In the dynamic world of cryptocurrency, every passing minute brings unpredictable shifts and changes. Cryptocurrency is a volatile and fast-paced digital asset known for its ever-fluctuating nature. With prices soaring and plummeting at a moment’s notice, the crypto market keeps investors on their toes, ready to seize opportunities or weather the storm. Besides this, there are some important crypto-related news that every investor should know about. Crypto-related news will give you deep insights into the unpredictable landscape of crypto and shape your decisions on crypto investments due to its overall impact. We have picked some of the top weekly crypto news headlines of the past few days [May 30 to July 5].
1. Crypto search rate on Google falls to the lowest level
Since May 2022, a few weeks after the collapse of the Terra Luna Ecosystem, the term ‘Crypto’ is witnessing a downward trend in Google searches. Within few hours after news became public, it became one of the top weekly crypto news. Moreover, the collapse of the crypto exchange FTX in early November further affected the declining term ‘Crypto’ trend. In May 2021, when crypto was at its highest level in search rates with a reference score of 100, within two years, this rate changed drastically.
As per the latest data from Google Trends, the term ‘Crypto’ scored 17 out of 100, ranking its search rate at its lowest level. Moreover, The Crypto Fear and Gear Index also indicates a similar declining trend.
Statement:
Guy Turner, a renowned crypto analyst, has described this situation of declining search rate of crypto as:
“An after-effect of lower trading volumes on crypto exchanges in the past two years”.
2. Binance Australia Ceasing all AUD Trading Pairs – One of the Top Weekly Crypto News
Amid the global debunking of cryptocurrencies, Binance Australia also joined the trend on May 18. On its official Twitter handle, Binance Australia updates the world about their decision to cease all AUD (Australian Dollar) trading pairs. By giving official news, Binance wrote, “Binance users will not be able to withdraw or deposit the AUD, and in the meantime, users can convert AUD into USDT. Still, many users are feeling confident about their money as Binance assured them that their funds are safe through the security asset fund for users (SAFU).
However, the latest statement from Binance Australia suggests that Binance users can still buy and sell cryptocurrency through credit or debit cards.
Statement:
The spokesperson of Binance Australia informed the news tabloid,
“We are working really hard to find a reliable alternative provider to continue AUD-related services”.
3. Unification of Crypto Industry against U.S. Treasury over Tornado Cash Sanction
Every investor must be aware of Tornado Cash’s ban by August 8, 2022, due to Tornado Cash’s software allowing hackers to convert money into cryptocurrency, resulting in a wide money laundering of more than 7 billion dollars. On July 2, the Blockchain association and DeFi Education Fund united to file a joint amicus in support of Tornado Cash, furthermore insisting U.S. Treasure remove a ban from the platform.
Statement:
Both biggest crypto industry associations argue that the software of any platform cannot be controlled or owned by any person. Moreover, they further remarked this ban as
“An unlawful act since the ban of Tornado Cash violates the principles of the First Amendment act”.
According to this act, the government only sanctions human beings, not software. Over the last few months, many people and associations have supported Tornado Cash, and it’ll be interesting to see the decisions of the U.S. Treasure Office.
4. The End of Bitcoin Consolidation in July?
July is estimated to be a good month for crypto investors as QCP Capital argues about the end of bitcoin consolidation in July. Bitcoin consolidation is the state where bitcoin assets neither show trends of gains nor loss in price. This long bitcoin consolidation started during the COVID-19 pandemic in early 2020, is estimated to end with a great impact. Compared to March 2020, when bitcoin was on the verge of a massive breakdown below $5k, July is predicted to witness a big move in bitcoin prices with a $50k push.
Statement:
Furthermore, in their acclaimed data, QCP Capital argues,
“Thanks to U.S. debt ceiling extension bills, resulting in the end of bitcoin consolidation. Therefore, it’s time to return to regular macro and crypto narrative programming.”
Conclusion:
The world of cryptocurrency is an adventurous and ever-evolving landscape where it never fails to keep investors on their toes. One price surge in cryptocurrency can take the sleep of a respective investor. To get deep insights into this captivating crypto world, staying updated with the latest news and trends is important. These four top weekly crypto news of the past few days will give you a better understanding of crypto. From the decline in crypto search rates on Google to the end of bitcoin consolidation, positive and negative news balances the headline.
