Crypto Tidbits: Bitcoin Dives Under $8,000, Fidelity Bags Trust License, SEC Takes Second Look at ETF

Another week, another round of Crypto Tidbits. Bitcoin and other cryptocurrencies haven’t had the best of weeks. On Friday, BTC fell as low as $6,800, marking a 19% decline on the week. Altcoins posted similar losses, crushed under the pressure of a plunging Bitcoin.Despite the bearish price action, the past week was still fundamentally positive for the cryptocurrency industry: Bakkt’s Bitcoin futures set a new volume record, Grayscale revealed that it wants to become an SEC reporting company, and Fidelity revealed that it has bagged a key Trust license for its digital assets business.Related Reading: Crypto Tidbits: RBC May Embrace Bitcoin, China Bashes Cryptocurrency, Ethereum DeFi BoomingBitcoin & Crypto TidbitsBitcoin Fixes This: German Bank Forces Negative Interest Rates: According to a report from RFI, the Raiffeisen cooperative bank in Fuerstenfeldbruck, near Munich, will now be levying a -0.5% annual rate on savers, from big to small. The outlet suggests that only new customers and deposits to the bank will be affected, though this move is the first of its kind regardless. This financial imbroglio comes shortly after a Denmark bank began to charge clients with over $111,000 in their bank accounts a 0.75% yearly fee. Hodlonaut, a legendary Bitcoin industry commentator, broke down why he believes negative interest rates are effectively the straw that will break the camel’s back. As he explained, your income is taxed, your assets are taxed, everything is with time taxed via inflation, and then you slowly watch your capital evaporate because of negative interest rates.PBoC of Shanghai Confirms Crypto Sentiment: The Shanghai branch of the People’s Bank of China has just commented on crypto yet again. According to the announcement, published on Friday, the branch of the Chinese central bank has observed a resurgence in cryptocurrency-related speculation through ICOs, IEOs, STOs, and other capital-raising/token distribution methods. As such, the Chinese central bank asserted that it will continue to “monitor the virtual currency business activities within the jurisdiction,” which will be “disposed of immediately” if discovered.

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