OTC Supply DMCC
Published in

OTC Supply DMCC

OTC’s Weekly Retrospect 01/11–05/11/2021

Every week we take a look back over the week’s biggest Bitcoin and Digital Asset stories making waves in the cryptosphere.

  1. U.S. Regulators Exploring How Banks Could Hold Crypto Assets — FDIC Chairman
  2. Europe’s MiCA Crypto Rules Are Coming Soon. Here’s Why They Matter
  3. JPMorgan Says Bitcoin’s Fair Value Is $35,000
  4. El Salvador to Build 20 ‘Bitcoin Schools’ with Surplus from Bitcoin Trust
  5. CBA to Add Crypto to its Banking App
  6. The $100 Trillion Market, Can Crypto Handle It?
  7. Scammers Use Google Ads To Siphon Off Hundreds Of Thousands Of Dollars From Fake Crypto Wallets
  1. The civil trial of Ira Kleiman vs. Craig Wright kicked off in Miami on Monday to perhaps answer one of Bitcoin’s greatest mysteries: Who is Satoshi Nakamoto and what happened to the estimated 1.1 million BTC in his possession? Wright, an Australian computer scientist and early cryptocurrency pioneer, has been claiming to be the pseudonymous creator of Bitcoin since 2016. This suit posits that Wright did not act alone.
  2. The Markets in Crypto-Assets (MiCA) framework devotes a full 26 of its 168 pages to a subcategory it calls “asset-referenced tokens.” These are a type of stablecoin, or cryptocurrency designed to hold its value, but unlike dollar-pegged stablecoins such as USD coin (USDC) or tether (USDT), asset-referenced tokens are backed by a basket of different fiat currencies, commodities or crypto assets. The most famous example has not been issued, and likely won’t be anytime soon.
  3. U.S. banking titan JPMorgan claims that Bitcoin’s fair value is $35,000, which is 44% lower than its current price tag of $63,300, Bloomberg report. Its estimation is based on comparing the cryptocurrency’s volatility to that of gold. Presently, Bitcoin is four times more volatile than the lustrous metal. JPMorgan says that the high prices are “unattractive” despite noting that there is likely more upside in store.
  4. The government will use the “surplus” from its Bitcoin Trust account that currently contains 1,120 BTC. The government of El Salvador is embarking on its next Bitcoin-related project which involves building schools using profits the nation has made on the asset. Profits or the “surplus” from the state’s Bitcoin Trust account will be channeled into the construction of 20 schools according to President Nayib Bukele.
  5. Commonwealth Bank will allow its customers to hold and use bitcoin and other cryptocurrencies via its 6.5 million-user banking app in a bid to appeal to young customers and keep pace with rivals such as Square and PayPal, which already allow users to trade and spend bitcoin.
  6. What will a 100 trillion dollar digital asset look like? “Most people agree that in the future — it might be 10 or 20 years or it might be sooner — effectively all assets are going to be in a digital format,” said Thomas Olsen, a partner at Bain & Company who advises financial firms on cryptocurrencies and other digital asset matters.
  7. A recent report from security outfit Check Point Research highlights a potent form of attack: using Google Ads to direct users to fake crypto wallets. In its report, CPR said it has seen roughly half a million dollars siphoned off through these methods in just the last few days.

Wishing you a happy and relaxed weekend ahead from all of us here at OTC Supply… Happy Thursday!

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store