CRYPTO MINDSHARE CREEP
As far as crypto has come since the broad market selloff in March, 2021 is being primed to be even more consequential for the industry. Now, with the bitcoin and cryptocurrency community looking forward to a slew of developments in 2021 – including the much-anticipated launch of Facebook’s bitcoin-inspired cryptocurrency and potentially industry-defining U.S. cryptocurrency regulations.
NOTHING WORTH HAVING COMES EASY
This certainly applies to crypto, as markets have stalled in the last week. After flirting with $20,000 and a new all-time high, bitcoin prices temporarily fell below $18,000 multiple times this week, declining to their lowest since late November before bouncing back. This development was not surprising to analysts who closely studied bitcoin’s technical charts and on-chain data. For instance, whale (large scale holders) inflows into exchanges increased to the “bearish zone” this week,indicating that many were convinced that the current phase of this rally had run its course and they planned to take some profits off of the table.
CRYPTO BANKS FOR EVERYONE
Long faced with challenges opening bank accounts to fund operations, crypto firms have turned to seeking their own banking charters. Most recently, bitcoin and cryptocurrency payments company BitPay filed paperwork with the U.S. Office of the Comptroller of the Currency (OCC) to create a national bank —named the BitPay National Trust Bank. BitPay’s bank bid comes after OCC acting comptroller Brian Brooks, who served as the chief legal officer of major U.S. bitcoin and cryptocurrency exchange Coinbase from 2018 until earlier this year, revealed plans to empower payment firms to operate across state lines with a single set of consolidated rules and said the OCC is ready to begin accepting applications.