First Mover: Bitcoin Breaches $16K as (Committed) Holders Diss Dalio’s Diss
Digital-asset market traders and analysts say the cryptocurrency is likely to make another run higher, with strong demand expected from traditional investors looking for a hedge against inflation, at a time when sellers appear unwilling to part with their bitcoin holdings. Charlie Morris, CEO of the cryptocurrency fund manager ByteTree, has been arguing all year that bitcoin is really a technology, which partly explains why it has historically traded in sync with the tech-heavy Nasdaq stock index.
“Just as investors flock to gold when they see it outperforming the stock market, I believe bitcoin will attract capital from tech,” Morris wrote. What's hot
Ethereum’s “unannounced hard fork” was trying to prevent the very disruption it caused (CoinDesk)
DeFi pioneer MakerDAO’s dollar-linked DAI stablecoin breaks $1B market capitalization (CoinDesk)
Stablecoin issuer TrustToken taps Chainlink for on-chain proof of reserves for TrueUSD dollar-linked token (CoinDesk)
U.S. representatives rip OCC Commissioner Brooks for “excessive focus” on crypto industry (CoinDesk)
Bridgewater’s Dalio sees governments banning bitcoin should it become “material” (CoinDesk)
African startups should tokenize debt and equity on blockchain to “break the white man’s curse” (CoinDesk Opinion)
Pakistan securities regulators publish position paper on regulating digital assets (SEC Pakistan)
Venezuela’s peer-to-peer bitcoin volume relative to the size of its economy is the highest in the world, due to factors including migration, capital controls, risk of government seizure, demand for hard money and exposure to the petro, the cryptocurrency backed by the government (CoinDesk)
Ethereum heavyweights launch LiquidStake loans to stake the stakers in staking system 2.0 upgrade tests get underway (CoinDesk)
Flash loans aren’t the problem, centralized price oracles are (CoinDesk Opinion)
Analogs
The latest on the economy and traditional finance
OPEC deepens forecast for drop in global oil demand, down 10% from 2020 levels, trims expectations for 2021 rebound (WSJ)
U.S. commercial banks are reducing already-low interest rates on customer savings as deposits swell to $15.9T from $13.2T at start of year (WSJ)
Russia says “Sputnik V” vaccine is 92% effective at preventing coronavirus cases (Reuters)
Japan’s Nikkei Index hit a near 29-and-a-half-year high on the back of favorable tech shares trading in Asia and the U.S. (Reuters)
Failed IPO of Jack Ma’s Ant Group has led to several companies advancing their own offerings in Hong Kong looking to take advantage of surplus liquidity (Nikkei Asian Review)
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