Daily Crypto Update
07/20/2021
Even if it is Tuesday for many of us it feels like the weekend is far behind. Even though let’s take a look at the latest crypto news.
Market by numbers:
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☕ARK Invest buys another $54M Square stocks
Cathie Wood decided to expand its portfolio and added another batch of stocks of Square. The investment is worth $53.7M. The purchase was made through two of the firm’s actively managed exchange-traded funds — ARK Innovation ETF (ARKK) and the ARK Next Generation Internet ETF (ARKW). The funds bought 179,664 and 46,273 of Square’s stock, respectively.
Square is a payments provider and allows users to buy, sell and hold crypto.
ARK’s move comes just a few days after Square CEO Jack Dorsey announced that the company is working on DeFi projects on Bitcoin. Currently, most of the DeFi projects use Ethereum blockchains so Dorsey’s announcement sounds quite interesting. In addition, Square confirmed that it will start working on an open-source hardware crypto wallet.
Even with this big purchase Square was not the latest company chosen by ARK Invest. Last Friday Wood’s business added 214,718 shares of Coinbase. Now the company has more than 4M Coinbase stocks.
☕Janet Yellen: the US regulators must “act quickly” on stablecoins
On Monday the Treasury secretary Yellen handled a meeting with other high-profile US politicians. Among them were Yellen, Jerome Powell (FED), Gary Gensler (SEC), and others. The main topic of the meeting were stablecoins. The group decided that they should act very quickly and regulate the field.
The top three US dollar-pegged stablecoins — Tether, USDC, Binance USD — they have a market cap of over $100B. We can definitely state that the growing popularity faced regulations concerns.
☕Bitcoin Senator wants the US athletes to not use China’s digital yuan at Beijing Winter games
In an open letter, the US senator Lummis asked the U.S. Olympic and Paralympic Committee to “forbid American athletes from receiving or using digital yuan during the Beijing Olympics”. According to the report “the digital yuan may be used to surveil Chinese citizens and those visiting China on an unprecedented scale.”
The Chinese digital yuan is the first successful central bank digital currency (CBDC) project around the globe. Last week the Central bank of China announced that already 20M wallets use the new currency. Even though many say that the digital yuan helps the authorities to track payments, they could easily ban some of the users from making transactions.
☕Fidelity: “Vast majority” of institutions to own crypto by 2026
A survey from Fidelity Digital Assets found that 70% of institutional investors have an intention to buy or invest in cryptocurrencies shortly. 90% of them plan to do that by the end of 2026. 1100 companies from Asia, Europe, and the USA took part in the survey. According to the data released the investors in Asia are more interested in crypto than those in the US and Europe.
