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Crypto Flipsider News – July 7th – Barclays, Binance, Ethereum London, Marshall Wace, NFT Sales

Welcome on board, crypto traveler!

A clear horizon is visible for our trip. Of course, somewhere there is a kraken in the form of China, but it’s on our map, so we can omit the beast. Let’s load our bilge with investors’ funds and hang NFTs on the virtual sails in order not to get bored. Fine art is always great. 

Hold onto the handrail, we are departing.

Journey plan: 

  • Barclays goodbyes Binance. Binance goodbyes Euro
  • Ethereum hard fork is planned for next month
  • London’s “Wall Street” goes crypto
  • China goes hard on crypto software firm
  • NFT sales approached $2.5 billion in 6 months

Barclays Goodbyes Binance. Binance Goodbyes Euro

Binance suspends deposits in euros. The largest crypto exchange stopped accepting euro bank deposits from the European Union payment network SEPA (Single Euro Payments Area). The decision comes into action from today, 8AM universal time. 

Binance says the suspension is temporary and happened because of “events beyond our control”. 

SEPA withdrawals will be unaffected. 

At the same time, British bank giant Barclays banned its UK clients from depositing their funds on Binance. The decision followed UK financial regulator’s FCA’s announcements accusing Binance of unauthorized operation in Great Britain.

Flipsider:

  • Ouch. Do we all feel some vengeance vibes here? If so, we’d like to kindly remind, that Brexit officially happened in January, so Great Britain is no longer a member of the European Union in July. It actually is still a member of SEPA, but we doubt that the average English gentleman uses euro deposits instead of his GBP.

A Month of Anticipation: Ethereum London Update Going Live on August

The long-awaited Ethereum London update may happen on August 4, said ethhub.io co-founder Anthony Sassano. The hard-fork though may be delayed up to two weeks because of “various factors”, he added.

The London upgrade will follow Berlin’s update that happened in April. It is expected to include five Ethereum Improvement Proposals (EIPs) that solve the current Ethereum network issues.

Flipsider:

  • Ok, Ethereum was always a slow-changing project. Sometimes the approach “slow and steady wins the race” works out. On the other hand, the hype around the London hard fork equals the level of anticipation of the main headliner in a big rock festival. In reality, it’s just a regular upgrade.

London’s “Wall Street” Goes Crypto: Marshall Wace to Start Investing in Cryptocurrencies

One more big investor is eager to put their money in digital coins on the blockchain. Of course, we kindly ask them to do this.
Marshall Wace is leading alternative investment solutions since 1997. Now, they are managing approximately $55 billion of funds. In the meanwhile, they made an official announcement regarding crypto. Let’s watch how much of their funds will go into blockchain. 

Flipsider:

  • Please, don’t get ahead of yourself. Governments around the world renew crackdown on crypto with China in the front. Of course, to regulate is their nature. Moreover, some of them really try to protect citizens. On the other hand, someday a big clash between investors and is going to happen. 

Authorities Gonna Authoritize: China is Doing Best in This

Here you have two for one: firstly, China central bank announced an order for the shutdown of a Beijing Qudao Cultural Development Co Ltd, Beijing-based software maker. Their website was shut down. 

Secondly, high-level Hong Kong executives from South Korea’s Bithumb faced a lawsuit from authorities. The reason is their try to launch an exchange in Thailand. By golly, it turns out like an Asian Bermuda triangle. 

Flipsider:

  • I do agree with the Bermuda triangle expression. China now is the main place where all the crypto ships are disappearing: miners, exchanges, projects. Soon enough, the crypto community will yellow tape this area. 

Art Goes Live! Digitally Though: NFT Sales Made $2.5B

Do you remember the beginning of this year when the NFT boom happened? Well, nobody believed that it’s a long-term adventure. Now, the total sale volume of NFTs almost reached the threshold of $2.5B. In order to compare, this figure of half-2020 was only $13M. Do you feel the difference? 

Flipsider:

  • I adore art, in any form or shape. However, here comes the dilemma: did it happened because of “magic cringy touch” of celebrities or real artists? For example, we already saw the hype of Jay Z, Doge meme, Porsche, and even sexting as NFTs. On the other hand, we have real pieces of art put on the blockchain that are being sold for millions. Maybe, it’s a common good. Maybe, we should get rid of one side.

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    This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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