The bitcoin price today is $9,600. Yes, bitcoin has broken the psychological trend of $10,000 and now fluctuates in the mid $9,000’s. Is something to fear? Yes, if you’re in it for the short term, it might be. If you’re in it for the long haul, keep stackin’ sats.
Let’s move on to some of the most significant events that took place within the crypto and fiat markets this past week.
Bitcoin Price and Crypto Events
China Launched a Digital Currency
Chinese officials found some time to launch a digital currency amidst their trade war with the United States.
The digital currency is expected to be two-tiered, according to Binance.
The Chinese central bank’s digital currency should have renminbi reserves. It should also integrate with the current banking system and relate to currency issuance and redemption.
Blockchain integration into the field of finance is slowly taking place at the governmental level.
Portugal Clarifies Stance On Crypto-Based Transactions
Portugals says crypto trades and payments are exempt from taxes. This announcement is fascinating for many reasons. The event shows that different countries treat cryptocurrency differently and help to foster growth and adoption in Portugal. It might trigger more similar announcements from other countries as well.
A tax exemption in cryptocurrency trading and payments signal a significant improvement in how cryptocurrency is seen and used.
In the U.S, you’re taxed on transactions that involve the movement of crypto from your address to another address, this stifles the want to spend crypto.
Value-added taxes adds undue burdens on digital transactions.
Portugal, adhering to an older court ruling, also added more documentation regarding cryptocurrency-related activities such as mining, crypto-fiat transactions, and cryptocurrency as a means of payment.
Singapore is another country that might follow Portugal and enact similar laws regarding crypto use and taxation.
Crypto Savings, Lending and Dividends
Binance launched its initial lending product, allowing a limited base of users to earn a guaranteed rate of return on their crypto holdings.
Dharma V2 and Savings
“Dharma is the easiest place to save your money from anywhere in the world.”
That’s what Dharma is telling the world. Dharma will switch its operations and move forward with a savings offering. Stablecoin holders can quickly deposit stable coins and start earning interest on their stablecoin deposits.
The most exciting and compelling aspect of Dharma might be the fact that anyone, anywhere in the world, can deposit their stablecoin and start earning interest as high as 10.6%. With this new offering, users can pull their money, like cash out of a bank account, at any time.
Dharma listened to its community and went forward with the creation of Dharma V2 on Compound.
Dharma can focus on saving, allowing for better user experience.
Users can expect more tweaks to the protocol in terms of borrowing, and ways to convert fiat to crypto and vice versa.
This new pivot will be interesting as Dharma expects to provide more interest than Betterment, and other new traditional fintech entrants.
A subsidiary of SBI holdings will give stockholders dividends in XRP.
Exchanges, Companies, Blockchain
Bakkt will start accepting bitcoin deposits beginning in the first week of September.
Telegram’s TON will start to roll out in a more comprehensive manner starting next week.
Bitcoin Price and The World
The trade war is still on, and several economies are slowing down as this year comes to a close.