BitDigest July 8 · Issue #695
- Altcoins driving market up as bitcoin’s dominance falls to new recent low
- FATF calls for greater regulation to support stablecoins
- The CFTC’c Chairman suggested that that his agency is waiting for clarity from the SEC before approving new token products
Technical Roundup Analysis
Technical Roundup reports that bitcoin/dollar is more positive this week given that pricing has held above $9,300 and suggests a move back towards the range high ($10000) is the more likely path for price. However, they are warning that recent rallies in this range have been sold and see a possibility for this trend to continue,
Start Small (With Change) in Path to Digital Dollar
A lot of things have changed in this new COVID-19 world. One area that has definitely changed is my use of cash. Since early March I have only been to a bank or ATM two times compared to the past when I stopped by the ATM every week if not more. Another change (pun intended) has been my daily ritual of empty my pockets and placing my keys and loose change on my dresser every night. I have been going to the office for weeks so, while different, my daily schedule is not that unusual, it’s just that in this COVID-19 period, my use of paper money and coins has definitely declined.
It was therefore no surprise to read headlines over the past weeks that the US is experience a nationwide shortage of coins. As Fed Chairman Powell explained, “with the partial closure of the economy, the flow of coins through the economy has… stopped.” It makes sense. If people are not spending paper money the amount of change in circulation should decline. Reports are now appearing that banks are starting to ration coins and the Fed is beginning a strategic allocation of coin inventories.
I for one, do not miss coins. I stopped collecting “one cent” pennies, buffalo nickels and state quarters years ago, and I can no longer buy a candy bar or comic book for a quarter like I used to as a child. Change has more or less become an inconvenience and with parking meters going digital, E-ZPass managing my toll charges, and most laundry and vending machines accepting paper money and credit cards, my immediate need for change has basically disappeared.
-We have all heard of the great penny debate – whether the US should get rid of the penny – and how inflation has eaten away at the value of the US dollar (quarters, dimes, nickels and pennies). We also cannot overlook the incredible expense of making coins – according to the US Mint, it costs $0.0199 to make a penny and $0.0762 to make a nickel. Maybe rather than replenishing the supply of coins in the economy, the Fed can use this opportunity and put an end to a supply of coins as its first step in issuing a digital currency.
The Headlines
FATF Releases Stablecoin Recommendation
CFTC Waiting for SEC to Take Next Step on Crypto
FBI Explains How Bitcoin is Converted to Monero on MorphToken
Binance Gets Own Debit Card Platform
Didi Testing DCEP
Market Data
Top 7 Projects Represent 90%+ of USD Locked in DeFi
Argentinian BTC Volume Reaches New Highs
Enterprise Blockchain Growing Across Europe
Exchange, Custody and Product News
Binance Adds New Fiat Gateway
OKEx Forms Partnership with Paxful
Kraken Adds Another USD Funding Option
Thoughts on the Ecosystem
China Needs to Reform Crypto Laws
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