September 17th, 2020
Coming up: US based exchange Kraken makes announcements but first..
XRP – Spark/Flare Fork Support
Bitbuy will not be supporting the Spark/Flare XRP fork. We recommend all users withdraw with XRP to a personal wallet that will support the fork in order to claim your tokens. To withdraw XRP, follow the instructions in this article.
Bitbuy to Bitbuy Account Transfers – Temporarily Disabled
As Bitbuy upgrades our systems, we have temporarily disabled account to account crypto transfers. This means you will not be able to send Bitcoin or other cryptocurrencies from your Bitbuy account to a wallet address associated with a different Bitbuy account. All withdrawals and deposits for cryptocurrency will need to be between a Bitbuy and non-Bitbuy wallet until the upgrades are complete.
Analysis: Crypto had an up and down week., with most major coins up 2-5% in the 7-day term. For a rare instance, Bitcoin was up while most DeFi and traditional alts were down, with some calling it the “Bitcoin Revenge Rally”. Spot volumes are down from this time a month ago overall.
Yesterday, US Based Exchange Kraken Announced They Had Been Approved To Operate A Special Purpose Depository Institution (SPDI), Which They Describe As A Form Of Bank, In Wyoming – At Face Value This Concludes A Long Saga And Fractious Relationship Between The Exchange And The US-Banking System. It Is Not Yet Known How This Will Affect International Markets.
Takeaway: The functionality that Kraken describes in their announcement is not new to the space. Both Silvergate and Deltec among others operate similar ‘seamless’ systems that even allow for some cross-exchange operability. We expect, however, that the announcement will come as a relief for Kraken, which has had near death experiences when the US banking sector has turned its back on them. That said, bank friendliness towards the sector has greatly increased anyways, with even JP Morgan offering services to exchanges Gemini and Coinbase.
Bitcoin CEO: MicroStrategy’s Michael Saylor Explains His $425M Bet On BTC, CoinDesk, September 15, 2020
PODCAST: Andre Cronje Of Yearn Finance On YFI And The Fair Launch: ‘I’m Lazy’, Unchained Podcast, September 15, 2020
PODCAST: How SushiSwap Proved That Liquidity Is Not A Moat, Unconfirmed Podcast, September 11, 2020
EU Aims For Tight Grip On Digital Currencies To Stave Off Risks – Bloomberg, September 11, 2020
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Disclaimer: The opinions and analysis expressed in this newsletter are those of the writer, and not of Bitbuy. Nothing in this note should be considered investment advice.