MicroStrategy bets $250 million on Bitcoin’s protected haven thesis. Indian crypto is booming. And David Marcus has a brand new position at Fb. Pr
MicroStrategy bets $250 million on Bitcoin’s protected haven thesis. Indian crypto is booming. And David Marcus has a brand new position at Fb.
Prime shelf
Banks shopping for
“Main U.S. banks is likely to be keen to assist cryptocurrency providers – with only a little bit of extra steering from the Workplace of the Comptroller of the Forex (OCC), their federal regulator,” says CoinDesk’s regulatory reporter Nik De. This follows the OCC issuing an open letter in July saying nationally chartered banks may custody crypto. In public responses, 12 banks, together with U.S. Financial institution and PNC, have expressed curiosity in offering such providers.
MicroStrategy goes macro
In what could possibly be vital validation for bitcoin’s “protected haven” thesis, Nasdaq-listed MicroStrategy bought 21,454 bitcoin on Tuesday, successfully shifting its inflation hedging technique completely into digital property. The acquisition was price a cool $250 million. “This funding displays our perception that bitcoin, because the world’s most generally adopted cryptocurrency, is a reliable retailer of worth and a gorgeous funding asset with extra long-term appreciation potential than holding money,” stated CEO Michael J. Saylor.
India rising
“India’s crypto commerce volumes have soared for the reason that Supreme Court docket of India lifted banking restrictions for exchanges in March,” report Leigh Cuen and Shuai Hao. In response to Paxful, a number one peer-to-peer buying and selling platform, India is now among the many 5 fastest-growing bitcoin person teams on the earth.
No good week
“Ethereum Basic builders had been nonetheless licking recent wounds late final week when one more 51% assault was launched in opposition to their blockchain early Thursday morning,” studies Will Foxley. “Because the bits settle, the proof-of-work blockchain’s future stays in query greater than ever.”
BSN overseas
The Blockchain-Primarily based Service Community (BSN), a Chinese language state blockchain infrastructure challenge, has an English language web site for dapp builders. “BSN touts that it is likely one of the few cross-chain infrastructure networks the place builders can use the community’s web providers for various blockchains underneath a standardized growth setting,” says CoinDesk’s David Pan.
Fast bites
The U.S. Division of Agriculture is bullish on blockchain-based provide chains. (CoinDesk)
What’s Ethereum’s complete provide? Bitcoiners say Ethereans don’t know. (Decrypt)
Frank Chaparro unpacks why “fintechs are diving into the crypto market – however crypto companies aren’t diving into fintech.” (The Block)
Belarus misplaced web entry amid protests over its presidential election final weekend. (CoinDesk)
Fb’s David Marcus has a brand new position moreover co-founding Libra. (CoinDesk)
Markets
Omkar Godbole has the most recent on bitcoin holding regular and gold falling again:
“Bitcoin’s latest worth rally has shifted to a sideways meander, probably taking cues from gold’s drop from document highs,” he writes. “The cryptocurrency is buying and selling within the basic vary of $11,600-$11,900 for the fourth straight day. In the meantime, the dear steel is buying and selling close to $1,988 at press time – down 4.2% from the document excessive of $2,075 reached on Friday. Each property have not too long ago developed a comparatively robust optimistic correlation. As such, gold’s decline could have utilized the brakes to bitcoin’s rally from lows close to $9,000.”
Opinion
10 Causes Quant Methods for Crypto Fail
“Regardless of the enticing traits of crypto property for quant methods, crypto poses distinctive challenges for quant fashions and the truth is that the majority quant methods in crypto fail,” says Jesus Rodriguez, CEO of IntoTheBlock, a market intelligence platform for crypto property. Quant methods could also be excellent long run however for now, he says, most of these “confirmed efficient in conventional capital markets are more likely to not work as effectively when utilized to crypto property.”
The Fourth Period of Blockchain Governance
CoinDesk columnist Stephanie Hurder argues that blockchain tasks want refined, future-proofed governance regimes to draw company actors. “Enterprise use circumstances not solely require cross-platform growth but additionally incessantly bear rigorous, multi-year planning cycles. Enterprises contemplating deploying blockchain options wish to understand how numerous platforms and their governance designs perform in sum, to allow them to decrease pointless uncertainty and ship on their challenge objectives.”
Podcast
“China and the U.S. commerce high-profile sanctions, however the true influence is displaying up in banks and on the Hong Kong inventory market,” says Nathaniel Whittemore within the newest version of The Breakdown.
