Looking back at last week’s biggest news, including price analyses for BTC, ETH, and XRP.
After four tumultuous years as president, Donald Trump has been defeated by Joe Biden in the 2020 US Presidential election.
Despite Bitcoin leaping 17% last week to cross the $15,000 mark (nearing a 3-year-high), immediately after the election news, the price of BTC fell from $15,369 to $15,190. However, crypto market participants appear to be pretty encouraged by reports that crypto-friendly Gary Gensler is tipped to advise Biden on finance policy. Gary teaches blockchain at MIT, and has even had his students read the Bitcoin whitepaper as part of the curriculum.
The US publicly traded payments company, Square, blew past analysts’ expectations for its third-quarter earnings, sending the stock up double digits on Friday. Square's Cash App was a key driver of the strong results - more than tripling its gross profits from a year ago, and made up almost half of the company’s total gross profit of $794 million.
Meanwhile, on Tuesday, the Hong Kong government published a consultation paper covering new rules that would ban retail investors from trading crypto assets – limiting access to professional investors with over HK$8m ($1.03m) in assets. The new rules also aim to force all crypto exchanges in Hong Kong to obtain licenses.
And finally, Brazil has become the latest country to announce a CBDC. On Thursday, Brazils’s Economy Minister, Paulo Guedes, made the announcement during a ceremony celebrating the 100 millionth digital savings account opened at Caixa Economica Federal.
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