{"id":14016,"date":"2025-07-14T06:55:28","date_gmt":"2025-07-14T04:55:28","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=14016"},"modified":"2025-07-14T06:55:28","modified_gmt":"2025-07-14T04:55:28","slug":"todays-highlights-in-the-cryptocurrency-world","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/07\/14\/todays-highlights-in-the-cryptocurrency-world\/","title":{"rendered":"Today’s Highlights in the Cryptocurrency World"},"content":{"rendered":"

“`html
\n<\/p>\n

\n

This day in cryptocurrency, the Governor of the Bank of England raises concerns regarding stablecoins, numerous savers encounter possible losses after a $2.7 million deficit was identified at Ziglu, and a UK crypto fintech that has entered special administration, while interest from retail investors in Bitcoin is diminishing even as the asset achieves new all-time highs.<\/p>\n

Bank of England governor raises concerns about stablecoins<\/h2>\n

Bank of England (BOE) governor Andrew Bailey provided a caution on Sunday regarding banks issuing stablecoins<\/a> and stated that the BOE ought to consider adopting tokenized deposits instead.<\/p>\n

Bailey indicated that stablecoins pose a risk to the foundation of the financial system and may lead to governments losing oversight of their fiat currencies.<\/p>\n

A snapshot of the stablecoin market. Source: <\/em>RWA.XYZ<\/em><\/a><\/figcaption><\/figure>\n

The BOE official furthermore pointed out that the UK central bank should refrain from collaborating with the European Union to advocate for a central bank digital currency (CBDC) or to issue a \u201cdigital pound.\u201d<\/p>\n

Bailey\u2019s apprehensions have been echoed by other EU representatives, who contend that US dollar stablecoins could disrupt the financial system or inflict additional harm on the euro within the global currency markets.<\/p>\n

Bankrupt crypto company Ziglu encounters $2.7M shortfall amid special administration<\/h2>\n

Countless savers face the dire possibility of losing their investments after administrators revealed a 2 million pounds ($2.7 million) deficit<\/a> at Ziglu, a UK cryptocurrency fintech that collapsed earlier this year.<\/p>\n

The firm, which halted withdrawals in May, was placed into special administration last week amidst escalating worries about its financial oversight,\u00a0as reported by The Telegraph on Sunday.<\/p>\n

Ziglu drew in approximately 20,000 clients with promises of high-interest returns, particularly through its \u201cBoost\u201d feature, which provided yields of up to 6%. Launched in 2021 during a period of low interest rates, Boost gained traction due to its greater returns.<\/p>\n

Nonetheless, the product was not safeguarded or earmarked, permitting the firm to utilize customer funds for routine operations and lending practices. Following the intervention by the Financial Conduct Authority (FCA) in May<\/a>, withdrawals were frozen, leaving savers unable to access their funds for weeks.<\/p>\n

\"Bitcoin
Source:\u00a0<\/em>Ziglu<\/em><\/a><\/figcaption><\/figure>\n

Bitcoin retail interest \u2018virtually non-existent\u2019 as BTC reaches highs<\/h2>\n

Bitcoin has achieved consecutive unprecedented highs this week<\/a>, however, retail investors appear hesitant to reinvest in the market, according to a crypto analyst.<\/p>\n

Regardless, the demand for spot Bitcoin\u00a0exchange-traded funds (ETFs) is skyrocketing, with Thursday and Friday\u00a0notching daily inflows exceeding $1 billion<\/a>, marking the first time such a phenomenon has occurred on two consecutive days.<\/p>\n

Bitwise head of research Andr\u00e9 Dragosch\u00a0remarked<\/a>\u00a0in a post on X on Friday, \u201cBitcoin is at new all-time highs, yet retail is virtually non-existent,\u201d highlighting the minimal Google search interest in \u201cBitcoin\u201d despite the asset achieving consecutive all-time highs this week.<\/p>\n