This Week in Crypto: Cardano, $600m Hack, ETFs & More!!
⚖Infrastructure Bill In Final Stages⚖
Early last week, US senators approved the controversial infrastructure bill without clarifying the language around crypto tax reporting. Thankfully an unnamed official at the US department of the Treasury later confirmed that the broker definition does not include miners, validators, or developers
📅Cardano Smart Contracts Date📅
The official date for Cardano’s smart contract hard fork and launch is Monday September 12th. The funny thing is that September 12th is not a Monday, but a Sunday. Monday is September 13th, and it’s not entirely clear which of the two dates it will be
📰 Altcoin Development Updates 📰
Solana launched the main net of their Wormhole cross-chain bridge last week. Wormhole supports both fungible and non-fungible tokens minted on Ethereum, the Binance Smart Chain, and even Terra. Secret Network is building a bridge with Monero, and Polygon acquired zk rollup project Hermez Network
👨💻Poly Network Hack👨💻
Over 600 million dollars were stolen by an anonymous hacker, mostly from Ethereum and the Binance Smart Chain. The funds have since been returned, likely because the hacker knew there was no way they could cash out
🕵️♂️When Bitcoin ETF?🕵️♂️
Nearly half a dozen firms have filed for futures backed Bitcoin ETFs. As I mentioned in my video about cryptocurrency ETFs, the SEC has 45 days to respond to these applications. Though it’s not clear whether this means regular days or business days, this timeline puts us somewhere in mid to late September
🏦Institutions Crave Crypto🏦
US banks have been investing heavily into crypto custody since US regulators announced that federally chartered banks could custody crypto in June last year. This might be why there have been delays for crypto backed ETFs; because the banks want to custody the crypto backing them
☀Weekly Crypto Market Forecast☀
BTC hit a super important price point last week, and that’s the 200-day moving average. Crossing that ceiling from below is often considered to be a sign that there are more green days to come. This week’s winners are IoTex, XinFin Network, XRP, Revain, and Ravencoin
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📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
