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Crypto Flipsider News – June 17th – El Salvador, Bitcoin, Bubble, Keep Network, NuCypher, KEANU, Polygon

Probably, everybody noticed that politicians are trying on laser eyes too often last few days. Even the most conservative ones jump in the hype train. Unfortunately, with the wrong tickets. Anyways, I missed the news about altcoins. Thus, I’m bringing those to you.

Let’s take a look at what happened today:

  • World Bank refuses to help El Salvador with Bitcoin integration
  • Hedge Fund managers verdict: Bitcoin is a bubble
  • Keep Network and NuCypher merge to create KEANU
  • Institutional investors were spotted on Polygon
  • The US Republicans act too democratically

World Bank Refuses to Help El Salvador With Bitcoin Integration

The World Bank rejected El Salvador’s request to help with the integration of Bitcoin as legal tender. The international institution argues that Bitcoin does not meet transparency and environmental standards. El Salvador approached the World Bank for technical assistance on the rules and integration of Bitcoin.

The country is in negotiations with the International Monetary Fund for over a 1-billion-dollar loan. Earlier this month, the IMF expressed its economic and legal concerns regarding El Salvador’s Bitcoin legalization.

Flipsider:

  • The IMF and World Bank have never been very excited about digital currencies. They are late for the crypto party, let’s say. Who could deny both are jealous and now party poopers on purpose?

Hedge Fund Managers Guaranteed: Bitcoin Is a Bubble

The Global Fund Manager Survey from Bank of America revealed: 81 percent of hedge fund managers believe Bitcoin is a bubble. The Bank of America surveyed over 220 hedge fund managers, who operate over $650 billion worth of assets.

The survey revealed that long orders on commodities surpassed Bitcoin and are the most crowded now. Simultaneously, Richard Bernstein – the guiding star for institutional investors – named the oil market more profitable, bullish, and also ignored because of Bitcoin.

Flipsider:

  • Fund managers make a living from performing better than current stock market indices, let’s say. Part of them is already deep in commodities and sending such messages may be nothing else than the casual business interest.

Keep Network and Nucypher Merge to Create KEANU

Two separate communities behind Keep Network and NuCypher projects stopped competition and merged to form the single new DAO, called KEANU.

Keep Network calls the merge unprecedented. Says it will “allow both communities to rally behind a unified network that inherits the best aspects of each original network.” This could mean more useful services and more fees for the validators of KEANU.

Both projects run on the Ethereum blockchain and will combine infrastructure and protocol functions. Their business strategies will remain separated.

Flipsider:

  • Congrats to Keanu. But as we know, mergers create monopolies, slow competition, and further developments. The only consolation is the good things come for those who wait.

Institutional Investors Spotted on Polygon

An Ethereum Layer 2 scaling solution Polygon starts attracting institutional investors. Blockchain data researchers from Nansen reported that 65% of daily stablecoin transactions on Polygon surpassed 1 million dollars just days ago.

The number clearly indicates whales, say analytics. They also report that the number of daily active transactions on Polygon significantly exceeds Ethereum.

Polygon is made to improve decentralized applications (dApps) on the Ethereum blockchain, make it faster and improve scalability.

Flipsider:

  • Opposite to their wildlife counterparts, financial whales are timid and cautious creatures. They require special conditions to inhabit the space. That could take ages. But once they come in, the whole ecosystem nurtures and blossoms.

The Us Republicans Act Too Democratically

The US National Republican Congressional Committee (NRCC) confirmed it will accept donations in digital currencies. Republicans will process crypto donations through BitPay and immediately convert them into American dollars.

This means, no digital coin will land into the committee’s account. Despite that, Republicans will be engraved in history as the first national party which asked for cryptocurrency contributions.

Flipsider:

  • The conservative party made probably the most liberal movement in history. Who would have thought that climate change ignorants will finally find common points with digital currencies?

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    This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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