Welcome to the Uphold Update. Weekly top stories all about what's happening in the crypto market, digital money, and at Uphold.
The crypto market moves fast and at Uphold we know how important it is for our users to stay on the pulse of shifting trends and market changes. The last few weeks, especially, have seen dramatic and unexpected fluctuations in the market.
Here’s a recap of what happened last week:
Weakness in the Crypto Market
The prices of the top 10 cryptocurrencies in the market share dramatically fell last week. Bitcoin was down more than 10% on Wednesday, along with other top cryptos. A few were of no shock to traders, such as NEM that suffered a major hack on Coincheck, a Japanese-based exchange. Then, by the end of the week, bitcoin had sunk even further tumbling below $8,000. With dropping prices, some traders and investors are taking advantage of the market to buy at a lower price.
Adding Pumpkin Spice Lattes to the Blockchain
Starbucks’s Chairman Howard Schultz announced that cryptocurrency and blockchain technology will be a part of the plan of future payment options for Starbucks customers. Since Starbucks already has up to 30% of daily transactions through mobile payments (such as Apple Pay), cryptocurrencies fit well into their current platform. However, Schultz does not quite see bitcoin itself as part of that same future.
Governments Embrace Blockchain, While Fearing Cryptos
While India does not consider bitcoin legal tender, the country understands the need to expand their own digital economy. As Finance Minister Arun Jaitley explains that while the government will develop stricter regulations so that crypto-assets do not finance illegal activity, the need for the blockchain is clear: “The government will explore use of blockchain technology proactively for ushering in digital economy.”
Meanwhile, Canada has just approved its own first blockchain ETF (or exchange-traded fund) called Evolve ETF. Evolve ETF will track blockchain technology as it develops and will start trading as soon as this week on the Toronto Stock Exchange. As president and CEO of the ETF, Raj Lala, explains, blockchain may be the second-coming of the Internet.