I’m going to try and post a brief ‘roundup/digest’ of key events each Thursday night. This post will hopefully be the first of many. Why ‘Tiptoe’? Because to most outside the world of cryptocurrency, it’s still somewhat controversial.
- El Salvador became the first country in the world to adopt bitcoin as legal tender on Tuesday 7th September 2021. The launch didn’t go quite as smoothly as planned and BTC briefly dipped to $43K before bouncing back almost 5%.
- Meanwhile, the Ukrainian Parliament has approved a bill that gives Bitcoin and other cryptocurrencies legal standing. Although this plan had been under consideration for over a year, the 276-6 vote now means only President Zelensky’s signature is required to rafity the new law.
- Whereas El Salvador has officially made BTC a currency on par with the US dollar, Ukraine’s move is the first step to crypto adoption, taking them on the path to acknowledge its legal status.
- Bitcoin slowly managed to rise back above $46,000 on Thursday, but is down about 4% over the past week. Some technical indicators now suggest bitcoin is oversold. El Salvador aside, this should be no great surprise after seven consecutive weeks of positive upward momentum.
- On Thursday 8th September, Paris Saint-Germain announced a multiyear sponsorship deal with Crypto.com which will see the platform become PSG's "Official Cryptocurrency Platform Partner."
- Also on Thursday, Mastercard has agreed to buy CipherTrace, a firm that scans blockchains for illicit transactions. This will give Mastercard the ability to track over 900 cryptocurrencies.
- The SEC has once again delayed ruling on VanEck’s bid for a bitcoin exchange-traded fund (ETF). On Wednesday the US regulator gave itself until 14 November to approve or reject “VanEck Bitcoin Trust” - a judgment that has already been delayed three times.
- Binance.US announced on Thursday that it has hired Brian Shroder as President of Binance.us and has also made him a board member. Brian Shroder was formerly a strategist and business development executive at Ant Group, which is an affiliate of Alibaba.
- SOLANA broke $200 this past week after an incredible and apparently unstoppable rise as ETH gas fee fatigue sent buyers looking for alternative options. Described by some analysts as a ‘Bitcoin rival’ SOL has just surged to a new all-time high that has taken its market value above $50 billion.
- Last but not least, r/CryptoCurrency favorite ALGORAND gave us hodlers a LOT to smile about this week with an incredible climb of SOL proportion. It’s currently sitting at $2.43 – a 109% rise in the past week.
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