20 June

The long-anticipated London upgrade is now ready for deployement on the Ethereum testnets! The upgrade will first go live on Ropsten, at block 10499401, which is expected to happen around June 24, 2021.

This upgrade follows Berlin, which was activated only a few months ago on the Ethereum mainnet. By starting the work on London while Berlin was being rolled out, client teams were able to release this network upgrade at record speed!

The upgrade includes the following EIPs:

  • EIP-1559: Fee market change for ETH 1.0 chain
  • EIP-3198: BASEFEE opcode
  • EIP-3529: Reduction in refunds
  • EIP-3541: Reject new contracts starting with the 0xEF byte
  • EIP-3554: Difficulty Bomb Delay to December 1st 2021″

See Also: 4 Common Misperceptions About Ethereum’s EIP 1559 Upgrade
See Also: Banks Edge Closer to Ethereum 2.0 Staking

“A state-owned Chinese commercial bank has enabled a feature that allows users to convert their digital yuan to cash at more than 3,000 automated teller machine (ATM) locations in Beijing. The Industrial and Commerce Bank of China (ICBC) has become the first bank in the country to launch such a feature.

The move effectively lets users switch between digital and non-digital versions of government-issued currency with ease.”

See Also: Morgan Stanley Says Digital Euro Could Deplete Bank Deposits by 8%: Report
See Also: Ex-PayPal Execs Launch Cross-Border Payments Network on Algorand

Next month, Panamanian congressman Gabriel Silva plans to present a bill that could potentially spearhead the adoption of cryptocurrencies as legal tender and create tax incentives for crypto-related businesses.

I do not see this being approved in three days, as in El Salvador, but it can be achieved. There is strong citizen support, but we will sit down with everyone necessary.”

See Also: El Salvador reportedly weighing paying employees in Bitcoin
See Also: World Bank Denies El Salvador’s Request for Technical Assistance on Bitcoin
See Also: Jack Dorsey notes lobbying efforts to get Ethiopian gov’t to embrace Bitcoin

“The SEC renders a decision on prospective applications within 45-day windows and can take up to 240 days to make a decision. This is the second time it has extended the review period on the VanEck bid.

In the same filing, the SEC asked for public comment on VanEck’s application. The regulator asked interested parties to answer questions about how susceptible the ETF would be to market manipulation and whether or not the regulatory landscape has changed significantly since the first time bitcoin ETF applications had garnered popular attention in 2016.”

More than $6.5 billion worth of BTC — or close to 1% of the crypto asset’s entire capitalization — is held by 19 publicly-listed companies. A further 5.75% of Bitcoin’s market cap is held by exchange-traded products and closed-ended trusts.

The study shows that institutional adoption of crypto is on the rise, with eight listed companies purchasing Bitcoin during the first four months of 2021 compared to seven during all of 2020.

Increasing allocations by large-scale institutional and corporate players is expected to lead to a reduction of this volatility over time, thanks to a longer-term, stickier type of capital brought by those investors, as well as a much larger liquidity pool of crypto ecosystem.”

See Also: 6 Insurers Initiate New Cryptocurrency Investment Positions: Report
See Also: Hedge Funds See 7.2% of Assets in Crypto by 2026: Report

The National Republican Congressional Committee will accept donations in cryptocurrency, making it the first national political party committee to do so.

The NRCC will use BitPay to process contributions, which will be converted into U.S. dollars before being deposited to the committee’s account. By not taking possession of the cryptocurrencies, the NRCC can accept individual donations of as much as $10,000 per year, avoiding the $100 maximum-value limit per year for cryptocurrency transfers.”

See Also: House Democrats Form Cryptocurrency Working Group

Algorithmic stablecoins use less than one-to-one backing and a complex web of automated transactions and issuances to maintain a price peg. The details of these systems are spectacularly arcane. In very broad terms, these projects are fractional reserve banks. Bitcoiners and other “hard money” advocates loathe fractional reserve banking like vampires loathe garlic because of the risk of exactly the sort of catastrophe that hit Iron.

No matter the complex rules for burning or printing Titan, Iron was still a dollar-denominated token backed only 75% by anything resembling dollars. This was ultimately why a slight price fluctuation led to death-spiral panic-selling: Everyone wanted to get out before the bottom of the barrel was in sight.

The fable is that a run can bring down a solvent bank. What a run does is: It causes an insolvent bank to be recognized as insolvent.”

See Also: In Token Crash Postmortem, Iron Finance Says It Suffered Crypto’s ‘First Large-Scale Bank Run’

“Integration with Wyre enables U.S. customers ‘to buy crypto through Ledger Live, bringing instant and secure deposits directly on their hardware wallet.’

Ledger announced the integration of its first DeFi app, Paraswap, into Ledger Live on Monday. The decentralized exchange allows Ledger users to swap tokens on Ethereum without leaving their wallets.

See Also: Bakkt Allows Users to Send Bitcoin, Gift Cards From Its Wallet