Daily Crypto News | July 3rd, 2022

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1. Coinbase Announces Its European Expansion Amid The Gloomy Market

Just last month, Coinbase revealed it would lay off 1,100 workers, or 18% of its workforce, in anticipation of a “extended” crypto winter.

The business has received criticism for withdrawing numerous job offers that it had pledged not to do so. (Coinbase eventually established a database to assist those potential employees in finding alternative employment.)

“During market downturns, the temptation can be to shy away from international expansion,” said the Friday blog post. “We first entered the UK and EU during the bear market in 2015, a move that paid off significantly during the bull run a few years from then. We’ll keep building around the world, and doing everything we can to grow the cryptoeconomy.”

based in San Francisco In addition to the U.K., Ireland, and Germany, Coinbase is currently expanding to include operations in France, Italy, Spain, and the Netherlands.

2. Meta Ends Crypto Project Novi To Introduce Digital Wallet

The demise of the cryptocurrency project Novi has been revealed by Meta Platforms, formerly Facebook. It is suggested that users withdraw money as quickly as feasible. The disclosure came after Meta CEO Mark Zuckerberg revealed the launch of a digital wallet for the metaverse.

On Friday, Meta announced that users would no longer be able to deposit funds into their Novi accounts as of July 21. Additionally, as of September 1, neither the Novi app nor Novi on Whatsapp will be accessible, and users won’t be able to access their Novi accounts.

Users have been encouraged by the business to remove their Novi balances prior to September 1. Any cash still available after that date will be sent to the debit cards or bank accounts indicated on their Novi accounts.

3. Coinbase Responds To Data Selling Accusation

The Nasdaq-listed cryptocurrency exchange Coinbase came under fire last week when allegations that it had sold client data to the American government surfaced.

According to a contract obtained by monitoring group Tech Inquiry, Coinbase Tracer, the bitcoin exchange’s analytics division, has partnered with U.S. Immigrations and Customs Enforcement (ICE) to provide the latter with access to a range of data, including “historical geo tracking data.”

Coinbase refuted these reports, yet many users of Twitter do not believe that Coinbase is not selling any customer information to the American government, pointing out that the company uses the word “proprietary” to characterize the information it is not selling.

4. Bitcoin Indicator Predict $15.6K Price Floor

Despite the ongoing debate over whether or not BTC/USD will drop below its recent macro lows of $17,600, new data points indicate that the market is likely to decline even more.

The MVRV-Z score is currently in its traditional green zone, as highlighted by Filbfilb, co-founder of trading platform Decentrader, although it has not yet reached the level that has historically accompanied price bottoms. MVRV-Z calculates the Bitcoin spot price in relation to what is considered to be its “fair value,” determining how high or low it is.

Effective tools for predicting the top and bottom of the Bitcoin price haVE been developed using market cap, realized price, and standard deviation data. And the result for the prediction of BTC bottom turns out to be $15.6K.

5. KuCoin CEO Has No Intention Of Withdrawal Suspension

KuCoin, a cryptocurrency exchange, became the topic of debate when a section of the Crypto Twitter community began alerting investors about an impending prohibition on money withdrawals. However, Johnny Lyu, the CEO of KuCoin, quickly shot down the unverified rumors before they gained traction.

The trader @KongBTC and blockchain researcher @otteroooo, two well-known cryptocurrency Twitter users, urged their followers to withdraw all of their funds from KuCoin while warning that the exchange would soon stop allowing withdrawals from all users.

Following this rumor, Johnny Lyu quickly responded “No “immense suffer” from any “coin collapse”, no plan to halt withdrawal, everything on KuCoin is operating well.”

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