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Crypto Flipsider News – September 24th – U.S. Passes NDA With Crypto Provision, TIME Magazine Breaks Gas Fees, BoE Considers Tough Crypto Rules, Investors Move from BTC to ETH Futures


Crypto Flipsider News – September 24th – U.S. Passes NDA With Crypto Provision, TIME Magazine Breaks Gas Fees, BoE Considers Tough Crypto Rules, Investors Move from BTC to ETH Futures

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  • U.S Passes NDA With Crypto Provision, BoE Considers Tough Crypto Rules
  • Twitter (NYSE:) & Strike Launch Free, Global Payment Feature
  • Institutional Investors Are Shifting from Bitcoin to Futures
  • TIME Magazine’s TIMEPiece Sends Gas Fees Spiraling

U.S Passes NDA With Crypto Provision, BoE Considers Tough Crypto Rules

The House of Representatives of the United States has passed a National Defense Act, including a crypto provision. It is possible that a cryptocurrency law will soon be passed.

Act, Eliminate barriers to Innovation (the bill) seeks to define how cryptocurrencies will be regulated in order to increase international competitiveness. Before the bill can be made law, however, Congress must vote on it.

Europe continues to regulate itself. The Bank of England is considering tougher rules regarding the cryptocurrency industry.

Sam Woods, the deputy governor of the BoE, has said he will front-run global regulation of cryptos with a “conservative” approach. Woods’ rules will reduce the risk of British banks being exposed to cryptocurrency.

Flipsider:

  • Since the NDA, experts have mentioned that the U.S. house rushed into creating rules for the crypto industry

Why You Should Care

The intensifying regulatory involvement in the crypto industry means that it won’t be long before there is a unified framework for regulating cryptocurrencies.

Twitter & Strike Launch Free, Global Bitcoin Payment Feature

In a fascinating move, Twitter has launched its new “Tipping” feature by integrating the API of Strike, a payments company led by entrepreneur Jack Mallers.

Twitter launched Bitcoin tipping on Thursday, September 24. Tipping will only be possible using third-party services such as Strike or Cash App. Twitter users will now be able to access instant, free payments anywhere in the world.

The scalable API plugin of Strike runs on Bitcoin’s Lightning Network – a layer two solution on that blockchain, enabling instant funds transfers anywhere in the world.

Strike is available in every state in the U.S., except New York, Hawaii, and El Salvador. To send tips, users can include their Bitcoin addresses in their profiles. They can copy the address and then paste it into any crypto wallet they choose.

Flipsider:

  • The price of Bitcoin continues to falter in the market, losing more than 10% in the last 7 days

Why You Should Care

Twitter is one of the biggest social media platforms, and the move from Twitter and Strike could be a boon for Bitcoin’s Lightning Network.

Institutional Investors Are Shifting from Bitcoin to Ethereum Futures

While Bitcoin dominates the market and has been at the forefront of institutional investment, JPMorgan (NYSE:) analysts believe times are beginning to change.

An August report revealed that institutional investors started migrating away from Bitcoin to set up shop in Etherum, the second most popular crypto. According to the analysts, there is currently very little demand for Bitcoin.

The report pointed to the Chicago Mercantile Exchange (CME), showing the traded below the price of Bitcoin this month. Due to high Bitcoin demand, this contrasts with the normal when futures trade at an even higher price than BTC.

CME data indicates that the average 21 day ETH futures premium has risen to 1% compared with Ether prices in the spot markets. According to JP Morgan analysts, “this points to much healthier demand for Ethereum vs Bitcoin by institutional investors.”

Flipsider:

  • Although institutional investors have been eyeing ETH, it has been struggling in the market and is currently down by 12.5% over the five days

The five days price chart of Ethereum (ETH). Source: TradingView

Why You Should Care

California-based Cambrian Asset Management has launched two new trust funds based on Bitcoin and Ethereum, signalling the continuous involvement of investors in crypto.

TIME Magazine’s TIMEPiece Sends Gas Fees Spiraling

NFT mania has swept across several industries with much involvement from the news and media industry. On Wednesday, TIME Magazine announced a new collection of non-fungible tokens (NFTs) offering “unlimited access” to its website through 2023 – when TIME celebrates its 100th Anniversary.

On Thursday, September 23rd, at 12 noon E.T., the NFT collection, which included 4,676 NFTs from more than 40 artists was announced as TIMEPiece. Every NFT piece sold for 0.1 ETH (or around $290.8).

Although the 4,676 NFTs collection sold out quickly, gas prices rose to nearly 15,000 gwei in order to make it possible for fast transactions. This transaction saw the largest ever recorded gas fee.

Flipsider:

  • At the end of the sale (4,676 NFTs), there were roughly 700 holders of NFTs, with researchers claiming that bots were used

Why You Should Care

The NFT boom has continued to engulf many industries with multiple use cases. The TIMEPieces can be used to build community, loyalty, and reward.

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Mike Robinson
Mike covers the financial, utilities and biotechnology sectors for Street Register. He has been writing about investment and personal finance topics for almost 12 years. Mike has an MBA in Finance from Wake Forest University.