POKKET Weekly News: The Week In Crypto (3–9 Aug)

Bitcoin struggled to break through $12,000 this week, now residing comfortably at $11,600 levels. As a result, volatility was steady most of the week. Ethereum also struggled to stay above $400 levels. Trading volume dropped for both BTC and ETH, as market focus shifted once again to altcoins.

Speaking of Ethereum, ETH 2.0 Medella testnet went live this week. This is the final test before the date is set for the launch of ETH 2.0, which some expect to happen in November 2020.

While you’re at it, check out our interest rates including our top 10 earning tokens below.

Here are this week’s highlights

Goldman Sachs Cryptocurrency: Possible Collaboration With JPMorgan and Facebook

Goldman Sachs is considering creating its own cryptocurrency. Having recently appointed a new head of digital assets, the company indicated a possible collaboration with other companies, including JPMorgan and Facebook. JPMorgan has created the JPM coin and Facebook has proposed the Libra cryptocurrency project…

All systems go for launch of China’s DCEP digital currency

During the past week, large-scale testing of DCEP wallets took place at major state-owned commercial banks in Shenzhen with multiple functions and features being put through their paces to prepare the infrastructure for launch. According to reports from Jingji21, a respected finance publication with a good track record of FinTech sources and scoops, the app is available to some clients at ICBC, Bank of China, China Commercial Bank, and Agricultural Bank of China…

New York Regulator Fast-Tracks 10 Cryptocurrencies

The New York State Department of Financial Services has created a Greenlist of pre-approved cryptocurrencies for custody service and listing. Meanwhile, crypto-friendly SEC Commissioner Hester Peirce, also known as Crypto Mom, has been confirmed for another term at the commission…

Japan’s New FSA Chief Stands Firm on Crypto Regulation, Calls for Push on Digital Yen

As Reuter’s reported on Wednesday, Commissioner Ryozo Himino said the regulator was not considering taking “special steps” to promote cryptocurrency trading. Instead, Japan should focus on the viability of a central bank digital currency (CBDC) that the country’s central bank, the Bank of Japan, is currently exploring. In undertaking a CBDC, Japan would need to think “really hard” about whether to issue a digital currency based on the “merits and demerits” in doing so, he said…

Square’s Cash App Bitcoin Revenue Surges 600% in Q2, Profit Up 711%

Cash App generated $875 million of bitcoin revenue and $17 million of bitcoin gross profit during the second quarter of 2020, up 600% and 711% year over year, respectively…

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