The bank started this article by acknowledging the value in blockchain technology and cryptocurrencies:
“Cryptocurrencies represent a significant digital innovation in financial services and we recognise that there is a significant global market for crypto currencies and that many customers find cryptocurrencies interesting. At the same time, we see great potentials in the blockchain technology, which cryptocurrencies build upon.“
Most of the crypto mining happens in China, accounting for more than half of global bitcoin production. But the State Council, China’s cabinet, announced a clampdown on bitcoin mining and trading last month as part of a series of measures to control financial risks. According to the Reuters report, the Sichuan Provincial Development and Reform Commission and the Sichuan Energy Bureau ordered to shut down 26 bitcoin mining projects in the region.
The average transaction fee on the Ethereum blockchain has continued on its downward descent, amid growing demand for decentralized finance (DeFi) products. According to current Glassnode data, the Ethereum mean fee paid based on a 7-day Moving Average just reached a 5-month low of $3.95.
The world’s largest altcoin, Ethereum, is trending in the news today following its most recent development. As per the same, the much-anticipated London hard fork will soon be making its way to Ethereum testnets.
According to a blog post released by the Ethereum Foundation, Ethereum core developer Tim Beiko has announced the set block heights for three testnets – a key penultimate step toward a full mainnet launch. London will go live on the Ropsten testnet around 24 June, followed by Goerli on 30 June, and Rinkeby on 7 July.
It's 2021. Super Bowl champion Tom Brady is starting an NFT company, Christie's is explaining CryptoPunks to everyone, Saturday Night Live is creating jams about NFTs, Beeple and Mark Cuban are advocating NFTs’ use case — yet, here I am, the CEO of a company that helps users securely store their nonfungible tokens and I still think the actual value of NFTs is to be decided.
Popular cryptocurrency trader and influencer Tyler Swope is tracking the launch of new coins on the US-based crypto exchange Coinbase.
Swope is praising Coinbase for recently listing privacy layer Keep Network (KEEP), after the top crypto exchange abruptly added support for four crypto assets.
Instead of completely banning it outright, the finance minister of the Netherlands has called for regulation of digital currency, which he thinks is a more effective way of tackling the growth in digital currency adoption in the country. Finance minister Wopke Hoekstra said the Netherlands should not prohibit citizens from using crypto entirely despite the risks but should instead take a supervisory approach, both at a national and European level.
Ripple price analysis is bullish for today as bears are likely exhausted and could not push the market any lower overnight. Therefore, we can assume that XRP/USD will retrace today and establish a lower high.