Crypto News of the day 28.8. | More than 95% of crypto futures are in Asia • Coinbase releases USD Coin 2.0 to circumvent ETH network fees • and more articles
4 min readTable of Contents
Welcome to crypto news of the day 28.8. We have prepared for you an overview of the most important things that happened during the last day in the cryptoworld and crypto market.
Markets
Bitcoin calmed down yesterday after a sudden rise and fall, while Chainlink reclaimed its place in the top 5 coins by market capitalization. Despite Bitcoin’s tumultuous performance following the Fed’s announcement in the US of a new approach to average inflation, it has cryptically stabilized at around $ 11,400, which is currently being traded. LINK returned to the top 5 coins by market capitalization.
US Federal Reserve has announced new plans to target inflation at an average of 2%. While some might expect this, the news had an immediate impact on prices in all financial markets. Bitcoins rose rapidly from $ 11,300 to a daily high of $ 11,600. Although the pump was sharp, an equally vigorous decline followed, and BTC bottomed around $ 11,100. The cryptocurrency has recovered from a daily low and is currently trading at $ 11,400.
You can monitor the current prices of cryptocurrencies here.
Last crypto news of the day (27.8.) here.
Cryptocurrencies
More than 95% of crypto futures are in Asia
According to a new report by the Swiss Blockchain Valley Ventures (BVV), Asian exchanges have for more than 95% of the volume of cryptocurrency futures. Huobi, Binance and OKEx outperformed BitMEX as the leading exchanges in the spot and derivatives markets.
From Q1 to Q2 in 2020, the total volume of crypto derivatives – staked value for future price movements – increased by $ 60 billion to $ 2.16 trillion.
The volume of spots decreased by 18% over the same period to $ 5.44 trillion.
Given the extent to which derivatives differ between exchanges, BVV predicts that several acquisitions will take place in the crypto market in the next few months.
BVV also predicts that the most likely acquisition targets are LedgerX, BitFlyer and ErisX.
Crypto Exchanges, Banks, Companies
Coinbase is releasing USD Coin 2.0 to circumvent ETH network charges
As Ethereum fees continue to rise, cryptocurrency companies are looking for alternatives to reduce the cost of transfers back to an acceptable level. Coinbase has come up with the latest upgrade to their stablecoin USD Coin.
Binance UK joins the self-regulatory group Crypto UK
As an executive member, Binance.UK joins the self-regulatory industry association CryptoUK. Crypto office will bring together players such as Coinbase, CryptoCompare and Ripple to lead the strategic direction of the association and will work with government policy makers to develop a regulatory framework for digital assets in the UK. CryptoUK was created in early 2018 and promotes an active codex of conduct for its members.
CBDC
Swiss retailer has completed a transaction with a digital franc
Galaxus, the largest online retailer in Switzerland, could start accepting payments in stablecoins issued by the local cryptobank Sygnum. According to a August 27 tweet from Sygnum, companies have just completed payment for an e-commerce business using Sygnum Bank’s stablecoin known as Digital Swiss Franc (DCHF). As officially announced, the e-commerce transaction was made possible by the Danish Coinify. DCHF, Sygnum’s Stablecoin Launched in March 2020, aims to eliminate the need for card systems, reduce billing and fraud costs, and provide immediate transactions.
Regulations
Crypto community criticizes the SEC for its decision to expand the definition of an accredited investor
Major players in the crypto community responded to the US Securities and Exchange Commission, which recently changed the definition of “accredited investor.” Although many have given positive feedback, some say the new rules are not enough. On August 26, the SEC announced that the definition of accredited investors would now be based on “professional certificates, designations, or credentials or other certificates issued by an accredited educational institution.”
According to the old definition, accredited investors needed either a net worth of $ 1 million or a stable income of at least $ 200,000 per year. This SEC rule is under some control in the crypto-community, as the expansion of the category opens the door to many more people to invest in the supply of tokens, including the digital asset ecosystem. Many prominent figures, on the other hand, quickly appreciated the decision, including Gemini co-founder Tyler Winklevos.
DeFi
Robonomics token trades on Uniswap for $ 95,000
Due to the highly anticipated launch of the Polkadot (DOT) network, many smaller cryptocurrencies associated with the project have recently exploded. Both tokens of the DLT robotic technology project and robotic Internet activity (IoT) are among those that are likely to grow significantly thanks to Polkadot, with the price of this XRT token rising 10 times this month. However, Robonomics Web Services’ (RWS) “lifetime subscription token” also made huge gains – becoming the first cryptocurrency to trade for more than $ 100,000, reaching $ 116,000 in recent weeks.
Thank you for your time a reading crypto news of the day 28.8.
