26 November

John Ratcliffe wrote to SEC Chairman Jay Clayton earlier in November in an effort to push the agency to bring in rules that would allow U.S. businesses to be more competitive.

Ratcliffe is said to have raised the fact that over half of the global cryptocurrency mining power is based in China, and that the People’s Bank of China is already developing its national digital currency.”

See Also: China’s State-Sanctioned Blockchain Project BSN Adds Polkadot, Oasis, Bityuan to Network
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“The VanEck Vectors Bitcoin ETN is 100% backed by physical Bitcoin and offers investors direct exposure to the Bitcoin market in the trusted format of other regulated exchange-listed products.

Our Bitcoin ETN is fully collateralized. This means that the money invested in the ETN is actually used to buy Bitcoin.

VanEck put a lot of effort into trying to persuade the SEC to approve its Bitcoin ETF throughout the first part of 2019, but to no avail.”

“We have released a beta version of Loopring Wallet, the first Ethereum smart wallet with zkRollup scaling baked in. Android users can download the wallet app now.

zkRollups gives users much of the same: complete Ethereum layer-1 security guarantees, plus a massive scalability boost: 1000x greater throughput, and 1000x lower fees.

What that means from a user’s POV is that it feels like they are on a traditional fintech app, except it is global, self-custodial, and presents Ethereum’s powerful opportunities.

The wallet allows users to trade on the same orderbooks that are present on Loopring Exchange. Trade at a click, no delays, no gas. It also allows users to send transfers instantly and for free, using Loopring Pay.”

See Also: Over 700,000 ETH Locked up for Ethereum 2.0—Worth $425 Million

“Many financial institutions are poised to increase their blockchain spending in 2021, according to an upcoming survey from Deloitte. Respondents included 800 senior executives at financial institutions — banks, payments companies, insurance companies, hedge funds, and other investment companies.

Richard Walker, head of Deloitte’s financial services blockchain team, said that 2021 will be ‘a break-out year for blockchain and digital ledger technologies. People will be surprised by the perceived speed and impact in this space next year.'”

See Also: Galaxy Digital CEO recommends investing up to 3% of one’s net worth into Bitcoin

“Gold prices took a 5% hit on Nov. 9, the day of the announcement that preliminary data showed a 90% efficacy rate for Pfizer’s COVID-19 vaccine. Bitcoin immediately jumped 2% on the news. Each subsequent week has started with even more encouraging results from other vaccine trials, and the trends show falling gold and rising bitcoin.

If money is leaving gold and going into bitcoin, it may well be because with more optimism in the economy comes more willingness to get into “risk-on” trades like stocks and cryptocurrencies. That doesn’t make bitcoin a safe-haven play except as speculation it might be used as a safe haven sometime in the distant future – a nuanced difference but a difference nonetheless.”

“The blockchain trial aims to reduce administration costs and increase trade efficiency.

This initiative will incorporate paperless trading and secure digital exchange of trade information as part of the future architecture and design of an Australian Trade Single Window.”