How the world fights for crypto
The good and the bad once again in a war
At this moment crypto currencies are not performing well.
News influences on a daily basis the behaviour of speculants and investors.
Let’s take a look to the news gathering of last week (mids December 2021)
What’s happening in Germany, Thailand and China?
Investors and news media that focus every day on the price fluctuations of crypto currency Bitcoin sometimes lose sight of how quickly the digital currency is being used worldwide. Central American El Salvador, which has been using Bitcoin as an official means of payment since June, issues a $1 billion Bitcoin bond and even plans a veritable “Bitcoin city”, is far from the only country possessed by the cryptocurrency.
In 2019, one in five nodes of the Bitcoin system were already maintained in Germany. Such a node, or node, is a computer that keeps a copy of the entire Bitcoin ledger and thus forms a switching point of the blockchain behind the cryptocurrency. Since September, however, it became clear that Germany has even more nodes than even the United States. However, the US is the country that received the most emigrant cryptominers from China and traditionally holds the most nodes. So Germany now owns the largest share of nodes of the Bitcoin network.
The massive adoption of Bitcoin in Germany remains under the radar for now, but has already become an irreversible fact.
Cryptocurrencies are now also fully established within German stock exchange products. There are several ETPs (exchange traded products) on the German exchange that follow the Bitcoin spot market. In late November, investment manager Invesco launched another ETP with Deutsche Börse for spot trading in Bitcoins.
Meanwhile, the US stock market watchdog (SEC) has still not let a similar product pass through to Wall Street. Only an ETF (index tracker) for trading Bitcoin futures (a derivative) was allowed to see the light for the time being.
Buy crypto via the trusted banking app
German banks are also very open to cryptocurrencies. This week alone, three major German banks announced plans to allow customers to purchase Bitcoins.
On Monday, Sparkasse, a local bank manager with 50 million customers, said it is working on a pilot project where savers can purchase and hold crypto through the bank. Commerzbank and Volks Bank, two German banking giants, made a similar announcement on Tuesday.
This means that it will soon be possible to own crypto in almost all of Germany, without downloading obscure apps where you have to go through an intensive Know Your Customer process before being allowed to purchase digital assets. Anyone who wants to use crypto in Germany will soon be able to start using their trusted banking app.
2 How about optimism?
Jerome Powell, the chairman of the US Federal Reserve, said last week that cryptocurrencies do not currently pose a threat to the global financial system. His statements again injected some optimism into investor sentiment. The price of the top five largest crypto coins turned green again.
Thailand’s government is working on a legal framework for cryptocurrencies. The central bank of the Asian country with 69 million inhabitants will release a document in January explaining the rules. (Business AM)
A Chinese company that ordered some mining computers from another local company had never received its order due to the crypto mining ban. The company in question then went to court. But the Chinese court ruled that the contract is invalid, causing the company to lose about $1.9 million. This case sends a clear message to Chinese companies that anyone involved in crypto should not count on sympathy from the state.
5 Robinhood is coming to town
Investment app Robinhood temporarily lets users send each other cryptocurrencies as Christmas gifts. The intention is to introduce new users to the world of crypto, according to Robinhood.
News resources: Business AM, Decrypt and Coin Telegraph
Imagine you are mentioned in the news every day, year in year out while your life depends on all the opinions. Not such a pleasant life I guess, full of waves, from the good to the bad on a speed level.
Psychology, financial impressions and update internet applications, all in one place.
Let’s treat each other to a coffee.