A news digest of what happened in the crypto world in the past month, February 2019:
Big Brands Jumping On Board
- JP Morgan launched its own cryptocurrency, JPM Coin, a move that surprised many given CEO Jamie Dimon’s prior opposition to cryptocurrency. Another financial giant, Nasdaq, added Bitcoin and Ethereum indices to its Global Data Service in February.
- Facebook is reportedly developing a ‘Facebook coin’ and pitching it to various cryptocurrency exchanges. Not to be outdone, Apple also revealed in an SEC filing that it may possibly be developing its own blockchain to improve supply chain operations. Jack Dorsey, CEO of both Twitter and Square, announced that Bitcoin’s Lightning Network will be coming to Square’s payment app.
States Facilitating Crypto Adoption
- Wyoming has granted full property rights for Bitcoin holders, the first state to do so. On the heels of that, the state passed four more pro-blockchain bills in a bid to become the “most blockchain-friendly state”. Other states are competing for the informal title, including New Hampshire, where a subcommittee in the legislature voted in favor of a bill to allow residents to pay their taxes in cryptocurrency.
- The SEC continued its efforts to prioritize regulation of crypto markets, promising the publication of new guidance for firms that launch ICOs. The agency also announced that it was looking for big data tools to analyze major blockchain ledgers to “monitor risk and improve compliance”.
Bitcoin Adapts to the Times (And Vice Versa)
- The price of bitcoin crossed the 100-day moving average for the first time in four months, which is generally interpreted as a bullish trend. Transaction fees for BTC also fell to four-year lows in February, exhibiting the blockchain’s automatic adjustment to crypto market conditions.
- Cryptocurrency has the potential to transform current financial frameworks, remarked the chair of the Financial Stability Board at a BIS meeting in Hong Kong. Mainstream adoption of Bitcoin may continue to grow, with Samsung announcing that its new Galaxy S10 phone will have a built-in crypto hardware wallet.