These are the 5 most important news of the week

Another exciting week in the crypto space is coming to an end. The most important events surrounding Bitcoin and Co. in a moment.

The ECB raises the interest rate by 0.5 per cent

July 21 marked a turning point in the European Central Bank’s monetary policy. For the first time in eleven years, the ECB has lowered the key interest rate to 0.5 percent and thus reacted to escalating inflation in the EU. The currency watchdog had already announced the move in June. At that time, there was a 25 basis point increase in the space.

With the increase, the ECB is now catching up with the other central banks. The US Federal Reserve announced early interest rate hikes. The European currency watchdog waited a long time – too long for the taste of some economic experts. The ECB’s hesitation is also one of the reasons for the historic low of the euro against the US dollar. So the central bank is under a lot of pressure.

You can read all further details in the article: ECB raises key interest rate – what it means for crypto

Tesla has parted with 75 percent of its Bitcoin

The electric car maker caused a stir in the crypto community by announcing its latest quarterly results. Because Tesla’s published documents show that Elon Musk’s company has sold 75 percent of its Bitcoin holdings.

“Conversions in the second quarter added $936 million in cash to our balance sheet,” Tesla’s official document said.

BTC-ECHO editor David Scheider explains in the video why the selloff is bullish for Bitcoin:

Coinbase bankruptcy rumors are circulating

Celsius, Voyager – and soon Coinbase? The bankruptcy of the largest US bitcoin exchange would be a turning point for the crypto sector. It’s already bubbling under the surface. Employees are openly revolting against company boss Brian Armstrong, and the share price has also lost 77 percent from its all-time high in October this year.

More on this in the article: Is the largest US crypto exchange facing bankruptcy?

But the rumors are cooked hotter than they are, says BTC-ECHO editor-in-chief Sven Wagenknecht in the current issue of the Recap Podcast:

Minecraft declares war on NFTs

Certain NFTs have been available in the classic game Minecraft for some time now. It should be over soon. An official blog post from the iconic sandbox game reveals that it is looking to drop NFTs on the platform.

The official reasoning: “NFTs do not include the entire community and create a scenario of haves and have-nots.” The “speculative pricing” and “investment mentality” associated with NFTs diverts focus from the game and encourages “profit making.” This is not “incompatible” with the long-term happiness and success of the players.

You can read everything else in the article: Minecraft wants to ban NFTs from its platform

SEC vs. Ripple goes to the next round

Criticism of the US financial regulator SEC’s approach to Ripple is growing. Since 2020, both parties have been in a legal dispute. The SEC sees the Ripple token as a potential security. Such a classification would have serious consequences for the company – and probably the entire crypto sector.

According to Ripple lawyer John E. Deaton, the case is representative of the industry. He defends himself in a letter to the Finance Committee and the SEC. It states that the SEC is only pursuing the matter so relentlessly that it would have the power to regulate a large number of parties not part of the process, such as crypto exchanges, traders and even small investors.

You can find out all the details here: SEC wants to make Ripple an example for all crypto

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