Dear Teroxx Community,
This week we saw a digital asset market, which again could not change the trend. The deep consolidation phase is still intact and the positive movements are often acknowledged with smaller sell-offs.
As usual, we are also providing detailed videos for those who want to delve deeper into the subject.
Latest crypto news
Several U.S. authorities want to coordinate on the regulation of stablecoins. U.S. Treasury Secretary Janet Yellen has announced that she wants to meet with the President’s Working Group on Financial Markets (PWG), i.e. a special commission for the design of financial markets, the U.S. banking regulator OCC and the U.S. Deposit Insurance Fund FDIC to coordinate the handling of stablecoins. Yellen said, “Bringing multiple regulators to the table will allow us to weigh the benefits of stablecoins against the risks they pose to consumers, markets, and the financial system. Given the rapid growth of the crypto industry, it’s important that regulators pull together to regulate and develop new guidance.”
Is Bitcoin about to get a whole new level? Jack Dorsey wants to make DeFi possible via Bitcoin. Square CEO Jack Dorsey has announced that the payment service provider will create a new division specializing in bringing Decentralized Financial Services (DeFi) to the Bitcoin blockchain network.
The successful entrepreneur, who is also the head of Twitter, made the announcement on his social network on Friday. According to the statement, the division will “build an open developer platform aimed at the easy development of Decentralized Financial Services.” The focus is to be on Bitcoin. The fact that a well-known payment service provider such as Square is now involved in the development of decentralized financial services could significantly drive the adoption of DeFi.
The fact that the focus is on Bitcoin is also particularly worth mentioning, because the blockchain network of the market-leading cryptocurrency does not have smart contracts, which are actually fundamental for the functionality of DeFi.
With his assessment of Ethereum, Bill Hinman could provide important arguments for why XRP should also not be classified as a security. Blockchain payment service provider Ripple has scored another small point victory in its ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
Thus, District Judge Sarah Netburn rejected the objection of the Securities and Exchange Commission, which was intended to prevent the testimony of its former head of department for group law.
The SEC wanted to prevent William Hinman’s testimony because he had said in June 2018 that, in his understanding, Ethereum’s blockchain network “does not offer or sell Ether as securities.”
Technical term of the week
A smart contract is based on computer protocols. This is therefore a type of digital contract based on blockchain technology. The terms of the agreement between “buyer” and “seller” are written directly in lines of code.
Bullish outlook: If the market breaks through initial resistance on positive news, a bounce towards ~$36,000 could be on the cards.
Bearish outlook: A loss of the current trend channel would lead to further selling pressure. $30,000 serves as an important zone psychologically.