Crypto Market Overview July 18th | Dex-Trade

Crypto Market Overview July 18th | Dex-Trade

“CBDC is communism in its purest form”: Another Loud Stuffing from Kiyosaki

The author of the financial literacy bestselling book Rich Dad Poor Dad, Robert Kiyosaki, in a July 18 tweet slammed the very idea of ​​a Central Bank Digital Currency (CBDC) and called its implementation “communism in its purest form.” The writer referred to US President Joe Biden's executive order, which was signed in early March, defined the government's position on cryptocurrencies and included considering the possibility of creating a CBDC as "most treasonous act in US history." By the way, it was this document that officially put the issue of setablecoins at the forefront of the American regulator, on the topic of which opponents of digital assets are still actively speculating. In his tweet, Kiyosaki also mentioned former CIA insider, economist, investment banker, and prominent CBDC critic Jim Rickards, who called central bank digital money "Bitcoin's Evil Cousins." Recently, Rickards made worrisome statements about a “C-Day” — the moment of the fall of traditional financial systems, the collapse of the dollar, the depreciation of paper money, the curbing of consumer spending and access to basic needs. In his opinion, this will happen on December 13, 2022. Connoisseurs of Kiyosaki's statements are not surprised by his fascination with the ideas of Rickards, since the writer frankly likes to predict market collapses and openly expects a "financial apocalypse." He has repeatedly spoken out in support of Bitcoin and cryptocurrencies, while predicting the collapse of the crypto market. It looks like the real "“C-Day” will be when Kiyosaki's clickbaits become a reality.


ETH Recovers and Lures More Market Whales

According to data from the analytical company Santiment, due to the active recovery of Ethereum and its imminent transition to the Proof-of-Stake protocol, in recent weeks the number of whales in the cryptocurrency network has grown by 131 players, whose accounts hold from 1,000 to 100,000 ETH. In July, crypto-silver rose by 29%, while the growth of the crypto over the past day was 8.6%. In addition, with the increase in the number of large holders, the Ethereum network also faced an increase in the number of small and medium-sized hodlers, as the number of addresses holding just over 1 ETH reached an all-time high and now stands at 1,557,255. Adding to the hype around Ethereum 2.0, according to Glassnode, the crypto market positions have risen strongly amid a powerful short squeeze in the futures markets. We are talking about the fact that on July 17, more than $98 million was liquidated in one hour on short futures positions, which led to a one-time increase in ETH prices by 12.5%. Recall that last week the ninth shadow fork of Ethereum was successfully launched and testing of the network continued for the upcoming transition from the Proof-of-Work protocol to Proof-of-Stake. The shadow fork advances work on a future Ethereum mainnet upgrade later this year. The third and final testnet merger, Goerli, is scheduled for next month.


Netherlands Bined Binance $3.3 Billion

The Central Bank of the Kingdom of the Netherlands (DNB) fined cryptocurrency exchange Binance €3.3 million ($3.35 million) for providing services in the country without a proper license. In a statement issued by the bank on Monday, the regulator said that violations committed by Binance are punishable by a Category 3 fine, meaning that the base amount of the administrative fine is €2 million ($2.03 million). However, for Binance, this amount was increased and DNB announced the reasons for this decision. The main one is that Binance is not only the largest cryptocurrency service provider in the world, but also has a very large number of customers in the country. In addition, the cryptocurrency exchange was able to gain a competitive advantage by not paying any fees to DNB or incurring any other costs associated with ongoing regulatory oversight. Thus, Binance violated the registration and licensing rules from May 21, 2020 until at least December 1, 2021, when DNB completed its investigation of the case related to the exchange.