Daily Bitcoin and Crypto Analysis

This Week in Crypto...

December 5, 2020
Over the Weekend… Guggenheim Partners filed an SEC amendment to allocate $500 million of their Macro Opportunities fund to Grayscale’s GBTC. This would provide the company an indirect means of exposure to crypto.

On Monday…

Niall Ferguson stated publicly that Biden’s administration should consider integrating Bitcoin into its plans as a way to compete with advancing financial models. Ferguson said, “Even governments that are resisting Chinese financial penetration, such as India, are essentially building their own versions of China’s electronic payments systems. Rather than seeking to create a Chinese-style digital dollar, Joe Biden’s nascent administration should recognize the benefits of integrating Bitcoin into the U.S. financial system.”

One of the thieves from the Bitfinex 2016 hack moved $5 million in BTC. Most of the funds stolen have not moved since, with the last transfer from this account dating back to June.

On Tuesday…

Chinese authorities cut power to Bitcoin (BTC) miners. In Yunnan, China’s fourth-largest province by Bitcoin hash rate, electricity providers responded to a local ban on miners. This ban caused a 24 hour 10% drop in global hash rate. The Yunnan local government has a history of pushing back on miners.

Facebook’s Libra Association is changing its name to the Diem Association. This change was made in an effort to get the public to forget about the regulatory panic that tainted Libra’s initial announcement.

On Wednesday…

Forbes’ 30 under 30, a list of up and coming entrepreneurs under age 30, included ten individuals in the crypto space. seven were in the finance category, one in venture capital, one in energy, and one in manufacturing. A third of these are women, highlighting the increased presence of women in this male-dominated industry.

Visa partnered with Circle, the blockchain services company, to make USD Coin (USDC) stablecoin transactions compatible with particular credit cards. This will be the first corporate card that will allow businesses to be able to spend a balance of USDC. Visa is also partnering with BlockFi to make a credit card that pays out reward points in Bitcoin (BTC).

On Thursday…

The deputy governor of the Bank of Canada, Timothy Lane, said that a Canadian central bank digital currency, or CBDC, might be coming sooner than expected because of the global pandemic. He cited a drastic decrease in cash transactions, and the global emergence of digital currencies as reasons for expedited CBDC development.

S&P Dow Jones Indices announced in a press release that it will launch crypto indexes in 2021. The indexes will include 550 cryptocurrencies. In the same press release they described Bitcoin (BTC) and altcoins as an “emerging asset class.”

On Friday…

The Swiss National Bank and the Bank for International Settlements completed two proof-of-concepts for a central bank digital currency, or CBDC. Called “Project Helvetia,” the initiative explored the technological and legal feasibility of transferring digital assets through issuing a wholesale CBDC onto the Swiss stock exchange’s distributed digital asset platform.

Grayscale managing director Michael Sonnenshein said in an interview that 2020 has seen a tremendous rise in “Ethereum (ETH) only” investors. This is an indicator of its growing appeal beyond the development community.

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