This week's analysis from GlassNode is not very favorable for the price of Bitcoin, which may continue to fall due to low activity and little interest from institutional investors in this cryptocurrency currently. This and more news in this practical summary daily so that you are always informed with events most recent that occur within the crypto world.
Cryptocurrencies and altcoins
📍The price of Bitcoin (BTC) loses the $30.000 level and Grayscale signals that the decline may continue. The cryptocurrency lost support at $30.000 per unit after Grayscale unlocked more than 19.000 BTC. GlassNode Analysts they point out that investor interest in the cryptocurrency, low activity on the network, little interest from institutional investors and the sale of bitcoins at a loss are awakening bearish sentiment in the market, so the price of the cryptocurrency may continue to fall the next few days. According to analysts, Bitcoin could touch $28.000 per unit.
The rest of cryptocurrencies, of the market, such as ETH, LTC, DOT, BCH, ADA, DOGE, and many others, except for the stable coins, have followed the fall in bitcoin prices, losing up to 6% in the last few hours.
📍Auditing firm Grant Thornton indicates that USDC is 61% backed by cash reserves. The company published a report The report details how the issuance of USDC, the second-largest stablecoin in the market issued by Circle, is backed. According to the report, 61% of the USDC issuance is secured by cash reserves, such as bank deposits. The remainder of the stablecoin's issuance is backed by securities and Treasury bills, commercial paper, and corporate bonds. At the time of the report's publication, USDC's market capitalization was $22.000 billion, meaning its cash reserves exceeded $13.400 billion.
Bitcoin and Blockchain Adoption
📍Silvergate Bank publishes its financial results for this second quarter of 2021. The bank dedicated to offering financial services for the cryptocurrency industry published the financial results corresponding to the second quarter of the year. In these results, Silvergate Bank shows that the number of clients that operate with cryptoassets grew to 1.224 clients, an increase of 38% compared to the 884 clients it had in June 2020. Likewise, the bank revealed that deposits with cryptoassets They grew to reach $11.100 billion, an increase of 63% compared to the $6.800 billion it maintained in March of this year.
Net income from commission fees for its clients' financial movements with crypto assets also showed significant growth this second quarter, Silvergate Bank indicated in the publication.
📍Viridi Funds launches an ETF focused on cryptocurrency mining companies on the New York Stock Exchange. The investment company said that its new stock investment fund will focus on crypto mining companies that use renewable energy sources. The ETF, called Viridi Cleaner Energy Crypto-Mining & Semiconductor, is an actively managed exchange-traded fund that will allow investors to participate in sustainable and environmentally friendly cryptocurrency mining and mining infrastructure companies.
NFT and DeFi Markets
📍Enjin reported that committed to the United Nations Global Compact, it will use NFTs to solve real-world problems. The protocol assured that technology blockchain and NFT They provide a dynamic, fast-moving space full of potential, where developers, creators, companies and individuals can design new business models and explore creative opportunities to develop real-time solutions to current problems. Enjin is launching a carbon-negative blockchain to explore new use cases for blockchain technology and NFTs to support vulnerable communities in a post-pandemic world, in conjunction with the United Nations Interregional Research Institute. on Crime and Justice (UNICRI).
CBDC and Central Banks
📍Ground X was selected by the Bank of South Korea to develop its digital currency pilot. The subsidiary of Kakao, a company that offers Internet services for South Korea, was selected by the Central Bank of the country as a service provider for the development of its digital currency CBDC. The central bank reported that Ground X will be in charge of developing a blockchain platform where the CBDC will be built. The Central Bank of Korea hopes to begin development of the new platform next month. For the development of the digital won, the central entity allocated resources of 4.900 won, nearly 4,4 million dollars.
Miners
📍Binance is suspending Bitcoin SV (BSV) mining. Users of the Binance Pool mining pool, who participate in BSV mining, will need to migrate their hash rate ago Bitcoin (BTC) o Bitcoin Cash (BCH) starting on the 31st of this month, as the mining pool will close its operations for the forked BCH cryptocurrency. In your release, Binance Pool did not give details as to why it is shutting down mining for this cryptocurrency. Last year, this mining pool dominated over 26% of BSV's hash power.
Development and Technology
📍Solana integrates the Query & Transact node infrastructure from blockchain provider Bison Trails. The integration will allow Solana developers to have a scalable tool that makes it easy to create decentralized applications (dApps). Joe Lallouz, CEO of Bison Trails indicated that its Query & Transact node infrastructure offers a powerful solution to expand the usability of Solana; Additionally, the tool will allow developers to access and verify blockchain data, write transactions, create innovative applications and services, and much more.
Rules and Regulations
📍European regulators want to tighten regulations on cryptocurrencies. The European Commission wants to require companies that provide services with cryptocurrencies and digital assets to collect data and information from their customers to minimize the risks of financial crime. The proposal presented this Tuesday indicates that the European Union must create a new entity in charge of supervising financial crimes and illicit activities, in addition to improving current regulations to face the challenges that financial innovations, such as cryptocurrencies, imply.
The European Commission wants cryptocurrency service providers to collect and exchange information about their customers, such as names, addresses and account details such as financial transactions made.
Continue reading: Grayscale Tackles Crypto Demand with New Institutional-Grade DeFi Fund and Index
