Schiff says sell Bitcoin for silver amid $258K target looms: Hodler’s Digest, July 6 – 12

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Top Stories of The Week

Grayscale calls retired SEC hold of Digital Large Cap Fund ETF listing

Attorneys for integer plus manager Grayscale pushed backmost against the US Securities and Exchange Commission’s (SEC) delay connected approving its Digital Large Cap exchange-traded money (ETF) successful a missive sent connected Tuesday.

The SEC’s Division of Trading and Markets initially approved the ETF proposal, but the SEC’s Office of the Secretary decided to reappraisal the enactment instantly afterward, halting the decision, Grayscale’s attorneys said.

This violates the “statutory support oregon disapproval deadline” acceptable by the SEC and conflicts with established procedure, according to the attorneys.

Binance helped make World Liberty Financial stablecoin — Report

Cryptocurrency speech Binance reportedly helped make the code down the stablecoin issued by World Liberty Financial (WLF), 1 of the crypto businesses tied to US President Donald Trump.

According to a Friday Bloomberg study citing 3 radical acquainted with the matter, Binance helped create, beforehand and played a relation successful the largest transaction of WLF’s USD1 stablecoin. The crypto business, backed by Trump and his 3 sons, launched USD1 connected March 4.

An Abu Dhabi-based concern firm, MGX, announced a $2 cardinal concern successful Binance connected March 12 utilizing a then-unnamed stablecoin. Eric Trump, 1 of WLF’s co-founders, said successful May that the institution would beryllium utilizing USD1 to settee the investment.

Peter Schiff says merchantability Bitcoin for metallic arsenic BTC smashes caller highs

Longtime Bitcoin professional and golden advocator Peter Schiff said the latest BTC rally whitethorn beryllium a selling accidental for investors to bargain metallic instead.

“With Bitcoin hitting caller highs contiguous (in dollars), it’s a large clip to merchantability immoderate and bargain metallic up of silver’s adjacent large limb up,” Schiff said successful a Thursday X station arsenic Bitcoin enactment connected its satellite boots again and acceptable caller highs supra $112,000.

He claimed that metallic has much upside imaginable than Bitcoin and added that portion BTC “can easy crash, silver’s downside seems precise limited.”

Arthur Hayes, co-founder and erstwhile CEO of BitMEX, besides weighed successful connected marketplace conditions successful a Friday X post. He said helium was “slightly bearish” owed to the US Treasury General Account being replenished done caller indebtedness issuance, which could temporarily drain liquidity.

Cryptocurrencies, Bitcoin Price, Markets, Cryptocurrency Exchange

High-leverage trader James Wynn deactivates X account

James Wynn, a crypto trader known for his high-leverage crypto bets, appears to person deactivated his X societal media account, pursuing nine-digit losses.

Wynn’s X grip “JamesWynnReal” present routes to a leafage that says “This relationship doesn’t exist. Try searching for another.”

The trader’s wallets amusement a combined equilibrium of conscionable $10,176, according to balances displayed by Arkham Intelligence and Hypurrscan.

Cointelegraph reached retired to Wynn for remark but was incapable to get successful interaction with the trader. Before deleting the X account, Wynn changed his illustration bio to 1 word: “broke.”

Snoop Dogg’s Telegram ‘gifts’ merchantability retired successful 30 minutes: NFTs back?

American rapper Snoop Dogg sold retired a postulation of astir a cardinal non-fungible tokens (NFTs) connected Telegram successful 30 minutes connected Wednesday, seemingly defying the conception that the NFT manufacture is “dead.”

Snoop Dogg’s caller integer acquisition postulation of astir 996,000 non-fungible tokens (NFTs) powered by the TON blockchain is “inspired by Snoop’s iconic style” and generated $12 cardinal successful sales, Telegram laminitis Pavel Durov said successful an X station connected Wednesday.

“Blockchain minting and the secondary marketplace spell unrecorded successful 21 days. It’s going to beryllium wild,” helium added.

The tokens successful the postulation included representations of vintage cars, swag bags, a integer dog, marijuana-related objects, and a premix of different items and symbols.

Winners and Losers

At the extremity of the week, Bitcoin (BTC) is astatine $117,967 Ether (ETH) astatine $2,962 and XRP astatine $2.78. The full marketplace headdress is astatine $3.68 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the apical 3 altcoin gainers of the week are MemeCore (M) astatine 1,234.52%, Stellar (XLM) astatine 59.52% and Story (IP) at 49.69%.

The apical 3 altcoin losers of the week are Jito (JTO) astatine 4.57%, OKB (OKB) astatine 0.64% and Pi (PI) astatine 0.15%. For much info connected crypto prices, marque definite to work Cointelegraph’s marketplace analysis.

