July 13, 2021

The Cryptocurrency Digest Jul 13, 2021: News, Analysis & Opinions

Cryptocurrency Digest Jul 13, 2021

The U.S. may begin to fight the flow of dollars into the crypto market

Caitlin Long, founder of cryptocurrency bank Avanti, pointed out that commentary on the Federal Reserve's proposed guidance on payment system access ends today. 

☝️ The proposal does not directly address Bitcoin or Ethereum, but it does address banks and other intermediaries. 

🆘 According to Long, banks may soon start closing accounts owned by crypto startups en masse, as they did in 2017. 

👀 Glassnode recorded a renewed outflow of BTC from crypto exchanges

In its report, the analytics company wrote that users started actively withdrawing their BTC from crypto exchanges since late May. And during the last two weeks, the outflow has intensified and now averages 2,000 BTC per day. 

✨ As a result, the volume of bitcoins on crypto-exchanges decreased to the indicators of April, when BTC reached $65,000. 

Gemini intends to surpass Binance

The Winklevoss twin exchange, they believe, could be helped by a fully regulated operation. Unregulated offerings should take a back seat, says Cameron Winklevoss. 

"We're playing the long game. We intend to be the fastest turtle in this race and get results after a while," he said. 

Binance has indeed faced regulatory harassment around the world. Let's see if this helps Gemini or another exchange take the lead. 

Cryptocurrency market - Jul 13, 2021

📈Volatility in the cryptocurrency market is still low. Bitcoin fell to $32,700 last night, bounced back from there and is now trading just above $33,000. As a rule, after a significant decrease in volatility, there is a sharp impulse movement to one side. We wait to see when it happens. 

Other cryptocurrencies for the most part also do not show any abnormal movements. Many of them are declining within 5%. Only AXS is growing by as much as 20% and REV by 13%. 

UMI reached a local low of $0.51 yesterday, after which the quote of the cryptocurrency started to gradually recover. It is currently trading at $0.55.

📍BTC $33,262 (-0.83%)

📍ETH $2,031 (-4.17%)

📍USDT $1 (+0.03%)

📍BNB $314 (-4.02%)

📍ADA $1.3 (+3.66%)

📍XRP $0.6331 (-1.31%)

📍DOGE $0.2046 (-4.53%)

📍USDC $1 (+0.01%)

📍DOT $14.73 (-3.59%)

📍UNI $19.45 (-5.99%)

📍XLM $0.2408 (-2.25%)

📍TRX $0.060 (-2.1%)

📍UMI $0.55 (+3.33%)

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Jack Evans

About the author

I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments. 

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