BTC tourists exit the market, Peter Schiff’s bank closes down and other news

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A week in review: July 3–9

We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news:

#1. Bitcoin 'tourists' have been purged, only hodlers remain: Glassnode

According to Glassnode's "The Week On-Chain" report published on Monday, supposed "market tourists" have been completely "purged" from the BTC market, leaving only seasoned hodlers or investors transacting with the asset. The report also stated that "shrimps" — those holding less than 1 BTC, and whales — those with 1,000 to 5,000 BTC — were "increasing meaningfully."
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#2. Peter Schiff's bank closure strengthens Bitcoin case for financial freedom

Avid Bitcoin hater and gold peddler Peter Schiff saw his bank in Puerto Rico, Euro Pacific International Bank, shut down this week, with regulators pulling the plug on the grounds that the bank was not maintaining the net minimum capital requirements. Schiff noted that, as a result, "accounts are frozen and customers may lose money." The crypto community on Twitter was quick to swoop in, with pseudonymous user HodlMagoo noting the priceless irony: "Do you understand why you need bitcoin now?"
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#3. Voyager Digital files for Chapter 11 bankruptcy, proposes recovery plan

On Tuesday, Voyager Digital filed for bankruptcy as part of a "reorganization" plan just days after the crypto exchange paused trading, withdrawals and deposits. Under the plan, Voyager is looking to make users whole again by offering a combination of Voyager tokens, crypto, proceeds from the Three Arrows Capital recovery, and common shares in the newly reorganized company.
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#4. Prediction of the week. Bloomberg analyst tips bullish BTC recovery in next six months

Bloomberg's senior commodity strategist, Mike McGlone, has predicted that BTC could be due for "one of the greatest bull markets in history" during the second half of 2022, arguing that the bottom is in and the floodgates could be primed to slam open. He cited the market activity in the first half of 2022 as being similar to the bottom of the bear market in 2018, which then went on to surge in the first six months of 2019.
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#5. FUD of the week. PennyWise crypto-stealing malware spreads through YouTube

According to cyber intelligence company Cyble, a new strain of crypto malware is being spread via YouTube. The malware, named PennyWise, tricks users into downloading software that's able to siphon data from more than 30 crypto wallets and crypto-browser extensions. PennyWise can also take screenshots and steal sessions from chat applications such as Discord and Telegram.
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#6. FUD of the week. Celsius moved $529M worth of wBTC to FTX exchange: Should we be worried?

On Friday, it was reported that Celsius had transferred nearly 25,000 Wrapped Bitcoin (WBTC) worth $528.9 million to the FTX crypto exchange. The move has raised concerns that a dump could soon follow, resulting in a potential plunge in the price of BTC.
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Cristóbal Balenciaga: To The Moon NFT drop — a love letter to haute couture

Bridging the gaps between haute couture, women empowerment and NFT culture is the upcoming "To The Moon" NFT drop — elegantly inspired by and designed from 8,000 never-before-seen drawings by Cristóbal Balenciaga.

In collaboration with Cointelegraph, Art Consulting, Artvein, Animal Concerts and NFT, this exceptional NFT drop will be packed with real-world utility and redeemables such as official Balenciaga gear, gift cards to high-end designer brands and even the 70-year-old drawings by Cristóbal!

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