Daily Crypto Market Overview: Cyprus Sets Up Blockchain Working Group

In today’s daily crypto market overview, we will touch some key announcements that took place during the last couple of days. Which fundamental events move market these days?

31 August, AtoZ MarketsAs we approached the end of the week, and also the end of this summer, we’d like to take a moment to reflect on what has happened during the last couple of days in the cryptocurrency market.

Daily Crypto Market Overview: Cyprus Sets Up Blockchain Working Group

AtoZ Markets reported that California state has adopted a bill that aims to create a Blockchain working group that will eventually develop recommendations for Blockchain deployment in the state. The authorities are especially interested in how it is best to update the state’s laws to make good use of this technology.

Another interesting news came from Australia. The country is looking into creation of a nationwide Blockchain platform. Australia’s Commonwealth Scientific and Industrial Research Organisation (CSIRO) has announced the formation of a data consortium in partnership with IBM and law firm Herbert Smith Freehills. The project will seek to build a large-scale, cross-industry smart contract platform for Australian businesses to collaborate and do business within.

Following on the Blockchain and Crypto initiatives from various countries, regulators in Poland have reportedly introduced a new bill to clarify the current cryptocurrency taxation policy in the country. The key purpose of the bill is to make the tax system easy to apply for cryptocurrency transactions.

Likewise, Brazilian authorities have reportedly sent out inquiries to the top cryptocurrency exchanges in the country in a bid to learn more about their businesses and study their potential use in money laundering.

The spokesman from the Cypriot government has announced that the country is eyeing the establishment of the working group to undertake the national initiative for the adoption and development of Blockchain technology. 

Other important crypto news

Some other significant news included the following:

  • Yahoo Finance has introduced a new cryptocurrency trading feature on its platform
  • Charlie Lee, the Litecoin creator, has recommended buying BTC in bear market
  • OECD considers hosting an international conference on Blockchain technology next month
  • University of Malta launches Blockchain and DLT Scholarship Fund
  • The Russian Federal Financial Monitoring Service has reportedly ordered an analytical tool to track crypto transactions
  • South Korean e-commerce marketplace Ticket Monster (TMON) announced it had closed a $32 million funding round for its new stablecoin Terra. Notably, Binance was among the investors
  • Origin Protocol, a Blockchain project building a decentralized marketplace, has rolled out a P2P messaging app on its demo platform

Bitcoin Targets and Levels

BTC price – 6990

Support – 6900

Targets – 7200, 7505

Ethereum Targets and Levels

Ether price – 285

Support – 275

Targets – 315, 363

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