The Latest News in Cryptocurrency Developments: November 4th 2020

The DeFi Boom Cools

In 2020 we have seen the DeFi market bloom. The DeFi market cap went beyond 11 billion this year, causing Ethereum gas prices to surge dramatically. It’s been made apparent that the DeFi movement is cooling, as we witness a decline in the Ethereum blockchain network. Ethereum fees, which spiked to highs of $14.5 on September 2nd, fell to $0.89 this Sunday.

Bitcoin fees hit their highest levels since January 2018, as well as bitcoin’s price. Read more.

Happy Birthday BTC

With the support of JP Morgan, DBS bank, PayPal and large institutional investors such as MicroStrategy, BTC rears its head above the $14k mark, just in time for its whitepaper’s birthday. It’s certainly been a great year for Bitcoin and at only 14 years old it outperforms all traditional assets in the midst of the global pandemic. Read more.

PayPal’s Crypto Waiting List Exceeds Expectations

PayPal’s waiting list for their crypto services is already three times the size than they initially expected. “We’ve only rolled this out to 10% of our base. We did that a couple of days ago. But our waiting list is 2 to 3 times what our expectations were.” Read more.

Hong Kong Addresses Loophole

Hong Kong pushes for a concrete regulation framework for cryptocurrency trading as regulations made in 2019 had a loophole which only captured platforms that were trading assets officially licensed as a security. Causing many cryptocurrencies, which are not classed as securities, to go unregulated.

In plans to capture all crypto trading platforms operating in Hong Kong, you will need to apply for a license that will be issued by the SFC, to operate. Read more.

Australia’s Pro Blockchain Senator

Last Wednesday the Australian Senator quoted “The future is technology by blockchain” at the financial Services 2020 virtual conference. This week the Senator’s public confidence in blockchain’s ability to reduce complications with financial regulatory compliance becomes a reality, as the Reserve Bank of Australia announced that they have partnered with ConsenSys, an Ethereum software company. Read more.

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