Daily Digest 8/31
Insight on the biggest news and charts that provide context for whats going on in the market today.
Last week the president of El Salvador said for people who are opposed to the change said “What if someone doesn’t want to use Bitcoin? Don’t download the Chivo app and continue living your normal life. Nobody is going to take your dollars. Someone can always queue up at Western Union and pay a commission.”
The protestors cited the extreme volatility of BTC as a main reason they do not support the official decision by the government.
Protestors could be seen holding signs that read “ We don’t want Bitcoin” and “No corrupt money laundering.”
Most of the Salvadorians protesting included retirees, veterans, disability pensioners, and workers.
Retirees in El Salvador protest against Bitcoin adoption
PayPal is looking to expand on its services for customers yet again. Recently launching the ability for people to be able to buy crypto in the US and the UK they are also looking to add stock trading to their platform.
This move by PayPal is likely to keep up with Squares CashApp and Robinhood who just went public.
According to CNBC, PayPal’s potential approval as a brokerage firm by the Financial Industry Regulatory Authority could take more than eight months.
After the announcement of this anonymous source from CNBC PayPals stock price increased by 3.6%
PayPal reportedly looks to take on Robinhood with stock trading
Three Arrows capital has launched an NFT fund called the Starry Night fund with the help of NFT collector Vincent Van Dough.
3AC has already dove into crypto by investing in ETH, AVAX, SNX, and BAL.
The Starry night fund is hoping to launch a physical gallery in a major city as well as an NFT education portal.
The amount of daily active addresses on ETH has been dropping recently and that could have something to do with the increase in gas fees recently. The boom in NFT prices and the fact that it costs so much to mint a new one is causing massive congestion yet again. Back in March we saw a correlation between the increase an price and active addresses; however, more recently we can see price still going up even on a dip in active users. It is possible that it is because of NFTs and regular market purchases are starting to back up the network again even after the recent upgrade.
Development activity is also down and it is most likely for the same reasons. The gas fees are too high to do anything for most regular users / developers. This can also be a reason that we have seen a spike in the ETH killers.