Welcome to the Weekly Crypto News 5/8 on The Daily Chain. We are collaborating with NKB Group – a full-service investment bank focused on blockchain technology. These updates will include the top crypto news stories of the week, charts, data, BTC, coin and more.
The deeper correction phase seems to be on hold for now as Bitcoin has started to climb back towards $12k as of this morning. Interesting news coming out of China is perceived as the cause of the spike in BTC’s spot price. The Chinese yuan fell below 7 per US dollar, which is its lowest level since 2008, and which may indicate that both China and the US are weakening their currencies on purpose to boost trade, seemingly strengthening BTC as the Chinese are converting yuans for the leading digital currency. Huge capital outflow from China, has been confirmed by Russia, as the Chinese are buying huge piles of tether via Moscow’s OTC desks. Escalating protests in Hong Kong could be another event which has helped BTC recover from last week’s lows of $9,300 to $11,800, as of this morning.
Crypto Market News
Canaan Creative, one of the biggest manufacturers of bitcoin miners in China, has reportedly filed an application for an IPO in the U.S. to raise $200m.
Cryptocurrency exchange Kraken has just acquired a firm offering a way for institutional investors such as hedge funds and asset managers to better manage their portfolios.
Retail giant Walmart could be working on issuing a fiat-backed digital currency, similar to Facebook’s Libra cryptocurrency, according to a new patent filing.
The filing, published by the U.S. Patent and Trademark Office (USPTO) on Thursday, outlines a method for “generating one digital currency unit by tying the one digital currency unit to a regular currency,” meaning a fiat-pegged stablecoin.
Digital asset management fund Grayscale Investments will transfer nearly $3 billion worth in cryptocurrency holdings to American major crypto wallet provider and exchange Coinbase.
The People’s Bank of China, the country’s central bank, has called for the speeding up of the research and development of China’s official digital currency (DC/EP) in the second half of 2019.
UnionBank, the largest bank in the Philippines, has become the country’s first financial institution to launch its own cryptocurrency pegged to the Philippine peso. Moreover, the financial institution has already completed its first cryptocurrency transaction.
Square, a mobile payment start-up, reported on Thursday that it has generated $125 million in revenue in the second quarter of 2019 from Bitcoin sales through its Cash App.
German-based blockchain finance firm Bitwala has raised €13 million (almost $14.5 million) in a Series A funding round. Claiming it’s the biggest equity round for a German blockchain start-up, Bitwala announced on Wednesday that Sony Financial Ventures and NKB Group have led the raise, while existing investors Earlybird and Coparion contributed half of the funding.
The longest standing cryptocurrency exchange BitStamp will soon offer funding denominated in British pounds. The exchange, which is also Europe’s largest, is partnering with FCA-regulated crypto brokerage, BCB Group, to allow users to deposit and withdraw funds in GBP. The feature will be enabled by the end of the year.
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