The top 5 crypto news of the week
Bitcoin hasn't yet cracked the $20,000 price level, but that isn't stopping the rapid progress of the blockchain and cryptocurrency space. This week, we saw a historic milestone for Ethereum, and further indications that institutional players are now a real presence in the cryptocurrency market. Let's take a look at the top 5 crypto news of the week.
- The Ethereum project reaches a historic milestone as Ethereum 2.0 beacon chain launches
The Ethereum project has taken its first step towards Ethereum 2.0 with the launch of Phase 0. The Ethereum 2.0 beacon chain was rolled out successfully at December 1, 12:00 UTC, laying the foundations for the Ethereum 2.0 network. Validator 19026 was the first to successfully propose a block on the beacon chain, adding a curious message that simply reads ?Mr F was here?.
- Visa teams up with Circle to bring the USD Coin stablecoin to its payments network
Financial services giant Visa has partnered with blockchain firm Circle to help connect the USD Coin stablecoin to Visa’s payments network. The partnership was revealed in a Forbes report.
According to Forbes, Circle and Visa will be collaborating to help Visa card issuers with integrating USDC. This will eventually result in Visa-powered businesses being able to accept USDC payments and spend them wherever Visa is accepted.
- $5 billion fund operated by Guggenheim Investments could invest up to 10% in Bitcoin
Investment and financial services company Guggenheim Partners, which has over $200 billion in assets under management, has opened the door for investing in Bitcoin BTC through its Macro Opportunities Fund.
According to a recent filing with the SEC, the Macro Opportunities Fund might invest up to 10% of its NAV (net asset value) in Bitcoin indirectly through the Grayscale Bitcoin Trust (GBTC).
- Libra rebrands to "Diem" as project looks to shake off poor initial reception
Libra is a digital currency project initially launched by Facebook and now operated through an association with 27 member companies. The ambitious project didn’t enjoy a warm reception from financial regulators and politicians after it was first officially announced.
Perhaps to shake off some of its negative connotations, the project is now rebranding to Diem. The word, which means ?day? in Latin, ?denotes a new day for the project?, according to the Diem Association’s announcement.
- Coinbase reveals it helped MicroStrategy buy $425 million in Bitcoin without moving the market
MicroStrategy’s two separate purchases of BTC were worth $250 million and $175 million, respectively. When dealing with such large amounts, investors need to take precautions to prevent moving the market significantly and taking on unnecessary slippage costs. So how did MicroStrategy go about purchasing hundreds of millions worth of Bitcoin?
In a new post, major cryptocurrency exchange Coinbase revealed that it played a key role in the process. The exchange says that it was MicroStrategy’s primary execution partner, helping them acquire $425 million worth of BTC without moving the market.
