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Cryptocurrencies are our life! Get an Overview of Market News

02.08.[News of the day] • Chinese regulations about blockchain evidences come into force • and other articles

4 min read
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Welcome to today’s overview of crypto news:

MARKETS

BTC began to rise again over the weekend after a short decline to $ 38,300 over Friday. As he entered Saturday, he drew an impressive candle, during which he added about $ 4,000. Although he retreated by several hundred dollars shortly afterwards, the bulls kept pushing him up and the BTC climbed above $ 42,600.

However, growth failed to continue and fell to $ 39,200 at the beginning of today. Although BTC has bounced back a bit since then, it is still trading below $ 40,000.

The Altcoins also enjoyed the last few days, registering their own records of several weeks. ETH reached $ 2,700, but has fallen by about $ 100 since then and is currently around $ 2,600.

Technical analysis: BTC / USD – what does the monthly and weekly chart tell us?

Cryptocurrencies

Tether’s technical director denies that the USDT issue would be stopped for two months

Tether’s CTO Paolo Ardoino issued a statement on August 1, correcting reports that the USDT had not been issued for two months. Ardoino told well-known Chinese reporter Colin Wu that the emissions continued, albeit in smaller quantities. He also pointed to information on blockchain transactions showing emissions, with 100 million issued two days ago.

Tether has been constantly minting new tokens in the last 12 months, which was a warning signal for some. He experienced a huge amount of criticism, sometimes called fraud, and other times doubts were raised about his reserves. Michael Saylor, CEO of MicroStrategy, described the uncertainties surrounding Tether as a FUD that BTC would not be affected.

The Nigerian CBN, with its February crypto guidelines, stepped aside

In February 2021, the Central Bank of Nigeria [CBN] ordered financial institutions to stop providing services to cryptocurrency entities. Shortly after the entry into force of this directive, many centralized exchanges lost bank support and saw their reserves fall. As a result, customers’ freedom to choose freely was restricted.

Although CBN intended to discourage the use of cryptocurrencies by this step, it now appears to have had a somewhat unforeseen consequence. This view is shared by Chiagozie Iwu, CEO and co-founder of the Nigerian cryptographic exchange Naijacrypto. In a recent interview, he noted:

“The government has just managed to move cryptocurrency trading from centralized exchanges, such as Naijacrypto and Luno, to exchanges that are more like a black market.”

Banks, crypto exchanges, companies

Jack Dorsey Square will acquire Afterpay for $ 29 billion and allow BTC purchases

The company, led by Jack Dorsey, said the transaction would acquire all of the $ 29 billion issued shares of Afterpay based on the closing price of Square common stock as of July 30, 2021. The transaction is expected to take place in the first quarter of 2022 and be paid to all shares. provided that certain conditions for closure are met.

Under the terms, Afterpay shareholders will receive a fixed conversion ratio of 0.375 Square Class A common stock for each Afterpay common stock held on the record date. The report states that Square may decide to pay up to 1% of the total amount in cash.

Square will also introduce secondary listing on the Australian Stock Exchange (ASX) to allow Afterpay shareholders to trade Square shares through CHESS Deposit Shares (CDI).

The crypto business of the co-founder of Bitmain now has the status of a unicorn

Singapore-based Matrixport, a cryptocurrency financial services company, has been granted unicorn status after receiving $ 100 million during the final round of fundraising, led by C Ventures and other participants, reports Bloomberg.

The company managed to achieve such an impressive success just two and a half years after it was founded in February 2019 by Bitmain co-founder Jihan Wu. Wu has officially announced that he is resigning from the fighting mining giant after years of fierce competition with another co-founder, Micree Zhan.

He has a majority stake in Matrixport, along with CEO Ge Yuesheng, a former Bitmain employee.

CBDC, Regulation

The US Infrastructure Bill introduces regulatory changes in the area of ​​cryptocurrencies

The provision in the draft law on infrastructure, recently approved by the US Senate, has raised concerns in the crypto industry as it increases reporting requirements by the tax office for investors and intermediaries.

According to the New York Times, the provision sought to help fund a $ 1 trillion bill, and the Joint Tax Committee estimates it could help raise $ 28 billion over ten years.

This provision comes at a time of increasing regulatory oversight of the industry in the United States. Gary Gensler, chairman of the Securities and Exchange Commission, recently said that stablecoins could be subject to securities laws that regulate their underwriting of assets. This view reflected the views of Finance Minister Janet Yellen.

Chinese regulations about blockchain evidences come into force

In China, rules came into force that, for the first time, determine the scope of blockchain evidences. The Rules of the People’s Court for Online Litigation, issued by the Supreme People’s Court, entered into force yesterday.

Three of the articles deal with blockchain evidences, one clarifies the presumption of effectiveness without intervention after storing the data in the blockchain, and the other two set out the rules for verifying the authenticity of blockchain evidence.

Earlier, the Chinese Supreme People’s Court recognized in a decree issued in 2018 that the data entered in the blockchain could be used as valid evidence. According to an article published by All Bright Law in March 2021, the use of evidence in a blockchain in China involved 65 cases.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.
BlackRock (IBIT), the Grayscale Bitcoin Trust (GBTC), Fidelity (FBTC), Ark Invest/21Shares (ARKB), Bitwise (BITB), Franklin (EZBC), Invesco/Galaxy (BTCO), VanEck (HODL), Valkyrie (BRRR), WisdomTree (BTCW), Hashdex (DEFI)

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