Bitcoin price is below $19,700 currently. A glance at the daily chart reveals the price is testing the lower boundary of the narrow range it was trading in last week. The downward trend is still in place as bulls didn’t make attempts to retake control last week. There are no signs of imminent reversal of Bitcoin’s bearish momentum and price will fall further below $19,000– if sentiment doesn’t flip!
Traders are assessing the impact slowed hiring by private US businesses may have on central bank’s next rate hike at Fed’s September meeting. Meanwhile social media giant Snap announced it will disband Web3 team, another group of customers of crypto lender Celsius want their money back, and Paraguay’s president vetoed bill that would regulate crypto mining and trading
Media giant Snap announced it is disbanding its Web3 team. Web3 is a term for the vision of a new internet which incorporates concepts such as decentralization, blockchain technologies, and token-based economics. Snap, which has a market cap of $18.5 billion, reported its lowest growth numbers in five years during the second quarter. The company announced it will lay off a fifth of its staff. The layoffs are expected to hit Snap’s augmented reality (AR) Spectacles team particularly hard.
More than 60 of crypto lender Celsius’ custodial-account holders petitioned a bankruptcy court to force the crypto lender to send them their funds back outside of the proceedings. Celsius filed for bankruptcy proceedings in July after freezing withdrawals in mid-June. 64 people who hold at least $22.5 million in cryptocurrencies with Celsius’ custody service, contend their cryptocurrency is deposited in custodial accounts rather than the yield-generating “Earn” product and they should be able to receive their funds back separately from the outcome of the bankruptcy proceedings. Celsius is hoping to restructure its operations and use revenue generated from a still-being-built mining operation to survive.
Paraguay's president Mario Abdo Benítez vetoed a bill proposing to regulate crypto mining and trading in the South American country. The veto came after recommendations against the bill made by the National Electricity Administration (ANDE), Ministry of Industry and Trade (MIC) and the Paraguayan central bank, according to a presidential release. ANDE criticized the fact that the bill set a percentage limit above the industrial rate that be charged to miners, potentially affecting energy providers. The bill will now be sent back to the National Congress where if both chambers ratify it with absolute majorities, it can still be enacted.
