Every week, I will be collecting some news stories / opinion pieces that I have found to be interesting in the crypto world and condensing them down into one easily digestible article. All the article and images are taken from a news source that I like to use and an alternative to CoinTelegram called BeInCrypto.
BeInCrypto is a news website founded in August 2018 that specialises in cryptographic technology, privacy, fintech, and the Internet — among other related topics. The primary goal of the website is to inject transparency into an industry rife with disingenuous reporting, unlabelled sponsored articles, and paid news masquerading as honest journalism. You can visit their website by clicking here or join their new Telegram Trading channel by clicking here. I am also part of that group and like the content they are discussing. There is a lot of news that came out last week, So let's get started!
On June 22, it was announced that PayPal would be allowing the direct purchase of cryptocurrency on its platform. This means that their over 325 million users will have access to direct cryptocurrency purchases once this development is rolled out. Click here to read an in-depth report on what this means for cryptocurrencies.
The Ethereum blockchain has seen a two-year single-day high for daily active addresses at nearly 500,000. Generally, network statistics seem to indicate that the decentralized finance (DeFi) market, which has also grown popular in the same time frame, has contributed greatly to network growth. The Ethereum blockchain is seeing activity levels comparable to months before the 2018 highs. The number of daily addresses of Ethereum has hit a two-year single-day high on June 29, with 486,000 addresses interacting on the blockchain. You can read the full article by clicking here.
Binance has just added Compound (COMP) trading with 50x leverage on its futures exchange. However, the crypto community argues that the new altcoin is untested to allow for such a level of risk. Compound (COMP) emerged on the scene only a few weeks ago. Already it has skyrocketed to become a leading speculative asset. Partly boosted by hype, COMP is currently the 23rd largest cryptocurrency with a market capitalization of $600M.
Unsurprisingly, its sudden rise to fame in decentralized finance (DeFi) has attracted the attention of many exchanges. What do you think about this? You can read the full article by clicking here.
Decentralized finance (DeFi) had its best week to date last week, but that rapid growth only attracts more shady operators seeking to exploit vulnerabilities in these nascent systems. DeFi markets are still riding high from a wild week which saw total value locked across the industry hit an all-time high of $1.65 billion. The move has been largely catalyzed by token distribution incentives to encourage liquidity farming by Compound Finance and Balancer.
The latter found itself reeling from an attack over the weekend, which purportedly resulted in the loss of half a million dollars in Ethereum. What do you think about this? Click here to read more.
Awareness in the U.K. appears to be on the rise as the latest survey shows that about 1.9 million adults in the country own cryptocurrencies.
This increasing crypto adoption also seems to be happening evenly across several age demographics. Households with varying annual incomes are exposing themselves to Bitcoin (BTC) and other virtual currencies. Part of this increasing popularity reportedly boils down to a litany of crypto-related multimedia advertising. While ownership figures might be rising, many holders still see cryptos as a speculative play given previous examples of massive price gains and declines.
The growing crypto adoption in the U.K. also comes at a time when the Financial Conduct Authority (FCA) is increasing its oversight of the industry. To read the full analysis by clicking here.
In a move to incentivize its “big money” customers, BitMEX is rolling out new features and services for corporate clients.
Institutional asset ownership often comes with certain custody and auditing requirements. And BitMEX is hoping to get ahead of the curve for its corporate customers.
In an announcement published last week, BitMEX revealed the launch of its new suite of services. The move comes at a time when the exchange appears to be reeling from declining retail confidence, massive Bitcoin (BTC) outflows, as well as regulatory tussles and lawsuits.
Since the events of Black Thursday (March 12, 2020), BitMEX has been steadily losing market share in the crypto derivatives scene. You can read the full article by clicking here.
New York-based research firm Messari has released a new report exploring the possibility of redirecting a mere 1% of all institutional money away from traditional assets and into Bitcoin.
According to Messari analyst, Ryan Watkins, the scenario could lead to inflows worth hundreds of billions of dollars, pushing Bitcoin prices well beyond $50,000. Between mutual funds, sovereign wealth funds, family offices, endowments, and pension funds, very few investors have given digital currencies much consideration so far. However, Messari’s report comes right after American hedge fund manager, Paul Tudor Jones, decided to hedge with Bitcoin Futures.
What do you think about this? You can read the full article by clicking here.
The South American nation of Venezuela appears to have run a very brief trial accepting Bitcoin payments for passport applications. SAIME (the country’s Administrative Service for Identification, Migrants, and Foreigners) added the option yesterday for some overseas applicants before quickly removing it again.
The development, reported by BeInCrypto Spain, follows a recent extension given to VISA and MasterCard to operate in the country, as per U.S. sanctions updates announced against Venezuela last summer.
Bitcoin could be a viable solution for the government to provide services to Venezuelan citizens struggling with traditional payment giants overseas. What do you think about this? You can read the full article here.
A report from the IDC shows that spending on blockchain solutions has declined in 2020 across the board. This is a crippling side effect of a global economic slump due to COVID-19.
According to a June 23 report, blockchain spending globally will decline in 2020. The IDC report goes against previously-predicted spending forecasts due to reduced IT spending and a general slowdown in economic growth. What do you think about this? You can read the full article here.
With the coronavirus pandemic causing disruptions across almost every facet of human life, crypto donation relief efforts appear to be gaining momentum.
Crypto and blockchain firms are rallying to aid adversely affected communities. The borderless nature of cryptocurrencies is once again coming to fore, allowing well-meaning individuals and corporations to send funds to non-profit organizations coordinating relief efforts across the globe. Click here to read how crypto raised capital to fight COVID.
That is my weekly roundup of the interesting news coming from the crypto world. What do you think about the topics / news stories and what was your favourite article? If you liked the content, please consider following me and tipping the article. Also are you a trader? If you are check out my favourite Telegram Trading chat, where you can discuss and find out more about crypto projects. Click here to start conversations with other crypto traders!