In “This was the NEWS” we take a look at the most important news of last week. What has happened in the crypto space over the last 7 days? News items that you may have missed and you really need to read. You will find it here!
- CFTC: Bitcoin Long Positions by Institutional Investors Increased by 88%
Throughout the month of April, the CFTC has seen an 88% increase of long Bitcoin futures contracts. In addition, the number of short contracts dropped from 241 to 89 contracts. This represents a complete trend reversal to what markets have seen since 2018.
Read more about Bitcoin futures contracts trend reversal here: https://www.altcoinbuzz.io/crypto-news/finance-and-funding/cftc-bitcoin-long-positions-by-institutional-investors-increased-by-88/
- Circle CEO Believes that Crypto and Blockchain Will Change Society’s Fundamentals
Jeremy Allaire reiterated his belief that crypto and blockchain technology will change societies fundamentals. During a panel called ‘Money and Payments in the Digital Age,’ he discussed the concept of society no longer having to rely on corruptible intermediaries, instead, there are “more private, resilient, secure, and self-sovereign forms of financial transactions.”
Read more about Jeremy Allaire’s crypto enthusiasm here: https://www.altcoinbuzz.io/crypto-news/spotlight/circle-ceo-believes-that-crypto-and-blockchain-will-change-societys-fundamentals/
- The Token Taxonomy Act Gets Reintroduced Into Congress
The Token Taxonomy Act has been reintroduced by Warren Davidson and Darren Soto. This new bill is much like the last bill except this new bill includes a clear definition of digital tokens and provisions that strengthen consumer protection.
Read more about the Token Taxonomy Act here: https://www.altcoinbuzz.io/crypto-news/regulations/the-token-taxonomy-act-gets-reintroduced-into-congress/
- Coinbase Announces a Debit Card for Customers in the UK and EU
Coinbase has partnered with VISA to release a debit card for customers in the UK and the EU. This technically allows crypto to be accepted everywhere VISA is, within the UK and EU. By using the Coinbase Card app, users will be able to choose which cryptocurrency to fund their transaction.
Read more about the Coinbase and VISA debit card here: https://www.altcoinbuzz.io/crypto-news/product-release/coinbase-announces-a-debit-card-for-customers-in-the-uk-and-eu/
- Blockchain Tech Startup Partners With VMware
Blockchain startup, Digital Asset (DA), has partnered with one of the top cloud computing companies, VMware. This is a big partnership for the crypto space as VMware is a very large company.
Read more about the partnership between Digital Asset and VMware here: https://www.altcoinbuzz.io/crypto-news/partnerships/blockchain-tech-startup-partners-with-vmware/
“This was the NEWS” summary!
With the reintroduction of the Token Taxonomy Act, there is a push in Washington for clarification on the current crypto space. These Representatives have recognized that the US has the ability to make a name for itself if they can properly regulate the space. Much of the rest of the world looks to the US for regulatory guidance, cryptocurrencies shouldn’t change that.
There is clearly a large segment of the space expecting BTC to start to rise as institutional investors have increased their long positions by 88% and have dropped their short positions from 241 short contracts to 89 short contracts. When one side gets too big, things seem to go the opposite way, but as long as the $5,000 support holds then we should be ok for now.
The best news I think has to do with Coinbase’s VISA debit card. The importance of this is that it allows users to actually spend their crypto. Unfortunately, the end user won’t receive the crypto, however since this is a VISA card, it will be accepted everywhere VISA is. This is a big step forward towards people actually using cryptocurrencies. Hopefully, at some point, the end user will be receiving the crypto instead of fiat.