Every week, we’ll quickly cover the biggest stories in crypto so that you’ll always be up to speed on the latest headlines. Quickly skim the headlines and if you see something that interests you, read up on it in full detail by clicking the source link.
Story of the Week
Bitcoin makes another all-time high (ATH) on Friday, reaching the apex of $42,004.89 on Bitstamp. After achieving the previous ATH of $34,800 on Monday, the 4th, Bitcoin retraced sharply to the weekly low of $27,734 before Bulls quickly bought up the sell-off on the way to break past the $40k levels on Friday.
Since then, the world’s biggest cryptocurrency by market cap has ranged between the $38k and $41k levels. At the time of writing, $BTC is currently trading at $40,620.02.
Ethereum Crosses $1000 For the First Time Since 2018 – Mon, 1/4
ETH surpassed the $1k price tag on Monday but has since pulled back to the $1,000 levels
“What we’re seeing is the standard moving of the crypto markets from Bitcoin to the Altcoin market led by Ether. This rotation happens usually when Bitcoin has a large rally and investors rotate profits” into other digital coins.”Head of Business Development at Luno exchange, Vijay Ayyar
Read More: Ethereum Shoots Past $1k But High Gas Fees Still a Problem on NewsBTC
Federally Chartered Banks Can Facilitate Stablecoin Payments – Tue, 1/5
The Office of the Comptroller of the Currency (OCC) said in an interpretive letter that National banks and federal savings associations can use public blockchains and stablecoins for settlement. Banks can use public blockchains to validate, store, record and settle payment transactions – as long as they’re compliant with existing laws.
“Likewise, a bank may use stablecoins to facilitate payment transactions for customers on an independent node verification network, including by issuing a stablecoin, and by exchanging that stablecoin for fiat currency.”
“Just as banks may buy and sell ESV as a means of converting the ESV into dollars (and vice versa) to complete customer payment transactions, banks may buy, sell, and issue stablecoin to facilitate payments. For example, one entity (payer) may wish to remit a payment of U.S. dollars to a second entity (payee). Rather than using a centralized payment system, the payer converts the U.S. dollars to stablecoin and transfers the stablecoin to the payee via the INVN. The payee then converts the stablecoin back into U.S. dollars. In one common version of this fact pattern, the payment is a cross-border remittance.”The Office of the Comptroller of the Currency (OCC)
Read More: Federally chartered banks can facilitate stablecoin payments on TheBlock
ShapeShift Is Going Full DeFi to Lose KYC Rules – Wed, 1/6
Shapeshift will gradually phase out its own centralized trading activity (and KYC policy) in favor of a decentralized alternative as it becomes “100% DEX-based for customers,” by routing orders through decentralized finance (DeFi) applications in a bid to get rid of know-your-customer (KYC) regulations.
“ShapeShift’s original model was designed to protect users, providing instant liquidity without requiring them to trust a custodian,” Voorhees said. “We had to be the counterparty – the market maker – to provide that service at scale. The decentralized protocols are now providing superior service, so we’re embracing this evolution and helping our customers easily connect with them.”ShapeShift founder and CEO Erik Voorhees
Read More: ShapeShift Is Going Full DeFi to Lose KYC Rules on CoinDesk
BTC Breaks Through $40k To Notch A Fresh ATH – Thu, 1/7
Bitcoin broke the $40k barrier reaching $40,324.1 on the way to making yet another All-Time High (ATH) on Thursday at around 1 p.m. EST. BTC is currently trading at $39
“Bitcoin is rising in the eye of a perfect storm,” stressing that the current environment of widespread macroeconomic uncertainty could “devalue fiat currencies.”Paolo Ardoino, CTO of Bitfinex
Read More: Bitcoin Breaks Through $40,000 To Notch A Fresh All-Time High on Forbes
BTC Surpasses $42k ATH & Facebook, Top-10 Biggest Assets – Fri, 1/8
Bitcoin just passed Facebook with a market cap of $770.65 billion as it crossed $42,000+ Friday at around 9 AM, EST. Bitcoin is now just $3 billion behind the next valuable asset, Tesla.
Read More: Bitcoin Surpasses Facebook by Market Cap, Enters Top-10 Biggest Assets on U.Today
ETH Price Nears ATH As Google Searches Surge – Sat, 1/9
Ethereum was added to the top-100 market cap assets list when prices closed at a previous record of nearly $1,400, and Google search hit new all-time highs. Ethereum is currently the 70th largest asset by market cap by market cap with a $ 140.2 billion market cap.
Read More: Ethereum Price Nears All-Time High As Google Searches Surge on TheDailyChain
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