Congrats cryptonauts!
We finally got on a hypertrain that is going to rocketlaunch off the track to the other planet – that’s the feeling of the crypto space now. The sentiments are becoming more bullish but we shall provide a flipside to each of them.
Behold:
- Coinbase and CoinMarketCap expand their influence in crypto
- Ethereum address activity surpassed Bitcoins for the first time
- “Doctor Bitcoin” plead guilty
- Government updates: Germany’s uber-friendly crypto law comes into effect, France wants faster crypto regulation
- The most expensive land on Decentraland becomes shopping district
Coinbase and CoinMarketCap Expand Their Influence in Crypto
Crypto old-timers and brands associated with the very specific activities in the cryptocurrency space are stretching their horizons.
- Coinbase, the biggest US crypto exchange, expands into decentralized applications. The platform announced plans to open a crypto app store to give its users access to dozens of billions of dollars of economic activity from the main Coinbase product.
- CoinMarketCap, the Binance-owned crypto data provider, is launching a new token swap feature right on its platform. Uniswap will be the first supported decentralized exchange for ERC-20 token swaps on CMC.
Flipsider:
- The historical changes are happening. Even the crypto establishment is after the trends (or maybe after these dozens of billions of dollars Coinbase mentioned). Nobody wants to be left behind.
Ethereum Address Activity Surpassed Bitcoins for the First Time
Daily active addresses on Ethereum surpassed the ones of Bitcoin for the first time in history, report crypto analytics from Santiment. Within the past 24 hours, the number of active ETH addresses surpassed 55.4k, this is 22% more compared to 43k of BTC addresses.
The spiked interest in Ethereum could be mostly associated with its recent upgrades and the increased popularity in decentralized finance (DeFi) and non-fungible tokens (NFTs).
Flipsider:
- The world’s second-biggest crypto is currently floating around the $2k mark. The network fees are at their lowest levels this year. Supply has moved back to exchanges. The general market sentiment is more negative than neutral.
“Doctor Bitcoin” Plead Guilty
Mark Hopkins, a local serial entrepreneur, blockchain expert and journalist, who calls himself “Doctor Bitcoin”, was admitted guilty for illegal cash-to-crypto conversion business. According to the US Department of Justice, he “frequently sent BTC to customers’ crypto wallets without taking additional steps in verifying the source of the cash”.
The Doctor Bitcoin, 42, ran a business that converted up to $1.5 million to Bitcoin for a fee. The defendant might spend up to five years in federal prison.
Flipsider:
- We do not justify illegal activities, but how does this differ from the working model of peer-to-peer crypto exchanges that do not require any identity verification?
Governmental Updates: Germany’s Uber-Friendly Crypto Law Comes Into Effect, France Hurries up Crypto Regulation
- Germany’s new Fund Location Act that allows domestic special funds to invest in digital assets comes into force tomorrow, July 1st of 2021. The legislation permits funds to invest up to 20% of their portfolios into digital currencies. Industry experts prognose the massive investments flowing into the crypto market.
- The Bank of France meanwhile warns about the need to hurry up with cryptocurrency regulations in Europe. The bank’s governor Francois Villeroy de Galhau states that European Union has up to 2 years to implement crypto regulation before they affect the euro currency.
Flipsider:
- Classical situation. No matter that both countries are neighbors and sit in the same boat of the EU, they run completely different lives behind closed doors. Let us hope it does not escalate into a bigger neighborly conflict.
The Most Expensive Land on Decentraland Becomes a Shopping District
New York’s digital real estate company Republic Realm will turn its proprietary or the most expensive purchase on virtual world Decentraland into a virtual shopping district. The real estate firm paid the record $913k price for a 16-acre piece of virtual land earlier this month.
The company is another big-capital investor after Boson blockchain protocol, which spent $704k for the digital land of Decentraland. The metaverse landowner also plans to use it for a virtual shopping mall where users could buy digital assets and exchange them into real-life products.
Flipsider:
- What took you so long, metaverse shopping mall owners? Retailers hope you’ll manage to open until coronavirus reaches the omega variant or even exceeds the Greek alphabet options.
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