Bitcoin closed the week on a low note after optimism waned and the cryptocurrency industry faced new troubles.

The world's largest virtual currency - which accounts for 50% of the total value of $ 1.2 trillion of the virtual currency market - fell for 4 consecutive days to $ 30,300 on July 7. Bitcoin briefly hit $31,500 on July 6, its highest level since June 2022. Compared to the end of last week, Bitcoin is down slightly by 0.44%.

Meanwhile, the second largest virtual currency Ethereum fell 3% to $ 1,868.

Other cryptocurrencies in the top 10 are also in the red, with Dogecoin down 5%, Litecoin down 8%, BNB down 2.5%. Solana alone went against the trend with an increase of 17%.

“After Bitcoin’s 14% rally in the last week, the market stalled”

Bitcoin's recent rally coincided with an application to establish a spot Bitcoin ETF in the US, the most prominent of which was an application from Wall Street giant BlackRock.

Even so, even if approved, the Bitcoin ETF is not a breakthrough for the virtual currency industry, said Nikolaos Panigirtzoglou, Strategist at JPMorgan. Looking at Canada and Europe - two regions that already have a spot Bitcoin ETF, there isn't much capital flowing into this product either.

Moreover, the possibility of a Fed rate hike this month also affects risk assets, including Bitcoin. Currently, traders are confident that the Fed will raise interest rates in July 2023 and have a 40% chance of raising another rate before the end of the year.

“High interest rates are definitely going to have an impact,” said Matt Maley, chief market strategist at Miller Tabak + Co. “The bulls are disappointed that Bitcoin cannot break out despite the excitement surrounding BlackRock's application for a spot Bitcoin ETF. A sharp rise in interest rates will rub salt in the wounds of bulls.”

It's hard to get married at Binance

Another interesting news in the past week is that a series of leaders left Binance in the context of the world's largest virtual currency exchange being investigated in many countries.

To date, Binance's Chief Strategy Officer, Advisor, and Vice President of Compliance have left. This raises doubts about Binance's prospects in the context of the exchange being investigated in the US, Europe and Asia-Pacific.

Against this backdrop, billionaire founder Changpeng ‘CZ’ Zhao had to defend Binance on Twitter, saying “we are still building and recruiting new people.”

The above information comes as many countries are tightening control over the virtual asset sector after a $1.5 trillion plunge in 2022 and a series of bankruptcies. And Binance was chosen as the first target to be controlled.


Patrick Hillmann, Chief Strategy Officer and has been at Binance since 2021, shared about leaving on Twitter. Meanwhile, Patrick Hillmann, Senior Vice President of Compliance, and Hon Ng, General Counsel, are also leaving, based on people familiar with the matter. Eleanor Hughes will be appointed to the position of general counsel.

According to LinkedIn, Binance has nearly 600 employees in the US. During the performance review in June 2023, many of these employees were asked if they were willing to move elsewhere. Some were asked to leave, according to sources close to the matter. Yibo Ling, the chief business officer of Binance, was also among the departures, according to people familiar with the matter.

The above information comes as many countries are tightening control over the virtual asset sector after a $1.5 trillion plunge in 2022 and a series of bankruptcies. And Binance was chosen as the first target to be controlled.

Patrick Hillmann, Chief Strategy Officer and has been at Binance since 2021, shared about leaving on Twitter. Meanwhile, Patrick Hillmann, Senior Vice President of Compliance, and Hon Ng, General Counsel, are also leaving, based on people familiar with the matter. Eleanor Hughes will be appointed to the position of general counsel.

According to LinkedIn, Binance has nearly 600 employees in the US. During the performance review in June 2023, many of these employees were asked if they were willing to move elsewhere. Some were asked to leave, according to sources close to the matter. Yibo Ling, the chief business officer of Binance, was also among the departures, according to people familiar with the matter.

Zhao said the number of employees at Binance increased from 30 people to 8,000 people in 6 years and is still the largest cryptocurrency exchange in the world. The Binance founder added that “we can protect our users at all times.”

A series of important personnel left while Binance was facing a series of investigations from legal authorities. Last month, the US Securities and Exchange Commission (SEC) accused Binance and Mr. Zhao of improperly handling customer funds, misleading investors and regulators, and violating the law. securities regulations.

Then, Binance expressed disappointment over the SEC's move and said it would defend its platform. Zhao and Binance also face a lawsuit from the US Commodity Futures Trading Commission (CFTC). The US Justice Department is also investigating the company, Bloomberg News previously reported.

On July 4, the Australian Securities and Investments Commission conducted a search of a few Binance offices in Australia, based on close supply. This is part of an investigation into Binance Australia's derivatives trading activities.

Binance is also under investigation in France and Belgium. The move to tighten control by the authorities made some of Binance's banking partners worried and they decided to stop cooperating with this virtual currency exchange. Therefore, customers will have difficulty in transferring and withdrawing money.

Binance's market share in cryptocurrencies (excluding derivatives) fell for the fourth consecutive month in June 2023, down 1.4% to 42%. This is the lowest level since August 2022, according to a report from CCData.