Crypto News Jun 29: Bitcoin could suffer further decline ahead of long-term growth with Polygon, Compound, CBDC, Grayscale, DeFi, Orion Protocol, MathChain, Opulous, Moonriver News
Perceiving that Bitcoin is likely to face a further decline, Mexico will ban the cryptocurrency. Here are some highlights from the crypto market.
Scott Minerd, founder of Guggenheim Partners, said Bitcoin could still hit the $ 600,000 region, but investors may need to prepare for another retreat before the market can rise again.
in a meeting interview With CNBC, Minerd is discussing the possibility that Bitcoin could lose more than 50% of its value based on historical price movements.
“Bitcoin loses around 80% of its value after every major rally. For now, it means that BTC is likely to return to the $ 15,000 region.
Although Minerd predicts a bigger drop in BTC price, he remains bullish long-term, noting that if Bitcoin becomes an asset on par with gold, it has the potential to grow more than 1,660% from its current value. .
“Research from Guggenheim Partners shows that BTC acts as a store of value and that is debatable. If you compare it to gold, BTC would be worth between $ 400,000 and $ 600,000, ”Minerd said.
Currently, he believes that Bitcoin is not big enough to be accepted by some of the major financial institutions in the world.
Purpose Bitcoin ETF continues to grow
Purpose Bitcoin ETF holdings have continued to grow since the sell-off in mid-May.
A total of 3,446 BTC has flowed into the ETF since May 15, an average of 86.15 BTC per day. According to Glassnode, the Purpose Bitcoin ETF holds 21,114 BTC on June 24th.
The Canadian purpose #Bitcoin ETF has continued to expand its holdings since the sell-off in mid-May.
The Purpose ETF now holds 21,114 $ BTC.
– Glass node (@glassnode) June 24, 2021
Morgan Stanley holds a large amount of Bitcoin-related assets
According to the file Wall Street Investment Bank Morgan Stanley, filed with the SEC, holds a large amount of Bitcoin-related assets.
This volume of assets was disclosed in a monthly portfolio report filed with the SEC. The report details Morgan Stanley’s investments, including the Grayscale Bitcoin Trust.
The bank holds 28,289 shares of the Bitcoin fund, which is valued at more than $ 1.23 million at the time of filing. Currently, that volume of assets is worth more than $ 800,000.
Polygon announced the implementation of a scalable data solution called Avail.
According to a press release released on Monday, Polygon announced that Avail will act as the data execution engine for sidechains, standalone networks, and Layer 2 protocols.
The Polygon development team claims that Avail uses Erasure Coding to combat data encryption fraud by providing a two-way data layer.
1 / We’re very excited to announce Avail – an important part of an entirely new way future blockchains will work. #Available is a universal, scalable blockchain with a focus on data availability, which is geared towards stand-alone chains, sidechains and off-chain scaling solutions. pic.twitter.com/xtsYKpJ3ur
– Polygon (@ 0xPolygon) June 28, 2021
The compound lending platform has notification on fund products for companies and investment institutions.
The DeFi lending pioneer announced this in a blog post on June 29, adding that the Compound Treasury is designed to help non-cryptocurrency companies and financial institutions take advantage of the protocol.
Compound claims that the platform has worked flawlessly throughout the market volatility and is a pillar of the DeFi ecosystem. The project aims to convey this security and reliability to institutional investors by expanding its product range.
The Monetary Authority of Singapore (MAS) has Start up The Global CBDC Challenge program, which calls for innovation proposals from the central bank for digital currencies, aims to improve payment services and promote the financial industry.
The initiative, launched in partnership with the International Monetary Fund, the World Bank, the Asian Development Bank, the United Nations Capital Development Fund, the United Nations High Commissioner for Refugees, the United Nations Development Development Program with the Organization for Economic Co-operation and Development, calls on companies in the area around the world to deliver CBDC solutions to individuals and businesses.
The application deadline is July 23. The finalists have the opportunity to present their solutions at the Singapore FinTech Festival this November.
Cryptocurrency asset manager Grayscale Investments, a subsidiary of Barry Silberts Digital Currency Group, announced that the volume of digital assets it holds increased further to $ 1.1 billion on Monday, June 28.
