Every week, I will be collecting some news stories / opinion pieces that I have found to be interesting in the crypto world and condensing them down into one easily digestible article. All the article and images are taken from a news source that I like to use and an alternative to CoinTelegram called BeInCrypto.
BeInCrypto is a news website founded in August 2018 that specialises in cryptographic technology, privacy, fintech, and the Internet — among other related topics. The primary goal of the website is to inject transparency into an industry rife with disingenuous reporting, unlabelled sponsored articles, and paid news masquerading as honest journalism. You can visit their website by clicking here or join their new Telegram Trading channel by clicking here. I am also part of that group and like the content they are discussing. There is a lot of news that came out last week, So let's get started!
One Third of Investors Across US and Europe Own Cryptocurrency: Fidelity Report
Fidelity Digital Assets has published the results of a survey conducted on institutional investors across the United States and Europe. Indicating solid growth and a better perception of their value, the survey corroborates other reports on institutional investments that have been released recently.
Fidelity Digital Assets has published the results of a survey that was conducted between November 2019 and March 2020, which speaks positively about the adoption of Bitcoin by institutional investors. One third of institutional investors in the US and Europe hold Bitcoin, other digital assets, and/or derivative products. What do you think about this? You can read the full article by clicking here.
ConsenSys Launches KYC Compliance Services For DeFi
Analytics firm ConsenSys is launching a compliance service to trace transactions made with Ethereum-based tokens in the decentralized finance industry (DeFi). Ethereum co-founder Joseph Lubin’s firm has rolled out a new service focusing on DeFi. It will track user transactions for over 280,000 tokens launched on the Ethereum network, according to Bloomberg. To read the full article, click here.
Pump & Dumps: Is Robinhood Driving a new Bubble?
he Internet is awash with speculation as to which company Robinhood users will turn to next. Market moves linked to the notorious trading app are reminiscent of the 2017 ICO bubble. But is this trend a genuine worry for the market, and why is it happening now?
Robinhood was founded seven years ago and has rapidly grown in scope and popularity. Through its website and app, it offers customers the ability to trade stocks, ETFs, options, and cryptocurrency. It now boasts around 10 million users, along with a hefty valuation of $8.3bn. What do you think about this? You can read the full article by clicking here.
Massive Ethereum Transfer Fees Put on Hold by Mining Pools
A number of Ethereum transfers have been made over the past 24 hours with excessively high transfer fees. This has resulted in a lot of speculation from the cryptocurrency community, who are quick to react when something is afoot.
Two Ethereum transactions have been flagged for having massive transfer fees, which could be the result of a flaw in the system. Other industry observers have speculated that it could be an attempt at money laundering or just an honest mistake. Click here to read the full article.
DeFi Markets Back at $1 Billion in Total Value Lockup
Decentralized financial markets (DeFi) have made a remarkable recovery since the mid-March COVID-19 crash. So much so, that the total locked value has again surpassed $1 billion. The DeFi ecosystem took a big hit three months ago when the Ethereum price crashed by 50%, wiping out a considerable amount of locked-up crypto collateral. The all-time high for locked-up value in DeFi markets stood at $1.25 billion in mid-February 2020. Click here to read more.
Bitcoin Hash Rate in Recovery, Approaching All-Time High
Bitcoin’s hash rate has recovered significantly since its halving last month — so much so that it’s approaching an all-time high once again. Hash rate is a solid indication of network health as it equates to total computing power on the BTC network. As expected, it slumped following last month’s halving due to a number of smaller mining outfits powering down their hardware.
The all-time high for BTC hash rate occurred on May 11 at 137.57 exahashes per second according to this provider. It has currently reached 126.52 EH/s, which is just 8% off the ATH. To read the full article, click here.
South Korea’s Central Bank Focuses on Blockchain and CBDCs in New Ten-Year Plan
The Bank of Korea has revealed a new 10-year development plan for the nation’s economy. The bank is giving blockchain technology and CBDCs a greater priority, with many initiatives planned to be launched by the end of the year. The bank has said that changes are required to keep in step in with the evolving world. South Korea’s central bank, The Bank of Korea, is ramping up its efforts on Central Bank Digital Currencies (CBDCs), as local media outlets reported on June 9 that there is an increase in research efforts, hirings and collaboration in the space.
South Korea is going plan Bitcoin! Click here to read the full article.
CoinMarketCap’s New Ranking Punishes Binance’s Biggest Rivals
CoinMarketCap is on the spot again, this time for its new ranking system that seems designed to punish Binance’s biggest rivals. It comes as no surprise that Binance is perched firmly atop the exchange rankings. However, if that weren’t enough, some of its most trusted competitors don’t even rank among the top 100 anymore.
The site has now introduced a ‘confidence factor’ into its rankings, pushing some of the largest crypto exchanges to the bottom. BitMEX, for example, is the most notable casualty, now ranking 175th. What do you think about this? You can read the full article by clicking here.
Ethereum Records $500,000+ in Single-Day Network Fees, Overtaking Bitcoin
Ethereum has recorded higher daily total network fees than Bitcoin for two consecutive days. The rare event indicates increased activity and growing adoption for the network.
On June 6, Ethereum’s daily total network fees topped that of Bitcoin. Ethereum has accrued an average daily network transaction total of roughly $502,000 and $546,000 on June 6 and 7 respectively, while Bitcoin has experienced fees of $310,000 and $252,000. What do you think about this? You can read the full article by clicking here.
That is my weekly roundup of the interesting news coming from the crypto world. What do you think about the topics / news stories and what was your favourite article? If you liked the content, please consider following me and tipping the article. Also are you a trader? If you are check out my favourite Telegram Trading chat, where you can discuss and find out more about crypto projects. Click here to start conversations with other crypto traders!