Crypto Weekly Update:16-01-21

Olga Feldmeier
 | 
Saturday, January 16, 2021

Summary of the top news this past week:

  • The U.S get its first federally charted digital asset bank
  • The Swiss National Bank registers patent for a digital currency
  • A large crypto custodian is going public
  • European Central Bank President suggests bitcoin requires regulation
  • Goldman Sachs is planning to enter the crypto market with custody solution

The U.S get its first federally charted digital asset bank

Crypto custodian Anchorage has secured conditional approval for a national trust charter from the U.S. Office of the Comptroller of the Currency (OCC), making it the first national “digital asset bank” in the U.S. With the approval, Anchorage will now be expected to comply with the capital and liquidity requirements of the OCC and certain risk management procedures. Read More

The Swiss National Bank registers patent for a digital currency

The Swiss National Bank (SNB) recently registered more than a dozen trademarks with the Federal Patent Office including one for “E-Francs” and the “Digital Swiss Francs.” The entry was made following the publication of the findings from the “Helvetia” project. The SNB worked with the Bank for International Settlements (BIS) to develop the basics and feasibility of a digital currency for the financial market. Read More

A large crypto custodian is going public

Bitcoin custodian Bakkt will become a publicly traded company with a valuation of $2.1 billion. Bakkt is merging with VPC Impact Acquisition Holdings in a deal that will result in a combined company called Bakkt Holdings, which will be listed on the New York Stock Exchange. Read More

European Central Bank President suggests bitcoin requires regulation

European Central Bank (ECB) President Christine Lagarde says bitcoin has facilitated “funny business” and needs to be regulated at the international level. In an interview Lagarde said the “highly speculative asset” has led to "some reprehensible activity," and “there has to be regulation. This has to be applied and agreed upon at a global level because if there is an escape that escape will be used.” Read More

Goldman Sachs is planning to enter the crypto market with custody solution

U.S. banking powerhouse Goldman Sachs has issued a request for information (RFI) to explore digital asset custody. When asked about timing, a Goldman source said the bank’s custody plans would be “evident soon.” This follows the RFI on crypto custody issued by JPMorgan in October 2020. Read More

Market Update

  • Bitcoin's most recent resistance is currently around $41,000, with a support seen around $34,000.
  • Many analysts suggests that the positive movement of the US dollar index caused bitcoin to dip earlier in the week.
  • Ethereum continues to follow bitcoin movements but new data suggests major increase in demand for eth.
  • The data shows that the amount of ethereum available on exchanges for sale has decreased by 27% within a few hours and continue to decline.