In the past days, global cryptocurrency market has continued its rise as Bitcoin broke through the high of $50000 several times, and the market responded enthusiastically. The total market value of global cryptocurrency returned to the high of US $1.9 trillion, and the trading volume in various fields soared, ushering in a bullish period in the global cryptocurrency trade.
According to the data obtained by ZB, Bitcoin rose rapidly and exceeded $50000, and nearly 90% (86%) of the holders in the market are bound to see profit. The data indicates the average admission price at US $45000.
The positive market trend stems from the policy level. On August 25, ZB Research Institute reported that US banking giants JPMorgan Chase and Wells Fargo are preparing to cooperate with cryptocurrency giant NYDIG to launch a new Bitcoin fund.
On August 25, US SEC Chairman Gary Gensler said he would seek opinions to determine whether the digital customer interaction innovation adopted by financial companies should follow the existing rules.
ZB Research Institute believes that although the SEC’s thinking on this issue is still not forward-looking, it has recognized that the relevant expiration rules need to be updated to deal with the revolution in AI-led predictive analytics, differential marketing and behavior tips aimed at optimizing customer participation.
Also today, Japan’s Financial Services Agency begin a debate on the implementation of stricter regulatory measures for encrypted assets in order to better protect users. Earlier, the FSA set up a department to supervise digital and decentralized finance, as well as an expert group to ensure the stability of new finance.
In other today’s news, the Central Bank of Singapore and the Monetary Authority of Singapore (MAS) will committ to experimenting with the use of Bitcoin-inspired central bank digital currency to change the way money flows across borders, thereby simplifying the global economy.
ZB Institute believes that once Singapore’s relevant plans yield fruit, the experiment conducted in cooperation with the Central Bank Consortium of the Bank for International Settlements can reduce the cost to such extent that even low-income citizens can participate in the global economy’s shift. According to ZB Research Institute, MAS, in cooperation with the bank for International Settlements, has launched a new initiative called “Dunbar project” in July to establish a common platform for central banks to use central bank digital currency (CBDC) for direct cross-border transfer.
The policies of governments around the world have had a moderate tendency, which has stimulated the global financial giants and leading enterprises to accelerate the adoption of the cryptocurrency market.
On August 25, PayPal is expanding its cryptocurrency service to the UK, allowing customers to buy, sell and hold four different cryptocurrencies on its platform. This is the first time PayPal has expanded its cryptocurrency service outside the United States and will begin to promote it this week.
ZB Research Institute learned that users will be able to conduct Bitcoin, Ether, Wright and Bitcoin Cash transactions at a minimum price of £ 1 on PayPal. As early as October 2020, PayPal launched cryptocurrency trading and holding services to American customers. The relevant services launched in the UK are PayPal’s first international expansion since it launched cryptocurrency products in the United States last year.
ZB Research Institute believes that as more and more large enterprises, financial institutions and industry giants accept cryptocurrencies (such as PayPal, US listed companies with 105084 Bitcoin assets, MicroStrategy, Twitter, Fidelity bank, JPMorgan Chase, etc.), more enterprises will follow suit.
If Apple, Google and Facebook add Bitcoin to their applications, their business is bound to be enabled by the blockchain, thus improving their ecology. More and more states, such as El Salvador, Cuba, Turkey, Japan, Russia, the United States, Britain and France are already conducting cryptocurrency transactions. The huge transaction volume and the resulting tax and financial circulation will have a positive effect on the fiscal deficit.