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BoE Chief Denies Farage Influenced CBDC Policy: Report

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BoE Chief Denies Farage Influenced CBDC Policy: Report

Bank of England Governor Andrew Bailey has reportedly denied that lobbying efforts by Nigel Farage influenced the central bank’s approach to a potential central bank digital currency (CBDC), saying policy decisions were made independently.

According to a Wednesday report by The Guardian, which obtained a letter written by Bailey, the governor said the BoE is “able to spot” attempts to influence its policymaking. The letter followed a meeting with Farage, during which the two discussed several issues, including cryptocurrencies.

“Following our meeting, Mr. Farage spoke with the press outlining that we had discussed a range of topics, including cryptocurrencies,” Bailey reportedly wrote in the letter. “I am happy to confirm that no policy changes have taken place as a result of interventions by Mr. Farage.”

Farage, the leader of the UK’s Reform Party and one of the most prominent supporters of Brexit, resigned his parliamentary seat this week amid reports that he accepted “gifts” from individuals with ties to the crypto industry. He has been an outspoken critic of CBDCs, saying he would “rather go to prison” than live under what he described as a system of financial surveillance.

Despite his resignation, Farage maintained his innocence, stating in an X livestream that he has “not broken the law in any way at all.”

Source: Nigel Farage

Amid the investigations involving Farage, The Guardian also reported Wednesday that the UK’s National Crime Agency is investigating several transactions involving other senior Reform UK figures over suspected money laundering.

Related: Nigel Farage accepted gifts from crypto-linked fraudster: Report

BoE presses ahead with digital pound research

The Bank of England continues to explore a potential central bank digital currency, the proposed “digital pound,” which remains in the design phase as policymakers assess its role in an increasingly digital economy.

“No decision has been made on whether to introduce a digital pound,” the central bank said in a recent update, emphasizing that any launch would require further analysis and public consultation.

Earlier this year, the Bank launched a six-month pilot to explore how tokenized assets could be settled using central bank money. The project, involving 18 companies, is part of the central bank’s broader effort to modernize the UK’s financial infrastructure.

Related: The 5 types of real world assets being tokenized fastest onchain

Bitcoin Battles Downside as Iran Ceasefire Failure Sends Oil Past $75

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Bitcoin Battles Downside as Iran Ceasefire Failure Sends Oil Past $75

Bitcoin (BTC) stayed below $62,000 after Wednesday’s Wall Street open as US president Donald Trump closing a key world oil route.

Key points:

  • Bitcoin drops to $61,500 as Trump says that the ceasefire with Iran is “over.”
  • Both sides reportedly threaten to close the Strait of Hormuz, sending oil prices soaring.
  • Bitcoin traders anticipate new lows, but analysis sees Trump sweetening the mood later.

Bitcoin gives back gains as Trump says Iran ceasefire “over”

Data from TradingView showed daily BTC price downside circling 2.5% as markets reacted to the collapse of the US-Iran ceasefire.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

“To me, I think it’s over,” Trump said about the ceasefire during a press conference at the NATO summit in Ankara, Turkey.

Additional reports claimed that both the US and Iran were considering reimposing a blockade of the Strait of Hormuz oil route.

US WTI crude oil passed $75 per barrel on the day, reaching its highest levels since June 22.

CFDs on US WTI crude oil four-hour chart. Source: Cointelegraph/TradingView

The latest events had an instant impact on expectations over financial policy moves by the US Federal Reserve.

The latest data from CME Group’s FedWatch Tool showed increasing odds of an interest-rate hike coming at the Fed’s September meeting, with July’s still tipped to see rates stay at current levels.

Fed target rate probabilities (screenshot). Source: CME Group

Users on prediction service Kalshi, meanwhile, put the odds of a hike in 2026 at 55%.

Trader names $61,000 as “crucial” BTC price level

Commenting, crypto trader and analyst Michaël Van de Poppe predicted a retest of $61,000 for Bitcoin.

Related: BTC speculators in focus as analysis says ‘textbook Bitcoin bottom’ is underway

“This to happen, and then 1-2 days later; we’re in talks again. And the markets reverse,” he wrote in a post on X.

Earlier, Van de Poppe said that there was “no problem” visible in BTC price action.

“Price remains hovering above $60,000, despite the fact that the Middle East has reactivated the War again. Other than that, as long as it remains a relatively shallow correction, I don’t think we’ll start to see lower levels in the markets,” he wrote. 

“The crucial level for me is the $61,000 area.”

BTC/USDT one-day chart. Source: Michaël Van de Poppe/X

Among traders, anticipation was building over a trip to new local lows.

