What happened this week in the crypto industry

1. Glassnode believes that the main risk factor for the rate of the main cryptocurrency is short-term holders of Bitcoin, as there is serious downward pressure on the price of the asset from their side. Analysts believe that the risks of BTC volatility in the short term have increased significantly due to the influence of investors on the market. “the Short-Term Holder cohort continues to carry elevated unrealized losses, indicating they are the primary cohort at risk and the expected source of sell-side pressure in the event of a downturn,” the experts emphasized.
2. Over the past few months, the UK Financial Conduct Authority has rejected almost 90% of registration applications submitted by crypto companies. The reason is that the business did not take sufficient measures to combat crime, the department noted. “We have rejected submissions that didn’t include key components necessary for us to carry out an assessment, or the poor quality of key components meant the submission was invalid,” the FCA said.
3. The Ethereum rate has significantly “lagged” behind Bitcoin after The Merge update and the complete transition to Proof-of-Stake. ETH has fallen by 44% compared to the main cryptocurrency. This opinion was expressed by CryptoQuant. “Next week will mark two years since Ethereum switched to a proof-of-stake network, an upgrade known as The Merge. Since then, Ethereum has underperformed bitcoin by 44%,” the experts shared their observations.
4. Binance has suspended the former head of the company, Changpeng Zhao, from managing the business for life. The entrepreneur is currently in prison, serving a sentence for money laundering and other illegal activities. He is due to be released at the end of September. As current Binance CEO Richard Teng noted, Zhao is still the platform’s largest shareholder and has rights that give him the ability to influence management appointments.