Bitcoin Bounces Back

October 2, 2021

|In Weekend Recap

|By Osprey Team

Last week we wrote about China’s latest crypto ban and how each time the nation cries wolf, it has less of a negative effect on price.

Fast-forward to today, cryptos ramped early-Friday and many coins broke above their recent trading range.

Louis Sykes from All-Star Charts shared this hourly Bitcoin chart and commented,

When prices rally in the face of an aggressive crypto ban coming from one of the World’s superpowers – that’s information.

We’re back to the trading range prior to China’s warning as if nothing happened.

And here’s the Bitcoin monthly chart, as September comes to a close. Monthly charts are great as they reduce the noise and daily distractions of news like the China ban.

? Powell Will Not Ban Bitcoin, But Regulation May Be Required

Federal Reserve Chair Jerome Powell spoke before the House Financial Services Committee on Thursday and shared that the Fed has no intention to ban or limit crypto.

However, he followed,

Stablecoins are like money market funds, they’re like bank deposits, but to some extent outside the regulatory perimeter and it’s appropriate that they be regulated.

Same activity, same regulation.

Here’s the clip from Bloomberg.

? Geothermal Bitcoins

El Salvador is mining Bitcoin with geothermal energy.

The El Salvadoran president took to Twitter and shared,

Here’s The Block with more.

? The People’s Network ?

San José, California partnered with Helium, an internet network built on the blockchain, to provide internet access to more than 1,300 low-income families.

San José Mayor, Sam Liccardo shared,

Becoming a smarter city means that emerging technologies improve how we serve our community, making it safer, more sustainable, and more equitable.

You love to see it.

? What’s New In NFTs?

It was a wild week for NFTs.

Fidenza #77 sold for 50 ETH in July and was flipped this week for 950 ETH or ~$3M. That’s 19X in 3 months.

See more on the Fidenza collection here.

Tako_Universe sold an NFT and IRL painting to mesh the meta and physical world. So the NFT buyer now owns the digital clip (see below) and will also receive the physical painting from Tako. It’s so sick.

FTX teased Solana NFTs so something’s afoot.

The 4 shadowy figures represent Degenerate Ape Academy, Aurory, Thugbirdz, and Solana Monkey Business.

We’ll wait and see what Sam has planned, but it’s worth noting, Solana NFTs have surpassed a $1B market cap according to Solanalysis.

The Goblin Laboratory will drop October 27th and the art is insane.

Click the gif for more info.

And here’s some additional NFT news —

The NFL and Dapper Labs plan to launch a football version of NBA TopShot. Here’s the NFL with the latest news.

Tik Tok will mint NFTs featuring Lil Nas X and Grimes.

A Twitter developer shared a sneak peak of the NFT verification. Have a look.

⛓ The Visa Universal Payment Channel

Visa unveiled a Universal Payment Channel to connect multiple blockchain networks and allow secure transfers of digital currencies.

The company shared,

We’re calling it a “Universal Payment Channel” (UPC) and it acts like a hub, interconnecting multiple blockchain networks and allowing for secure transfer of digital currencies. Think of it as a “universal adapter” among blockchains, allowing central banks, businesses, and consumers to seamlessly exchange value, no matter the form factor of the currency.

Read the research paper here.

And in case you missed it, Visa purchased CryptoPunk #7610 earlier this year.

?? The Swiss Crypto Stamp

The Swiss national postal service is set to launch a “Swiss crypto stamp” built on the Polygon Network. Sounds pretty cool.

Not only that, The Swiss Financial Market Supervisory Authority (FINMA) approved its first crypto fund.

?? First In The US

Speaking of Polygon…

Last week, we launched the first Polygon Trust in the United States.

Polygon is a disruptive Layer-2 technology that gains from Ethereum’s secure network while mitigating common blockchain pain points, such as high gas fees and slow transactions.

Learn more here.