“Tensions with Iran flaring up again just as $BTC tried to reclaim the previous range lows. Starting to look like we’re getting those cheaper accumulation opportunities we were hoping for,” trader Jelle told X followers.

BTC/USD one-day chart. Source: Jelle/X

India Crypto Tax Filings Lagged Trading Activity: Reuters

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India Crypto Tax Filings Lagged Trading Activity: Reuters

India’s tax department reportedly found widespread gaps in crypto tax reporting, warning that offshore exchanges, private wallets and peer-to-peer (P2P) trades are making crypto activity harder to track. 

Reuters on Wednesday reported government documents showed that fewer than a quarter of 645,000 individuals who made crypto transactions in the year ending in March 2023 reported the trades on their tax returns. The department also reportedly estimated that India had about 39 million crypto traders holding over $2.1 billion in crypto at the end of May. 

The findings add a tax-enforcement factor to the country’s long-running digital asset policy debate, moving the issue beyond the central bank’s financial-stability concerns and into questions on offshore trading and recoverable tax revenue. India was ranked first in Chainalysis’ 2025 Global Crypto Adoption Index.

The report comes days after the Reserve Bank of India (RBI) backed a containment strategy for crypto assets. On July 3, the central bank urged lawmakers to keep banks and financial institutions insulated from cryptocurrencies and privately issued stablecoins. The RBI reportedly said prohibition remained a recognized policy option and recommended preventing digital asset use in payments and settlements. 

Cointelegraph sought comment from India’s Central Board of Direct Taxes but had not received a response by publication.

Crypto tax enforcement remains a global challenge

India is not the only jurisdiction struggling to bring crypto activity into the tax net. In Israel, a voluntary disclosure program aimed at crypto profits fell short of expectations, according to a June 3 report by local business outlet Globes. 

The Israel Tax Authority (ITA) reportedly expected to collect 2 billion to 3 billion Israeli shekels (about $650 million to $986 million) from the process, which offered criminal immunity to taxpayers who would disclose previously hidden capital. 

Related: Petition to scrap South Korea’s crypto tax reaches 50K threshold

Despite this, only 289 disclosure requests had been submitted since the program was launched in August 2025, with reported capital totaling 676.5 million shekels and estimated tax due of 40.9 million shekels. The figure was a sharp miss compared with the expectations and with the estimated crypto tax gap. 

Globes cited tax experts who said the program’s lack of an anonymous disclosure track had weakened the incentive for crypto holders to come forward.

Magazine: Has Bitcoin bottomed for this cycle? Analysts say ‘not yet’

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Schwab Strategist Backs Strategy’s STRC Playbook Amid Bitcoin Weakness

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Schwab Strategist Backs Strategy’s STRC Playbook Amid Bitcoin Weakness

Strategy remains under pressure as Bitcoin hovers near $60,000, but recent capital moves have bought the company time, according to Jim Ferraioli, director of crypto research and strategy at the Schwab Center for Financial Research.

Speaking on Morning Trade Live at the New York Stock Exchange, Ferraioli said the firm led by Michael Saylor faces scrutiny while the price of Bitcoin sits 50% below its peak. Strategy, the largest corporate holder of Bitcoin, has funded much of its buying through preferred equity, including its variable-rate Stretch preferred stock, known as STRC.

That product fell near $70 from its $100 par value before a rebound. To defend the peg, Strategy raised the STRC dividend to 12% and authorized $2 billion in buybacks while unlocking further Bitcoin sales. The stock has since started climbing back toward par. 

“The market is supportive of these actions,” Ferraioli said, describing the response as a check on fears of cascading liquidations.

The shift marks a change in tone for a company known for a “never sell” stance. 

“We went from never sell Bitcoin to strategically sell Bitcoin,” Ferraioli said, acknowledging fair criticism. He cautioned that a lower multiple could limit Strategy’s capacity to issue shares and buy more Bitcoin in the second half of the year. 

Schwab’s perspective on Bitcoin’s slump

Ferraioli weighed in on a market bump that followed comments from President Trump, who signaled openness to holding Bitcoin in the new Trump Accounts savings program. 

Ferraioli read the move as a sign of one more potential class of buyer, alongside mainstream investors who entered through spot ETFs. 

“The crypto market loves narratives,” he said, calling the asset momentum-driven.

On correlations, Ferraioli described Bitcoin as a low-correlation asset, a trait he traced to the four-year halving that cuts new supply. Past ties to tech stocks have broken down, and a historic inverse relationship with the dollar has wavered; Bitcoin has rallied during periods of dollar strength this year. 

