In our weekly edition of Overbit News, we try to recap some of the biggest stories going into and over the weekend. Rather than focusing on the more significant trends in the cryptocurrency market, we simply aim to simply highlight the most significant developments of the week.

We start off this edition in Russia, where cryptocurrency mining operations are now being squeezed by regulatory pressure. In a recently proposed bill by the Ministry of Digital Development, Communications and Mass Media, the Government plans to require all 'data centres' in Russia to closely work with the Government and to report their operations.

According to the publicly available draft, the Russian Government defines a "data centre as an" object with its own infrastructure for hosting hardware providing storage, processing and access to data, with guaranteed levels of accessibility, security and management." This broad-sweeping definition includes a multitude of different technical operations, but the most important for our purposes is cryptocurrency mining operations.

If this bill passes, all mining farms will be required to submit quarterly reports to the agency mentioned above. While it's likely the Russian Government is already aware of any large mining farms due to their power consumption, this legislative decision is a significant milestone nevertheless. As each country develops its own legal framework for cryptocurrency, the burden grows larger for the rest of the world to adapt and adopt.

Moving onto more cryptocurrency market coverage, we take a look at the surging DeFI markets. Decentralised Finance, or DeFi, began with the idea of mimicking the existing financial world, with different products catered towards areas like lending, borrowing, spending, and interest rates. However, given the open-source nature of these products, developers have evolved this space into a cohort of projects almost unrecognisable from the traditional finance world.

The most representative project of this strange new scene is YFI or Yearn Finance. At its core, the project attempts to capture high yield from other DeFi projects and return some of it to the YFI token holders. Being a Robo-adviser of sorts for this ballooning world of DeFi has caused YFI to skyrocket in recent weeks, going from nothing to reaching as high as $20,000. Big names in the space like Arthur Hayes have called for even higher YFI, setting targets at $100,000.

It goes without saying DeFi is highly lucrative for investors at the moment. That being said, it's important to remember the space is still highly speculative, and new software can often be full of bugs, which can lead to a catastrophic loss of funds.

To close out, we take a look at Grayscale. Grayscale is the world's largest bitcoin and cryptocurrency fund manager. The New York-based firm has greatly helped accelerate the adoption of bitcoin in the past few years, evidenced by their nearly $5 billion in assets under management (AUM).

Despite an abundance of funds, it seems Grayscale has a significant problem on their hands. Their cryptocurrency trusts have been plagued with high premiums since the launch. Not a few percent, either - these premiums have ranged anywhere from 20% to 1000% on extremely volatile periods. "These trusts are based solely on single assets, and should thus not outperform its underlying asset over time," Arcane Research analyst Vetle Lunde wrote.

These premiums are undoubtedly a significant problem for investors, especially those who may not even know they're paying such a premium. On a macro scale, though, these premiums indicate a massive demand for cryptocurrency on the institutional side. A number of high-profile investors, led by prominent hedge fund manager Paul Tudor Jones in May, called Bitcoin "a possible protection against inflation" - which just might be the understatement of the century. At, we will continue to watch and report on how things play out with inflation, globally, after the extraordinary steps taken by central banks around the world to ease the economic harm caused by the coronavirus pandemic.

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