Friday August 14, 2020
Bitcoin has had the watchers oohing and aahing as it powered in to the second week of mid $11K support and with the open interest levels remaining elevated, and the brilliant campaigns by the players in the space, we sure are turning some heads.
And once again, millennials step up to the plate and moved markets they did as @stoolpresidente gets involved. And with that, ladies and gentlemen, we have lift off.
But $BTC didn’t hog all the limelight this week (even at $12K), in fact the entire asset class took some shine. Case in point, both staked $ETH and validating node counts have continued their steady upward trajectory however…
…that slope looks nothing like the rip we’ve seen in $ETH taking it to levels last seen two years ago off the tail of the pump into ATHs
And if you still have any doubts in the market moving capabilities…
Thats right baby, to the moon.
Sure $LINK was staging a comeback as it was from the FUD slingers off the back of Zeus Capital’s dime but that same ol’ Pied Piper and his new twin bromance has literally lit a fire under this one.
Block sizes in the EVM are looking quite toppy
And already we’re seeing some complaints in the community on the price of gas, as network fees continue to rise.
The farmers of yield have started to encounter cracks in the nascent yield farming realm as unintended code releases, me-too projects, and out right Ponzis are stirring up again.
While many have made the analogy between $BTC value stored on the lightning network vis-a-vis wBTC as $BTC HODLers work their magic to get in on the farming business, it’s not quite a fair comparison to make given the former is designed to deal with frequent small transactions while the latter is out there swinging for the fences.
Amidst the cheerleading from the various former US government officials, no one was complaining upon SEC Commissioner Hester Peirce’s second term being approved and in lockstep with that, the Department of Financial Services has offered their seal of approval on a handful of coins putting virtual assets one step closer to traditional money managers’ handles.
Our friends at @UpbitThailand have led the charge in Southeast Asia winning approval to run their license in amazing Thailand as the token issued by the parent company of the exchange $KLAY jumps on the staking wagon and charges on into the stratosphere
While Korean municipalities will scramble to try and get a piece of the action alongside the private sector as we’ve from the biggest beach in the country, the nation’s toll gate operator, Seongnam issuing tokens in lieu of gift cards… $KLAY is crushing it as it enjoys the benefit of leveraging off Kakao Talk messenger app that has a staggering 97% penetration rate in the country. The country’s largest commercial banks have also jumped into the frey as both NH & KB financial (105560 KS) launch crypto custody services.
China also continues to push its boat out on a slick new website a.k.a. Blockchain-based Service Network — the country’s nationwide blockchain project. What is conspicuously missing? The color red…surely a glimpse of global aspirations.
More outside of the virtual asset community have started to take notice of the money printer of a central bank seeking an alternative unit of storage, with MicroStrategy (MSTR US) making headlines with a $250m $BTC purchase to “avoid inflation.” Four trillion more where that came from, and that’s just considering listed US companies. #BuyBitcoin
- Greater Bay Area (Hong Kong, Macau, Guangzhou) testbed for China’s DCEP
- Line launches Link $LN on Bitmax
- CZ’s attempt to acquire a Liechtenstein bank was denied.
- Philippines Central Bank Banglo Sentral ng Pilipinas (BSP) establishes committee for CBDC feasibility
- 23% of Tor network’s exit relay capacity hacked
- Uniswap August volumes MTD already exceed July record
- GBTC attracts $1.6bn during 1H20.
- Trump’s proposed capital gains tax cuts bodes well for crypto.
As readers of this know we love to sing the praises of the institutional adoption in the marketplace and the mainstream acceptance of digital assets. We’ve staked our business on serving financial institutions and HNWIs and we’ve seen firsthand the rapid pace at which portfolios are diversifying into digital assets.
With that said, since we have you as a captive audience midway through this weekend’s note, it’s a great opportunity to share with you the recent interim results announcement by our parent, BC Group (HKSE: 863). OSL grew from strength-to-strength over the past six months and contributed significantly to the Group’s success. You can catch-up on the specifics here, but before you do, we’d be remiss not to give thanks to all of our counterparts (who frequent our Exchange, use our OTC desk, trust us with the safekeeping of your coins, or deploy our software in your own venues). You’re a big part of our success and we are grateful for being your partner of choice for your digital asset needs.
May the trend be your friend… Happy Trading!
more top-shelf quality content from OSLhere
