Blockchain industry update (Digital Currencies)

This week’s digital currency popularity across Globe. Soon the way we are dealing with currency going to change the face of finance. 

Bitcoin

  • Bitcoin mining difficulty dropped a historic 16% today, making it easier for miners to mine blocks and earn rewards. The low difficulty will attract more miners to sustain the network.
  • Bitcoin Market Cap now bigger than Paypal, approaching VISA, Mastercard and other major banks.
  • Bitcoin is now more liquid than the cash supply of a global reserve currency, the Great British Pound. There are 88 billion GBP in M0 circulation, translating to $116 billion. Bitcoin’s market cap has increased to $287 billion.
  • India Bitcoin P2P trading grown massively. Adoption of the crypto asset is also growing in the country. India and China are currently the leading countries when it comes to P2P Bitcoin trading.
  • The Bitcoin Cash network will upgrade on November 15 and the latest feature that will be added to the network is the ASERT Difficulty Adjustment Algorithm.
  • Bitcoin could get a boost from a potential Biden cabinet member. Bitcoin bull Gary Gensler is expected to be an advisor to the White House.
  • Michael Saylor says buying Bitcoin is like buying Apple, Facebook, Google or Amazon ten years ago.
  • Bitcoin and U.S. stock futures shot up on Monday after a U.S. pharmaceutical giant announced positive results from a large-scale clinical trial of a coronavirus vaccine.
  • Miners flood exchanges with BTC Transfers. Data provided by on-chain analytic firm Glassnode points out towards a huge inflow of Bitcoin volumes in the past 24 hours.
  • Institutional investors, such as family offices, might be looking at  bitcoin as an alternative to gold, according to JPMorgan analysts.
  • Bitcoin hashrate surges to 119.8M terahashes. More machines are going online, and experts suggest that the Sichuan miners are possibly resuming operations.

Blockchain

  • PewDiePie promotes Wallem, which is a Pokemon-style game that allows users to collect cryptocurrencies such as Bitcoin, Ethereum and other tokens including the app’s native asset Pteria.
  • Russian Alfa-Bank joins HSBC-backed blockchain trade finance network. A major global blockchain trade network welcomes one of Russia’s largest banks.
  • Mitsubishi UFJ Financial Group aims to launch a blockchain technology-based payment service in spring 2021, along with American cloud and network firm Akamai Technologies.
  • DEX volumes pumped over 1,000% in Q3 before October saw the DeFi craze cool. Despite pullback, trading volumes on decentralized exchanges are still significantly higher than Q2.
  • The UK Treasury Department announced that the authority is working on a draft to regulate privately owned stablecoins and the potential of issuing a CBDC.

Crypto

  • Alameda Research invests $3M in 3Commas crypto trading platform. The platform launched three years ago out of Estonia, to bring a simple crypto investing and trading experience for retail users.
  • Hong Kong plans to ban retail trading of cryptocurrencies. The new rules also aim to force crypto exchanges in Hong Kong to obtain licenses.
  • Crypto-powered prediction market flourish during US presidential election. Crypto-powered election futures have seen a wild 24-hours of trade, with decentralized platforms Augur and Polymarket posting record volumes.
  • Binance Uganda shutting down. The African outpost for the world’s largest cryptocurrency exchange will discontinue all trading November 11.
  • US Authorities seize $25 Million in cryptocurrency from one of Brazil’s biggest pyramid schemes.
  • De Nederlandsche Bank NV, the Dutch central bank, has started actively registering companies to provide cryptocurrency services. 39 firms have applied to offer crypto services under new regulation.
  • Brazil’s central bank confirms its plans to launch a CBDC. The launch is planned for 2022.
  • Celsius, centralized crypto lending platform claims to have doubled its crypto holdings in just six months and now boasts $2.2 billion in assets under management.

Ethereum

  • $5M staked  in eight hours as community cautiously backs ETH 2.0. The long awaited deposit contract for Ethereum 2.0 has finally been deployed opening the doors to staking opportunities for ETH holders.
  • Grayscale’s Ethereum Trust hits $1 billion in assets under management. Grayscale’s Ethereum Trust allows investors to take indirect exposure to ETH in the form of a security.
  • Ethereum creator Vitalik Buterin has sent nearly 1.5 million worth of ether to the ETH 2.0 deposit contract, which went live on Wednesday, November 4.

Launch, announced and Fund-raising

  • Sygnum, a Switzerland-based digital asset bank, announced today that the bank has launched staking for Tezos.
  • Wootrade announced Zealous Rhino the staking program for B2B clients and professional traders.
  • Quadriga CX Trustee raises $30 Million for reimbursements to creditors, claimants want $171 Million instead.
  • Uniswap TVL nears $3 billion, makes new ATH at $2.82 billion.

Others

  • OKEx hires external legal counsel to resolve suspension of withdrawals. Declaring that its users’ funds were safe, no assets had flowed out of the platform in any form.
  • Ripple moves its regional headquarters to Dubai. This was made known by the United Arab Emirates WAM news agency in a report it filed on November 7.
  • Amber Group will service its clientele of institutional traders with the help of BitGo Trust, the custodial arm of the Palo Alto-based digital asset financial services firm.
  • Binance blocking users from the United States. The exchange is requesting the US-based users to withdraw funds in 90 days.

Credit: Telegram VYSYN – Capital News

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Mansi Nashte
Articles: 61

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