Crypto Market Overview July 11th | Dex-Trade
Bitcoin Would Rather Crash to $10,000 Than Bounce Back to $30,000
This is exactly what 60% of the surveyed crypto investors who participated in the study from MLIV Pulse, conducted last month, think. The survey involved 950 investors who had to choose between scenarios: the fall of the crypto-flagship to $10,000 or its growth to $30,000. Only 40% of respondents voted for the second option, which clearly indicates the dominance of bearish sentiment in the market despite that BTC has clearly been able to find solid support above $20,000 and has been rebounding from it since last Wednesday. As for professional investors, 18% of those surveyed called cryptocurrency useless, 32% believe that their views on crypto are not prejudiced, but they are still skeptical, and only 26% of experienced market players are convinced that behind digital currencies — the future of the financial sector. However, in the midst of a crypto-winter and an international economic crisis, there is simply no natural way to reduce the level of uncertainty. One of the well-known partners of Tribe Capital, Jared Madfes, in an interview with Bloomberg said that “It’s very easy to be fearful right now, not only in crypto, but generally in the world,” so the continuation of the Bitcoin downtrend indicates “people’s inherent fear in the market.” At least that's what Warren Buffett would like...
Twitter vs. Musk: the Social Network Will Hire Lawyers for a Legal Confrontation With a Businessman
After Musk's controversial refusal to buy Twitter, which was announced last week, the management of the social network has hired merger law firm Wachtell, Lipton, Rosen & Katz and announced its readiness to sue the businessman this week. Bloomberg reports. In the meantime, the “father of electric cars” has connected the legal company Quinn Emanuel Urquhart & Sullivan LLP to the proceedings, which will defend the interests of the entrepreneur in court. At the same time, Musk's defense will insist on terminating the purchase agreement, while Twitter management will continue to insist on selling the company to him. The rejection of the purchase predictably brought down the shares of the social network, and many experts are confident that the current fall may continue for the duration of the trial. And it, apparently, runs the risk of becoming protracted, since such large-scale litigation often becomes a show, each of the “episodes” of which can cause significant reputational damage to one side or another. Recall that the refusal to purchase followed after the management of the social network refused to provide Musk with accurate data of platform users under a predetermined purchase condition: from the very beginning, the entrepreneur said that he would buy the social network only if the number of advertising bots among the entire audience Twitter will be no more than 5%. The company's management claims that it is impossible to verify these data.
G20 Intend to Provide New Rules for Regulating the Crypto Market in October
According to Reuters, the Financial Stability Board (FSB), which includes treasury officials and central bankers from the G20 countries, has already begun work on the development, implementation and promulgation of global cryptocurrency regulations, which are scheduled for release in October this year. The development of new rules, which have already managed to get the name "reliable," was initiated, among other things, by the recent turmoil in the cryptocurrency sector, which caused significant losses for most private investors in the industry. Recall that before the massive market crash, the FSB was mainly engaged in monitoring the crypto sector. The current generation of rules is mostly focused on monitoring and managing stablecoin markets. Obviously, this measure became the most demanded precisely because of the disaster that occurred with the UST algorithmic stablecoin, developed by Terra and working in a common ecosystem with the LUNA coin. After both cryptocurrencies fell below $0.01 in just two weeks, global market experts realized that today there is not a single law that would protect investors from such cataclysms.
