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- Ethereum London Hard Fork is near at hand – Crypto weekly update

# Ethereum London Hard Fork is near at hand – Crypto weekly update

Published: 05. 08. 2021 · Author: Daniel Mitrovsky

This week, the total market capitalization exceeded 1.35 trillion EUR. Increase at the 7-day interval is 3.84 %. Bitcoin decreased by 2.97 % during the week to a current value of over 32 700 EUR. Bitcoin dominance is 45.3 %.

Source: Coinmarketcap

### Ethereum London Hard Fork is near at hand

One of the most important and long-awaited upgrades on the Ethereum network called "London Hard Fork" is expected to be activated as early as this Thursday.

Official web page, Ethereum.org, states that the London Hard Fork upgrade should be activated on the Ethereum blockchain after verifying block 12,965,000. The update will also introduce the often-infused Ethereum Improvement Proposal 1559 (EIP-1559), which reforms transaction fees market, along with changes to how gas refunds are handled.

EIP-1559 will directly affect how the network handles transaction fees. The most important change in implementation will be that each transaction burns a base fee, thereby decreasing the asset's circulating supply.

In addition, EIP-1559 gives users the option of including a tip to help incentivize speedier confirmations proportionate to network demand.

Although the crypto community is excited about the burning fee concept, it is necessary to recognize that Ethereum will only become a deflationary asset in case that ETH burned will be higher than ETH issued in block rewards. Source

### Google changes its advertising policy

Google is revising its advertising policy after Google banned crypto and initial coin offering-related advertisements back in June 2018.

From Tuesday, August 3, Google will allow cryptocurrency wallets and exchanges to advertise their products and services to U.S. consumers, if they meet specific requirements.

The new ad terms are set to eliminate shady advertising and blatant crypto scams. Advertisers must be registered with the Financial Crimes Enforcement Network (FinCen), which fights against domestic and international money laundering.

The firm will not allow ads for ICOs and decentralized finance trading protocols. Celebrity crypto endorsements are also banned, which may help in part with issues surrounding fake celebrity endorsements. Source

### New law in Germany opens door to cryptocurrencies

In early August, a new law focused on institutions and cryptocurrencies, came into force in Germany.

Beginning on Aug. 2, 2021, German institutional funds will be able to hold up to 20% of their assets in cryptocurrencies, possibly setting the stage for wider mainstream acceptance of Bitcoin and other crypto assets by the nation’s pension funds.

Bloomberg reports that the new law changes investment rules for special funds, so-called "Spezialfonds," which are only accessible to institutional investors - such as pension funds and insurance companies.

Spezialfonds currently manage about $2.1 trillion (€1.8 trillion) worth of assets. Source

### GoldenTree Asset Management invests in Bitcoin

New York-based asset management company GoldenTree has reportedly decided to buy bitcoin, joining several companies that already have cryptocurrencies on their balance sheets. However, the total amount of this supposed investment remains unknown.

According to a Friday report from financial news outlet The Street, GoldenTree has purchased some Bitcoins, but has seemingly shied away from altcoins.

Citing two sources with knowledge of the matter, the publication reported the BTC purchase followed discussions between executives regarding hiring staffers familiar with crypto investments.

GoldenTree currently manages assets worth more than $45 billion (€38 billion). Source

### Square to acquire Australian fintech company Afterpay

Digital payments company Square, whose chief executive is Jack Dorsey, founder of social network Twitter, has decided to expand competition with other global payments giants.

Square announced Sunday that the firm has entered into a scheme implementation deed to acquire all of the issued shares in fintech company Afterpay in a $29-billion (€24.5 billion) deal.

The acquisition enables Square to further accelerate its strategic plans for payment ecosystems as the company is looking to integrate Afterpay into its Seller and Cash App business units to enable a “buy now, pay later” service.

As part of the transaction, Afterpay’s co-founders and senior executives will join Square and help lead Afterpay’s related merchant and consumer businesses within Square’s Seller and Cash App ecosystems. Source

### Are the crypto regulations coming?

Securities and Exchange Commission chairman Gary Gensler promised strong regulation of the cryptocurrency market, but said it would ultimately be good for the industry.

Gensler, who previously taught cryptocurrencies and digital assets at the Massachusetts Institute of Technology (MIT), said in an interview with Bloomberg that despite his personal interest in cryptocurrencies and bitcoin, protecting consumers in the industry comes first.

Gensler described regulation of the cryptocurrency market as "a vital component for the success of any technology."

The U.S. Congress has already begun work on one of the regulations focused on the taxation of cryptocurrencies and digital assets. The new taxation law is expected to raise an additional $28 billion (€23.6 billion) to the budget. Source

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