CRYPTO MINDSHARE CREEP
As far as crypto has come since the widespread market sale in March, 2021 is presumed to be even more consequential for the industry. Now, with the bitcoin and cryptocurrency community looking forward to killing a number of developments in 2021 – including the long-awaited launch of Facebook’s cryptocurrency inspired by bitcoin and potentially defining the U.S. cryptocurrency regulatory industry— Wells Fargo, a Wall Street giant
John LaForge, head of real asset strategy at Wells Fargo, wrote in an investment strategy report this week “Over the past 12 years, [bitcoin and cryptocurrencies] has risen from literally nothing to $ 560 billion in market capitalization … Pads do not usually last 12 years. There are good reasons for this – reasons that all investors should hear. As we roll into 2021, we will discuss the digital asset space more – its upside and its disadvantage. “
NOTHING IS EASY TO COME
This certainly applies to crypto, as markets have stopped in the past week. After flirting with $ 20,000 and new all-time high, bitcoin prices temporarily fell below $ 18,000 several times this week, declining to its lowest since late November before bouncing back. This development was not surprising to analysts who studied bitcoin technical charts and data on the chain closely. For example, the influx of whales (large-scale holders) to exchanges into the “bearish zone” increased this week,noting that many were convinced that the current phase of this rally had run its course and were planning to take some profit off the table.
That said, most industry watchers have a bullish outlook in the near term, much of which is based on the ongoing institutional interest in acquiring long positions in the asset. This week MicroStrategy stated its intention to issue debt in order to buy more bitcoin. On Friday he announced he had eventually raised $ 650 million. As well, news just broke that MassMutual went into a $ 100 million position in bitcoin and even invested $ 5 million in the financial services company, NYDIG.
Source: Messari. Prices at 4:00 pm on December 11, 2020.
CRYPTO BANKS FOR EVERYONE
Long faced with challenges in opening bank accounts to finance operations, Crypto companies have resorted to seeking their own banking charters. Most recently, bitcoin and cryptocurrency payments company BitPay filed paperwork with the US Office of the Currency Manager (OCC) to create a national bank – has named BitPay National Trust Bank. BitPay’s bank bid comes after Brian Brooks, OCC’s acting executive regulator, who served as chief legal officer of the US-based Co bitase major bitcoin and cryptocurrency exchange from 2018 until earlier this year, unveiled plans to empower pay companies to operate across lines’ r state with one set of consolidations and said the OCC is ready to start accepting applications.
But it wasn’t the only worthy item in the crypto banking industry, as Paxos (PayPal’s
Join us on Thursday, December 17th at 2PM EST for our much-needed end of year webinar, What’s Next for Bitcoin and Other Crypto Assets in 2021 and Beyond.
Forbes experts Steve Ehrlich and Michael del Castillo will shed light on what is in store for this innovative technology and alternative assets and whether they can maintain their current highs. Sign up here
GOD COMES TO BITCOIN
DeFi (decentralized funding) has long been focused on ethereum despite efforts by so-called extremists / clones to siphon off applications and volume. Now, due to offering unprecedented guarantees on top of bitcoin, the original cryptocurrency is throwing its hat into the ring. Revealed to Forbes only, on the night of Oct. 28, the creator of the $ 5.2 billion cryptocurrency litecoin, Charlie Lee, received stock in a little-known video game startup called Exordium, using technology built on the bitcoin blockchain. Other investors include Adam Back, CEO of Blockstream, former chief executive of Monero and Spagni “FluffyPony” Riccardo.
The transaction was completed in seconds and incorporates sophisticated tools, such as the ability for white accredited investors so that the initial offer and subsequent trading can continue to comply with securities regulations.
A Source at the French Ministry of Finance Confirms Tighter Rules Coming for the Crypto Sector [The Block]
In 2020, Bitcoin Is No Longer Longest Used Cryptocurrency in the World [Decrypt]