JP Morgan analysts see Square's recent $50 million Bitcoin acquisition as a "strong vote of confidence" for the cryptocurrency's future development. This and more news in this handy daily summary so that you are always informed with the most recent events that occur within the crypto world.
📍 JP Morgan, a US-based financial services giant, said that Square's recent investment in 50 million of dollars in Bitcoin (BTC) is a vote of confidence for the future of cryptocurrency, which has a lot of potential as an investment asset and store of value. The recent action of microstrategy, Square y Stone Ridge This could encourage other companies and individuals to invest in this ever-growing market. The financial giant also believes that the development of applications such as Square's Cash will allow a greater number of people to access and purchase the cryptocurrencies, easily.
📍 Vitalik Buterin, co-founder of Ethereum, made a public request during CoinDesk's virtual Ethereum Economy conference, where solicitous advanced network users moved to second layer solutions such as «rollups» to minimize the pressure that currently exists on the blockchain. Let us remember that the growing demand for protocols DeFi It is congesting the Ethereum network and driving up transaction fees, making it difficult for many to interact with different ETH-based protocols.
“If you’re listening to this and you’re an exchange or you’re a wallet or you’re a mining pool or you’re a major user, even a regular user, then you should know what rollups are and what they do. Basically, what your strategy is, in terms of moving to them.”
📍 Heath Tarbert, chairman of the Commodity Futures Trading Commission (CFTC), demonstrated a deep understanding of Ethereum (ETH) during CoinDesk's virtual Ethereum Economy conference. The commissioner I speak on the advantages and risks of migrating financial services to digital platforms based on new technologies and also on how Ethereum and decentralized finance (DeFi) fit within US securities and commodities laws.
📍 Chainalysis, one of the most recognized blockchain research and analysis firms worldwide, published a recent report where it claims that its annual revenue has doubled thanks to the growing demand for its services from governments and companies. The firm claims that today more than ever there is a need to create research and surveillance tools and instruments that guarantee control over cryptocurrencies and digital assets.
Chainalysis believes that strong measures must be taken to ensure the correct use of decentralized assets such as Bitcoin and private cryptocurrencies such as Monero. In fact, the firm is designing a control tool for the United States Internal Revenue Service (IRS) so that the entity can track transactions with Monero (XMR).
📍 Fidelity published a report where it analyzes the factors that favor the growth of Bitcoin, concluding that this boom is largely due to the commitment of influencers who promote the cryptocurrency through their social networks. The global financial giant believes that the growth in the use and adoption of Bitcoin is driven by social media campaigns, which encourage retail and institutional investors to be part of a new model of finance and the evolution of 21st century money.
📍 The New York State Department of Financial Services believes that social networks must comply with stricter security and privacy controls to ensure the protection of their users. The US regulator published a report where it details why it is necessary to establish new controls and greater supervision of social media platforms, based on the hack which Twitter suffered recently, and which put the security and integrity of the network's users at risk.
Continue reading: Spain approves new legislation to establish strict control over cryptocurrencies
