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Bank of America: Ethereum needs scalability improvements to maintain its market position.



Time:8/2/2022 2:52:24 AM

[Bank of America: Ethereum needs scalability improvements to maintain its market position] Golden Finance News, Bank of America said in a research report that the Ethereum blockchain has evolved from a proof-of-work (PoW) consensus mechanism to a proof-of-stake (PoS) consensus mechanism. ) shift seems imminent as it needs scalability improvements to maintain its market position. The bank stated that without scalability improvements, Ethereum is unlikely to continue as the main blockchain operating system, saying: “PoS reduces Ethereum’s energy consumption by more than 99%, lowering the stakes for investors as the network Barriers to entry for validators to generate revenue and change the supply and demand dynamics of ETH.”

Analysts also pointed out that newer blockchains such as Binance Smart Chain (BSC), Tron, Avalanche and Solana have taken market share from Ethereum due to their PoS consensus mechanism, greater scalability and lower transaction fees . These functional advantages “may become key as decentralized applications emerge in the Web3 ecosystem,” the bank added. (Coindesk)

Other news:

Bank of America: Investors see BTC again as a safe-haven asset: October 22, according to Bank of America Corp. After the asset trades for a while, investors see it again as a safe-haven asset.

The 40-day correlation between BTC and gold is around 0.50, up from around 0 in mid-August. Although BTC’s correlations with the S&P 500 and Nasdaq 100 are high at 0.69 and 0.72 respectively, they have flattened out and are below their historical levels a few months ago. (Bloomberg) [2022/10/23 16:35:42]

Gu Yanxi: Bank of America's custody of encrypted digital currency can help the market achieve more growth: On August 7, Gu Yanxi, a researcher of blockchain and encrypted digital assets, published an article "The Significance of Bank of America's Beginning to Manage Encrypted Digital Currency" , U.S. regulation began to allow U.S. banks to host encrypted digital currencies, which has a far-reaching impact on the encrypted digital currency and encrypted digital asset industry. The main impacts are as follows: 1. There are more choices for the encrypted digital currency custody business; 2. The encrypted digital currency market realizes more increments; 3. The market providing encrypted digital currency custody services will change; 4. The encrypted digital currency in the United States The asset market infrastructure has been further strengthened; 5. Custody business is the beginning of the US banking industry's entry into the digital financial business. [2020/8/8]

News | SEC, CFTC, FinCEN warn crypto industry to comply with U.S. banking laws: Statement co-signed by Commodity Futures Trading Commission (CFTC) Chairman Heath Tarbert, Financial Crimes Enforcement Network (FinCEN) Director Kenneth Blanco and Securities and Exchange Commission (SEC) Chairman Jay Clayton "Remind" players in the crypto space that they must comply with various banking and financial services laws in the United States, regardless of what they call their cryptocurrencies or tokens. The joint statement issued by the agencies referenced the Bank Secrecy Act (BSA), which outlines how different financial services businesses should register with the regulator. Specifically, the agencies explained that the “nature of digital asset-related activities” a person engages in will determine which agencies the person should register with and what other laws they need to comply with. (coindesk)[2019/10/12]

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