8 July

U.S. multinational investment bank Goldman Sachs thinks the native crypto of the Ethereum blockchain has what it takes to unseat bitcoin as the dominant store of value crypto.

The bank believes ether’s use cases currently possess the highest “potential,” being the most popular development platform for smart contracts.”

“Former CFTC Chairman Timothy Massad said in a Bloomberg op-ed that a bitcoin exchange-traded fund (ETF) would be good for investors and regulators, but the likelihood of that happening in the near future is low.

Massad said a bitcoin ETF would enable retail investors to invest in cryptocurrency without having to purchase it and deal with the complexities of custody. Massad highlighted that crypto exchanges are unregulated and investor protection is weak.

Many crypto market participants expect new SEC Chairman Gary Gensler, a former MIT professor who taught classes about bitcoin, to approve a bitcoin ETF later this year.”

“It’s the latest outcome from Visa’s partnerships with more than 50 crypto firms that have launched cards with the payment giant. The company’s crypto card program is part of a larger push that Visa is making to merge the crypto world with traditional banks that includes adding stablecoins to Visa’s payments network and plugging banks into cryptocurrency buy and sell features.

We think the first piece of this is being the bridge between the crypto wallets and our existing network of merchants. The next part is making it easier for our clients to issue and interact with those cards with things like being able to settle USDC. Then we’re starting to spend a lot of time around how Visa can be a bridge between our existing network of financial institutions and the crypto ecosystem.”

“Bollinger bandwidth, a measure of volatility calculated by dividing the spread between the Bollinger bands by the 20-day average of the cryptocurrency’s price, has declined to a 2 1/2-month low of 0.15. The cryptocurrency saw big moves in December and April after the bandwidth fell to 0.15. The cryptocurrency saw big moves during the 2017 bull run each time the bandwidth narrowed to 0.15.

Moves signaled by Bollinger bandwidth are direction-agnostic, as history shows. It means the anticipated change can be bullish or bearish.

The forthcoming Grayscale unlockings and blockchain data pointing to renewed buying by wealthy investors indicate that this time the move is likely to be bullish. The upside is expected to gather steam above the 50-day moving average (MA) resistance, currently at $36,000.

We expect buyers to step in above the 50-day MA.”

“In an open letter on Wednesday, CZ said the adoption and development of crypto contained many parallels to regulations around automobiles in that “laws and guidelines were developed along the way.”

We are seeing wider adoption of cryptocurrencies globally and the need for clearer regulatory frameworks in different countries.

Compliance is a journey – especially in new sectors like crypto. We also recognize that with growth comes more complexity and more responsibility.”

See Also: Russia to Introduce Rules for Confiscating Crypto: Report

“Congressman José Luis Ramón presented a bill to allow employees and service exporters to receive their full or partial salary in cryptocurrencies on Monday. According to Ramón, the idea behind his project is that ‘Argentines can strengthen their autonomy and preserve the purchasing power of their remuneration.

Argentina currently sees its native peso suffer from 50% inflation per year. Argintines are only permitted to buy up to $200 a month in dollars through official channels with an additional tax of 65% over the official quote. Because of these restrictions, many Argentines have started to adopt stable cryptocurrencies such as DAI, whose volume has already grown at least sixfold this year.

Bitwage, a platform that converts fiat into crypto, recorded a 300% growth in monthly transaction volume of Argentines during the last year, while it saw a 500% growth in the number of Argentines registered on the platform.”

“Chinese banks have begun a hard sell of digital yuan wallets. Six of China’s top banks have tasked their employees with promoting digital yuan wallets to 200 to 300 people a year.

To entice new users, employees are able to offer an odd variety of small gifts, such as “laundry detergent, data cables, card holders, Chinese knots, umbrellas and tissues.” The banks have included the task of promoting the central bank digital currency (CBDC) on employee evaluations, with the number of CBDC wallet recruits determining each branch’s end-of-year bonuses.”

The casting director specifically asks crypto users if they’re willing to use all remaining attempts to access their funds in front of the camera.

The series offers consultations from cryptocurrency and cybersecurity experts to help users recover access to their funds. However, it seems participants must be prepared to lose access to their coins if the attempted recovery is not successful.”

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