Read in the Digest
- U.S Passes NDA With Crypto Provision, BoE Considers Tough Crypto Rules
- Twitter (NYSE:TWTR) & Strike Launch Free, Global Bitcoin Payment Feature
- Institutional Investors Are Shifting from Bitcoin to Ethereum 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. This means that there could be a crypto law coming very soon.
Under the act, Eliminate Barriers to Innovation, the house seeks to clarify how cryptocurrencies are regulated for international competitiveness. However, before it can be passed into law, all of Congress will have to vote on the final bill.
The trend of regulation continues in Europe, with the Bank of England considering enacting tougher rules for the crypto industry.
Sam Woods, the deputy governor of the BoE, has said he will front-run global regulation of cryptos with a “conservative” approach. The rules Woods is considering will limit the exposure of British banks to cryptocurrencies.
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.
On Thursday, September 24, Twitter added Bitcoin tipping for iOS users. The tipping feature will rely entirely on such third-party payments services as Cash App and Strike. As a result, Twitter users now have access to free, instant payments globally.
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 works in all the states in the U.S. except New York and Hawaii and the country of El Salvador. Users can also add their Bitcoin addresses to their profile, which people can then copy and paste into their crypto wallet of choice to send tips.
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:JPM) analysts believe times are beginning to change.
According to a report, since August, institutional investors have been migrating from Bitcoin and pitching their tents in the second-largest crypto, Etherum. The analysts stated that there is currently a weak demand for Bitcoin.
The report pointed to the Chicago Mercantile Exchange (CME), showing the Bitcoin Futures traded below the price of Bitcoin this month. This contrasts the norm when futures trade at a higher price than BTC because of high Bitcoin demand.
Data from CME shows the 21-day average ETH futures premium rising to 1% over Ether prices on 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.
The NFT collection of 4,676 NFTs of over 40 artists, called TIMEPiece, took place on Thursday, September 23, at noon E.T. Each NFT piece was priced at 0.1 ETH, or around $290.8.
While the collection of 4,676 NFTs sold out in one minute, gas prices spiked to as much as 15,000 gwei for a rapid transaction. This is the highest number of gas fees recorded in history.
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 are being used to foster community, loyalty and rewards.
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