British bank blocks crypto exchanges, speculation about bitcoin price of $ 10,000

British bank blocks crypto exchanges, speculation about bitcoin price of $ 10,000

It’s been another turbulent week for bitcoin. In this weekly overview you will find the most important and most remarkable news.

BitMEX co-founder Arthur Hayes believes Bitcoin will soon crash to $10,000. According to him, there are still too many uncertainties to lead to more unrest and declining confidence. As a result, people sell and the price falls.

Hayes, tried and tested in the crypto market, shares on Twitter a screenshot of a Bloomberg article about the bankruptcy of crypto lender Genesis. He recently had to decide to stop recordings. Hayes fears a lower bitcoin price, but the question is whether he is right.

Starling Bank is going to crack down on customer crypto trading. They now mark crypto transactions as “high risk and heavily used for criminal purposes”.

Customers of the British bank received a text message last week that read: “We consider crypto activity to be high risk.”

“We have made the decision to prevent all (…) payments to crypto traders and to implement further restrictions on outgoing and incoming transfers.”

Starling joins Lloyds, Barclays and RBS. All of them have imposed measures on payments to crypto platforms. This includes blocking credit card payments and transactions on crypto exchanges.

Cryptocurrency lender Genesis Global has outstanding loans of $2.8 billion on its balance sheet.

About 30% of the loans are with related companies, such as parent company Digital Currency Group (DCG). They provide a lot of ‘intercompany loans’ and according to CEO Barry Silbert this is completely normal.

Genesis Global Capital has also lent money to Genesis Trading. The broker is an important party for institutional trading.

Bloomberg and The New York Times are reporting problems at Genesis. An advisor is said to have already been appointed for the restructuring of the company. Silbert seems less tense.

It is common knowledge that Elon Musk is a supporter of bitcoin. He personally has bitcoin and the billionaire also invested in bitcoin with his companies Tesla and SpaceX. Now the ambitious entrepreneur has taken over Twitter and it seems that he wants to continue what he once started with PayPal. Twitter enters the payment market.

In this Bitcoin Focus there was of course again attention for FTX. But it’s also time to look beyond the crypto drama. The conversation about the digital euro is keeping politics in The Hague busy.

The digital euro is coming. According to Finance Minister Sigrid Kaag, this is not yet certain, but it seems only a matter of time before we get a new currency in addition to the ‘ordinary’ euro.

It is not yet clear exactly how the digital euro should be put together. This can be deduced from a debate with various members of parliament. The real diehards can watch last Wednesday’s debate here.

It is well worth clicking through. There is a lot of criticism and there are a lot of questions.

Sam Bankman-Fried (SBF) is still a free man for now. The founder of FTX has been implicated in one of the industry’s biggest scandals yet appears to be appearing at an event next week.

Bankman-Fried talks with Andrew Ross Sorkin at the Dealbook Summit. In the world of bitcoin and crypto, SBF has become persona non grata. Apparently this is not the case everywhere.

The fall of crypto exchange FTX has not even ended, or the first productions surrounding the bankruptcy are already over. Amazon has the rights to a series about Sam Bankman-Fried’s company.

According to Variety, Anthony and Joe Russo will direct the series. The story is about the meteoric rise of FTX and its eventual demise. Bankman-Fried started FTX in 2019 and quickly established itself as a key player in the industry. However, this was not accompanied by good policy.

Binance starts sharing their bitcoin reserves. Customers must be able to check their balance themselves using the proof-of-reserve system.

Binance is the largest spot and futures crypto exchange in the world. It specifically concerns the customer funds that are sent to Binance for storage. The crypto exchange hopes to show customers that all their assets are covered 1 to 1. “With some extra reservations.”

At the moment, Binance says it has more than 582,000 BTC in its reserves. Customer balance is around 575,000 bitcoin. So a small reserve.

Customers can check their balances via a link. You can also get started with a cryptographic tool,

Crypto exchange Coinbase announces how much bitcoin it has in cash. They share this information after rival FTX collapsed because they ran off with customer funds.

In a series of tweets, Brian Armstrong, the CEO of Coinbase, shares that the largest US exchange holds about 2 million BTC. That equates to about $33 billion at the current daily price.

Armstrong cites Coinbase’s third-quarter shareholder report. The crypto reserves of the company are displayed here.

In a recent interview, Catherine Wood, the founder and CEO of ARK Investment Management, reiterated her prediction of a Bitcoin price of $1 million by the year 2030. Wood made these statements in a Nov. 23 interview with Bloomberg Businessweek Radio.