Good morning. Here’s what’s happening:

Bitcoin prices: Bitcoin is currently near $30,000. Investors remain cautious.

Insights Ben Zhou is the CEO of Bybit crypto exchange and he sees regional hubs competing with each other for business in future.

Crypto traders are cautious as BTC maintains $30K

As Asia starts its trading week, CoinDesk Market Index stands at 1,302, an increase of 1.27%.

Bitcoin is now at $29951, an increase of 0.3%. Ether is now at $1,882, up by 0.7%.

In a note sent to CoinDesk, Johnny Teng (Senior Researcher at LBank Labs) wrote that the trading range was relatively narrow because of investors’ cautious stance. This is primarily influenced mainly by developments in the legal case surrounding XRP. The disappointment expressed by Gary Gensler, SEC chair, over the court’s decision on the securitization XRP token added to the uncertainty.

The anticipated selling pressure of the U.S. Government’s confiscated BTC, and profit realizations by short-term investors, coupled with the strong support of institutional players and significant liquidity of around $24,300 is contributing to an increased state of uncertainty in the Bitcoin market. This requires prudent decision-making from investors, said Teng.

BitBull Capital’s Joe DiPasquale stated that the market appeared to be continuing its consolidation and sentiment was still positive. However, both bulls as well as bears must be cautious.

DiPasquale, in a CoinDesk note, wrote: “For the moment, bulls should be cautious as drops are possible.” Bears should be cautious because their downside risk is greater than the potential gains.

The week ahead is going to be busy, as the FOMC’s decision on interest rate policy will be announced Wednesday. There are also many earnings scheduled. It’s been announced that this will be the final. This means traders may have already priced in this rate hike.

The Biggest Gainers

Biggest Losers


Ben Zhou, CEO of Bybit: Regulators see “opportunity” rather than crisis

Ben Zhou, CEO of Bybit in an interview with CoinDesk, stated that the tone regulators take with regards to crypto in Asia, the Middle East and North America is very different.

Zhou noted that crypto licensing is no more a process driven by fear and anxiety. While different jurisdictions have adopted unique approaches, they all share a commonality: regulators want to work with cryptocurrency companies, not against them.

Zhou, a CoinDesk reporter, said: “You can see that many regulators are beginning to realize this is an opportunity rather than a problem.” Hong Kong is, for instance, becoming aggressive in its efforts to attract crypto companies and talent.

Although all regulators have the same general goal, they are not at the same point in the race.

Zhou believes that Dubai’s Virtual Assets Regulatory Authority is “more advanced” right now than Hong Kong.

He said: “I think Hong Kong’s at a very early stage. It is a bit like Singapore was three or four years ago.” “They are at the grandfathering phase.”

VARA, as Zhou explains from his interactions with them in getting Bybit licensed, has sophisticated,detailed procedures exchanges need to go through in order to get licensed. They include describing how the exchange examines transactions, addresses anti-money laundering practices, and prevents engagement with polluted address.

Bybit does not operate in the U.S. but welcomed Canadian customers at one time. It left the country in May citing “a challenging regulatory environment.”

He said that “the attitude towards crypto in Canada changed dramatically after FTX.”

Bybit was in constant contact with Canadian regulators, and invited to apply for licenses. However, after FTX, Bybit decided to exit the market because of rules that prohibit stablecoins.

Hong Kong has also banned stablecoins for the time being. The government wants -specific regulations in place before retail traders can have access to stablecoins (and forget algorithmic ones).

Does this mean Bybit is considering a return to the Canadian market in the future?

Zhou replied that it would be a good idea if the rules changed.

Important events.

Jibun Bank Manufacturing/Bank Services (July preliminary)

Chicago Fed National Activity Index for June

CoinDesk TV

If you haven’t seen it yet, here’s the latest episode of “First Mover” on CoinDesk TV.

The profit-taking in bitcoin (BTC), such as Solana’s SOL token, contributed to the broader market decline. Tokens of some of blockchains largest, like Solana’s SOL, dropped as much as 8 percent in the last 24 hours. Will Peck, WisdomTree’s head of digital assets, shared his analysis on the crypto market. Cinthia Murphry, research director at ETF Think Tank, discussed the race for bitcoin ETFs. Plus, Mario Klingemann from Christie’s and Sebastian Sanchez of ETF Think Tank discussed the future of Web3 within the art world.

Other Headlines

Arkham Intel Exchange Has 11 Submissions since Debut, Including Elon Musk’s Wallet. Among the bounties for which a submission has been received is identifying an MicroStrategy address with a volume of over 10,000 BTC.

“Razzlekhan” and Husband Reach Plea Agreement in Bitfinex Hack Laundering case Worth Billions: Both were ordered to forfeit proceeds of nearly 120,000 Bitcoins they were alleged to have laundered at the hacked crypto-exchange.

Bitcoin and Ether Heading Toward Losing months in a Normally Upbeat July: The BTC may suffer its second monthly decline of 2023 while ether is heading for its first loss month.

James Rubin is the editor.