Bitcoin investment management company NYDIG revealed that it is taking advantage of Bitcoin's decline to buy more cryptocurrencies, as Canada approves the fourth Bitcoin ETF so far this year. This and more news in this handy daily summary so you are always informed with those most recent events that happen within the crypto world.
Cryptocurrencies and altcoins
📍Institutional investors, such as NYDIG, are taking advantage of the recent decline in Bitcoin (BTC) to acquire more of this cryptocurrency. According to the statements de Greg Cipolaro, global head of research at NYDIG, the LinkedIn firm has been buying bitcoin all weekend.
“Our department has been a net buyer (of bitcoin) for the last 24-48 hours.”
📍Dogecoin (DOGE), the meme token, which was born as a joke in 2013, has grown more than 400% in the last week. Its market capitalization reached $54.000 billion, surpassing XRP, Ripple's token, in fourth place among the most important cryptocurrencies. However, DOGE was unable to maintain this position, and is currently in fifth place, with a capitalization close to 51.000 million. The growth of Dogecoin has generated a great impact on the crypto community in what is known on Twitter as #DogeDay.
Bitcoin and Blockchain Adoption
📍The Toronto Stock Exchange (TSX) sees the arrival of the fourth ETF for Bitcoin this year. The company 3iQ Corp announced Canada's largest stock exchange recently approved the “3iQ CoinShares Bitcoin ETF,” the fourth ETF for Bitcoin in the country. Recently Canadian regulators and the TSX approved 3 ETFs for Ethereum, which begin trading today.
3iQ Corp is one of Canada's largest digital asset managers, with more than C$2,5 billion in assets under management. The first Bitcoin ETF in Canada and America began trading on the TSX in February, and its success has been extraordinary.
CBDC and Central Banks
📍In a Spanish President Pedro Sánchez’s announcement this Monday, the Bank of England reported on the creation of a working group to explore the benefits and implications of a central bank digital currency (CBDC). The entity is working with HM Treasury, the UK government department responsible for developing and executing the government's fiscal and economic policies, to evaluate and coordinate the exploration of a potential CBDC digital currency for the country.
As the statement details, the central bank digital currency (CBDC) working group will be in charge of carrying out studies and research on this new class of digital asset, to give a strategic approach to the UK authorities regarding the possible creation of the currency. Jon Cunliffe, deputy governor for financial stability at the Bank of England and Katharine Braddick, general director of financial services at HM Treasury, are part of the working group.
📍In China, the country's central bank, the PboC, is considering the possibility that foreign athletes, who will participate in the 2022 Winter Olympics, can use the digital currency DCEP. By reported the deputy governor of the bank, Li Bo, this could be the first test of the digital yuan with international users.
📍On the other hand, the global consulting firm PwC published the first edition of its annual report “PwC CBDC Global Index” recently, where he analyzes the evolution and transformation of CBDCs digital currencies globally. In this first edition, PwC notes that the Bahamas' CBDC, the Sand Dollar, is the most advanced CBDC project in the world, even compared to China's DCEP.
The Sand Dollar was officially launched by the country's government in late 2020, becoming the world's first successful CBDC. On the other hand, the consulting firm recognizes the potential of the digital yuan in the markets, which has already gathered more than 2.000 billion yuan, equivalent to 300 million dollars, in tests.
Development and Technology
📍Taurus Group received the approval from Swiss regulators to launch its cryptocurrency exchange, called TDX, where small, unlisted companies and investors will be able to trade a wide range of digital assets, including tokenized securities, private assets, real estate, works of art in non-fungible tokens (NFT) and cryptocurrencies.
The new stock market was approved by the Swiss Financial Market Supervisory Authority FINMA, and will begin operating on May 10.
Rules and Regulations
📍The Wall Street Journal Editorial Board notes that United States Securities and Exchange Commission (SEC) should establish clear regulations on cryptocurrencies and digital assets, before imposing demands like the one Ripple has been experiencing since the end of December. According to the WSJ, the SEC's actions are causing instability, confusion and fear among investors due to its inconsistent approach to crypto assets.
📍On the other hand, Kristin Smith, executive director of the Blockchain Association, assured that rumors about strict new regulations on the crypto industry, by the Treasury Department, are not true. The executive denied rumors about alleged accusations imposed by the Treasury on crypto companies, which had been causing concerns in the crypto community, affecting the price of Bitcoin in the markets.
Continue reading: AAVE, TRON, FIL and 17 other new cryptocurrencies arrive in the Bit2Me wallet
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