Weekly Recap
July 24th - July 31st, 2020
Welcome to our weekly recap for July.
Overview
Crypto News
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The Bank of England’s upcoming settlement service is being designed to support a possible central bank digital currency (CBDC). The new settlements system is being designed that the bank could incorporate a facility for digital currency transactions, should it decide to support a CBDC.
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Instead of buying groceries or paying rent, many Americans opted to invest in the top cryptocurrency when they received their first stimulus checks in April. And the gamble paid off. Those that converted the free money to bitcoin have raked in up to 54% in profit in three months.
Now, history may be about to repeat itself.
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The United States has suffered its worst economic decline on record with the nation’s gross domestic product (GDP) contracting by 32.9 percent in the second quarter. Most analysts expect the economy to manage a sharp bounce-back in the current July-September quarter. Yet with confirmed coronavirus cases elevated in a majority of states, the economy could worsen in the months ahead.
- Around 2,500 stolen bitcoins ($28 million) from the 2016 Bitfinex breach were transferred from the hacker’s wallet on Monday.The last time the Bitfinex hackers moved funds from the hack four years ago, they moved around $5 million worth of coins on June 24. This time around, the top crypto asset by market capitalization touched new price highs for 2020 on July 27.
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