“Starting points matter,” he said, noting that Bitcoin rose during the Iran conflict as the dollar gained.

He addressed the dollar-yen rate, which trades near 40-year lows. A stronger yen could unwind the carry trade, in which investors sell the yen to buy growth assets. Ferraioli framed a yen rebound as a possible headwind for risk assets, though not a primary near-term risk for Bitcoin.

On the debasement trade, Ferraioli pushed back on the idea that last year’s gold rally, set against a halving of Bitcoin’s market cap, disproved the store-of-value case. 

He attributed the gold move to supply constraints and momentum rather than fiscal fear. The federal budget deficit has narrowed from 8-9% of GDP to 5%, near the median across Bitcoin’s life.

“It’s not an endorsement of the fiscal health,” he said, “but it helps put that narrative in check.”

Adam Back’s BSTR and Cantor to revise SPAC merger structure

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Adam Back’s BSTR and Cantor to revise SPAC merger structure

Adam Back’s Bitcoin Standard Treasury Company (BSTR), the bitcoin treasury company backed by the Blockstream CEO and bitcoin pioneer, is renegotiating the terms of its planned public listing through a merger with Cantor Equity Partners I (CEPO), with the parties abandoning the original structure agreed last year in an effort to better reflect current market conditions.

The companies said Wednesday they will not complete the transaction under the terms of the July 2025 business combination agreement. Instead, they are discussing a revised structure, with further details expected in future filings with the U.S. Securities and Exchange Commission.

As part of the changes, the previously announced private placement financing tied to the merger will no longer be required to close. CEPO also indefinitely postponed its shareholder meeting, which had been scheduled for July 10. Any redemption requests submitted by CEPO shareholders will be cancelled and shares returned, with no action required from investors.

The announcement follows a series of delays. In June, CEPO postponed its shareholder meeting to allow additional time and extend the redemption deadline. The meeting was subsequently pushed back to July 10 before being postponed indefinitely.

Dinari, tZERO target brokerages in push for tokenized stocks

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Dinari, tZERO target brokerages in push for tokenized stocks

Tokenization specialist Dinari and broker-dealer tZERO are working together to offer broker-dealers a turnkey platform for tokenized U.S. equities, as competition intensifies over how public stocks should move onto blockchain networks.

The companies said Wednesday they will combine Dinari’s tokenized stock platform with tZERO’s brokerage, custody, clearing and settlement infrastructure, allowing financial firms to launch blockchain-based equity offerings without assembling the underlying market infrastructure themselves.

“Tokenized equities won’t reach mainstream adoption until broker-dealers can offer them as naturally as they offer traditional securities,” Dinari CEO Gabriel Otte said in a statement.

The move comes as tokenized equities emerge as the next battleground in real-world assets. After U.S. Treasury funds became the first institutional trend for tokenization, firms are increasingly turning to public stocks, betting blockchain can modernize trading, settlement and shareholder recordkeeping.

Some firms, such as Robinhood and Kraken’s xStocks initiative, focus on creating blockchain-based representations of publicly traded shares via offshore structures, often called synthetic tokens, offered to non-U.S. investors.

Bitcoin is Seeing a ‘Textbook’ Bottom as More Analysis Brings Back 2022

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Bitcoin is Seeing a ‘Textbook’ Bottom as More Analysis Brings Back 2022

Bitcoin (BTC) is seeing a “textbook” bear-market bottom as speculators take profits on the trip toward $65,000.

Key points:

  • Bitcoin is repeating previous macro bottom behavior in a “textbook” manner, analysis argues.
  • Short-term holders are taking profits on minor recoveries — something “characteristic of a bull market.”
  • Doubts remain about speculators avoiding future capitulation.

Analysis: Bitcoin bottom will “be very obvious in hindsight”

In their latest analysis on X, the Bitcoin quant account known as Frank, named for the famous economist Frank A. Fetter, doubled down on conviction that the worst of the BTC price downtrend is over.

“This is a textbook bitcoin bottom; I mean every bottom signal has flashed or is flashing, it’ll be very obvious in hindsight,” one post stated.

An accompanying chart showed the 200-week simple moving average (SMA) for BTC/USD, along with various quantiles. 

The ninth quantile is of particular interest, having marked reversals at the pit of the 2022 bear market and March 2020 COVID-19 crash. Price is now back in that reversal zone.

BTC/USD chart with 200-week SMA data. Source: Frank/X

Turning to short-term holders (STHs) — wallets holding BTC for up to six months without selling — another encouraging sign emerges.

