Highlighting what went right, and what went wrong, in this week’s crypto news analysis.
Looking back at last week’s biggest news, including price analyses for BTC, ETH, and XRP.
It was a milestone week for digital assets. Let’s recap.
Bitcoin has surged more than 70% year-to-date, and PayPal’s announcement that it would allow its users to buy, sell, and exchange the asset served as another key endorsement for the asset. Just days after confirming it would soon accept Bitcoin and a handful of other digital assets, PayPal reportedly is in talks to acquire cryptocurrency companies.
Meanwhile, JPMorgan continues to demonstrate bullish sentiment for Bitcoin. On Friday, the investment banking giant’s Global Quantitative and Derivatives Strategy team wrote a note to clients commenting that Bitcoin has proven itself to be a risk asset with ‘considerable’ potential upside.
This bullish sentiment was mirrored by Grayscale. CEO Barry Silbert tweeted on Thursday that the digital asset manager had acquired an additional $300 million in cryptocurrencies over the the course of 24 hours. The firm now has a record $7.3 billion in total AUM.
Tuesday was a historic day for The Bahamas. The digital Bahamian dollar, known as the Sand Dollar, went live nationwide. And there you have it – the first country in the world to officially roll out a CBDC!
Finally, our latest Coppercasts episode is now online, with Iain Wilson from the NEM Project joining us to talk about the future of tokenisation, and how the NEM protocol is positioned to reshape financial markets infrastructure.
From early next year, PayPal will allow its 346 million users to buy, hold and sell cryptocurrency directly from their PayPal account.
The entry of Paypal in the crypto industry sent the value of bitcoin soaring on Wednesday.
The Chicago Mercantile Exchange (CME) has become the second-largest derivatives market for Bitcoin futures in terms of open interest. The exchange has seen an influx of demand since the recent Paypal announcement and the Bitmex saga as well.
At the start of the year, the exchange accounted for a meagre 4% of the global open interest.
The People’s Bank of China (PBoC) is soliciting public feedback on a proposed law that would ban stablecoins, except for the central bank’s digital currency.
Many Chinese investors currently conduct crypto-to-crypto trading with stablecoins. Tether, one of the largest crypto companies, has a yuan stablecoin.
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