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Weekly Crypto News – 5th August

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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.

Market Momentum

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.

Bitcoin, Cryptocurrency, Btc, Currency, Future, Money
Bitcoin has started to climb back to $12k

Crypto Market News

Mining Firm Canaan Secretly Files for US IPO

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.

Kraken Acquires Interchange

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.

Walmart is Looking to Rival Facebook’s Libra

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.

Grayscale to Start Using Coinbase’s Custody Services

Digital asset management fund Grayscale Investments will transfer nearly $3 billion worth in cryptocurrency holdings to American major crypto wallet provider and exchange Coinbase.

China’s Central Bank Calls for Speeding Up R&D of State-Backed Digital Currency

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.

Largest Bank in Philippines Launches Cryptocurrency

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 Generated $125 Million from Bitcoin in 2Q19

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.

NKB Group and Sony Co-Leads €13 Million Raise for Bitwala

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.

Bitstamp Adds GBP Funding Option in Partnership with BCB Group

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.

About NKB

NKB operates as a full-service investment bank focused on blockchain technology. They are a one-stop solution for clients – opening the new world of crypto assets and delivering it via the best practices of traditional finance.

NKB pride themselves on providing high quality investment research comment and analysis in the crypto space.  Their research is authorized and regulated by the FCA in the UK and led by professionals with several decades of investment research experience. Their technological capability in the crypto space is complemented by team members with experience from leading tech companies and deep understanding of the underlying technology.
Find out more about NKB here and follow on social media:

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For more NKB Crypto News 5/8 on The Daily Chain click here.

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