The crypto market moves fast, and at Uphold, we know how important it is for our members to stay on the pulse of shifting trends and market changes. This week we’re talking about exciting platform announcements, new solutions for blockchain disruptions, and analyzing the recent value dip.
Here’s a recap of what happened this week:
How To Get Your Next Paycheck in Cryptocurrency
With a rising demand for contractor and employee payments in Dash, Uphold partner app Bitwage will start accepting Dash for crypto payrolls using our platform. This is great news for anyone who wants more options from salary and invoice payments. Bitwage already serves many companies (like Netflix and Airbnb), and their base will grow following the inclusion of Dash. The best part is that on Uphold members can easily move their funds from Dash into fiat currencies and back again.
Bitcoin Falls Below $8K
Bitcoin’s value fell dramatically this week, along with the price of other major cryptocurrencies in a sharp downturn on Thursday. After dropping below $8K at one point, it was able to recover back to the $8K mark within 24 hours. Fluctuations are a natural part of the market, but the current value downslide is twofold — one part reaction to a selloff from a trustee of now-defunct crypto exchange Mt. Gox, and another part reaction to Google’s news of pending limits on crypto advertising.
Google Policy On Cryptocurrency Ads
Following Facebook’s policy shifts in January regarding cryptocurrency ads, and Twitter’s crackdown on fraud accounts, the problem of scam ICOs has forced Google to respond too. While the restrictions on cryptocurrency content may seem grim, we’ve been informed by Google that trusted companies will still be able to advertise after June. There’ll be a new system in place for verifying credentials, ensuring that no scams are involved. We will continue to update you as Google’s official policy takes shape.
New Type of Fork
Generally, there have been two types of forks in cryptocurrency: hard and soft. Forks, naturally, can be disruptive. A new solution to this disruption in the blockchain may be the “Velvet Fork”. A velvet fork allows developers to add new rules to a blockchain without full support from the entire ecosystem, meaning the fork would theoretically be the least disruptive of any of the existing technologies. Overall, experts are optimistic this can freshen up the market.
Can These Ex-Billionaires Create a Solution for Crypto Regulation?
In an effort to create private industry solutions to regulations, the Winklevoss twins have submitted a proposal to create the Virtual Commodity Association, a self-regulatory organization (SRO) meant to police digital-currency markets and custodians.The Virtual Commodity Association would be funded by membership fees and would be open to trading venues that cater to U.S. investors. Members would be required to adhere to certain rules related to fiscal responsibility, cybersecurity and information sharing, and would face sanctions if they didn’t comply.