This Week in Crypto (29-6 July)



Jul 5, 2021


Indian Crypto Investments Grow by 600% in a Year, Despite Regulatory Uncertainty! 

650+ Banks & Credit Unions May Offer Bitcoin Trading as NYDIG & NCR Join Hands

Soros Fund Management, a George Soros firm, Dabbles in Bitcoin Trading

Sotheby Sells World Wide Web's Source Code NFT for $5.4 Million 

The United States is the Most Crypto-ready Country, Says a Study

Last week, the crypto market was stable overall, as there was no drastic drop in crypto prices. Yet, companies within the crypto space continued to make headlines worldwide due to new partnerships, NFT sales, and interesting reports and surveys on the crypto market. 

A Chainalysis Inc report said that the Indian crypto market sextupled to reach $6.6 billion from $900 million. On the other hand, NYDIG partners with NCR to get over 650 banks and credit institutions to offer Bitcoin trading services to their customers. Sotheby sold Worldwide Web source code NFT for over $5 million, dispelling the fears that the NFT market is losing momentum. 

George Soros' private investment fund reportedly has begun trading Bitcoin, which shows that the Bitcoin market has matured enough to attract the who's who of the traditional financial industry. Then comes the news about a research report ranking countries in terms of their crypto-readiness. Interestingly, the United States is ranked first in the index.

Indian Crypto Investments Grow by 600% in a Year, Despite Regulatory Uncertainty! 

The last few months have been quite tense for Indian crypto traders, as the news about the Indian government banning cryptocurrencies in the country became public. Despite it, the Indian crypto investments have posted a record 600% growth over the last year. 

In terms of monetary value, the Indian crypto investments have jumped to $6.6 billion from a mere $900 million. That, too, within a year. The data has been provided by Chainalysis Inc, a blockchain analytics firm, and their data analysis has accounted for the period from June 28, 2020, to June 28, 2021. Chainalysis also reported that the Indian crypto user base is almost 15 million. It makes India one of the largest crypto markets globally. 

Such growth shows that the Indians are very interested in digital assets, which may have compelled the Indian government to take a fresh look at the crypto industry in the country. 

A couple of news reports have indicated a change in the government's stance regarding cryptocurrencies. For instance, The Economic Times reported that the Indian government had decided to take a fresh look at cryptocurrencies. Thus, the government has formed a new committee to study ways how cryptocurrencies can be regulated in the country. 

Despite such news, the regulatory uncertainty still looms large over the crypto enthusiasts in India. After all, the government officials haven't come out with any concrete statements on what exact steps the Indian government will take - Are they going to regulate cryptocurrencies or outright ban them? That is something only time will tell.

650+ Banks & Credit Unions May Offer Bitcoin Trading as NYDIG & NCR Join Hands

In an interesting update for the US-based crypto enthusiasts, New York Digital Investment Group (NYDIG) has partnered with NCR, a giant payment company based in Atlanta. Their partnership makes it possible for over 650 banks in the United States to roll out Bitcoin trading services to their customers.

A total of 24 million customers may get a chance to trade Bitcoins if over 650 banks and credit unions, indeed, start offering Bitcoin trading services. It will be a game-changer for the crypto industry in the United States and the global crypto industry, too. After all, it will give a big push to Bitcoin adoption globally. 

What's even more interesting is that NCR isn't only eyeing the banks. They are also planning to roll out BTC payment services to its 200,000 retail clients. As for the role of NYDIG in the partnership, they will provide a Bitcoin custody solution, which will be a major advantage for any banks or credit unions interested in offering Bitcoin trading services to their customers in the United States.

Soros Fund Management, a George Soros firm, Dabbles in Bitcoin Trading

The Street, one of the leading financial news websites, disclosed that George Soros' private investment firm Soros Fund Management has begun trading Bitcoin. It shows that George Soros, the legendary investor, is now keen to explore the digital assets market.

The green light to go ahead with Bitcoin trading came straight from the Chief Investment Officer of Soros Fund Management, Dawn Fitzpatrick. It won't be surprising if Soros Fund Management begins trading other leading cryptocurrencies, too, in the coming weeks. Ethereum will be next in the line if Soros Fund Management decides to trade more cryptocurrencies.

Sotheby Sells World Wide Web's Source Code NFT for $5.4 Million 

Many NFT detractors have claimed that the demand for NFT has plummeted and NFT space, as a whole, is doomed. They reasoned that there was a 90% drop in NFT transactions in June. Well, Sotheby's sale of World Wide Web's source code NFT for $5.4 million has set a record straight once and for all that NFT space is thriving and will continue growing at a rapid pace. 

The proceeds from the sale will be donated by Tim Berners-Lee and his wife. The funds will be used for causes that Berners-Lee and his wife support. In a press release of Sotheby, Berners-Lee hoped that the internet remains open for users worldwide and continue to act as a major source for creativity globally.

“NFTs, be they artworks or digital artifacts like this, are the latest playful creations in this realm, and the most appropriate means of ownership that exists. They are the ideal way to package the origins behind the web.”

Overall, the sale of NFTs may have nosedived considering the current market conditions. Yet, the user interest in NFTs continues to remain strong. Hence, we won't be surprised to see a turnaround soon.

The United States is the Most Crypto-Ready Country, Says a Study 

Even without any clear regulatory framework for cryptocurrencies, the United States continues to lead the tally when it comes to most crypto-ready countries. The study factors in several key indicators, including Google searches, crypto ATM saturation, and legislation.  

The study was conducted by Crypto Head, a research firm. They named their report "The 2021 Crypto-Ready Index." The United States was leading in their tally with a score of 7.13 out of 10, followed by Cyprus. 

“In terms of crypto ATMs, the USA is leading the way with over 17,000 which is by far the most in the world, as the next closest country has around 16,000 less." The report also added, “US law allows for ownership of crypto and its use in banks, and there has been a 140% increase in searches for cryptocurrency in the past year.”