Bitcoin, Ether Slump; Banks can now reimburse stable coins


Get the best crypto and blockchain stories from Forbes delivered to your inbox weekly for the latest bitcoin news, other major cryptocurrencies, and business blockchain adoption.


Bitcoin collapsed with the stock market on Monday, fall of more than 5%, after miners began selling at a higher rate on Sunday. Ether refroidi Additionally, the average DeFi token has dropped 30% to 40% in recent weeks.

Bitcoin showed more strength later in the week with 4% winnings Thursday. Guy Hirsch, executive at crypto trading company eToro, waits uncertainty about the next US election and heightened political tensions windfall for bitcoin.


The Office of the Comptroller of the Currency posted another letter open the door for more banks need to adapt to the crypto industry. It now allows US financial institutions to hold deposits as reserves for stablecoins indexed to the US dollar. Under Interim Controller Brian Brooks, a former Coinbase executive, the OCC initially expressed more leniency towards the crypto with a letter authorizing cryptocurrency custody services in July.



Two Visa executives made it clear in an exclusive interview that digital assets and blockchain technology will be important elements of the future of the credit giant. Fintech chief Terry Angelos and crypto chief Cuy Sheffield covered Visa’s partnership with Coinbase, its withdrawal from Facebook’s Libra association, its recent blog post on its approach to digital currency and more. .


The proliferation of DeFi assets has created new opportunities as well as new problems on the Ethereum blockchain. In order to launch an activity on the blockchain, users must pay a fee for the unit of activity, called gas, and these fees have increased by a factor of more than 20 this year as activity increased. Inflation is disrupt pre-existing activities which are not DeFi models and have expensive experimentation, say the critics.

But DeFi appears to be here to stay, and the crypto exchange OKCoin has listed three more tokens this week, as part of its announcement earlier this month that it would consider listing up to 18 new assets. Bitcoin is even starting to enter the craze, with some investors convert it to tokenized bitcoin to access DeFi markets.


With a business intelligence firm MicroStrategy

buy almost 40,000 bitcoins
since the beginning of August, this means of major shareholders acquired indirect exposure to cryptocurrency. the Norwegian government pension fund, which owns 1.5% of MicroStrategy, actually owns around 577 bitcoins, and Avant-garde and Black rock

also have interests in MicroStrategy.


Both la Fed and the European Central Bank are now rushing to try to generate more inflation and revitalize consumer spending amid the current economic downturn, a momentum that could lend long-term support to cryptocurrencies. Even for risk averse institutions trying to hedge their portfolios, a 1% allocation could have a significant impact.

The emerging The sovereign debt crisis is also starting to accelerate, with more than 100 countries owing $ 130 billion in debt this year. Covid-19 has pushed economies to the brink of collapse across the globe, offering a potential new reason for more widespread cryptocurrency adoptions.


EU announces first-ever cryptocurrency regulatory plan [CNBC]

Winklevoss Twins crypto exchange grows in UK [Bloomberg]

The Currency Cold War: Four Scenarios [CoinDesk]


Please enter your comment!
Please enter your name here