Not only has Bitcoin (BTC) proved horrible at offsetting short-term drawdowns in big sell-offs, it is trendy among retail investors is increasing the token’s link with cyclical assets, as claimed by JPMorgan cross-asset analysts, as reported by Bloomberg. Still, crypto investing might be best recognized as a way to preserve against the loss of faith in a nation’s currency or payment system — preferably than a competitor to the likes of gold, they appended.
Mining News
Compute North, a data infrastructure provider for blockchain and high-performance computing, announced it partnered with Luxor to market a fully integrated mining solution for Compute North clients now, including a mining pool. The firm stated that “Mining pools are increasingly becoming integrated into broader mining ecosystems of exchanges, financing packages, financial instruments, and colocation.”
Blockchain News
Binance announced it intends to equip up to 1,000 African blockchain developers with the means and abilities to develop their first dapps (decentralized apps) on the Binance Smart Chain network. “All within the first quarter of 2021,” they stated.
Exchanges News
Kraken announced that they’re more than doubling the number of trading pairs available to clients using both the British pound sterling (GBP) and the Australian dollar (AUD) as the company is expanding into markets “that have substantial potential for growth.”
Dunamu, the operator of the South Korean market-leading Upbit crypto exchange, has launched a Thai branch. Named Upbit Thailand, the new trading platform is now open for business, announced Paxnet. The South Korean firm announced that it had obtained the necessary permits from the Thai regulator, the Securities and Exchange Commission, before launch. The company now has branches in three Southeast Asian nations: Thailand, Singapore, and Indonesia.
Crypto Adoption News
In a report by Aite Group selected by investment platformeToro and based on interviews with 25 institutional market participants, inadequate market capitalization was quoted as the single largest obstacle to further growth of the crypto market, but respondents also emphasized regulatory uncertainty, immature market infrastructure, and concerns over reputational risk and security issues.
BitPay, a leading provider of crypto payment services, announced it integrated WalletConnect into the BitPay Wallet app that now gives direct access to the decentralized exchange, decentralized games, and the decentralized finance (DeFi) space. BitPay Wallet app users can send or receive DAI and WBTC utilizing WalletConnect. In an emailed press release, they stated that payment processing support for DAI and WBTC is anticipated this quarter.
In a survey by Wirex and the Stellar Development Foundation, 74% of respondents view crypto payments as a viable alternative to traditional money transfer services. In comparison, 25% of people have heard of the term ‘stablecoin’ before. The report also said that 57% of respondents were aged 45 and over, and 86% of people suggested that they felt safe using crypto.
BlockFi announced it launched an over-the-counter (OTC) trading desk for institutional and ultra-high net worth clients worldwide. With the rollout of comprehensive OTC capabilities, BlockFi will act as an execution partner, offering spot trading, credit capabilities, and a margin trading product. The desk will support large-cap cryptocurrencies such as bitcoin, ether, litecoin, and other coins based on demand and availability on BlockFi’s platform, they added.
Regulation News
American crypto advocates are exhaling a collective sigh of relief after new United States President Joe Biden stated, via an official statement, that he would be freezing all active agency proposals – a move that will involve a much-maligned “unhosted” wallets regulatory proposal put forward by the former Treasury Secretary Steven Mnuchin. Crypto players had feared Mnuchin would succeed in passing the measure before leaving office earlier this week.
Panamanian lawmakers could soon be given a chance to vote on draft crypto law proposals. According to the newspaper La Estrella de Panama, the Commerce Commission of the nation’s National Assembly will examine a draft bill put forward by a pro-crypto MP named Rolando Rodríguez. The MP has stated that a legal framework is urgently needed for Panamanian firms that want to do business with cryptoassets. He added that crypto could help the country’s unbanked population and added, “Panama cannot afford to be left behind” while “other countries have already started to regulate cryptoassets.” The proposal will head to the Assembly floor if the commission approves it.
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