Top Cryptocurrency News This Week : Where CZ sparked debate over helping a user while Ethereum whales continued to hoard their favorite coin.

News , Views and Opinion that Impacted You and Your Coin Portfolio This Week

Weekly News

Key highlights

  • CZ sparks debate of intervention with $20,000 BNB Mistake advice
  • Jack Dorsey creates a non-profit entity to end patent lockups
  • Swiss Senate passes Blockchain Act Legal Reform
  • Ukraine and Venezuela lead the global crypto adoption race
  • Ethereum’s Non-Exchange Whales Hoard their favorite bait

Well, its been sometime that investors and traders have been moving their coins from one wallet to another to transact. Over the years the errors in transacting with crypto have diminished a lot but there are still some who are making it. This week, we had once such an incident of error that was reported by Binance’s head CZ, who used his Twitter asked the community for an opinion of what should be done with the error. According to the tweet put out by CZ, a guy sent 800BNB (about $20,000) to the wrong address. Since the transaction was made on the Binance Smart Chain, the user  “begged” for Binance for help. While the incident saw a variety of opinions on the tweet on both sides,it enraged an age-old debate of the crypto world that Is it worth intervening in favor of users or abide by the code which is the absolute law.  

Jack Dorsey has been one of the tech leaders that has supported cryptos wholeheartedly. Anyone who has been part of the crypto world is aware of Dorsey’s love affair with the cryptocurrencies. Having been at the helm of Twitter, the troller's paradise, and at Square where he has seen the nascent technology of cryptocurrency grow, Dorsey created an organization whose primary aim is to bring together cryptocurrency patents for free usage for all of its future members. This is a nonprofit organization called Cryptocurrency Open Patent Alliance (COPA) which envisions to ensure open access to blockchain technology in the digital asset sector and fight against patent lockups which stop companies within the cryptocurrency ecosystem from “locking up” treasured and valuable technologies in patents     

Cryptocurrency across the globe hasn’t had much of a healthy relationship with the majority of regulators. But in some countries, it has been more than a friend. One such country is Switzerland where regulators have accepted the innovation with both hands. This week political heads in the Swiss Senate passed a new set of reforms that would clear up the understanding around legal framework regarding the trading of digital coins and how it pairs up with countries Securities Law. If all goes well the Act would come in effect in May 2021 making Switzerland one of the most advanced blockchain regulated countries of the world.

The Crypto world has its order where the countries that considered to be relatively week are climbing up the ladder far quicker than the real world giants. A report recently put forward by Chainalysis stated that cryptocurrency adoption is growing globally. By comparing four key data points across countries, the report stated that Ukraine, Russia, and Venezuela lead the way in crypto adoption, far ahead than global gains USA and China. While the analysis dint take into account the actual amount sent and received on-chain by addresses in a specific country, the analysis considered activity on platforms by country based on its web traffic

Ethereum has a super fan following not just in developers but amongst investors as well. This is the reason the coin has stayed at the number two position by market cap for quite some time. The investors that already own Ethereum are highly confident that their lovely digital asset would soon scale to number one position in the crypto world. And this is not just in word but in action as well. This was clearly seen in the month of August when Non-Exchange ETH Whales Increased their ETH holdings by 3 million coins even though the asset has reduced in value clearly showing how bullish they are

Which crypto news had the most impact on you or your coin portfolio this week? Do let us know in the comments below.