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A long-awaited debit card has recently been introduced by Bit2Me, the largest exchange in Spain and the first business to be recognized by the Bank of Spain as a virtual service provider. The Bit2Me debit card operates throughout the whole Mastercard network, enabling cryptocurrency-stablecoin payments at more than 90 million international merchant locations as well as up to 9% cash back on all purchases both in-store and online.
50,000 users and 5,000 merchants have joined India's retail CBDC trial since its start on December 1. The Reserve Bank of India (RBI) said that 0.77 million e-rupee transactions were completed during the course of the two months. The bank temporarily stopped adding new users after 50,000 users. The present e-rupee experiment would expand to include five additional banks and nine additional cities in the following phase.
A set of blockchain commerce tools has been released by crypto-friendly e-commerce giant Shopify to improve the user experience of their web3-focused stores hosted by the platform. The "tokengating" application programming interface tools and extended crypto wallet functionality shows that any applicable Shopify merchants may now configure their storefronts to limit access to exclusive goods, NFT drops, and advantages for certain token holders.
For users who wish to invest in crypto mining, the Russian government aims to offer tax incentives. In east Siberia, a new $12 million crypto mining facility will debut with the direct assistance of the government. The facility, which opens this year, will employ 100 people, have 30,000 crypto mining equipment, and use 100 megawatts of power from the grid. Some other advantages of the mining hub include lower power costs and low income tax rates.
KuCoin exchange has announced the listing of the Gifto (GFT) token, a blockchain-based web3 gifting platform. Gifto, previously known as GTO, is a hub for gifting digital presents and has a range of features, including a web3 wallet, an NFT marketplace, and staking options. With the rebranding of its token from GTO to GFT in Q1 2023, Gifto will now be available on KuCoin, with supported trading pairs GFT-USDT and GFT-BTC. This listing is expected to bring more liquidity and exposure to the platform, driving its adoption and overall market value.
According to Pantera Capital, Bitcoin is starting its seventh bull cycle and investors shouldn't avoid crypto after FTX incidence. Some major market participants continue to believe that new macro lows are imminent across all crypto assets, despite the small retracement in BTC price movement following its 40% January rise. There is no agreement on how the market will recover, but then, the time has come to change from being bearish to being bullish on crypto.
The group of big economies is looking into whether it can coordinate on crypto legislation, according to Nirmala Sitharaman, finance minister of India, the current G20 president. Sitharaman cited the sophisticated technology supporting virtual assets as necessitating discussion on regulatory actions. Her government, under Prime Minister Narendra Modi, and central bank have long debated laws that may ban cryptocurrencies.
The "zero knowledge" (ZK) technology, which many experts consider to be a significant development in the usage of encryption in blockchains, is being investigated by Polygon, an Ethereum scaling project, as a potential addition to its main chain. The experimental work was revealed by Polygon co-founder Mihailo Bjelic in an interview, highlighting how important ZK technology has grown to be for the project's development roadmap.
To aid in the current catastrophe in Turkey and Syria, Ethereum cofounder Vitalik Buterin sent around $150,000 in Ether to Ahbap Earthquake Support. The information is based on transaction data from Etherscan, which reveals a transfer of 99 ETH from wallet address vitalik.eth to a wallet labeled "Ahbap Yardm" and approximately 393 ETH, worth nearly $600,000 at the current pricing, are currently held in the recipient wallet.
Nigel Green, the CEO of the financial advisory company deVere Group, predicts that the use of crypto would rise as a result of central bank digital currency (CBDC). Green asserts that the global adoption of CBDC by governments will draw attention to the advantages of Bitcoin and other cryptocurrency assets. Green believes that governments would likely use the argument that privacy concerns are exaggerated to defend CBDC against the criticism.
Bitcoin's Open Interest has surged by $1.8 billion as its price broke the $27,000 mark, indicating a strong influx of investor interest. Open Interest tracks the total value of Bitcoin futures contracts open on derivative exchanges, with rising figures signifying increased market activity and potential volatility. The recent jump from $11.04 billion to $12.81 billion suggests heightened trading and leveraged positions. The future direction of Bitcoin's price remains uncertain, with the surge potentially fueled by shorts covering positions or longs hoping for further gains. The funding rate suggests a balanced mix of long and short positions.
Morgan Creek Capital founder Mark Yusko predicts a bright future for Bitcoin (BTC) as institutional capital worth hundreds of billions is expected to enter the market. Yusko points to Bitcoin's historical trend of adding a zero to its price following each halving event, with the next one slated for April 2024. He anticipates a 1.5x increase from the current all-time high, potentially reaching $100,000. Additionally, Yusko believes Bitcoin exchange-traded funds (ETFs) will be approved by late 2023 or early 2024, leading to a substantial influx of capital into the cryptocurrency.
Citigroup has unveiled Citi Token Services, a permissioned blockchain platform designed for institutional clients, offering access to tokenized deposits, cross-border payments, and automated trade finance around the clock. This move aligns with Citigroup's goal of creating a 24-7, on-chain, programmable financial system. The partnership with Maersk enables instant payments through smart contracts, benefiting companies with numerous vendors. Citi Token Services also aids corporate treasurers in managing global liquidity more efficiently. Meanwhile, JPMorgan is reportedly still in the early stages of exploring a similar private blockchain service, lagging behind Citigroup's innovation.
Bitcoin is making a strong comeback, currently priced at $26,684 and holding over 50% of the total cryptocurrency market, boasting a market cap of approximately $520 billion. This milestone is significant as it contrasts with the stagnation or decline of many alternative cryptocurrencies (altcoins). Ethereum, the closest rival, sits at $1,632.09, with other altcoins showing modest gains or losses. Bitcoin's resurgence aligns with historical trends, often thriving during bear markets, cementing its status as a digital "safe haven." Despite gains, it remains below its peak dominance levels, but its return to prominence is noteworthy.
Animoca Brands subsidiary Darewise Entertainment is set to introduce the first-ever metaverse token on the Bitcoin blockchain. The token is aimed at powering a comprehensive ecosystem for gaming, brands, and real-world experiences. This move represents a significant expansion of Bitcoin's capabilities beyond a store of value. The metaverse token will facilitate in-game assets and virtual lands for the Life Beyond metaverse project, marking a new era for Bitcoin. Darewise Entertainment is partnering with Horizen Labs to develop and expand the Ordinals ecosystem on Bitcoin, with more innovations expected in the coming months.