The US Stock market took a nosedive when the markets closed on Friday as the US went for a long labor day weekend.
Bitcoin mirrored the plunge by losing 17% of its value to land on low $10,000.
While Bitcoin maximalists (and some technical analysts) say this is the last chance to get Bitcoin under $10,000, many others have sound alarm pointing bearish winds ahead.
Who will prove right?
Well, we will leave that to the time to decide while we dive into the exciting developments in the crypto and blockchain space.
Token Launch Platform coming to Coinbase
Future may be one of launching tokens, instead of stocks, on crypto exchanges. ICOs, IEOs and STOs, all have occupied the crypto space but they all lack the brand power that could lure the big brands to take the bite. Coinbase, one of the most popular crypto exchanges in the US, may soon launch Token Launch Platform. Brian Armstrong, CEO of Coinbase, confirmed: “We’re working on a product, we’ll probably call it Coinbase Launch or something like that,” said Armstrong, “but it’s a way for anybody who wants to do a crypto startup to come in and say, ‘All right, I want to issue a token. Maybe I want to raise money. Maybe I just want to use it to build my community.’”
Congress asks IRS for sensible tax policy for Proof of Stake
“It is important that tax policy does not indirectly dissuade U.S taxpayers from participating in this promising new technology,” read the letter sent by Congress to the IRS. While Bitcoin remains a Proof-of-Work protocol, more and more projects are turning to Proof of Stake protocol in which users can lock their tokens to earn tokens, like dividends for holding stocks. This process of holding the tokens in a method specified by the token ecosystem is called staking. Many industry experts expect that staking will attract a lot of investors to the crypto with some staking protocols yielding as much as double digit percentages.
Chainlink oracles come to Bitcoin through RSK
Bitcoin may soon be benefiting from the massive connectivity boost as Chainlink is now integrated onto Bitcoin sidechain using RSK interface. The launch that is expected to take less than a month will bring the smart contracts, connectivity with real world businesses to the world’s strongest blockchain network. Bitcoin, while still remains to be the king of cryptos, has lacked smart contract capabilities which RSK has brought about, now that effort is getting a boost with Chainlink integration.
Leading Stock Exchanges in Switzerland, Germany, Austria Now List Bitcoin ETP
Zug based 21Shares announced that Bitcoin Exchange-Traded Product (ETP) is getting listed on 3 major exchanges in Switzerland, Germany and Austria. “The 21Shares Short Bitcoin ETP (Ticker: SBTC) seeks to provide a -1x return to the performance of bitcoin for a single day. This product obtains short exposure through borrowing bitcoin and simultaneously selling it on an execution platform,” the company explained on its website. “SBTC is an innovative financial instrument that allows investors to gain exposure to the negative price movement of bitcoin,” the announcement clarified.
Swiss Insurance company now accepts bitcoin and crypto payments
Atupri Health Insurance became the first insurer to accept Bitcoin and crypto for payments. “Our range is characterized by a high degree of customization. Our customers are free to choose which payment method they choose at any time. As digital pioneers in the health sector, we anticipate social trends and offer insurance solutions with long-term prospects. Blockchain technology and the associated use of cryptocurrencies will become increasingly important. Accordingly, we want to offer the necessary structures for our policyholders,” said Caroline Meli, Head of Marketing and Sales at Atupri.
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