Crypto Market Overview – Jul 16th, 2021

Crypto Market Overview July 16



Ex-Treasury Secretary US hints at loyalty to Bitcoin

Former US Treasury Secretary Stephen Mnuchin from Trump's team, famous for his conservative views, said he considers it "normal" to buy BTC instead of gold or another asset for long-term storage. Cointelegraph reports.


On the air of CNBC, the politician said that his position on cryptocurrencies "has changed, but remained quite consistent." Mnuchin also added:


“... I think blockchain technology is really incredible and has many benefits, especially in the financial arena. I think the same applies to Bitcoins."


At the same time, the ex-minister insisted that he would not like to have BTC in his financial portfolio, but does not consider this asset useless.

Mnuchin's statement caused a wide resonance in crypto circles, and Saifedan Ammous, the author of The Bitcoin Standard, said that such changes were "nice to see."



Global demand for digital money is very low: Blackrock claims

Larry Fink, CEO of the world's largest asset management company Blackrock, said there was almost no investment demand for cryptocurrencies, including Bitcoin. News.bitcoin reported.


In an interview with CNBC, Fink talked about his company's quarterly performance and mentioned that despite the rise in Blackrock's assets from $ 7.32 trillion to $ 9.49 trillion, their clients have little or no interest in long-term digital money ownership.


Nevertheless, the company's management does not deny the possible growth of investor interest in crypto in the future. In November 2020, Blackrock's chief investment officer Rick Rieder announced that the cryptocurrency was not going anywhere, and Bitcoin could very likely replace gold one day.

Recall that Blackrock started investing in BTC back in February this year. The April SEC filing states that the company had $ 6.15 million worth of Bitcoin futures contracts.



Italian warning: Binance has no right to invite users to invest in cryptocurrency

Italian financial regulator CONSOB has warned the management of the largest crypto exchange Binance that the company is not authorized to provide investment services in the country. Coingape reported.


The government agency also recommended that users of the marketplace be more careful before choosing where and in what to invest their assets. As part of the financial policy of Italy, any investment on crypto-exchanges cannot be protected by law, so investors act at their own risk.


This makes Italy the seventh country to issue a warning to the Binance Group in one form or another. Prior to that, the platform had already hit the radars of regulators from Japan, Great Britain, Canada, the Cayman Islands, Singapore and Thailand.


Published: 2021-07-16