- Bitcoin (BTC) hit a low of $17,700 per coin, therefore, losing around 40% <\/strong>[CoinMarketCap]. Google searches for the term \u201cBitcoin dead<\/a>\u201d reached a new record amid the panic. The reasons behind the crash may include the rampant inflation<\/a> in the United States and Europe, and the miners trying to recover from losses by selling<\/a> their holdings.
<\/li>- The whole crypto market capitalization lost around 26% in June. However, not all coins were bearish. Some top-100 coins stayed bullish during the blood bath<\/strong>: STORJ (+73%), SNX (+20%), BAT<\/a> (+13%), UNI (+13%), SHIBA<\/a> (+8%), and LINK (+8%) are included.<\/li><\/ul>\n\n\n\n
![\"Bearish-2022-BTC-hashrate\"](\"https:\/\/alfacash.blog\/wp-content\/uploads\/2020\/09\/magnifier-5245329_1280-1024x678.jpg\")
<\/figure><\/div>\n\n\n\n- Experts worldwide are warning about an upcoming global recession<\/strong>. A recent survey<\/a> by the research firm Conference Board showed that over 60% of CEOs consulted expect the economy to go south by 2023. For the investment bank JP Morgan, the probability<\/a> is as high as 85%. This event, of course, could hit or stall the crypto market temporarily.
<\/li>- The DeFi market is losing traction too, decreasing by over 22%<\/strong> [DeFiPulse]. This is probably due to the bearish market itself. We can also consider that over 21 Piattaforme DeFi<\/a> were hacked in June only. They amount to over $282 million in stolen funds [DeFiYield<\/a>]. For its part, the Non-Fungible Token (NFT) market increased<\/a> in market cap (+30%), despite a decrease in sales (-6%).<\/li><\/ul>\n\n\n\n
Normativa sulle criptovalute<\/strong><\/h2>\n\n\n\n
- After the Terra (LUNA) crash<\/a>, Japan approved specific legislation for stablecoins<\/strong>. Starting in 2023, the Japanese issuers of stablecoins should have<\/a> proper licenses and reserves. Besides, they\u2019re only accepting fiat-based stablecoins. Meanwhile, the UK Treasury is considering<\/a> rescuing collapsing stablecoins, and the US could release<\/a> its own legislation about it this year.
<\/li>- Crypto exchanges in the Eurozone could lose their licenses<\/strong> \u201cfor serious breaches of AML\/CFT rules\u201d. The European Supervisory Authorities (ESAs) are planning<\/a> to tight the measures to supervise these companies. On the other hand, the Spanish Treasury is aiming to register every cryptocurrency owned by its citizens, even outside the country. The reports<\/a> must include personal data, balances (in EUR), types of coins, and yearly operations. This register could lead to taxes for holding cryptos, though.<\/li><\/ul>\n\n\n\n
![\"Crypto-regulations-identity-kyc\"](\"https:\/\/alfacash.blog\/wp-content\/uploads\/2022\/03\/registration-3960205_1920-1024x685.jpg\")
<\/figure><\/div>\n\n\n\n- The U.S. bill \u201cResponsible Financial Innovation Act (RFIA)\u201d was introduced<\/strong> by Senators Cynthia Lummis and Kirsten Gillibrand. This law<\/a> covers a great part of the crypto industry, including stablecoins, DAOs<\/a>, exchanges, e minatori<\/a>. If approved, among other changes, stablecoin issuers should have 100% reserves, DAOs would pay taxes, and miners and validators won\u2019t be considered brokers.
<\/li>- The U.S. White House is studying the environmental impact of cryptocurrency mining<\/strong>. The RFIA also entrusts this study<\/a> to the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). They\u2019re not planning to ban crypto mining, but more regulations<\/a> could be in the making. Far from there, Iran cut again<\/a> the power for their licensed crypto miners, until further notice.<\/li><\/ul>\n\n\n\n
Hack e sicurezza<\/strong><\/h2>\n\n\n\n
- Over 21 DeFi platforms were attacked last month.<\/strong> They amount to over $282 million in stolen funds [DeFiYield<\/a>]. The worst attacks include the protocols Arda and Maiar Exchange from the blockchain Elrond (+$127 million and +$113 million stolen, respectively). The platform Wintermute was hacked by over $27 million in tokens Optimism (mostly turned back by the hacker), and the Bored Ape Yacht Club (BAYC<\/a>) suffered its second attack in two months (+$276k stolen).
<\/li>- The Harmony bridge to Ethereum (Horizon) \u00e8 stato violato<\/a> for over $100 million.<\/strong> Other platforms involved with Harmony (such as Aave<\/a>) are monitoring the situation to protect their own users. Meanwhile, the crypto lending company Celsius paused all the withdrawals \u201cdue to extreme market conditions\u201d. They handle around 445,000 stETH tokens and 17,919 WBTC.<\/li><\/ul>\n\n\n\n
- The Harmony bridge to Ethereum (Horizon) \u00e8 stato violato<\/a> for over $100 million.<\/strong> Other platforms involved with Harmony (such as Aave<\/a>) are monitoring the situation to protect their own users. Meanwhile, the crypto lending company Celsius paused all the withdrawals \u201cdue to extreme market conditions\u201d. They handle around 445,000 stETH tokens and 17,919 WBTC.<\/li><\/ul>\n\n\n\n
- The U.S. White House is studying the environmental impact of cryptocurrency mining<\/strong>. The RFIA also entrusts this study<\/a> to the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). They\u2019re not planning to ban crypto mining, but more regulations<\/a> could be in the making. Far from there, Iran cut again<\/a> the power for their licensed crypto miners, until further notice.<\/li><\/ul>\n\n\n\n
- Crypto exchanges in the Eurozone could lose their licenses<\/strong> \u201cfor serious breaches of AML\/CFT rules\u201d. The European Supervisory Authorities (ESAs) are planning<\/a> to tight the measures to supervise these companies. On the other hand, the Spanish Treasury is aiming to register every cryptocurrency owned by its citizens, even outside the country. The reports<\/a> must include personal data, balances (in EUR), types of coins, and yearly operations. This register could lead to taxes for holding cryptos, though.<\/li><\/ul>\n\n\n\n
- The DeFi market is losing traction too, decreasing by over 22%<\/strong> [DeFiPulse]. This is probably due to the bearish market itself. We can also consider that over 21 Piattaforme DeFi<\/a> were hacked in June only. They amount to over $282 million in stolen funds [DeFiYield<\/a>]. For its part, the Non-Fungible Token (NFT) market increased<\/a> in market cap (+30%), despite a decrease in sales (-6%).<\/li><\/ul>\n\n\n\n
- The whole crypto market capitalization lost around 26% in June. However, not all coins were bearish. Some top-100 coins stayed bullish during the blood bath<\/strong>: STORJ (+73%), SNX (+20%), BAT<\/a> (+13%), UNI (+13%), SHIBA<\/a> (+8%), and LINK (+8%) are included.<\/li><\/ul>\n\n\n\n