• Industry players told CNBC an improving macroeconomic picture, particular trading patterns and further shakeout or “deleveraging” could help bitcoin and the crypto market find a bottom.
  
• This could mean further downside for bitcoin to as low as $13,000 that will remove the “last remaining weak hands.”
  
• There have been high-profile collapses in the latest “crypto winter” including lender Celsius and hedge fund Three Arrows Capital. 
  

BEIJING, July 13 (Xinhua) -- Chinese Foreign Ministry spokesperson Wang Wenbin said on Wednesday that the "U.S. rules" of interfering in other countries' internal affairs will be opposed by people all over the world.

He made the remarks at a daily news briefing when asked to comment on former U.S. national security advisor John Bolton's statements to the press that he had helped plan coups in other countries.

"It is not surprising that former senior U.S. officials have admitted that they had planned coups in foreign countries," said Wang.

He stressed that this can only show that interfering in other countries' internal affairs and overthrowing other countries' regimes have become the "code of conduct" of the U.S. government and a part of the "U.S. rules", which will only be opposed by people all over the world.


Source: People's Daily

• China’s central government must find ways to promptly repay the depositors or risk the effects of damaged public confidence, say scholars
  
• Depositors’ lost US$6 billion is reminder to authorities that advanced technology alone cannot maintain stability, says academic
  

• Cryptocurrencies have suffered a brutal comedown this year, losing $2 trillion in value since the height of a massive rally in 2021.
  
• While there are parallels between today’s meltdown and crashes past, a lot has changed since the last major bear market in crypto.
  
• The crypto market has been flooded with debt thanks to the emergence of centralized lending schemes and so-called “decentralized finance.”
  
• The collapse of the algorithmic stablecoin terraUSD and the contagion effect from the liquidation of hedge fund Three Arrows Capital, highlighted how interconnected projects and companies were in this cycle.