Weekly News Highlights
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Los Angeles Crypto Networking Meetup
At 6pm today we will be meeting up to bring together people of all kinds who are interested in crypto!
This is a free event and if you are reading this you are free to join!
Free drinks, soda and beer are provided by Blockfolio for the first hour.
We will also be celebrating Hailey Lennon’s birthday as she is currently in LA!
Hailey is a partner at @AndersonKillLaw, her focus is on crypto law and regulation.
Her are the details of the event:
Los Angeles Crypto Networking Meetup
Friday, July 16, 2021, 6:00 PM PST
Angel City Brewery
216 S Alameda St
Los Angeles, CA 90012-4201
Bitcoin Still Yet to Make a Decisive Swing:
The crypto market over the week has struggled to make any clear indications of change in the near future. Bitcoin came in with a high of approximately $34,500 and a low of roughly $31,000 this week.
There have been reports surfacing that the Bank of America had possibly given the all-clear to launch futures trading for Bitcoin. However, this news ended up becoming rather drown out as a range of speculation has been forming around the price of Bitcoin.
Many seem to be a little more bearish than bullish, arguing if Bitcoin lost $31,000 then it would be a decisive drop towards the $29,000 mark. The downwards momentum may continue to break through support, forcing the price into a potentially short term downtrend.
Japan is Cracking Down on Crypto Globally
Due to the rapid climb of the market across the year, Japan intends to bring stronger laws around cryptocurrencies and particularly stabelcoins. Officials have stated that “Japan can no longer leave things unattended with global developments over digital currencies moving so rapidly.”
The Japanese government is currently under the impression that issuing a digital yen may prove safer than other stablecoins currently in use in the market. The concern essentially stems from the possibility that big tech companies coming into the space will avoid regulations from the Japanese banking system, which would allow money to fly under the radar effectively.
This is a concern for many governments across the world. It should be understood that governments would prefer that cryptocurrencies do not take them by surprise with the current wild west nature of the market.
Stock Token Sales to be Shut Down Immediately On Binance:
Regulators have been pressuring Binance as the crypto market continues to gain more traction on the public front. Stock tokens are essentially shares that hold equity in firms like Coinbase or Tesla. The core issue is essentially the same rules and regulations as holding non-crypto versions of stock do not apply.
The political world is noticing the amount of money that goes through this system in an unregulated fashion. It is essential to consider that the crypto world will likely continue to receive increasing amounts of political pressure as coins continue to appreciate in price.
Wendy’s Whitepaper Disclaimer: Please be advised that I own a diverse portfolio of cryptocurrency assets, and anything written or discussed in connection to cryptocurrencies– regardless of the subject matter’s content– may represent a potential conflict of interest. I wish to always remain transparent and impartial to the cryptocurrency community, and therefore, the content of my media is intended FOR GENERAL INFORMATION PURPOSES ONLY. Nothing that I write or discuss should be construed, or relied upon, as an investment, financial, legal, regulatory, accounting, tax, or similar advice. Nothing should be interpreted as a solicitation to invest in any cryptocurrency, and nothing herein should be construed as a recommendation to engage in any investment strategy or transaction. Please be advised that it is in your own best interests to consult with investment, legal, tax, or similar professionals regarding any specific situations and any prospective transaction decisions.