OTC’s Weekly Retrospect 11/07–15/07/2022

Each week we bring you a round-up of the most important Bitcoin and virtual asset-related stories making waves in the cryptosphere.­­­­

Major news stories this week;

1. Circle’s USDC on track to topple Tether USDT as the top stablecoin in 2022
2. Blockchain.com CEO Reveals Company Lost $270 Million From 3AC Exposure
3. Binance served crypto traders in Iran despite U.S. sanctions, clients say
4. Troubled Crypto Lending Platform Celsius Files For Bankruptcy
5. European Central Bank hints at PoW-based crypto ban by 2025

Story Summaries;

1. USDC’s market capitalisation has grown by 8.27% since May, reaching its highest level of $55.9 billion on July 2. In contrast, USDT has suffered an over 19% drop in its market valuation, currently treading around $66.14 billion. Crypto investors have strengthened their trust in USDC primarily due to Circle functioning as a money service business, registered with FinCEN and other 46 state regulators in the United States.
2. The latest firm to feel the brunt of 3AC’s fallout is Blockchain.com, according to a report published by Coindesk, after the newsdesk reviewed a letter to shareholders written by the CEO Peter Smith. Smith said the firm lost $270 million over the 3AC incident but stressed that Blockchain.com is financially sound.
3. The world’s largest crypto exchange, Binance, continued to process trades by clients in Iran despite U.S. sanctions and a company ban on doing business there, a Reuters investigation has found. Traders said they continued to use their Binance accounts until as recently as September last year, only losing access after the exchange tightened its anti-money laundering checks a month earlier. Until that point, customers could trade by registering with just an email address.
4. After weeks of speculation and rumours, lawyers representing crypto lending platform Celsius have officially notified regulators the company is filing for Chapter 11 bankruptcy protection. “This is the right decision for our community and company,” Celsius Co-Founder & CEO Alex Mashinsky said in a press release posted late Wednesday. “We have a strong and experienced team in place to lead Celsius through this process.
5. The European Central Bank (ECB) blasted Proof-of-Work (PoW) mining as a significant climate change risk in research bulletin published in July. As expected, the report specifically mentioned Bitcoin. However, it also raised issues with Ethereum, despite its transition to a Proof-of-Stake (PoS) consensus mechanism. Researchers compiled estimated carbon footprint data on the above tokens and evaluated whether they undermine the E.U.’s commitment to fighting climate change. It then discussed policy options, including a 2025 deadline for “potential measures

And that’s all for this weeks news! Wishing you a great weekend and as always, Happy Friday!