Coin this week: Markets fall for fifth consecutive week, Argentina’s largest private bank offers Bitcoin

Coins this week. Illustration by Mitchell Preffer for decryption.

For for the fifth week in a rowleading cryptocurrencies such as Bitcoin and Ethereum have fallen, even as signs of widespread acceptance continue to appear: Gucci customers from the US will be able to pay with Bitcoin in certain stores later this summer.

Still, prices are a fair indicator of how the blockchain industry is progressing, and since this writing Bitcoin has fallen 6% to $ 35,981 and Ethereum has fallen 4% to $ 2,678 over the past seven days.

Ethereum has always had a technological advantage in Bitcoin because it is enabled by smart contracts, which means that developers can build decentralized applications (dApps), and groups of people can form DAO (decentralized autonomous organizations that mimic the functionality of real organizations) with rules implemented by automated programming . contracts.

Several of the biggest losers this week were among the so-calledEthereum killers“Aka a chain of block 1 blocks with a smart contract enabled. Polkadot fell 10% to $ 14, Avalanche fell 6% to $ 57, Terra LUNA fell 10% to $ 73, and Solana sank 11% to $ 82 at the time of writing.

One cryptocurrency succeeded this week. TRON’s original TRX token exploded 35% over the last seven days to trade for $ 0.084. It’s not clear what drives that rise, but investors may be piling up on the TRX in anticipation TRON’s upcoming algorithmic stablecoin.

TRON’s stablecoin will be pegged to the dollar using a similar mechanism as Terra’s algorithmic stablecoin. One dollar is burned for each TerraUSD minted. TRON has announced that it wants to raise $ 10 billion to reserve funds to help his new stable coine maintain its connection. Interestingly, Terrin CEO Do Kwon picks up $ 10 billion in Bitcoin in reserve for the same reason.

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News of the week

On Monday, Japanese video game developer Square Enix announced in statement to sell several franchises, including Tomb Raider and Deus Ex, and three of its studios to the Embracer Group. The $ 300 million raised from the sale will potentially fund new projects blockchain based games.

In Argentina on Monday, clients of the country’s largest private bank, Banco Galicia tweetao their surprise that the bank began to offer four cryptocurrencies clients: Bitcoin, Ethereum, USD Coin and XRP.

The U.S. Securities and Exchange Commission on Tuesday announced it was changing the name of its “Cyber ​​Unit” to “Crypto Assets and Cyber ​​Units,”Adding that the agency will hire 20 staff to help monitor the crypto sector.

Hawaii State Senate that day approved account SB2695co-signed by Sens. Donovan Dela Cruz and Rosalyn “Roz” Baker, establish a working group on blockchain and cryptocurrencies. The measure, the “Cryptocurrency Act,” aims to see how the state can regulate, ensure oversight and potentially use blockchain and cryptocurrency technology.

California Governor Gavin Newsom on Wednesday signed an executive order ordering several government agencies to examine cryptocurrencies and recommend ways to incorporate them into California’s current system.

As Executive order of President Joe Biden, Newsom’s does not introduce laws or offer directives to government agencies. Instead, it instructs the Office of the Governor for Business and Economic Development to coordinate with the Agency for Business, Consumer and Housing Affairs and the Department of Financial Protection and Innovation, in order to create a “regulatory approach to cryptocurrency harmonized between state and federal authorities.”

Uzbekistan is not alone in Central Asia that day legalize solar-powered crypto miningin fact, he encouraged miners to set up their own solar panel systems, as they will be now exempt from income tax. Those who still rely on the national electricity grid will have to pay double the regular price, plus surcharges during peak hours.

Also Wednesday, there was news that the French market regulator, the AMF (similar to the SEC), had registered Binance France as DASP, or “digital asset service provider”. The domestic banking regulator ACPR has approved the registration. France is the first major EU country to allow Binance to work in its jurisdiction. Binance is the first major stock exchange listed as DASP in the country.

On Friday, Amit Zavery, vice president of Google Cloud, told employees in an email they reviewed CNBC that Google’s cloud platform has formed a team to increase Google’s support for “Web3 and crypto-related technologies”.

Finally, on Saturday, Sony has announced a partnership with blockchain-based Theta video streaming platform. The collaboration will bring two types of 3D NFT to Sony’s Spatial Reality Display (SRD) unit. SRD monitors user movements and adjusts the screen to provide users with a 3D TV experience without the need for 3D glasses.

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