Quote of the week: “Bitcoin could be one of the greatest bull markets in history at a relatively discounted price to start 2H. Or the crypto may be a failing experiment in the process of being made redundant, like #crudeoil. Our bias is Bitcoin adoption is more likely to continue rising” – Mike McGlone, Senior Commodity Strategist at Bloomberg. Source: https://cointelegraph.com/
Reddit is Launching an Avatar NFT Marketplace: On July 7, Reddit launched its new NFT-based avatar marketplace that will allow consumers to buy blockchain-based profile pictures at a fixed rate. Consumers will not need a cryptocurrency wallet to buy the NFTs; a credit or debit card will be an option to purchase the NFTs.
Voyager Update: This week, Voyager Digital froze trading, deposits, withdrawals, and rewards. On July 6, Voyager Digital filed for bankruptcy under Chapter 11. Sources: https://
US Government New Crypto Policy: On July 5, a new advisory notice was released by the US Office of Government Ethics that stated that any employee who owns cryptocurrency is now banned from working on Federal cryptocurrency regulations and policies. The advisory stated that the de minimis exemption, which allows for the holders or owners of securities who hold an amount below a certain threshold to work on policy related to that security, is not applicable here. Source: https://www.fxempire.com/news/
Three JPMorgan Executives Leave to Join Cryptocurrency Firms: Despite a bear market, three JPMorgan executives, including Eric Wragge, Puja Samuel, and Samir Shah left the firm to join cryptocurrency and blockchain companies this week. Eric Wragge, former Managing Director at JPMorgan, joined Algorand blockchain project as the Head of Business Development and Capital Markets. Puja Samuel, former Head of Ideation and Digitization at JPMorgan, joined Digital Currency Group as the Head of Corporate Development. Lastly, Samir Shah, a former JPMorgan banker joined Pantera Capital as Chief Operating Officer. Source: https://finance.yahoo.com/
BlockFi Announced Deal with FTX for Acquisition: The BlockFi CEO announced that the company had signed agreements with FTX US for a $400-million revolving credit facility with an option to acquire BlockFi. The option to acquire BlockFi was listed at a variable price of up to $240 million. The agreements are still subject to shareholder approval. Source: https://cointelegraph.com/