a large interval were presented in excess for a certain amount of time. The probability of finding a block with an interval of 18 minutes is the same as with an interval of 2 minutes, but they affect the time sampling 9 times stronger».

 

11. The court allowed Bitfinex not to provide documents to the New York prosecutor’s office at this stage of the proceedings.

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1. «Bakkt didn`t help» the Bitcoin rate fell below $ 8,000, pulling the entire market. LTC can already be bought at $ 50, XRP at the moment was trading at 22 cents, and BNB, which was the most powerful asset for the first half of the year, is already trading at $ 15.

Analysts are paying attention to the level of $ 8 310, which is located at the 200-day moving average. If the price fixes below it (and it has already broken through it), then this will be a signal of a trend change from bullish to bearish.

As a result of the sharp drop of the first cryptocurrency on the BitMEX crypto-derivative exchange, long positions totaling $ 710 million were eliminated.

$ 643 million was liquidated in positions on bitcoin, $ 53 million – on Ethereum, $ 14 million – on EOS and XRP.


2. Recently, the cryptocurrency community began to discuss a quantum computer developed by Google. People speculate that it will be able to circumvent Bitcoin encryption and thereby question the existence of cryptocurrencies. Peter Todd,Bitcoin Core cryptographer and developer, said there are no prerequisites for panic, a quantum computer from Google doesn`t threaten the cryptography algorithms on which Bitcoin is based.

«Google’s quantum computer can be used for simple quantum computing. Talking about hacking cryptographic algorithms is incorrect. We have not yet mastered even such a thing as scaling quantum computers» Todd noted.

 

3. The US Securities and Exchange Commission (SEC) postponed the decision on the application for the launch of a traded exchange-traded fund (ETF) to Bitcoin once again, which was submitted by Wilshire Phoenix in May.

The SEC is still wary of manipulating the price of ETFs.

It should be noted, that next month is the last date when the Commission must respond to the application from Bitwise Asset Management. It will no longer be able to postpone the decision, it will be necessary either to give permission to launch a new tool or to ban it.

 

4. Binance along with the payment company Koinal implements a solution for the purchase of digital currencies by using bankcards.

The new service will be available in more than 175 countries. Due to it, users will be able to buy BTC, BCH, ETH, LTC and XRP for fiat currency. The uniqueness of this particular solution lies in the extremely low fees compared to similar tools.

 

5. Fintech-startup «SoFi» launched a service for trading cryptocurrencies on its platform.

This decision was made due to increased demand from customers, whose company has more than 800,000 people. Now they can trade three cryptocurrencies – BTC, LTC and ETH. Over time, the list of tools will be expanded.

 

6. The Chinese manufacturer of mining equipment «Canaan Creative» has developed an ASIC miner for Ethereum mining, which is almost 5 times higher than the performance of public GPUs.


It should be reminded, that last year Bitmain announced Antminer F3 for Ethash, which also exceeded all the equipment available on the market by 2 times. Then the creator of Ethereum commented on this news:

«We are not going to change the algorithm so that equipment manufacturers spend 6-12 months adapting to new conditions. This will distract developers from more important work. Ethereum is not Bitcoin. Here miners cannot control anything. If at some point Bitmain begins to control most of the computing power and try to use it to the detriment, we will simply accelerate the development of Casper».

 

7. Justin Sun, the founder of the TRON blockchain platform, promised to set a new date on which he will meet with Warren Buffett at dinner «very soon».

It should be reminded, that Sun won the right to have a dinner with Buffett, offering the highest price of $ 4.6 million. The meeting was scheduled for a certain date, but it was rescheduled due to San’s health.

 

8. Benoît Cœuré, member of the board of directors of the European Central Bank, has noted that the announcement of Libra «made the lawmakers and central banks move».

Cœuré believes that the demand for stablecoins will only increase, because consumers need fast, reliable and cheap payments.

«Lawmakers and the Central Bank have received a challenge and must answer it» he said, adding that stablecoins have every chance to fix a number of problems in global payment markets.

According to him, at the moment, about 1.7 billion people on the planet don`t have free access to financial services.

 

9. The Association of Banks of Russia has proposed a solution that will allow taxing cryptocurrencies and not recognize them as a means of payment. They want to equate digital coins with «occupation» or «treasure».

«It is said in the Austrian law that a person who is engaged in cryptocurrency mining actually occupies the virtual assets received, that is, becomes the first legal owner. This approach is quite interesting» the ADB statement said.

Representatives of the Association also say that cryptocurrencies can be considered as «treasure», because the miner «finds» them in an «anonymous system».

 

10. The bitcoin hash rate has fallen by 30% the other day, however, according to the Blockchain.com portal, it has recovered to its usual values and now amounts to 92 EH/s.


It has not yet been possible to find out the cause of the sharp fall. A number of analysts agree that there was no hesitation at all.

«Hash rate is a mysterious indicator. There is no real hash rate chart. Its entire visual presentation is extremely inconsistent over short periods of time» Dan Macardle, co-founder of Messari, said.
James Prestwich, founder of the Summa service, has a similar opinion: «the hash rate drop is not true. Blocks with a large interval were presented in excess for a certain amount of time. The probability of finding a block with an interval of 18 minutes is the same as with an interval of 2 minutes, but they affect the time sampling 9 times stronger».

 

11. The court allowed Bitfinex not to provide documents to the New York prosecutor’s office at this stage of the proceedings.

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