Most Memorable Quotations

“BTC confirms regular higher-high and confirms an extremity to the downtrend that started successful precocious May.”

Matthew Hyland, crypto trader

“So Ethereum is scalable enough, affordable enough, ineligible capable successful the United States.”

Joseph Lubin, co-founder of Ethereum and CEO of ConsenSys

“We cannot person the radical who are successful complaint of passing authorities and enforcing legislation, implementing legislation, person conflicts of involvement with their authoritative responsibilities. You should beryllium divesting from crypto if you’re going to beryllium regulating crypto.”

Richard Painter, erstwhile White House main morals lawyer

“The crypto-friendly SEC, on with the GENIUS Act, tin align the crypto manufacture to rapidly expand, with the imaginable for the stablecoin marketplace to scope $1-2 trillion successful marketplace headdress successful a fewer years.”

Nick Ruck, manager astatine LVRG Research

“However, I americium not definite that determination is simply a compelling lawsuit for stablecoins moving the needle connected dollar dominance beyond that, unless retail usage accelerates successful processing countries connected the backmost of incentives.”

Katalin Tischhauser, caput of probe astatine Sygnum

“[The testimony] would beryllium unfairly prejudicial arsenic it would apt confuse and mislead the jurors into believing that Mr. Storm was progressive successful the underlying purported hack oregon intended to facilitate it, which is not true.”

Attorneys representing Tornado Cash co-founder and developer Roman Storm

Top Prediction of The Week

Bitcoin Christmas rally to $200K oregon $300K imaginable based connected ‘power law’ model

Bitcoin has rallied by 10% successful July, reaching caller highs astatine $118,600, and this could beryllium conscionable the opening of a parabolic rally according to anonymous Bitcoin expert apsk32. The expert said that Bitcoin could beryllium worthy arsenic overmuch arsenic $258,000 if past repeats itself.

According to apsk32, Bitcoin's terms enactment has followed a semipermanent powerfulness curve trendline, a mathematical exemplary reflecting BTC’s exponential maturation implicit time. It measures terms deviation from this trendline, not conscionable successful dollar terms, but successful units of time, an attack known arsenic Power Law Time Contours.

Top FUD of The Week

Chinese creditor challenges FTX question to halt payouts successful restricted countries

A Chinese creditor has filed an objection to a question from the FTX estate that would intermission payouts to residents successful jurisdictions with laws oregon regulations restricting cryptocurrency transactions, according to a Tuesday tribunal filing.

The creditor, Weiwei Ji, stated that though they reside successful Singapore, they person been classified arsenic a Chinese creditor owed to holding a Chinese passport. Ji noted that the objection was submitted connected behalf of Ji and a increasing radical of Chinese creditors — reportedly implicit 300 individuals, according to the filing.

The objection raises 2 cardinal arguments: First, that FTX settlements are made successful US dollars, which are a modular ineligible repayment method. Second, it notes that cryptocurrency distributions are ineligible successful China, with integer assets constituting “personal property.”

Bitzlato co-founder requests US pardon aft blameworthy plea — Report

Anatoly Legkodymov, a Russian nationalist and former CEO of cryptocurrency speech Bitzlato, reportedly requested a national pardon from US President Donald Trump aft a 2023 blameworthy plea and serving 18 months successful prison.

According to a Friday study from the Russian authorities media outlet TASS, Legkodymov’s ineligible squad officially asked Trump for a statesmanlike pardon aft helium pleaded blameworthy to operating an unlicensed wealth transmitting business. Legkodymov was indicted successful January 2023, pleaded blameworthy successful December, and was sentenced to clip served successful July 2024 aft being successful custody for astir 18 months.

“Anatoly [...] became a people successful a governmental run against the crypto marketplace and talented Russian programmers,” said Ivan Melnikov, vice president of the Russian subdivision of the International Committee for Human Rights, according to TASS.

France opens transgression probe into X for alleged algorithmic manipulation

The French Public Prosecutor’s Office has opened an probe into X implicit the alleged use of its algorithm for overseas interference.

According to a connection from Magistrate Laure Beccuau connected Friday, prosecutors person launched a probe into whether X violated French instrumentality by manipulating its algorithms to extract idiosyncratic information fraudulently.

The probe was launched aft 2 reports were submitted to the Paris Public Prosecutor’s Office’s cybercrime part connected Jan. 12 — 1 by Member of Parliament Éric Bothorel, a subordinate of French President Emmanuel Macron’s Ensemble Pour La Republique party, and different by a elder authorities authoritative whose individuality was not disclosed.