Bitcoin hits $30,000 and Fed to start monitoring crypto activity

Welcome back ladies and gentlemen - it’s a pleasure to have you here for another edition of blurtl.

Today’s edition is brought to you by the good folk over at http://www.fakedoors.com - so please, (the livelihood of the writing staff depend on this) go and buy a fake door!

Jokes aside, Bitcoin rallied up to $30,000 and is struggling to break some major resistance around that area.

Let’s take a look of the hottest happenings for today’s newsletter! The team here at blurtl is dedicated to providing you with up-to-date cryptocurrency news and insights so that you can make your own, informed, investment decisions.

What’s going on in crypto?

• Fed plans to monitor crypto activity in U.S. banks

• Binance can now offer Bitcoin and digital asset services in El Salvador

• Experts are bullish on spot Bitcoin ETF approvals.

• Cardano ($ADA) whales accumulate significantly below $0.30.

• JPMorgan's Ethereum analysis: how will recent developments impact ETH?

BREAKING: Fed announces cryptocurrency monitoring program

The U.S. Federal Reserve is starting a new program for overseeing banks’ cryptocurrency activity, and it has further clarified its demand that lenders under its jurisdiction obtain permission before engaging in digital asset activities.

The decision made public on Tuesday doesn't alter the regulations governing crypto banking; rather, it clarifies how the central bank intends to handle its supervision. Dealings with the crypto industry will now fall under the new "novel activities supervision program," where the Fed's specialists in digital assets will collaborate with the regulator's regular supervisors.

The Fed also provided a more thorough explanation of why the banks it regulates must obtain prior approval before using stablecoins. An institution that "issuing, holding, or transacting in dollar tokens to facilitate payments" must first demonstrate to the regulators that it can do so in a "safe and sound manner" and obtain formal approval from the Fed.

Binance receives license to offer Bitcoin and digital asset services in El Salvador

More good news for the space today!

Binance is proud to announce that it has received licenses from the National Commission of Digital Assets (Comisión Nacional de Activos Digitales) and the Central Reserve Bank (Banco Central de Reserva) for the first non-provisional Digital Assets Services Provider license (DASP), making it the first fully licensed cryptocurrency exchange in El Salvador.

This significant accomplishment is another step in Binance's ongoing efforts to obtain local licenses and permissions in significant international markets. Due to this, the company has more approvals and registrations than any other cryptocurrency exchange, including those in 18 markets around the world, including France, Italy, Spain, Sweden, and Dubai.

Cathie Wood and Mike Novogratz are both bullish on spot Bitcoin ETF approvals

A spot Bitcoin ($BTC) exchange-traded fund will likely be approved soon, according to both Ark Invest CEO Cathie Wood and Galaxy Digital CEO Mike Novogratz.

Ark Invest is one of the companies that submitted an application for a spot Bitcoin ETF, along with Invesco and BlackRock. This is a tool that would let institutional and individual traders invest in Bitcoin without actually purchasing and selling the asset on a cryptocurrency exchange.

Are you also bullish like Cathy and Mike?

The SEC has previously rejected such ETFs, but this time around, thanks to the participation of asset management behemoth BlackRock, which shocked the market with its application for a spot bitcoin fund in mid-June, investor hopes are much higher.

Bitcoin futures ETFs are already approved by the SEC.

Cardano ($ADA) whales accumulate significantly below $0.30

Cardano whales are taking advantage of the market's inaction to make more token acquisitions. As the price of the crypto asset struggles to stay above $0.30, one group of $ADA holders has reaccumulated to their highest level in almost a year.

Whales and sharks holding between 100K and 10M ADA have reportedly accumulated back to their highest level since September 2022, according to the cryptocurrency analytical platform Santiment. Additionally, it was noted that over the previous six months, the volume of Cardano's on-chain transactions had increased almost weekly.

Have you got your Cardano bag? Are you a whale? A shark? Or a clown fish?

$ADA has not performed particularly well this week. Any potential upward movements in the price of Bitcoin were further reversed by the Security and Exchange Commission (SEC) dragging the currency into legal disputes.

Even though the price of $ADA has been stuck between $0.35 and $0.26 for several weeks, the continued accumulation shows that investors are bullish about the $ADA’s price movement.

JPMorgan's Ethereum analysis: How will recent developments impact $ETH?

The leader in online payments, PayPal, has announced that it will introduce $PYUSD, its own stablecoin that will run on the Ethereum blockchain. JPMorgan analysts believe that this action might benefit Ethereum, the biggest altcoin in the world.

According to JPMorgan analyst Nikolaos Panigirtzoglou, Ethereum may gain from PayPal's stablecoin in two ways. As a starting point, it might improve Ethereum's performance and usefulness as a platform for stablecoins and decentralized finance (DeFi) applications.

Second, a solution could be found to fill the void left by the closure of Binance's $BUSD stablecoin, which was one of the biggest stablecoins on the market. Earlier this year, Binance was compelled to shut down its $BUSD stablecoin due to regulatory pressure from US authorities. $BUSD is still in use, but its influence has significantly diminished, making it impossible to mint a new token.

– blurtl