Crypto News Cast 📮 20-11-2020

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Welcome to The Crypto News Cast: A Complete Cryptocurrency News letter For Today

24hours Cryptocurrency Market Cap:

📈MarketCap: $525 B
📊24h Mcap %: 18.50%
⚠️Bitcoin Dom: 66.30%
📌Active Coins: 4,659
📍24h Vol %: 3.20%
💲24h Vol: $143 B

Crypto News Updates :

• Bitcoin’s Taproot Upgrade Support Surges By 45%
• SEC Chair: Inefficiencies In Traditional Payment System Boosting Bitcoin
• China's State TV CCTV Shills Bitcoin To Millions
• OCC Chief Brian Brooks Says Launch of Crypto Banks Is Imminent
• Goldman Expects Digital Yuan Will Reach 1 Billion Users in 10 Years
• First Employer-Sponsored Bitcoin Retirement Plans Launched In US
• Ethereum Breaks $500 for First Time Since 2018
• OKEx Crypto Exchange To Reopen Bitcoin Withdrawals

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Bitcoin’s Taproot Upgrade Support Surges By 45%

Bitcoin miners are signaling that they support the Taproot upgrade, which aims to boost privacy and efficiency. F2Pool, the largest Bitcoin mining pool has been listed on the “Taproot-Activation” website, signaling its support for Bitcoin’s protocol upgrade proposal Taproot. With the addition of F2Pool, Taproot, which aims to improve the network’s privacy and efficiency, has now gained the combined support of miners responsible for 45% of Bitcoin’s hash power. This means it is just 6% away from reaching a majority. Read Full on Decrypt.

SEC Chair: Inefficiencies In Traditional Payment System Boosting Bitcoin

SEC Chairman Jay Clayton reiterated that he does not believe Bitcoin is a security, but suggested that more regulation could still be on the way from other federal agencies. Clayton told that Bitcoin more resembles a store of value and a payment mechanism than it does a security, and that “inefficiencies” in current traditional payment mechanisms, both domestically and internationally, are boosting Bitcoin’s growth. But he also warned that as Bitcoin becomes more popular, it could become further regulated as a payment method. Read Full on twitter.

China's State TV CCTV Shills Bitcoin To Millions

As noted by prominent Chinese crypto analyst “cnLedger,” yesterday, CCTV, the official Chinese Communist Party television channel, did a segment on Bitcoin due to the rally. According to him, the state channel covered Bitcoin’s price being up 70 percent in fifty days, along with the strength in the fundamentals of the cryptocurrency. It mentioned that bitcoin’s network, development and investment eco-system are now far better than 2017 bull market and added the recent rise is driven by institutional funds. Read Full on twitter.

OCC Chief Brian Brooks Says Launch of Crypto Banks Is Imminent

Comptroller of the Currency Brian Brooks says the advent of crypto banks is just around the corner. In an interview with Forbes, the head of the Office of the Comptroller of the Currency (OCC) reveals that there are a few crypto firms beelining for the Trust Charter with the OCC in order to provide crypto banking services. Brooks stresses the need to balance banks’ ability to service their clients’ digital asset needs and to maintain current levels of government regulation and oversight. This balance, Brooks believes, will imminently involve crypto banks. Read Full on forbes.

Goldman Expects Digital Yuan Will Reach 1 Billion Users in 10 Years

According to Goldman Sachs, The digital yuan, China’s planned national virtual currency, would account for 15% of total consumption payments in ten years, helping commercial banks gain more ground from fintech companies. "In ten years we expect DC/EP to reach 1 billion addressable users, 1.6 trillion rmb ($229 billion) in issuance, 19 trillion rmb ($2.7 trillion) in annual Total Payment Value (TPV) and account for 15% of total consumption payments,” the report said. Read Full on CoinDesk.

First Employer-Sponsored Bitcoin Retirement Plans Launched In US

U.S.-based asset manager, Digital Asset Investment Management (DAiM), has launched the country’s first employer-sponsored 401(k) retirement plans that offers several recommended model portfolios of varying risk to traditional assets and allocation of up to 10% to Bitcoin. The BTC will be held in cold storage by Gemini Trust, allowing DAiM to transfer Bitcoin to former-employees who have left participating companies. DAiM’s crypto-friendly plans are compliant with the Employee Retirement Income Security Act of 1974, and will be able to be offered by employers from 2021. Read Full on cointelegraph.

Ethereum Breaks $500 for First Time Since 2018

Ethereum has been the talk of the town in recent months as the crypto community anticipates the release of Ethereum 2.0. But while we wait for this upgrade, Ethereum's price has kept rising. The price of Ethereum has risen above the $500 barrier for the first time since 2018. The last time the cryptocurrency was above $500 was July 2018. This recent price increase adds to solid growth over the year with Ethereum's price having risen from $130 to $500 a 284% gain on the year so far. Read Full on Decrypt.

OKEx Crypto Exchange To Reopen Bitcoin Withdrawals

Crypto exchange OKEx has announced it will resume withdrawals from November 27, 2020, following a temporary suspension that began on October 16. The temporary absence of withdrawals was a major talking point for the Chinese crypto community, but now, the major exchange is set to resume normal business practices. As OKEx reopens for withdrawals, the exchange is also hoping to apologize for the inconvenience caused through user loyalty reward campaigns to express deep apologies and most sincere gratitude to our community. Read Full on Decrypt.