PRICE CHANGE: WTD/YTD
- BTC ($18,064): -3% / +150%
- ETH ($552): -3% / +321%
- XRP ($0.60): +25% / +210%
- UNI ($3.46): -8% / -2% *
- YFI ($23,836): -10% / +2,793% **
- Crypto Market Cap ($539B): -1% / +181%
- BTC Dominance: 62%
* YTD returns from launch date of 9/17/20
** YTD returns from launch date of 7/20/20
STABLECOIN MARKET CAP CHANGE: WTD/YTD
- Tether ($19.1B): +4% / +362%
- USDC ($2.9B): +3% / +466%
THIS WEEK IN CRYPTO
- The National Intelligence Director briefed the SEC Chairman on security issues related to China's dominance in crypto mining as well as its progress in digitizing the yuan, which could threaten the dollar's status as the world's reserve currency. The Director reportedly pushed Clayton to ensure that US crypto firms remain competitive. Link.
- Ethereum is officially transitioning to Ethereum 2.0 / Serenity on December 1, after meeting the minimum ETH deposits needed. Link.
- Libra, the cryptocurrency backed by Facebook, could launch a single dollar-backed stablecoin as soon as January. Facebook will also launch a wallet called Novi that will allow users to send and receive Libra tokens. Novi will integrate with Messenger and WhatsApp, and Facebook expects people to use Novi for remittance purposes and P2P payments. Link.
- Crypto-centric rewards app Lolli is partnering with eBay to offer bitcoin rewards for its 127 million users. Users can now earn 1% back in bitcoin when they shop on eBay. Link.
- Coinbase published a blog post responding to an upcoming story from the NYTimes about the crypto exchanges alleged mistreatment and discrimination of Black employees. Coinbase warned that the story will recount episodes that will be "difficult for employees to read". Link. Blog post.
- Bank of America is now a leading member of RippleNet, the global network of banks and financial institutions who use Ripple's technology to standardize global cross border transactions. Link.
- Transaction fees for bitcoin haven't risen despite the price of BTC hitting all-time highs. During Bitcoin's last ATH price of $20,000 in December 2017 transaction fees hit $55, but today the average cost is only $3.50. Though demand for the currency has increased, users are buying bitcoin but not actively trading it on exchanges, which typically causes fee spikes. Link.
- Fidelity Digital Assets is considering offering bitcoin investment services to retail clients. It currently only offers crypto services to institutional clients. Link.
- Coinbase plans to issue a new tax form (1099-MISC) instead of the Form 1099-K for the 2020 tax season. Forms will be issued to customers who have received $600 or more in crypto through Coinbase Earn, USDC rewards, and staking income. Link.
- CNBC's Jim Cramer predicted bitcoin would hit over $20,000 by the end of 2020 and called the currency a "great alternative" to gold. Link.
- Coinbase Pro is no longer offering margin trading due to guidance from the CFTC. Link.