Blockchain Tips: Bitcoin's Road To $ 20000, Ethereum's 'Unexpected' Fork and Biden's Crypto-Friendly Choices

Blockchain Tips: Bitcoin's Road To $ 20000, Ethereum's 'Unexpected' Fork and Biden's Crypto-Friendly Choices Ethereum's infrastructure provider, Infura, crashed and caused a chain split. The world's second-largest bank will issue $ 3 billion in blockchain bonds. There are some well-known crypto commentators on the transition team of Joe Biden, who was elected president.

Chain split

On Wednesday morning, around 08:00 UTC, Ethereum infrastructure provider Infura announced a service outage for the Ethereum mainnet API related to Geth, one of the blockchain's major customers. Industry participants have begun to speculate about a possible "chain split" or unplanned and unannounced hard fork (the sharp episode on the blockchain network). The problem's leading cause is probably due to the split between the node operators that upgraded Geth and did not. "Those who haven't upgraded Geth nodes for a while (at least a few months) have come to a different position than those who have new Geth versions," said Nikita Zhavoronkov, lead developer of Blockchair, adding that their services were restored after the upgrade. Infura identified the source of the cause from the point of origin and started working to recover it.

Blockchain Bonds

China Construction Bank (CCB), the world's second-largest bank (by market cap), will issue $ 3 billion worth of bonds on a blockchain. These tokenized bonds (offered at a government-owned bank branch in Labuan, Malaysia) can be exchanged for bitcoin and US dollars on the Fusang digital asset exchange. Tokenization reduces the number of financial intermediaries and the costs associated with issuing. This means that China Construction Bank can offer stocks for up to $ 100 (instead of its unique $ 4,000 price tag) and generate a 0.75% return. (0.25% compared to industry standard).

Tokenization cooling

Despite a 'DeFi' settling period, the number of tokenized BTCs in Ethereum has increased 21 percent since September. Ethereum currently has more than 150,000 BTC worth about $ 2.3 billion. Despite this, the trend has slowed significantly. According to Dune Analytics data, it's roughly half the difference compared to $ 737 million tokenized in September compared to $ 360 million, which was tokenized in October. Specifically, the tokenization speed surpassed the mining issue rate for the third consecutive month.

Wise men of Biden

Joe Biden, who elected president of the United States, announced yesterday that a "Wise men" team of policy experts, some with close ties to the crypto industry, has been formed during the transition period. Most notably, Gary Gensler, former CFTC chairman, and renowned blockchain commentator, will be responsible for the review of Federal Reserve, Banking, and Securities regulators and will lead Biden's financial policy transition team "Wise men." Simon Johnson of MIT (Massachusetts Institute of Technology) who writes about blockchain technology, Georgetown's Chris Brummer, known for his comments on Facebook's libra project, and Mehrsa Baradaran of the University of California and also one of the architects of "Digital Dollar" Lev Menand was chosen as part of the team. Market Forecasts

Coin consolidation

Market analysts mostly support bitcoin's trend to test its all-time high of $ 20,000, but many are also predicting a period of consolidation in the coming weeks and months. CoinDesk market reporter Omkar Godbole said, “According to the technical charts, the cryptocurrency has risen from $ 9,800 to $ 15,900 with a 60 percent increase seen in the past two months and is extremely tense. CoinDesk market reporter Omkar Godbole said, “According to the technical charts, the cryptocurrency has risen from $ 9,800 to $ 15,900 with a 60 percent increase seen in the past two months and is extremely tense.'' said. Patrick Heusser, a senior cryptocurrency expert at Zurich-based Crypto Broker AG, took a position according to "There will be a consolidation of $ 14,000 to $ 16,000 in the next few weeks." Godbole notes that functioning corporate actions and decreasing sell-side liquidity could be a factor here.

Privacy Focused Coins

Colorado-based cryptocurrency exchange ShapeShift has delisted these privacy coins from its list, including zcash (ZEC), monero (XMR), and dash (DASH). Citing regulatory concerns, ShapeShifts chief legal officer Veronica McGregor told Brady Dale of CoinDesk that this action was being taken to "not risk out" the company. Currently, ShapeShift seems to be alone in disabling individual privacy-focused coins. There was no sudden change in regulatory policy that could have spurred the movement.

Van Valkenburgh

However, the overall driving force of this guidance shows that financial watchdogs target privacy-focused coins. Dale spoke with Peter Van Valkenburgh, the Coin Center's research director and a board member of the Zcash Foundation, and compared private coins with cash bags, which are currently the preferred value for criminal activity. Van Valkenburgh, the US Financial Crimes Enforcement Network, or FinCEN, says "basically, you need to be sure to review a cost-benefit analysis and take reasonable steps to prevent proceeds of crime from flowing into your organization." What defines a reasonable step is still open to interpretation, given the broad mandate of laws such as the Bank Privacy Act. However, Van Valkenburgh said these vague regulations offer crypto companies these ways to privacy-oriented money services "just as banks deal with cash." In particular, the 14th largest cryptocurrency in terms of market value and the only currency that offers privacy by design, the monero is like a child ruled out by central exchanges. Decrypt reported that only Kraken's XMR from the major exchanges is trading.

A blockchain firm named CypherTrace seized through the Department of Homeland Security to break Monero's privacy protections;

IRS (Internal Affairs Revenue Service) offered a similar contract to Chainalysis and Integra to crack monero, zcash, dash, grin, komodo, verge, and horizon did. “This summer, the regulators spoke softly, but we're carrying a big stick,” said Brian Armstrong. What the regulators said in their behind-the-scenes speeches, ‘We very much don’t think you should do this. And then we have the conversation: ‘Well, are you telling us that you don’t like it, or are you telling us that you are going to sue us if we do it?’” Armstrong reportedly said. Blockchain Tips: Bitcoin's Road To $ 20000, Ethereum's 'Unexpected' Fork and Biden's Crypto-Friendly Choices You might also be interested in:

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