July 23, 2021

Once again, it’s time for another edition of Netcoins weekly news.

Elon Musk was at a cryptocurrency conference earlier this week. Is he pumping crypto or dumping it? The market will likely give us the answer.

In other news, the United States is sounding like it’s likely to tighten the screws on regulations surrounding stablecoins, which could be bad news for investors waiting out a bear market on the sidelines and trying to maintain anonymity.

All of the details on that plus a few other interesting tidbits make up this week’s news roundup!

Is Elon Musk about to Pump Crypto Again?

It’s confirmed!

Elon Musk was participating in a cryptocurrency conference called The B Word on July 21. He did so alongside Twitter founder Jack Dorsey and infamous investing guru Cathie Wood from ARK Investments. The question is, will he pump or will he dump?

Musk exchanged tweets with Dorsey in this thread hyping up the event for ‘the Bitcurious’ as he calls it.

As you may know, Musk, his Twitter account, and his company Tesla Motors is seemingly single-handedly starting meme investing trends surrounding Bitcoin and Dogecoin, something he’s done many times over the last year.

Meme investors will no doubt be paying attention for his positive and/or negative comments and how they might impact short-term crypto prices.

Stablecoin Regulations Are Coming

An organization called the President’s Working Group for Financial Markets plans to issue regulations for stablecoins in the next few months.

With the broader crypto market already experiencing quite a bearish downturn of late, any crackdown on stablecoins, particularly those backed by private companies like U.S. Dollar Tether and the U.S. Dollar Coin will face increased scrutiny related to KYC and customer verification.

Given the above stablecoins are used as leverage in many DeFi protocols, a crackdown could spell trouble for crypto prices and trigger new concerns for investors looking to stay under the radar.

Research Study Finds 70% of Institutional Investors Want to Own Digital Assets

A study by Fidelity Digital Assets surveyed 1100 institutional investors recently and found that 7/10 of them hope to own digital assets as part of their portfolios in the future.

What’s the main reason they don’t already own digital assets?

Survey respondents answered that they would ideally hope for less volatility in the market before making a significant investment.

On Wednesday of this week, Bitcoin’s price rose 8% on the day, rising back above $40,000 Canadian. That sounds impressive, but the reality is the price is down overall by more than 50% over the last 90 days.

It makes total sense that most institutional investors seem to still be waiting for a day where crypto is a much less volatile asset.

Crypto Community Rallying to Challenge Congressman Brad Sherman at Town Hall Meeting on Thursday

United States congressmen Brad Sherman is very much trying to ‘shut down’ cryptocurrency. He’s hosting a town hall meeting at 7 PM Eastern time on July 22. The crypto community is rallying on Reddit to let Sherman know how most of us feel about his ideas.

Add that to the news on regulating stablecoins from earlier this week and it’s obvious that the bull run we’ve been living through for most of the last 18 months is sparking the watchful eye of government bodies once again.

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