Crypto News | 22 June 2021 Update

This Week in Crypto (16-22 June)




Dacxi
Corporate


22 June, 2021 | 5 MIN

United States Space Force Releases NFT Line in Collaboration with Ethernity Chain

Brits Show More Interest towards Crypto than Equity

The SEC Goes to Public on VanEck Bitcoin Approval Process

GOP’s Election Arm Allows Crypto Donations

Hawaii Registers the Highest Surge in Crypto Demand Among the US States

Last week, events of cryptocurrency going mainstream dominated the market narrative. While the United States Space Force decided to release a series of NFTs, the GOP election arm decided to allow crypto donations. Even the SEC went to the public for opinions on VanEck’s Bitcoin ETF. In the UK, a study found Brits more inclined to buy crypto than traditional equity stocks. In the US, Hawaii emerged as the state with the highest growth in crypto demand. 

United States Space Force Releases NFT Line in Collaboration with Ethernity Chain

In the latest instance of different government agencies’ increasing inclination towards the adoption of blockchain, the United States Space Force (USSF) is releasing a series of NFTs. 

The US Space Force acts as a branch of the armed forces. It came into being during the Donald Trump presidency. It is leveraging the services of the well-known NFT platform Ethernity Chain to carry out the launch. The NFTs will commemorate the launch of USSF’s fifth vehicle in the GPS block III. 

The launch vehicle, space suits, and other iconic images will appear on these interactive augmented reality tokens. The bid will start from $1 for collections that may include anywhere between 25 and 100 pieces, ranging from $100 to $1,000. Ethernity CEO Nick Rose sees this launch as an opportunity to memorialize “Neil Armstrong’s historic achievements on the immutable ledger.” The auction would also mean creating a scope for the public to participate in the process. 

Brits Show More Interest towards Crypto than Equity

Not only the Brits bought more crypto than shares last year, but more than 70% of the UK crypto investors have also reported a profit, a new survey says. UK-based investment firm AJ Bell commissioned the survey. The Online market research tracker Find Out Now conducted it among 1,269 respondents. During the survey, the firm found 7% of British adults reporting the purchase of cryptocurrencies over the last year compared to 5% reporting to have invested in stocks and shares individual savings accounts (ISA).

The survey results showed that the demographic distribution of the investors was skewed towards the male under 35 category. While 71% of the investors reported a profit, 12% reported a loss. Surveyors were taken aback when they found out that 17% of the surveyed population were unsure whether they had made a gain or a loss. According to an AJ Bell analyst, the survey report indicates that younger people have more confidence in their cryptocurrency understanding.

The SEC Goes to Public on VanEck Bitcoin Approval Process

VanEck had submitted its documents to the SEC supporting its application for a Bitcoin ETF in March this year. The commission, after extending its deliberation window from May 3 to June 17, has now issued an order allowing the public to comment on the approval process. 

To not influence public opinion in any way, the SEC has also said that it has not yet decided whether to approve or disapprove of Vaneck’s Bitcoin’s ETF. For now, it solicits comments from people interested in the process. 

The aspect that the SEC wants the public to focus on is whether Bitcoin ETF could become susceptible to manipulation and whether it can have a design that prevents fraudulent and manipulative acts and practices

The SEC also wants the public to contemplate “the suitability of Bitcoin as an underlying asset for an exchange-traded product,” along with the aspects of BTC market liquidity and transparency. 

People interested in being a part of the process will get 21 days to express their opinion from the time the order gets published in the Federal Register and 35 days after publication in the same register for rebuttals. 

GOP’s Election Arm Allows Crypto Donations

The NRCC, or the United States’ National Republic Congressional Committee, has decided to start accepting donations in cryptocurrencies. The NRCC is the committee responsible for conducting the Republican party’s electoral efforts. It will collaborate with the major payment platform Bitpay to process the donations. Bitpay will instantaneously convert the donations to US dollars. 

NRCC believes that this step will heavily boost its donations, sending its fundraising efforts “to the moon.” However, the GOP election arm also clearly mentioned that it would collect all identifying data from each of its crypto donors. The immediate cash conversions through Bitpay would enable NRCC to accept individual donations of up to $10,000 per year, which is much more than the $100 maximum-value limit for transfers of actual cryptocurrencies. 

Hawaii Registers the Highest Surge in Crypto Demand Among the US States

A new report from MiQ Digital showed that Hawaii had witnessed a more than 687% increase in crypto demand compared to 2020. California followed Hawaii with a year-on-year surge percentage of 655%. California also has the most number of 440 businesses that are willing to accept crypto payments. Florida has 180 such businesses. Among individual currencies, Dogecoin (DOGE) had the highest increase in price, 6,900%, since December 2020. 

While Lawmakers in Hawaii are working to establish the state as some sort of a regulatory haven for crypto traders and businesses, crypto miners and blockchain firms also have their eyes set on states like Texas and Wyoming.

 



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