CBX Weekly Newsletter // 14 Oct 2020
- Bitcoin Up By Largest Weekly Price Gain Since July
- Time for Ethereum 2.0
- IMF, World Bank, G20 Countries to Create Central Bank Digital Currency Rules
Bitcoin Up By Largest Weekly Price Gain Since July
Bitcoin (BTC) has crossed into bullish territory with the biggest weekly gain in 2.5 months.
The top cryptocurrency by market value climbed nearly 6.6% in the seven days to Oct. 11, capping its biggest single-week percentage rise since the last week of July.
Last week, bitcoin miners sold more than they generated and ran down inventory by around 1,000 BTC, according to data source Bytetree.com.
The miners’ rolling inventory (MRI) figure, which tracks the changes in how much bitcoin miners are holding, held well above 100% last week; the five- and 12-week MRIs are also above 100%.
Miners liquidate their holdings almost on a daily basis to cover operational costs but will offer more when they feel the market has the strength to absorb the additional coins without harming the price.
Time for Ethereum 2.0
It’s time for the Ethereum 2.0 beacon chain to launch.
Developers have spent the last nine months testing the life out of Ethereum 2.0. The year began with huge, long-running single client testnets: Sapphire, Topaz and Onyx networks run by Prysmatic Labs. In April, there were small multi-client networks: Schlesi, Witti and Altona — all named after subway stations, in keeping with Ethereum testnet tradition.
Progress has not all been smooth. A few days after the start of the Medalla testnet, one of the clients suffered a critical issue that disrupted the chain for a few days. But this is what testnets are for. We kept the chain running and were able to bring it back to full health, with a slew of lessons learned.
THE BEACON CHAIN WILL HAVE REAL REWARDS AND REAL PENALTIES, AND WE SIMPLY CAN’T SIMULATE THESE WITH TESTNETS.
What are your thoughts on the upcoming Ethereum update?
IMF, World Bank, G20 Countries to Create Central Bank Digital Currency Rules
International financial authorities and 20 of the world’s largest economies are establishing official standards for regulating and issuing sovereign digital currencies.
The Group of Twenty (G20) — an organization of finance ministers and central bank governors representing the European Union and 19 countries across every continent — said in a report today that it is working with the International Monetary Fund (IMF), the World Bank and the Bank for International Settlements (BIS) to formalize the use of central bank digital currencies (CBDC) in banking systems.
By the end of 2022, the G20 members, the IMF, the World Bank and the BIS will have completed regulatory stablecoin frameworks and research and selection of CBDC designs, technologies and experiments.
The ECB and the BOJ also stated this month that they were looking into issuing CBDCs. An ECB report said that a decision to issue a digital euro would be announced in April next year. BOJ officials have said digital yen experiments are starting in the spring and called for a concerted effort to match China’s digital yuan, the most expansive central bank digital currency being trialed yet.
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