Daily Digest 9/24

Insight on the biggest news and charts that provide context for whats going on in the market today.

One of the biggest trends in crypto recently has been giving to charities wether it is through an NFT project, staking pools donating portions of rewards, or just regular people who got rich and want to give back in some way.
The Giving Block will be partnering now with RenPSG to allow donors to move cryptocurrencies into “donor-advised funds” supporting nonprofits with 45 different currencies BTC, ETH, and Doge.
RenPSG has supported $16.6 billion in donor- advised funds in 2020 for financial firms and nonprofits.
Both platforms are big players in the charity space and being able to add crypto as another form of donation will only increase the total dollar amount of donations going forward.

Jack Dorsey has been a known voice of the BTC community for a number of years now and has said that Bitcoin is the native currency of the internet.
Now users will be able to receive tips in the form of BTC for the content they are putting on their twitter feeds.
The two ways you will be able to facilitate these tips is through Cash app, which is owned by Jack Dorseys the company Square, or through Strike which will utilize the lightning network.
Twitter is also planning on releasing NFTs but did not give much on what they will be doing in that regard. It is possible that they will make badges like the verified “checkmark” to authenticate that they are actually verified for example.

The Peoples Bank of China announced today that virtual currency transactions are illegal including derivative transactions and overseas virtual currency exchanges.
The price of BTC went down $2k once that news had been announced pushing the price down 4% so far for the day.
According to Chinese journalist Colin Wu, the latest central bank statement is quite detailed and mentions tether (USDT) as illegal for the first time.
New York Times also reported that stablecoins may pose a systemic risk.

This year we have heard a lot about the supply shock that we are currently in the middle of.
The more crypto coming off of exchanges means we could see a rise in the prices as well as maybe the fall of some exchanges because they will no longer have the liquidity to stay afloat if investors keep pulling to cold storage.

XRP has seen a nice growth of daily active users possibly off the news of recently being listed on a Japanese exchange.
The 30D MVRV; however, is signaling that XRP is currently oversold. This is a sign of strong growth in the short term for the Ripple network.

Where and When Did the Ban Announcement Originate From?