17.08.[News of the day] • The adoption of BTC in El Salvador could cause credit problems for insurers • and other articles

Welcome to today’s overview of crypto news:

MARKETS

For the past few days, BTC bulls have been doing well, with the cryptocurrency climbing to just over $ 48,000 over the weekend. Since then, however, the card has been turned over and BTC has gradually begun to lose value. Within hours, the asset had fallen below $ 47,000 and continued to decline.

As a result, it fell to $ 45,250. After this four-day low, the bulls tried another recovery, but were stopped at $ 46,500. Now BTC has calmed down and is currently around $ 46,000.

Most of the altcoin market in the last 24 hours has mimicked the performance of BTC, which means that they are in the red. This includes ETH, which has fallen by about 2.5% and is currently below $ 3,200.

BTC analysis – a reverse pattern is formed that predicts correction

Cryptocurrencies

The adoption of BTC in El Salvador could cause credit problems for insurance companies

A major step towards the adoption of BTC in El Salvador as legal tender could have some unpredictable consequences for insurance companies, according to Fitch Ratings.

In a report issued on August 16, the US rating agency stated that the plan to adopt BTC is likely to have a negative credit impact for local insurers.

Fitch Ratings has stated that insurance companies with exposure to BTC may be exposed to a higher risk of exchange rate fluctuations and profits, as well as other regulatory and operational risks.

According to a Gemini study, Cardano is one of the most popular crypto assets in Singapore

In a report entitled “The State of Cryptocurrencies in Singapore 2021,” Gemini conducted a survey of 4,348 adult Singaporeans aged 18 to 65 in various income categories. According to the report, 67% of respondents own cryptocurrencies.

The study shows that the most frequently held crypto asset in the city-state is ETH, followed by BTC, Cardano (ADA) and the Binance Coin (BNB). In third and fourth place are the ADA and BNB, which hold 1,141, respectively. 893 investors.

Stablecoin Tether (USDT) and XRP were in fifth place respectively. Polkadot’s interoperable blockchain is in sixth place, followed by the decentralized Oracle Chainlink (LINK) network.

Solana’s market capitalization has doubled in two weeks, approaching $ 80

When “The Degenerate Ape Academy” began selling on the NFT Solanart platform this weekend, the Solana Award (SOL) climbed above $ 65, signaling growing interest in the entire Solana ecosystem.

The complete collection of 10,000 monkeys sold out eight minutes after hatching and raised approximately $ 2.5 million. After a rapid increase in interest in the Degenerate Ape project, the scalability of the Solana network was tested.

Solana reached a new all-time high of $ 74.44 on Monday night. Over the past 24 hours, SOL has risen 18.42% to $ 72.97, and within seven days, the cryptocurrency has grown by 80.25%, according to CoinMarketCap.com.

Banks, crypto exchanges, companies

The Bank of China has closed 11 companies trading in cryptocurrencies

The Shenzhen branch of the People’s Bank of China goes after illegal forex and cryptocurrency companies and has closed 11 companies operating in the commercial and financial sector or with digital assets, Cnstock reports.

The People’s Bank of China subgroup compiled a list of 46 companies targeted by the investigation. The regulator looked forward to prosecuting all companies that provide illegal financial services.

The investigation included action against illegal transactions in virtual currencies and online speculation in foreign currencies. Part of the campaign’s goal was to introduce “precision training” for private investors, which will lead to customer profiling and the organization of personalized risk prevention and training programs.

Bluesky from Twitter has announced a new project manager

Twitter’s long-awaited decentralized social media standard, Bluesky, finally has a project leader in the person of crypto developer Jay Graber, Graber announced yesterday on his own Twitter account.

Graber’s previous projects include the Happening event planning platform and the Zcash Privacy Coin, which used zero-knowledge cryptography to secure transactions. She was also the recipient of a grant from the ETH Foundation for the decentralized project InterRep, which aims to verify accounts on social networks.

CBDC, Regulation

The Spanish regulatory authority warns Huobi and Bybit they operate without a proper license

Cryptocurrency trading platforms remain under the scrutiny of global regulators as the Spanish National Securities Market Commission (CNMV) warns the two largest digital asset exchanges – Huobi and Bybit.

According to a statement sent by authorities to 12 companies operating in Spain, including Huobi and Bybit, they did not register to provide financial and investment services to local people.

The list of CNMV warnings issued against companies from the cryptocurrency environment thus continues to expand. Other representatives who have found a place in it have previously included Coinbase, KuCoin, LocalBitcoins, LocalEthereum, Changelly, ShapeShift and others.