Welcome to today’s overview of crypto news:
After Tuesday’s rebound at $ 31,000, the primary cryptocurrency gradually began to regain lost positions. It jumped about $ 3,000 on Wednesday, added another significant chunk on Thursday, and has been rising for the past 24 hours.
As a result, BTC climbed to $ 38,500 a few hours ago. It became the highest price tag for this asset since June 6. The bears took control at that moment. BTC fell several thousand dollars below $ 36,000. However, since then, the situation has reversed and BTC is now again above $ 37,000.
Most altcoins have lost some value in the last 24 hours. ETH, which climbed above $ 2,600 yesterday, fell below $ 2,500 after a 4% drop.
Invesco plans to launch two cryptocurrency-based ETFs
Invesco, an investment management company with an AUM of more than $ 1.5 trillion, has applied for approval to launch two cryptocurrency-based ETFs. The company has joined a growing list of companies looking to launch cryptocurrency trading funds (ETFs).
On Wednesday (June 9, 2021), Invesco revealed in a report to the Securities and Exchange Commission (SEC) that it plans to launch two cryptocurrency-based ETFs. These include the Invesco Galaxy Crypto Economy ETF and the Invesco Galaxy Blockchain Economy ETF.
According to an excerpt from the document:
“The Fund will allocate its assets in the same proportion as the Underlying Index (ie under normal circumstances the Fund will invest approximately 85% of its assets in the securities of the Equity Component, 10% in the Futures Component and 5% in the ETP and Trust Components).”
The Chinese province of Yunnan bans the mining of cryptocurrencies
The southwestern Chinese province of Yunnan is about to ban the mining of cryptocurrencies, said one of the main mining pools in the country, BTC.top. BTC.top said that after the bans imposed in Inner Mongolia, Xinjiang and Qinghai, the Yunnan Energy Authority is preparing to close the cryptocurrency mining in the region.
The company said it is concentrating its mining operations in China in the southwestern province of Sichuan because of its wealth of water resources. She also said she would have to speed up the relocation of her operations to North America. Yunnan suffered from a shortage of electricity last month and, according to the local energy office, imposed energy supply restrictions from May 10 until the end of the month.
Banks, crypto exchanges, companies
One of the world’s largest deposit banks is creating a crypto division
Ronald P. O’Hanley, chairman and CEO of State Street Corporation, one of the world’s largest depository banks, explained on Thursday (June 10) why his company was creating a digital finance division.
Boston-based State Street, one of the world’s largest asset management companies, ranks second among global custody companies (with $ 21.35 trillion in custody), according to Institutional Investor.
On June 10, CNBC announced that State Street was creating a division called “State Street Digital,” which “deals with digital finance, which will include cryptocurrencies, central bank digital currency, blockchain technology, and tokenization.”
It will be “integrated with its own electronic trading platform, which the bank plans to develop into a form that will support cryptoactive and other asset classes.”
The Australian Business Hub will start accepting rents in cryptocurrencies
From 1 July, the first day of the Australian financial year, the Australian Business Hub will accept cryptocurrencies as payment for office space rental and other business services.
Business Hub CEO George Kipriz said the company decided to do so after an internal survey found that 20% of Australians invest in cryptocurrencies in some form.
“We thought we would be the first in the industry, and we decided to introduce crypto as a form of payment. And since the publication of several articles, several members who use this system have joined us. “
The company will initially receive BTC and ETH, but plans to accept other cryptocurrencies in the future.
French and Swiss banks will test CBDC for the wholesale credit market
The French Central Bank and the Swiss National Bank will test the digital currencies of central banks (CBDCs) for the wholesale credit market, increasing the number of central banks considering CBDCs.
Both France and Switzerland revealed their plans to begin testing the CBDC when the Banque de France and the Swiss National Bank announced that they would test their currencies, in a Reuters report released on June 10.
The report states that testing will focus on wholesale loans as opposed to everyday public use. Three banks will take part in the trial operation – the Swiss UBS, Credit Suisse and the French Natixis. Well-known names from the crypto sector, namely SIX Digital Exchange, R3 and Innovation Hub, will also help with the exams.
Head of the Dutch Central Planning Authority: The Netherlands must ban BTC
Pieter Hasekamp, director of the Dutch Central Planning Bureau (CPB), believes that the cryptocurrency crash is inevitable in the future. It therefore calls on the Dutch government to implement a ban on BTC and other digital currencies immediately.
Pieter Hasekamp’s discussion on this topic was published in the daily Het Financieele Dagblad. He wrote that when it comes to investors and governments, the one who moves last is defeated. Therefore, in order to protect investors, the Dutch government must stop trading, producing and even holding cryptocurrencies.
Hasekamp believes that banning cryptocurrencies would definitely lead to a decrease in BTC along with other cryptocurrencies and could “signal the end of cryptocurrencies.” He denounced cryptocurrencies because they were not authorized by official financial institutions and because governments and financial authorities around the world had almost no control over them.