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Daily Bitcoin and Crypto Analysis

This Week in Crypto…

September 4, 2020

This week in fin tech, Switzerland made multiple appearances, the United States is increasingly more keen on crypto, and Latin America is stepping up its digital game.

Over the weekend…

Ethereum Classic was the victim of another 51% attack, the 3rd one this month. Attackers reorganized around 7,000 blocks.

Federal agencies in the United States have been looking into blockchain technology use cases. Several agencies, such as the FDA, are already implementing such solutions to improve efficiency and security.

On Monday…

The Secret Network, an open-source blockchain protocol, is looking to add a privacy feature to smart contracts. They plan to achieve this through secret contracts that would not compromise a user’s identity or security by using encrypted inputs, outputs, and states.

Atupri Health Insurance in Switzerland will now accept Bitcoin and Ether payments. The insurance provider will not be holding any crypto itself, and has partnered with Bitcoin Suisse to enable these transactions.

On Tuesday…

Rep. Darren Soto, Rep. Brett Guthrie, and Rep. Doris Matsui presented a new bill to the House of Representatives that requests the study of blockchain technology in Congress. The bill asks to look into use cases in commerce and consumer protection, among others.

Bermuda recently partnered with Stablehouse with the end goal of creating a digital stimulus token for the islands. They already accept USDC tax payments and had been looking into this pilot program prior to the COVID-19 pandemic.

On Wednesday…

Bagdat Mussin, Digital Development Minister of Kazakhstan, announced the country is well on its way to its crypto investment goal. Earlier this year, the country shared its plans to receive $700 million over the next three years for crypto mining farms.

Sygnum, the Swiss digital asset bank, received regulatory approval to begin trading cryptocurrencies. Settlement would be provided through the Swiss franc stablecoin, which was originally first issued through this very bank.

Russian Authorities proposed to allow crypto mining in the country after a nationwide crypto ban. Crypto transactions would remain illegal.

On Thursday…

Residents of the canton of Zug can now pay their taxes in crypto. Dubbed the “crypto valley”, the region has earned the name due to its openness and eagerness to adopt crypto.

The Bank of England’s governor Andrew Bailey described BTC as having “no connection at all to money”. He does, however, believe stablecoins have some use cases.

On Friday…

Chainalysis published a report that stated 200,000 crypto transactions took place in the last year between Latin America and Asia. This signifies an increased interest in crypto from Latin American companies.

Alexander McQueen, the fashion powerhouse, launched a new label on its own blockchain system to guarantee item authenticity. MCQ’s goal is to bring designers, collaborators, and customers to one marketplace.

The Bitcoin price declined by 10%, greeted by a notable increase in consumer fear. According to Cointelegraph, however, market data indicates whales are looking to an ~$8,000 price to buy more BTC.

For more information on these stories, visit:

ETC: https://www.coindesk.com/ethereum-classic-blockchain-subject-to-yet-another-51-attack

Federal Agencies: https://fedtechmagazine.com/article/2020/08/blockchain-makes-inroads-federal-agencies

Secret Network: https://blog.scrt.network/secret-contracts-mainnet/

Atupri: German |http://mobile.royalgazette.com/business/article/20200901/government-launches-pilot-for-stimulus-token | English https://cryptotips.eu/en/news/swiss-insurance-giant-atupri-health-insurance-now-accepts-bitcoin-and-ether/

USA House of Reps: https://legiscan.com/US/bill/HB8153/2019

Bermuda: http://mobile.royalgazette.com/business/article/20200901/government-launches-pilot-for-stimulus-token

Kazakhstan: https://www.reuters.com/article/kazakhstan-crypto/kazakhstan-in-talks-on-700-mln-in-cryptocurrency-mining-projects-idUSL8N2FZ0NB?rpc=401&

Sygnum: https://www.insights.sygnum.com/post/sygnum-s-digital-asset-trading-facility-otf-gets-regulatory-clearance-from-finma

Russia: Russian https://iz.ru/1056107/tatiana-bochkareva-roza-almakunova/zapretnyi-plod-maining-v-rossii-zablokiruiut-oborot-kriptovaliut | English https://cointelegraph.com/news/russian-ministry-proposes-to-amend-law-banning-crypto-transactions

Canton of Zug: https://www.bnnbloomberg.ca/swiss-canton-takes-taxes-in-bitcoin-as-crypto-goes-mainstream-1.1488864

Bank of England: https://www.bankofengland.co.uk/speech/2020/andrew-bailey-speech-on-the-future-of-cryptocurrencies-and-stablecoins

Chainalysis: https://blog.chainalysis.com/reports/latin-america-cryptocurrency-market-2020

MCQ: https://www.highsnobiety.com/p/alexander-mcqueen-launches-mcq/

BTC: https://cointelegraph.com/news/dont-panic-smart-money-whales-are-waiting-to-buy-bitcoin-at-8-800

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