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Bitcoin News Roundup for Aug. 11, 2020
With bitcoin increasingly acting like gold and one company betting a quarter of a billion dollars on BTC, CoinDesk's Markets Daily is back for your news roundup!
Updated Sep 14, 2021, 9:42 a.m. Published Aug 11, 2020, 4:00 p.m.
With bitcoin increasingly acting like gold and one company betting a quarter of a billion dollars on BTC, CoinDesk's Markets Daily is back for your news roundup!
STORY CONTINUES BELOW
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This episode is sponsored by Crypto.com, Bitstamp and Nexo.io.
Today's stories:
Bitcoin Rally Stalls as Increasingly Correlated Gold Drops Below $2K
Bitcoin is increasingly taking cues from gold, a tried-and-tested store of value asset.
MicroStrategy Buys $250M in Bitcoin, Calling the Crypto 'Superior to Cash'
Digital gold is now the "principal holding" of MicroStrategy's revamped treasury reserve strategy.
After Tumultuous Election, Belarus Goes Offline
Internet is down in Belarus as people are protesting the results of the nation's presidential election.
Blockchain to Play 'Essential Role' in Farming Supply Chains, Says US Government
An agency attached to the U.S. Department of Agriculture said it expects blockchain will play an important role in the sector's supply chains.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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