Daily Digest 8/23
Insight on the biggest news and charts that provide context for whats going on in the market today.
PayPal has launched its crypto service to its UK customers. This is the first expansion of their crypto platform outside of the US and they will be offering the same 4 coins as they are to US customers and will also not be able to transfer their coins to other wallets. PayPal launches crypto services in UK
Back in May Iran had banned bitcoin mining back in May of this year and has decided to allow miners to open back up at the end of September. The Iranian government had originally decided to ban mining in the country because they did not want to overburden the power grids during the hot summer months. Iran, over the past couple years, has tried cracking down on illegal mining operations by having these corporations acquire licenses and had seized 7,000 rigs from illegal miners in June. Since 2020 Iran has issued about 1,000 licenses for crypto mining operations. Iran to lift Bitcoin mining ban in September
Visa wants to bring secure commerce to the NFT purchase / payments as that is their expertise. NFTs have done $1B in trade volume in August. “We think NFTs will play an important role in the future of retail, social media, entertainment, and commerce. To help our clients and partners participate, we need a firsthand understanding of the infrastructure requirements for a global brand to purchase, store, and leverage an NFT. Having worked with Anchorage Digital to complete this process, we’re better positioned to help our partners navigate the process.” - Cuy Sheffield on why Visa acquired an NFT. NFTs mark a new chapter for digital commerce
When China made the announcement in May prices across the crypto market dropped 30% in the following week. This could be because of how much more adopted crypto is in China. The US has not adopted crypto and blockchain in the same capacity as other countries have so the news of new tax provisions in a country that does not account for a large amount of the crypto space did not have the same effect as when a big player like China cracks down. The other possibility is that when China banned mining it was official but with the US it is just where they are starting so nothing is set in stone yet. Crypto Long & Short: When China Spoke, Bitcoin Reacted. America? Not So Much
