Here’s what you need to know on Tuesday
Markets:
BTC/USD failed to develop an upside momentum and returned to the area below $11,700. At the time of writing, BTC/USD is changing hands at $11,688, mostly unchanged since the beginning of the day and on a day-to-day basis. Despite the retreat, the coin is moving within a short-term bullish trend amid low volatility.
At the time of writing, ETH/USD is changing hands at $402.25. The price has lost 1.4% since the beginning of Tuesday and stayed in the green zone on a day-to-day basis (+2.3%). ETH/USD managed to settle above psychological $400.00, which is regarded as a positive technical signal. Now it is moving within a short-term bullish trend amid low volatility.
XRP/USD is changing hands at $0.2866, mostly unchanged both since the beginning of the day and in the recent 24 hours. The short-term trend of XRP is strongly bullish, while the volatility remains low.
Among the 100 most important cryptocurrencies Aragon (KSM) $26.69 (+47.7%), Aave (LEND) $0.7619 (+33.9%), Reserve Rights (RSR) $0.0260 (+21.2%) are the most successful. The day’s losers are Basic Attention Token (BAT) $0.3849 (-9.0%), Ampleforth (AMPL) $0.7186 (-8.5%), OMG Network (OMG) $5.7 (-8.0%)
Chart of the day:
BTC/USD, 30-min chart
Market
DeFi lending protocol Aave has been on fire recently. The total value of the funds locked in the DeFi smart contracts of the project (TVL) grew by over 170% since the beginning of August and more than doubled in the recent two weeks, according to the statistical data provided by DeFi Pulse. At the end of July, the team announced the launch of the ‘Aavenomics’ protocol governance testnet and thus set the stage for a massive inflow of funds and a head-spinning rally of the LEND token. At the time of writing, LEND is changing hands at $0.766693, having gained over 33% in the recent 24 hours.
Industry
Binance.US, the American branch of the world’s largest cryptocurrency exchange, obtained approval of Florida’s financial regulator. It means that the citizens of the state will be able to register an account and start trading 40+ cryptocurrencies available on the exchange as of August 25.
Growing up in Florida, it’s especially rewarding to bring digital assets to the state where I loved watching the Orlando Magic play and seeing space shuttles launch from Cape Canaveral. It is truly a state of dreamers and doers, Binance.US CEO Catherine Coley, said in a press release.
Regulation
The UK’s Financial Conduct Authority (FCA)published a policy proposal to oblige all cryptocurrency exchanges and wallets operating in the country to report their anti-money laundering procedures. The financial watchdog explained that it wanted to extend the rules currently applicable to the financial institutions to the cryptocurrency-related business. As per the proposal, “cryptoasset exchange providers and custodian wallet providers” will have to report on their financial crime risk.
We propose to extend the scope of firms required to provide us with REP-CRIM information to include firms that carry on regulated activities that we consider potentially pose higher money laundering risk. This extension will be irrespective of a firm’s revenue threshold.
The global central banks are engaged in creating their own digital currencies (CBDC) more than ever, according to the report recently published by the Bank for International Settlements (BIS). The researchers found that the central bankers have softened their typically critical tone towards the new type of assets, while the number of speeches on digital currencies has ballooned over the past few years.
An interest in CBDCs is strongly associated with higher mobile and internet use, a higher innovation capacity, an existing or planned [fast payment system] and greater government effectiveness, the report says.