21 August

“Wall Street doesn’t seem to be worrying about a taper tantrum next week, which is helping the cryptocurrency break out.

The institutional world is turning cautious on stocks and that is making cryptocurrencies look very attractive.

The next major resistance, for now, is at the $50,000 zone. If bullish momentum remains in place and next week, Fed Chair Powell pours cold water over tapering asset purchases, bitcoin could rally towards $52,500 by the end of next week.”

MetaMask Launches EIP1559 Transactions

“Armstrong wrote that the company had “received board approval” to add these assets to its balance sheet.

He also wrote that Coinbase will invest 10% “of all profit going forward in crypto.” He added that he expected “this percentage to keep growing over time as the crypto economy matures,” and that he hoped to “operate more of our business in crypto.”

The company is in a strong position to lead by example and double down on how we can enable crypto adoption and utility.”

See Also: BlackRock Has Almost $400M Invested in Bitcoin Mining Stocks: Report

“Investment firms VanEck and ProShares have both withdrawn their applications with the SEC for approval of ether futures ETFs, just two days after filing them.

Senior ETF Analyst for Bloomberg Eric Balchunas speculated that the abrupt withdrawals could mean that the SEC spoke to both firms and told them they were unlikely to approve an ETF futures fund.

See Also: Eurex to Launch Bitcoin ETN Futures to Meet ‘Significant Demand’

New customers must now supply a government-issued ID and pass facial verification to meet “Intermediate” verification for access to services such as crypto deposits, trades and withdrawals.

Existing customers who have met only the “Basic” verification standard – by simply providing personal information – will have their services limited to withdrawal, order cancellation, position close and redemption.”

Small and medium-size banks are gearing up to provide e-CNY services to their customers. Another 94 banks, including three foreign ones, plan to access the digital yuan via a new clearing platform.

Initial testing for the digital yuan only included China’s big six state-owned banks. The People’s Bank of China has said it will also test it during the 2022 Beijing Winter Olympics.”

See Also: Brazil’s central bank president endorses crypto regulation

Bloomberg: How NFTs Are Reinventing the Digital World

“Facebook learned pretty quickly it wouldn’t be able to “move fast and break things” in the world of payments. Finance requires trust, and the company had none when it announced its stablecoin project, then called Libra, now called Diem, in 2019.

As the Diem-attached Novi digital wallet readies for market – two years later, a lifetime in crypto – it remains to be seen whether regulators and the public will be willing to accept and use this corporate-driven attempt to create a global payments medium.

At the very least, Diem will familiarize a new generation with the foundational technologies – wallets, QR codes, hashes – that make crypto run. And perhaps it will set a race to the bottom on fees for financial services or set the expectation that monetary systems should be built on open, interoperable protocols.”