UK Central Bank Calls For More Crypto Regulation – July 5

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $19,566

Bitcoin price has retreated back to the mid $19,000s, following a seemingly powerful advance yesterday to as high as $20,446.

Top-20 altcoins have taken small hits across the board, as Ethereum drops 1%, BNB loses less than 1% and XRP falls 2% over the last 24 hours. Polygon stands out with a 5% gain.

Top Stories for July 5, 2022 πŸ”₯

πŸ‘‰ UK Central Bank Calls For More Crypto Regulation

The Financial Policy Committee (FPC) of the Bank of England has called for increased crypto regulation in a new stability report, pointing to the recent market tumble.

The report cited liquidity problems and leverage as causing an amplification in price drops in recent months, however also claimed that crypto does not pose an immediate risk to the financial system.

Stablecoins in particular were identified as requiring additional oversight, with the FPC highlighting differences in risk between holding them vs. regular fiat currency.

πŸ‘‰ Nexo Signs Term Sheet With Distressed Lender Vauld

Lending platform Nexo has signed a term sheet with Singapore-based Vauld, another crypto lending company that is in distress.

The term sheet provides Nexo with a 60-day exclusive due diligence period, during which it can decide whether or not to purchase Vauld outright. Vauld recently suspended all withdrawals and activity on its platform, as it looks to restructure.

Nexo has been working with Citigroup to acquire other crypto lenders that have found themselves in trouble due to market conditions as of late.

πŸ‘‰ Glassnode Report Says Bitcoin “Tourists” Have Been Purged

The latest Week OnChain report by blockchain analytics firm, Glassnode, claims that market “tourists” are vanishing from holding Bitcoin, leaving only long-term holders in the ecosystem.

According to the firm, current activity on the network is equivalent to levels at the worst part of the bear market in 2018 and 2019, while accounts with small balances are rapidly increasing – accumulating at a rate of more than 60,000 BTC per month.