Mass adoption shows for a positive future

GlobalBlock CryptoInsight 26/08/2021

By Freddie Williams

Bitcoin price extended its decline below the $47,500 support zone. BTC tested $47,200 before it started a fresh upward move. It climbed above $48,500, but it's currently (05:00 BST) struggling to continue higher. Likewise, most major altcoins are attempting a fresh increase. Eth tested $2,080 and attempted a recovery wave about $3,200 but failed. XRP is now trading well below $1.18 and $1.2 resistance levels.ADA tested $2.6 and it is now consolidating losses. ADA and SOL look

Cardano’s first regulatory compliance solution launches, igniting hopes for $ADA’s mass adoption. The solution for the network has gone live after the Cardano Foundation, a Swiss-based non-profit foundation that oversees the advancement of the cryptocurrency, selected blockchain analytics firm ‘Confirm’ to deploy anti-money laundering, combating the financing of terrorism (AML/CFT) analytics on it. The partnership will allow the Cardano network to be able to be in full compliance with the FinancialAction Task Force’s guidelines as well as other supranational and national regulations. The tools and services ‘Confirm’ will provide every exchange, custodian, and all other third parties to clearly track the history of ADA held in their wallets. For a coin that a lot of people are sceptical about and call a ‘meme coin’, I think that Cardano is an exciting long-term project with an exciting future ahead of it.

Per a filing with the U.S. Securities and Exchange Commission (SEC), banking giant Morgan Stanley holds several shares of the Grayscale Bitcoin Trust (GBTC). The SEC files indicated that over 30 Morgan Stanley funds hold large amounts of the GBTC shares. The biggest seems to be Morgan’s Insight Fund with over928,000 shares worth around $36 million or over 700 Bitcoin. However, other Morgan Stanley funds and trusts seem to have large amounts as well. In addition to its grayscale Bitcoin Trust large position, Morgan Stanley has been investing in crypto-based companies. Wells Fargo, JP Morgan, Goldman Sachs and every major bank in the U.S seems to want to expand their Bitcoin exposition via different investments. News like this is a strong indicator that cryptocurrencies are the future of society. Even in a volatile time for crypto in the U.S regarding legalities, large institutions continue to accumulate and keep faith in the world, and I think this is extremely positive.

Budweiser, the self-proclaimed “King of Beers,” looks to Ethereum in a bid to go crypto. The firm behind the biggest selling beer in the U.S has just bought the beer.eth domain name, via Opensea, for 30 ETH(about $100,000). Budweiser’s official Twitter account has also changed its profile picture to Budweiser rocket. NFT artist Tom Sachs designed the rocket. Taking this into account, speculators have suddenly turned their attention to the ENS in the hopes of scoring a gem for a big profit. The EthereumName Service (ENS) is a distributed, open naming system running on the Ethereum blockchain. ENS operates much like Domain Name Service (DNS) on the standard Web. The right domain name can sell for a tidy sum, which has led to people snapping up domain names in hopes of a big payout. This is an interesting space and definitely one to keep an eye on.

Crypto grew to represent 73% of trading commissions on popular retail trading app eToro in the second quarter. eToro announced its Q2 results on Aug. 25, with the firm posting $362 million worth of total trading commissions and reporting its assets under administration had reached $9.4 billion.