For Frank, positive readings from the cohort’s spent output profit ratio (SOPR), which measures the proportion of STH coins moving onchain in profit or loss, are conspicuous.

“A key bitcoin metric might be signaling that a market shift is underway. Sth-sopr just flipped green as short-term holders are realizing profits,” they wrote. 

“The market treating short-term holders well is a characteristic of a bull market.”

Bitcoin STH-SOPR data. Source: Frank/X

Short-term holders may still see “capitulation”

The findings add to a growing consensus among market participants that the 2026 bear market has little time left to run.

Related: $60.4K Becomes ‘most important area’: Five things to know in Bitcoin this week

As Cointelegraph reported, various onchain indicators and related price yardsticks are hitting levels not seen since 2022.

Adopting a more cautious view of STH-SOPR, meanwhile, onchain analytics platform CryptoQuant warns that new lows in the metric could be needed first.

“In stronger bottoming zones, STH SOPR often drops much deeper as short-term holders capitulate and sell at large losses. However, the current level is not near the deeper capitulation area seen around 0.93 in previous local bottom zones,” contributor Trader Germini commented in a blog post on Wednesday. 

“This means the market has cooled down, but it has not yet shown a strong short-term holder capitulation signal.”

Bitcoin STH-SOPR data (screenshot). Source: CryptoQuant

Tether Invests $20M in Brazil’s Mercado Bitcoin

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Tether Invests $20M in Brazil’s Mercado Bitcoin

Tether has invested $20 million in a strategic growth financing round for Mercado Bitcoin, Brazil’s largest crypto exchange, the stablecoin issuer announced Tuesday. The deal backs Mercado Bitcoin’s push into tokenization, payments, credit and capital markets across Latin America. Mercado Bitcoin,…

Tether has invested $20 million in a strategic growth financing round for Mercado Bitcoin, Brazil’s largest crypto exchange, the stablecoin issuer announced Tuesday. The deal backs Mercado Bitcoin’s push into tokenization, payments, credit and capital markets across Latin America.

Mercado Bitcoin, founded in 2013, has grown from a digital asset exchange into a full-stack regulated platform, according to Tether’s release. It now serves 4.5 million users, has issued more than R$2 billion ($370 million) in tokenized assets, and holds more than 10 licenses across Brazil and Europe, including a Payment Institution license from Banco Central do Brasil, plus broker-dealer, securitization and asset management capabilities.

“Mercado Bitcoin has built exactly that, a regulated, full-stack on-chain financial platform serving millions of users across one of the world’s most dynamic financial markets,” Tether CEO Paolo Ardoino said in the release. He called its regulatory licensing and tokenization infrastructure “unmatched in Latin America.”

Where the Money Goes

Mercado Bitcoin plans to use the capital to expand payments infrastructure, scale tokenized investment products for retail and institutional investors, grow lending and credit, advance on-chain capital markets, and continue international expansion, per the release.

Mercado Bitcoin Chairman and CEO Roberto Dagnoni said the company has spent “more than a decade building the regulated foundation” for on-chain finance and that the investment “strengthens our ability to accelerate the next generation of on-chain financial services in Brazil and across global markets.”

The deal extends Tether’s pattern of strategic stakes in regional financial infrastructure, following its $200 million investment in payments platform Whop in February and its backing of Ark Labs to bring stablecoins to Bitcoin in March.

New Hampshire’s $100 Million Bitcoin-Backed Bond Faces Final Vote

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New Hampshire’s $100 Million Bitcoin-Backed Bond Faces Final Vote

New Hampshire’s plan to issue what backers call the world’s first Bitcoin-backed municipal bond goes before the state’s Executive Council on Wednesday, the last approval the $100 million project needs before it can move forward, The Boston Globe reported today.

Governor Kelly Ayotte, who has called the effort “historic,” and the five-member council will hold a public hearing Wednesday morning at the request of James Key-Wallace, executive director of the New Hampshire Business Finance Authority. 

Key-Wallace asked the council to find the proposal feasible and beneficial to the public and to authorize the quasi-governmental agency to proceed. He has said the model would position the state as “a global leader in responsible crypto finance.”

The structure differs from a conventional municipal bond in a key respect: no public money is at stake. Rather than the government repaying investors, a private borrower does. The borrower is CleanSpark, a Bitcoin mining company that posts Bitcoin as collateral. 

Bond payments are funded from proceeds tied to that collateral, and investors gain upside exposure through additional payments linked to Bitcoin price appreciation. If the price falls below a set threshold, a trust holding the collateral can be liquidated to repay bondholders in full.