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Bitcoin News Roundup for Aug. 31, 2020
With bitcoin still lagging behind U.S stocks and additional tax guidance in the U.S., CoinDesk's Markets Daily is back for your latest crypto news roundup!
Updated Sep 14, 2021, 9:50 a.m. Published Aug 31, 2020, 4:00 p.m.
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With bitcoin still lagging behind U.S stocks and additional tax guidance in the U.S., CoinDesk's Markets Daily is back for your latest crypto news roundup!
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Today's stories:
US Stocks Closing on Bigger August Gain Than Bitcoin
While bitcoin is eyeing an August gain for the first time in three years, the cryptocurrency is still lagging U.S. stocks over the month.
Chinese Bank Disables Digital Yuan Wallet After Soft Launch Draws Wide Attention
China Construction Bank had quietly opened up the wallet service of China's digital yuan to public users – but has now disabled it shortly after the feature gained wide attention.
What Changes at the Fed and the SEC Mean for Crypto
Chairman Powell’s speech on Thursday highlighted how much the Federal Reserve’s role is changing, and that's an opportunity for the crypto industry.
Cryptocurrency Earned From Carrying Out Microtasks Is Taxable, Says IRS Memo
The U.S. tax department has provided guidance around crypto revenue earned from microtasks via crowdsourcing platforms and, yes, such income is taxable.
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What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
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XRP bulls lose $70 million as Ripple-linked token plunges 7%
Traders are watching $1.74 as near-term support, with $1.79–$1.82 now the key resistance zone.
Wat u moet weten:
- XRP slid about 6.7 percent to trade near $1.75 as a bitcoin-led crypto selloff triggered heavy long liquidations rather than token-specific news.
- The breakdown below former support at $1.79 came on exceptional volume, flipping the $1.79–$1.82 zone into resistance and signaling institutional participation in the move.
- Traders now view $1.74–$1.75 as key short-term support, with a hold likely leading to consolidation and a break opening downside toward $1.72–$1.70.
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