Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.
Top Stories This Week
Bitcoin has recorded its biggest mining difficulty drop of nearly 28%, but one model suggests prices will not bottom until October.
The drop is in response to the ongoing miner migration out of China and the subsequent loss of hash rate — and this could deliver a profit boost for the miners still at work.
Bitcoin has now closed its third red monthly candle in a row, meaning BTC/USD is now the furthest away from its stock-to-flow model estimates in more than two years. Data shows the world’s biggest cryptocurrency fell 40.36% in Q2… the biggest quarterly plunge in over three years.
Plan B said the next six months will be “make or break” for the stock-to-flow model, adding: “Even for me it is always a bit uneasy when Bitcoin price is at the lower bound of the stock-to-flow model.”
Regulatory woes are piling up for Binance. Japan has accused the exchange of operating without proper registration, and toughened measures in the Canadian province of Ontario have prompted Binance to announce that it plans to cease all operations there.
Monday saw Binance suspend the use of Faster Payments in the U.K., meaning that it would take longer for British customers to withdraw pounds from the exchange. This came days after the Financial Conduct Authority told the exchange to cease all regulated activities in the country. However, this was later reinstated.
Thailand’s Securities and Exchange Commission and the Cayman Islands Monetary Authority are the latest financial regulators to announce a regulatory crackdown on…