This Week in Crypto | December 2nd 2020
This week in crypto has been a wild one. 2017 highs were “kind of” broken depending on which exchange you look at making 99.9% of all bitcoins buyers in its entire history in profit!
This ATH level was short-lived as the selling orders kicked in around the world. The good news though is that this level has already been tested twice this week and looks to continue for the next few weeks. Volatility is high but then also is interest in bitcoin and crypto bringing back the retail and institutional interest from 2018 and before.
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Facebook Libra is back with a new name.
Libra rebrands to Diem as it attempts to gain independence from Facebook to gain regulatory permission. The concept behind facebook’s foray into crypto is simple, use Facebook for payments using blockchain tech. The first attempt at this concept using the Libra name and a basket of many fiat currencies together didn’t go down well with regulators of many nations. This second attempt at a rebrand will focus only on a single US Dollar denomination “mostly backed by fiat”. Read more.
ETH2 Proof-of-Stake coming to Life
The first stage of the long-awaited launch of the ETH2 chain has launched. This week’s launch known as “phase 0” will see the increasing amount of staked ETH on validator nodes to secure the network and add needed liquidity for the PoS algorithms to run effectively. Many platforms and exchanges are already enabling ETH2 staking nodes as part of their offering for passive income. As of writing more than 880,000 ETH is locked in the depositing contract to secure the launch. Read More.
PayPal users are Bullish on Bitcoin
Almost 20% of all PayPal users enabled for bitcoin purchases have tried the product. Paypal has some 300million+ registered users on their platform. A 20% adoption rate is huge news for the crypto space even if the Paypal solution is currently a closed-looped system. With this great attention, PayPal has been on a buying spree scooping up nearly 80% of new Bitcoin mined over the past month to satisfy this demand. Read More.
Alt-coin partnerships signalling a new Alt-season?
VeChain was one of the big names during the 2017 Alt-coin bull run and they’re still making headlines. Vechain is rumoured to have secured a deal with US firm to power their blockchain supply-chain ecosystem. This market in the U.S. is worth more than $102B a year and with a major player getting on board with blockchain, the rest could soon follow. Read More.