This Week in Pieces: Markets Slide for Fifth Straight Week, Argentina's Largest Private Bank Offers Bitcoin

This Week in Pieces: Markets Slide for Fifth Straight Week, Argentina’s Largest Private Bank Offers Bitcoin

This week in parts. Illustration by Mitchell Preffer for Decrypt.

For the fifth consecutive weekmajor cryptocurrencies such as Bitcoin and Ethereum have fallen, even as signs of wide-scale adoption continue to emerge: US customers of Gucci will be able to pay with bitcoin in select stores later this summer.

Still, prices are a good indicator of where the blockchain industry is headed, and at the time of this writing Bitcoin was down 6% to $35,981 and Ethereum was down 4% to 2 $678 in the last seven days.

Ethereum has always had the technological advantage over Bitcoin because it is compatible with smart contracts, which means that developers can create decentralized applications (dApps) and groups of people can form DAOs (decentralized autonomous organizations that mimic functionalities of real organizations) with rules applied by automated programs. contracts.

Some of the biggest losers this week were among the so-called “Ethereum Killersaka smart contract enabled layer 1 blockchains. Polkadot fell 10% to $14, Avalanche fell 6% to $57, Terra’s LUNA crashed 10% to $73 and Solana had sunk 11% to $82 at the time of this writing. .

A cryptocurrency has flourished this week. TRON’s native TRX token has surged 35% in the past seven days to trade at $0.084. It’s unclear what’s driving this surge, but investors may pile into TRX in anticipation of TRON’s Next Algorithmic Stablecoin.

TRON’s stablecoin will be pegged to the dollar using a mechanism similar to Terra’s algorithmic stablecoins. For every TerraUSD minted, a dollar of LUNA is burned. TRON has announced that it wants to raise $10 billion in reserve funds to help its new stablecoin maintain its foothold. Curiously, Terra CEO Do Kwon raises $10 billion worth of Bitcoin in reserve for the same reason.

Is Justin Sun copying Do Kwon?

News of the week

On Monday, Japanese video game developer Square Enix announced in a statement that it sells several franchises, including Tomb Raider and Deus Ex, and three of its studios to Embracer Group. The 300 million dollars raised by the sale will finance new projects, potentially blockchain based games.

In Argentina, customers of the country’s largest private bank, Banco Galicia, on Monday tweeted their surprise that the bank has started to offer four cryptocurrencies to clients: Bitcoin, Ethereum, USD Coin and XRP.

The United States Securities and Exchange Commission announced on Tuesday that it was changing the name of its “Cyber ​​Unit” to “Cryptographic assets and cybernetic unity,adding that the agency would hire 20 staff to help monitor the crypto sector.

The Hawaii State Senate that day approved invoice SB2695co-signed by Sens. Donovan DelaCruz and Rosalyn “Roz” Baker, to establish a working group on blockchain and cryptocurrency. The measure, “A Bill for a Cryptocurrency Law,” aims to see how the state can regulate, oversee, and potentially utilize blockchain technology and cryptocurrency.

California Governor Gavin Newsom on Wednesday signed an executive order directing several state agencies to review cryptocurrencies and recommend ways to integrate them into California’s current system.

To like Executive Order of President Joe Biden, Newsom’s does not introduce legislation or offer guidance to state agencies. Instead, it directs the Governor’s Office of Business and Economic Development to coordinate with the Business, Consumer Services and Housing Agency and the Department of Financial Protection and Innovation, to create a “harmonized regulatory approach to crypto assets between state and federal authorities”. .”

In Central Asia that day, Uzbekistan not only legalize solar powered crypto miningthis has actually prompted miners to install their own solar panel systems as they will now be exempt from income tax. Those who still depend on the national electricity grid will have to pay double the regular rates, plus surcharges during peak hours.

Also on Wednesday, news broke that France’s market regulator, AMF (similar to the SEC), had registered Binance France as DASP, or “digital asset service provider”. National banking regulator ACPR has approved the registration. France is the first major EU country to allow Binance to operate within its jurisdiction. Binance is the first major exchange to be listed as a DASP in the country.

On Friday, Amit Zavery, vice president of Google Cloud, told employees in an email seen by CNBC that Google’s cloud platform formed a team to increase Google’s support for “Web3 and crypto-related technologies.”

Finally, on Saturday, Sony announced a partnership with the Theta blockchain-based video streaming platform. The collaboration will bring two types of 3D NFTs to Sony’s Spatial Reality Display (SRD) unit. The SRD tracks users’ movements and adjusts the display to provide users with a 3D TV experience without the need for 3D glasses.

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