Ether soars as Bitcoin finally rallies; Banks get green light to offer crypto custody

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CRYPTO MARKETS

Bitcoin has reached its highest price in one month after weeks of stagnation, but the ether stole the headlines this week, up over 20% as the DeFi app boom started to pay off. After two years of disappointment with bitcoin since its crash in early 2018, Ether may have found her next killer app.

Bitcoin’s gains were more modest after the European Union agreed to a coronavirus stimulus package earlier this week, although its price still capped below $ 10,000. But Binance CEO Changpeng Zhao told Bloomberg he worries bitcoin is still tied to the stock market and is vulnerable to another crash.

REGULATORY PERFORMANCE

The Office of the Comptroller of the Currency, now headed by the former Coinbase executive Brian Brooks, published a letter this week allowing national banks to provide trust bank accounts and cryptocurrency custody services to cryptocurrency companies. For an industry that often struggles to access traditional banking services, the federal government’s seal of approval is an important step.

“This opinion specifies that banks can continue to meet the needs of their customers by protect their most valuable assetsSaid Brooks, “who today for tens of millions of Americans understand cryptocurrency. «

DIGITAL DOLLAR UNCERTAINTY

Central Bank of France said he would soon conduct a series of experiments whose lessons could be used to change how money works, but bitcoin and blockchain have been excluded from her statement and the list of eight participants, setting limits on what she envisions a central bank digital currency to.

Across the Atlantic Ocean, former CFTC commissioner Sharon Bowen said the United States is “fall a little late”In the race for the digital dollar during a webinar hosted by Accenture

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. Sheila Warren, head of blockchain at the World Economic Forum, added that “the United States is late in the game.«

TWITTER

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HACK FALLOUT

With Twitter still reeling from last week’s hack who took over the accounts of several celebrities and scammed people into sending them bitcoin, CEO Jack Dorsey apologized and said he felt “terrible” about the incident of the social media giant’s earnings call. Hackers stole just over $ 100,000, but could have been much more—Coinbase says it has blocked 1,100 customers from sending nearly $ 280,000 worth of bitcoin to the addresses in question.

Meanwhile, Apple

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co-founder Steve Wozniak
is sue YouTube and Google for allowing fraudsters to use his name and image in similar scams. “In stark contrast [to Twitter], for months now the defendant YouTube has been host, promote and directly profit from similar scamsSays the lawsuit, alleging that “tens of millions of dollars in cryptocurrency” have been lost.

BUSINESS

Payments Giants Visa

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, MasterCard

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and PayPal

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are all preparing for drive the next wave adoption of bitcoin and crypto. In a blog post titled ” Advancing our approach to digital currency, “Visa wrote that” we want to help and support the role they play in the future of money. »MasterCard does it too easier for cryptocurrency companies to issue their own payment cards, and PayPal is reportedly preparing to offer crypto purchases to its 325 million users.

And the future of bitcoin is unfolding as its supporters envision, its partnerships and collaborations with existing institutions are a big step in the right direction.

SOMEWHERE ELSE

Bitcoin daily transaction value is set to fall below that of Tether[[[[Bloomberg]

How Activist Investors Could Change the Crypto Landscape[[[[Cointelegraph]

Can specially designed equipment bring back blockchain as a technological solution?[[[[Review of national legislation]

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