Crypto Flipsider News – August 12th – $2T Market Cap, Neuberger Berman, Logan Paul, Stellar Blockchain, Cardano and XRP Price

daily crypto news
  • Market Sentiments: Back to $2T, Cardano, Ripple XRP, Bitcoin
  • China to Apply Stricter Regulation on Multiple Sectors for Next Four Years
  • Investment Managers Seek Exposure to Crypto: Neuberger Berman, Valkyrie Investments 
  • Stellar Blockchain Served for Establishing a Remittance Corridor Between European Union and Thailand 
  • One More Cringy Entrance In Crypto: Logan Paul and Dink Doink Scam Coin

Market Sentiments: Back to $2T, Cardano, Ripple XRP, Bitcoin 

  • The total crypto market capitalization is back to $2 trillion. Of course, it’s not even close to the record established on May 12, which was $2.555 trillion. Moreover, it decreased to $1.9M after a short time. 
  • Cardano surged to its two-month-high in anticipation of the smart contract announcement. They shall be released tomorrow, claimed Charles Hoskinson.  
  • Bitcoin faced resistance at the $46,800-$47,800 area.
  • Ripple’s XRP price reached $1 again after GME Remittance joined RippleNet. GME is one of the biggest non-bank remittance providers in South Korea.

Flipsider:

  • The market is waking up from the summer lull? It might be either early autumn or a fake alert. We shall see! 

China to Apply Stricter Regulation on Multiple Sectors for Next Four Years

China released a new 5-year plan this week. The document shows that the government is up to stricter regulation across broader sectors including national security, technologies, education and monopolies.

More pressure will be put on the digital economy, internet finance, artificial intelligence, big data, and cloud computing. 

The move comes right after the cryptocurrency sector crackdown. Concerns arise that this is just the beginning: crackdowns will continue and grow in the world’s second biggest economy.

Flipsider:

  • The government’s appetite for power is growing. In the meantime, Chinese company stocks continue to fall. They saw the biggest drop since the 2008 financial crisis due to multiple crackdowns on the tech and educational sector.

Investment Managers Seek Exposure To Crypto: Neuberger Berman, Valkyrie Investments

  • The investment management firm Neuberger Berman has filed with the SEC to add the option to invest into Bitcoin and Ethereum futures. The company wants to add crypto exposure to it’s commodity-focused fund. Neuberger Berman currently manages over $400B worth of assets.
  • Alternative asset management firm Valkyrie Investments filed with the SEC for Bitcoin futures ETF.

Flipsider:

  • Earlier this month SEC chairman Gary Gensler hinted at the possibility of approving crypto ETFs that exist under the 1940 Investment Company Act. The Act regulates funds and provides specific investor protection.
  • Three more firms submitted filling for crypto ETFs since Gensler’s speech (ProShares, Invesco, VanEck).
  • SkyBridge, Fidelity, and VanEck have filed for Bitcoin and Ethreum ETFs, but the SEC has so far kept calm and given no green lights.

Stellar Blockchain Served for Establishing a Remittance Corridor Between European Union and Thailand

As the competition in cross-border payments is heating up, the companies are polishing the blockchains in different areas. Velo Labs together with Tempo Payments and Bitazza are launching a $17 billion corridor on the Stellar blockchain between Southeast Asia and all the European Countries.  

Unfortunately, the company’s name and website were used by scammers in order to create a fake airdrop a month ago, which brought some confusion.  

Flipsider:

  • Velo tokens on the Stellar blockchain are a brand-new thing. Their market capitalization is $15,869,563 so far, which brings the coin to around the 2500th position amongst other cryptos.

One More Cringy Entrance in Crypto: Logan Paul and Dink Doink

Logan Paul never avoids getting into trouble. After the great scandal with YouTube regarding his footage from the Japanese forest, and his boxing career, the influencer decided to go into crypto. However, his choice of favorite coin was done with quite an acquired taste: Dink Doink, which was already claimed as a scam coin by the crypto community.  

Furthermore, Logan’s tweet where he expresses love to the crypto was already tagged “Tweet is from a suspended account,” and became unavailable.  

Flipsider:

  • Crypto cringy bandwagon is wide-spreading! This is an even bigger entrance than Kim Kardashian promoting Ethereum-Max. Let’s check the level of hate from the crypto community landing on his head after some time. It is possible Jack Dorsey personally ordered the removal of the tweet, which is good considering Logan’s young-age audience.   

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