Daily Markets Update - October 8, 2020, Square Purchases $50 Million Worth of Bitcoin 🤑

Total Market Cap $333.6 BN (-0.51%)

24 Hour Volume $102 BN (-1.92%)

Notable Movers Ren (REN) (+16.65%)

BTC Dominance 58.8% (+0.34%)

Square Purchases $50 Million Worth of Bitcoin

Announcing the news on Thursday, Square said "cryptocurrency is an instrument of economic empowerment and provides a way to participate in a global monetary system, which aligns with the company’s purpose." The investment represents approximately 1% of Square’s total assets as of Q2 2020.

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Wrapped Bitcoin Tops $1B After 900% Increase in Two Months

The milestone comes four weeks after the TVL of all Bitcoin tokenized on Ethereum (ETH) surpassed $1 billion for the first time. The current TVL of tokenized Bitcoin is nearly $1.5 billion, of which WBTC currently represents one-third. Wrapped Bitcoin is now the fifth-largest DeFi protocol in terms of TVL, representing nearly 10% of the entire sector’s locked capital. WBTC’s TVL pushed above $100 million for the first time around July 8.

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Digital assets market:

  • Overall market cap gained, $323B to $327B;

  • $BTC slowly moved up towards the $10,700 range, physical volumes dropped 25% to 13B, trading at neutral levels with a tightening Bollinger band since Sep 28.

  • $ETH range bound between $339 and $342; trading at oversold RSI levels still with ETH gas fees stable

  • $XRP facing crypto regulations from the SEC and is considering relocation; prices have moved up slightly from 0.23 levels to 0.24, largely unaffected from all other alt coin movements during the DeFi bull market.

More alts and DeFi watch:

  • DeFi TVL currently at $10.13B from $11.11B levels last month; 

  • $YFIBTC continued its slump, down to 1.31 levels; $YFI at $13,900 on 12 consecutive days of sliding from its highs of $32,000;

  • $UNI unchanged and trading at $2.87 levels seeing more dumps consistent with the DeFi space currently.

Pantera Says They’re Placing a Heavier Bet on DeFi Than the Rest of the Market

In an October 6 webinar, Pantera Capital disclosed that their Digital Asset Fund intends to invest more heavily into DeFi assets than the rest of the market. Pantera’s co-chief investment officer, Joey Krug said that unlike other funds that allocate most of their portfolios to stores of value like Bitcoin (BTC), his company is prepared to place its primary bet on DeFi.

Why Every US Congressman Just Got Sent Some ‘American’ Bitcoin The Bitcoin was mined by an American mining pool, using good ol' American hash power.

  • The Chamber of Digital Commerce has sent $50 in Bitcoin to every US Member of Congress.

  • It's part of a drive to educate Congress about Bitcoin.

  • If Congress learned more about Bitcoin, it could help the blockchain advocacy group push for specific policy proposals, says the Chamber's founder.

They say that once you’re famous, people start giving you things for free. Proving the aphorism true are all 541 Members of US Congress, whom the Chamber of Digital Commerce PAC is wiring $50—in American Bitcoin.  The point of the program, titled “Crypto for Congress,” is to get Bitcoin into the hands of top US lawmakers. As well as lining their virtual wallets, the blockchain advocacy group hopes the program will educate Congress about blockchain. Download The Decrypt App. Get our app for the top news and features at your fingertips. Be the first to try the Decrypt Token and much more. And while Congress might not understand Bitcoin, they do understand America. That’s why this Bitcoin is made in the USA. Core Scientific, a US mining hardware company, provided Bitcoin miners from Kentucky and North Carolina to mining pool Luxor, whose servers are in Iowa. The Chamber of Digital Commerce is a Washington, DC-based blockchain advocacy group that comprises industry leaders such as Binance.US, Deloitte, Microsoft and JPMorgan. Its PAC, or political action committee, is a separate entity that donates money to political campaigns.  The six-year-old organization has grand policy plans. Its members want regulatory clarity around cryptocurrencies, notably ICOs, as well as tax guidance and anti-money laundering measures.  They also want the US government to draft a plan on how to become the world leader in blockchain. “The US, quite frankly, is not even on the playing field. And that's concerning to us,” Perianne Boring, founder and president of the organization, told Decrypt.  But how is the Chamber of Digital Commerce supposed to lobby for specific policy changes if the Members of Congress have no clue about how Bitcoin works, or what it even is?  “It's really hard to advocate for a specific policy issue or a legal issue when people don't understand the underlying thing that you're addressing,” she said. “So we're really trying to start with the basis of simplicity for this campaign, and just help people get a better working knowledge of the technology.” Alongside the gift, which in total cost the Chamber of Digital Commerce about $27,000, the advocacy group sent online educational training, a toolkit, and resources to all members of US Congress, “to help them engage directly in the cryptocurrency ecosystem.”  U.S. Representative Tom Emmer, who today received $50, called the program a “lightbulb moment” in a statement. Emmer, a co-chair of the Congressional Blockchain Caucus, said that Crypto for Congress “brings an opportunity for our entire Congressional community to join this generational shift in finance and technology.” Boring said that providing money to fundraisers is but a small part of the Chamber’s efforts and that its PAC has probably given less than $10,000 in donations in its six-year history. Since the Bitcoin’s going to Representatives on both sides of the aisle, and is a trivial sum, Boring says that the initiative is purely an “educational campaign” rather than a lobbying attempt.  

“You can’t bribe anybody with $50.”

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