Crypto Scoop: Ethereum Set On A Bullish Run To A New ATH

While we await what September may bring after the August bullish tide, here are the highlights of this week’s crypto scoop:

• Ethereum set on a rigid price gain momentum
• Nigerian CBDC is set to launch at year’s end
• El Salvador sets up a $150m bitcoin trust
• Jack Dorsey requests support for decentralized bitcoin exchange.

Ethereum set on a rigid price gain momentum.

Ethereum may have started the month of August in a sea of red, but the tides have changed, placing ethereum on a bullish run. Ethereum’s price soared above $3,982, bringing it to its highest level since May. Ethereum’s price has leaped with about a 50% increase in the last month, and analysts foresee continued growth.

In fact, Coinbase’s decision to integrate Polygon’s layer two (L2) scaling solution to Ethereum is expected to further surge Ethereum’s price upward. The recent integration by Coinbase is expected to reduce high prices and long settlement times, making it easier to trade ethereum on the platform. However, the exact date for the integration has not been made public.

Bitcoin hasn’t been left behind in the bullish tides as it was not only able to successfully break the $40,000 resistance but also surpassed the $50,000 benchmark. Crypto enthusiasts are curious as to what the new month of September holds for these prominent cryptocurrencies.

Read also: Why Ethereum May Outperform Bitcoin in 2021

Nigerian CBDC is set to launch at year’s end.

The Central Bank of Nigeria (CBN) has announced that it is working hand in hand with Bitt Inc., a blockchain startup, to develop an eNaira digital currency. A press release from CBN explained that the CBN’s decision follows an unmistakable global trend in which over 85% of central banks are now considering adopting digital currencies.” It is expected that the digital currency would be launched later this year. The Nigerian Central Bank Digital Currency (CBDC) is expected to ease cross-border payment, promote financial inclusion. In the press release, it was noted that CBDC would be an integral monetary policy tool in the administration of the government.

CBN further explained, “The CBN’s selection of Bitt Inc., from among highly competitive bidders, was hinged on the company’s technological competence, efficiency, platform security, interoperability, and implementation experience.”  

El Salvador to set up $150m bitcoin trust

El Salvador government has announced its intention to set up a $150m bitcoin trust that would help facilitate the exchange to US dollars. A few months ago, the El Salvador government had announced its intention to accept bitcoin as a legal tender. As part of its initiative to achieve this objective, a trust fund has been set up to allow its local merchants to transition much easier to bitcoin use.

The bitcoin trust would instantly convert bitcoin to dollars allowing its local merchants to balance out the effects or risks of bitcoin volatility. Maria Luisa Hayem Breve, El Salvador’s minister of Economy, noted the possibility of increasing the initially agreed $150million at a later date. The bill to accept bitcoin as a legal tender would go into full effect on the 7th of September. Local firms, businesses are required to accept bitcoin in payment; however, the president and finance minister explained that businesses would fail to do that will not be penalized. The bitcoin trust would be set up at the Development Bank of El Salvador.

Jack Dorsey requests support for decentralized bitcoin exchange.

Twitter and Square CEO Jack Dorsey has requested the help of his fans on his next huge project, a decentralized bitcoin exchange. Dorsey had earlier announced his intention in July to build an open developer program; he has now called on his fans' support to make this a reality. He tweeted, “Help us build an open platform to create a decentralized exchange for Bitcoin.” A division under Square, TBD would be dedicated to making this a reality.

The project lead, Mike Brock, also took to his Twitter account to explain the project's objective.  He explained, “This is the problem we’re going to solve: make it easy to fund a non-custodial wallet anywhere in the world through a platform to build on- and off-ramps into Bitcoin. You can think about this as a decentralized exchange for fiat.”  Jack Dorsey further explained that the project seeks to offer non-custodial, decentralized financial services.

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