Crypto Scoop: Bitcoin Bearish, Slides Towards $30k

For this week’s crypto scoop, here are the highlights:

• Bitcoin slid towards $30k, looks bearish as the week ends
• Further regulatory crackdown on Binance
• Square to create a new bitcoin-focused company

Bitcoin remains bearish as price slides towards $30k

The past few weeks have seen bitcoin stuck between $30k and $40k with many often speculating that the bull season might soon be upon us whenever the market turns hopeful. But on Thursday, bitcoin price experienced a considerable slide as it edges towards the $30,000, despite current inflation as well as fall in the US equities market. Experts think if it breaks the $30,000 support, which it briefly went below about 3 weeks ago, then we might experience a further dip in price and options traders may have to short bitcoin in the futures market or sell off in the spot market.

With bitcoin dominance at 46.32%, the slide in bitcoin price is also impacting the altcoin market. Ethereum (ETH) hit $1,850 for the first time since June 27 and may continue below $1,800 if the bearish conditions persist.

Weekend movements might further give more insight into what to expect from the crypto market as we head into the second half of July.

Hong Kong Issues Binance Warnings

On the 26th of June, Britain’s Financial Conduct Authority (FCA) issued a warning stating that Binance is not authorised to undertake any regulated activity in the UK. This ban came just a day after a similar warning by the Japanese FSA. This week Hong Kong’s Securities and Futures Commission (SFC) and Lithuania’s central bank are the latest to issue warnings to Binance about its operations within their regions.

Earlier in April, European regulators were examining whether the cryptocurrency exchange was compiling with securities rules over its launch of trading in stoke tokens. Since then, several regulators have issued stern warnings regarding Binance’s operations. In response, Binance issued a statement to announce that it would be ceasing support for stock tokens on its platform in some affected regions, effective immediately.

Square to create a new bitcoin-focused company

Twitter and Square chief, Jack Dorsey tweeted on Thursday that Square Inc. is creating a new business. According to him, the new business is going to focus on bitcoin with the “sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services”.

This is coming after he confirmed last week that Square is creating a hardware wallet for bitcoin, which is another bitcoin-focused business for Square, also the owner of Cash App, a mobile payment service that allows users to buy, sell, send or receive bitcoin instantly.

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