The US authorities do not understand cryptocurrencies, and the market participant is sure that someone is buying BTC

3 min readAug 5, 2021

Novogratz accused US authorities of misunderstanding digital currencies

Galaxy Digital CEO Mike Novogratz is sure that American officials and politicians are not even trying to understand the technology of digital currencies. And this hinders innovation in the financial market.

“Crypto is the future of our financial system and our citizens deserve officials that do their homework to understand this new technology. Most of our leaders haven’t done that yet. We also need regulators and politicians who understand that new ideas need room to grow,” Novogratz tweeted.

Thus, the entrepreneur reacted to the statement of Senator Elizabeth Warren, who considers the cryptocurrency industry to be the “Wild West” of the financial market. Earlier, the politician called on the US authorities to develop a “coordinated and consistent regulatory strategy to reduce the growing risks that cryptocurrencies pose to the financial system.”

Crypto enthusiast: Someone is buying a large number of bitcoins right now

CryptoQuant CEO Ki Young Ju said that someone is currently buying up the main cryptocurrency. According to the entrepreneur, 99% of transactions took place outside the exchanges.

«Someone is buying BTC a lot. 99% of transactions are happening outside of the exchanges. Possibly OTC deals. If big names announce their buying, bears could be in a trouble. I’m not sure about short-term price moving tho,» Ki Young Ju wrote.

He also expressed the opinion that the capitalization of ethereum will be higher than that of BTC. However, this will not happen in 2021, and it seems it will neither happen in the next year.

American financier told why he prefers gold to the first crypto coin

Billionaire and renowned financier Ray Dalio agrees with the view that BTC resembles a digital version of gold. However, the entrepreneur prefers the precious metal.

“If you put a gun to my head, and you said, “I can only have one”, I would choose gold” Dalio said in an interview.

However, the financier admitted that he owns “a small amount of bitcoins.” Dalio noted that there are “certain assets that you want to own to diversify the portfolio, and bitcoin is something like a digital gold.”

ETH rises amid London hard fork

Today, August 5, Ethereum has risen in price to $2,708. In 24 hours, the crypto coin has grown by more than 7%. This happened against the backdrop of today’s London hard fork, which the entire community has been waiting for.

Earlier, the developers promised that the hard fork will positively affect the bandwidth of the ETH blockchain and reduce the fees for transactions on the network. In April of this year, a hard fork of Berlin took place, which changed the algorithm for calculating the cost of gas and introduced new types of transactions.

“As for how likely it [update] is to work as intended, I’d say it would be very unlikely for it not to. We’ve had both technical and economic audits of the EIP, have done extensive testing and have seen it work as intended both on Ethereum testnets and other blockchains, ”commented Tim Beiko, a new hardfork developer.