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Crypto News Today (July 31): BTC On a Knife Edge, Australia Sues Telegram, and Binance US Eyes Prediction Markets

Crypto News Today (July 31): BTC On a Knife Edge, Australia Sues Telegram, and Binance US Eyes Prediction Markets

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In crypto information right now (July 31), Bitcoin climbed -0.4% in a single day and is sitting slightly below $64,000 following a turbulent week that noticed the Fed freeze rates of interest on Wednesday, though SEC Chair Paul Atkins hinted at hikes to return, which has brought about a slight weakening of crypto belongings and shares alike.

Nevertheless, Bitcoin ETF flows proceed to print inexperienced, with yesterday closing a second consecutive day of optimistic flows, this time with +$233M purchased throughout the varied merchandise, with over $180M coming from BlackRock’s IBIT fund.

The entire crypto market cap is up round +0.5% from yesterday, climbing to $2.29 trillion. Each day buying and selling quantity throughout crypto sits at $59.1Bn, down barely from yesterday’s determine of $63.4Bn.

The Worry & Greed Index is sitting at 25/100, down three factors from yesterday, and placing it again into ‘Excessive Worry’ territory. The battle to depart the Excessive Worry zone is a transparent indicator that market contributors aren’t totally satisfied that the underside is in for crypto simply but.

Crypto Information Right this moment: Australia Sues Telegram Over Alleged Failure to Take away Terror Content material

​Following the information that Russia has sanctioned Telegram founder Pavel Durov on terrorism prices, Australia’s on-line security regulator has now launched authorized motion in opposition to the messaging platform, accusing it of violating the nation’s on-line security legal guidelines.

Authorities allege that the corporate did not take away terrorist content material, even after receiving consumer reviews. The proceedings have been initiated by Australia’s eSafety Commissioner, which filed a civil case within the Federal Courtroom. The regulator argues that Telegram violated the On-line Security Act by failing to take sufficient measures in opposition to extremist content material.

If discovered liable, the corporate may face penalties of as much as AUD 54.6 million (roughly USD 35.8 million). The eSafety investigation lasted a couple of 12 months, throughout which the regulator claims that Telegram didn’t take away some unlawful materials, even after turning into conscious of it. In sure cases, this content material allegedly remained accessible for as much as three weeks.

Authorities additionally assert that the platform did not take enough steps to stop repeat violations, comparable to suspending accounts, channels, and teams that distributed terrorist content material.

Moreover, eSafety claims that Telegram didn’t promptly detect and take away beforehand recognized extremist movies, together with footage of the 2019 Christchurch mosque assaults and the 2022 mass capturing in Buffalo, New York.

As of the time of publication, Telegram had not formally commented on the lawsuit. Nevertheless, the corporate’s official X account posted a video with the caption “Freedom of expression.”

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Binance.US Appears to Broaden Into Derivatives and Prediction Markets

In different crypto information right now, Binance.US is planning to hunt federal approval to supply prediction markets, as a part of its effort to diversify its choices past spot cryptocurrency buying and selling. This transfer locations the corporate in a quickly rising sector that has attracted main brokers and cryptocurrency platforms, all whereas going through growing scrutiny from state regulators.

Stephen Gregory, the Chief Government of Binance.US, acknowledged that the corporate intends to use in August for designation as a contract market with the Commodity Futures Buying and selling Fee (CFTC). If authorised, this designation would allow the alternate to listing regulated futures, choices, and occasion contracts for retail prospects within the U.S.

This software aligns with the technique Gregory detailed earlier in July, which focuses on pursuing derivatives, perpetual futures, and prediction markets. Binance.US is searching for further income sources because it makes an attempt to get well from regulatory challenges which have diminished its presence within the U.S. market.

Gregory has expressed that the alternate goals to reclaim its former market share, which was roughly 20% of the American crypto market. The corporate has reestablished greenback banking providers in a lot of the states it operates in and can be implementing decrease charges and improved liquidity to draw prospects again.

A CFTC license would put Binance.US in competitors with platforms like Kalshi and Polymarket US. Earlier this 12 months, Gemini obtained its personal federal market license, whereas Coinbase gives occasion contracts by way of a partnership with Kalshi.

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Alex Ioannou

Alex Ioannou

On-Chain Journalist

Alex is a seasoned cryptocurrency dealer and market analyst with over seven years of energetic expertise within the digital asset house. Since coming into the markets in 2017, Alex has specialised in figuring out rising “meta” traits and high-volatility narratives. Notably, Alex…
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