The uptrend continued over the weekend as Bitcoin began to rebound and bounced back to the $ 34,000 level.
06/28/21 UPDATE: Net assets under management, stocks per unit and market price per unit for our investment products.
– grayscale (@grayscale) June 28, 2021
The total value of Assets Locked in DeFi (TVL) has now exceeded $ 50 billion. This is important because TVL is one of the best metrics to measure the level of adoption of DeFi projects.
When comparing the ratio of TVL to fully diluted market caps of DeFi projects to better understand which projects are valued by the community, Vesper leads with 5.22, followed by Liquity (4.36) and long.finance (3, 36).
TVL ratio / capitalization diluted | Source: Top7ICO
News Orion Protocol
Orion protocol for debut Usdo Stablecoin, enhanced with ORN-enabled features that enable ORN holders to maximize the efficiency of their capital in the ecosystem.
Users can mint Usdo by staking ORN on the Orion terminal.
MathChain has partnered with Manta Network, the first on-chain data protection protocol on Polkdadot.
MathChain will cooperate with Manta Network to integrate its data protection layer with Math Wallet and MathChain’s Wallet.
MathChain and Manta will also collaborate on privacy research, including research and development of DEXs and integration with Math Wallet.
Automata (ATA) announced cooperate with moon beam.
Accordingly, Moonbeam will integrate Witness to bring off-chain privacy governance into the Polkadot ecosystem.
Via Witness, dApp creators and developers can take part in secret votes on Moonbeam without revealing their personal identity or their vote.
Opulent work together with Bewegungswap to provide ASA (OPUL) tokens on June 30, 2021 from 23:00 (UTC).
Opulous is the first platform to bring the Decentralized Finance (DeFi) marketplace to the music industry. The project will provide the launch pad for the first copyrighted music NFTs, DeFi loans, and help transform the way artists access funding.
Opulous is currently working with Algorand to build a bridge that will facilitate transfers between the two blockchains.
Moonriver, the Moonbeam Network project, has collected 205,935 KSM tokens from the community, equivalent to $ 45 million at current prices, with around 6,000 stakeholders involved in the KSM lockdown. A total of 3 million MOVR tokens, 30% of the offer, will be distributed to the contributors.
The second Kusama Parachain slot auction has ended and the second Parachains have successfully connected to the Kusama Relay Chain.
– AZCoin News (@azcoinnews) June 29, 2021
Broker TP ICAP will launch cryptocurrency trading platform
According to Reuters, the brokerage giant TP becomes ICAPCAP debut Cryptocurrency trading platform that will partner with Fidelity Investments and Standard Chartered later this year.
It is currently awaiting approval from the Financial Conduct Authority (FCA).
The new platform will execute trade payments separately, thereby minimizing the risk for institutional investors.
Mexico bans cryptocurrencies
Mexico’s top official recently reiterated the ban on the use of cryptocurrencies in the country’s financial system.
Arturo Herrera, Mexico’s finance minister, said cryptocurrencies are not legal tender and would not fall within the country’s current regulatory framework.
En los últimos dias ha habido mucho interés en torno a las #criptomonedas.
– Arturo Herrera Gutiérrez (@ArturoHerrera_G) June 28, 2021
In his presentation to the Financial Action Task Force (FATF), the minister said: “It is unlikely that the crypto ban will be lifted in the short term.”
El Salvador is not forcing people to use government Bitcoin wallets
The government of El Salvador recently introduced a bitcoin wallet “Chivo” that can work with other wallet platforms and does not charge users any fees.
El Salvador’s President Nayib Bukele recently made it clear that its citizens are not required to use government-issued Bitcoin wallets.
The Bitcoin wallet from El Salvador is called “Chivo”, a slang word for “cool”. This wallet can hold both Bitcoin and USD.
El Salvadors #Bitcoin Wallet, Chivo, will be completely free.
– Document Bitcoin (@DocumentingBTC) June 28, 2021
President Bukele said people will have the opportunity to use this wallet or any other application in the market, emphasizing Chivo’s interoperability with other e-wallet applications.
According to Bitcoin Magazine