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If anything, this June has demonstrated that anything is possible in the emerging world of Web3. June has been full to bursting with headlines many within the industry saw as impossible just a few short years ago. Here are the final headlines for June 2023 to prepare you for July.

Bitcoin passes $30K as investors await July. 

July has historically been a month filled with excitement and anticipation in the world of cryptocurrency, particularly for Bitcoin enthusiasts. Over the past three years, Bitcoin has experienced substantial growth during this period, becoming synonymous with a digital gold rush. As investors eagerly awaited the arrival of July, they anticipated the potential for significant gains in their Bitcoin investments.

Looking back at the previous year, Bitcoin demonstrated its resilience and outperformed traditional currencies, even amidst the emerging cost of living crisis. In July of that year, Bitcoin’s value soared by approximately 24%, providing a glimmer of hope for those seeking refuge from the economic uncertainties plaguing fiat currencies.

Recent developments have further fueled the optimism surrounding Bitcoin. Just last Friday, on June 23, 2023, Bitcoin reached a new high for the year, peaking at $31,000. This achievement invigorated market participants and reignited discussions among experts within the Web3 finance community. Based on the generally positive trends observed, some of these experts are now predicting that Bitcoin could climb even higher, potentially reaching $36,000 by the end of July.

However, the cryptocurrency market is not immune to challenges and setbacks. The recent lawsuits filed by the U.S. Securities and Exchange Commission (SEC) against major cryptocurrency exchanges, namely Binance and Coinbase, have sent shockwaves through the industry. Investor confidence took a hit as news of these legal actions emerged. Bitcoin, already weakened by the US banking crisis earlier in the year, experienced a decline from $25,000 to around $20,000 in response to the lawsuits.

The repercussions of the SEC lawsuits extend beyond the specific exchanges involved, casting a shadow of uncertainty over the entire cryptocurrency market. Market participants and investors alike now face the lingering spectre of the ongoing legal battles, which have the potential to impact the prices of all cryptocurrencies. The outcome of these lawsuits remains uncertain, further contributing to the volatility and unpredictability of the cryptocurrency landscape.

In conclusion, July has traditionally been a month marked by a Bitcoin gold rush, characterised by substantial growth and excitement within the cryptocurrency market. While recent developments have bolstered optimism, with Bitcoin reaching new highs and experts predicting further gains, the looming SEC lawsuits against major exchanges have introduced a level of caution and apprehension among investors. As the market navigates these challenges, it remains to be seen how Bitcoin and other cryptocurrencies will fare in the coming weeks and whether the historical trend of July’s Bitcoin gold rush will persist or face new hurdles.

EU seals deal on crypto bank regulation.

The announcement made by the European Union (EU) on Tuesday, June 27, 2023, regarding the attainment of a political deal on new bank-capital legislation has significant implications for the financial sector. The news was relayed to the public through a tweet shared by the European Parliament’s Economic and Monetary Affairs committee, underlining the importance and urgency of the agreement.

One of the key aspects of this new legislation revolves around the transformation of the way banks evaluate corporate and home loans. The specific details of these changes have not yet been disclosed, but the overarching objective is to introduce a more robust and comprehensive assessment framework for these types of loans. By implementing more stringent evaluation criteria, the EU aims to enhance risk management practices within the banking sector and promote greater financial stability.

In addition to the alterations in loan assessment, the newly announced deal includes provisions for a “transitional prudential regime for crypto assets.” However, at this stage, the exact particulars of this regime have not been made public by the council responsible for the legislation. It remains to be seen how the EU intends to regulate and supervise the rapidly evolving realm of cryptocurrencies and their associated assets. The forthcoming months will see EU member states voting on this proposed legislation, and if the majority supports the deal, it will be enacted into law.

The advent of Web3, which encompasses the decentralised and interconnected technologies underlying the next generation of the internet, has compelled governments worldwide to draft legislation and establish procedures to accommodate the anticipated mass adoption of these technologies. As the EU formulates its bank-capital legislation, the foundational principles underpinning Web3 will come under scrutiny. It is crucial for policymakers to strike a delicate balance between fostering innovation and ensuring the necessary regulatory safeguards are in place to protect users and maintain financial integrity.

The Basel Committee on Banking Supervision, an international forum consisting of central banks and regulatory authorities, is currently engaged in discussions regarding the implications of Web3 for the banking sector. The committee is examining the potential risks and opportunities associated with emerging technologies, including cryptocurrencies, decentralised finance (DeFi), and other aspects of Web3. The insights and recommendations provided by this committee will contribute to the formulation of global standards and guidelines, which individual jurisdictions can use to align their regulatory frameworks with the evolving landscape of Web3.

Fireblocks now supports AWS, GCP and Alibaba Cloud.

In a significant development for the cryptocurrency industry, Fireblocks, a renowned provider of cryptocurrency custody technology, has recently expanded its services to include support for three major cloud platforms: Amazon Web Services (AWS), Google Cloud Platforms, and Alibaba Cloud. The company made this announcement in a statement released on Tuesday, June 27, 2023, signalling its commitment to catering to a broader range of businesses that rely on these popular computing platforms for their operations.

By extending its support to AWS, Google Cloud Platforms, and Alibaba Cloud, Fireblocks aims to enhance accessibility to its services and empower a wider array of businesses to leverage its advanced technology for managing and safeguarding their cryptocurrency assets. These cloud platforms are widely utilised by enterprises across various industries, providing scalable computing power and a range of services that streamline business operations. With Fireblocks’ integration into these platforms, businesses can seamlessly incorporate cryptocurrency custody and security solutions into their existing cloud infrastructure.

This strategic move by Fireblocks is not only significant for the company itself but also for the cryptocurrency industry as a whole. By offering support for the majority of the cloud computing platform market, Fireblocks solidifies its position as a leading provider of enterprise solutions in the cryptocurrency custody space. The company’s expanded services enable businesses of all sizes, from startups to large corporations, to leverage the benefits of secure cryptocurrency storage and transaction management.

With the integration of Fireblocks’ technology, businesses can confidently navigate the complexities of cryptocurrency custody, safeguarding their digital assets from potential threats and vulnerabilities. Fireblocks’ expertise in security and risk management empowers organizations to effectively address the challenges associated with storing and transferring cryptocurrencies while adhering to industry best practices and regulatory requirements.

The accessibility and integration of cryptocurrency custody services within popular cloud platforms not only streamline operations for businesses but also contribute to the overall growth and adoption of cryptocurrencies. As more enterprises embrace digital assets as part of their financial strategies, having secure and reliable custodial solutions becomes paramount. Fireblocks’ expanded support for major cloud platforms represents a significant step toward bridging the gap between traditional business operations and the emerging world of cryptocurrencies.