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The VeChain (VET) blockchain is steadily advancing toward its objective of serving as the mainstay of blockchain-based sustainability in the real world. In fact, the VeChain Foundation revealed recently that it would make use of the VeChain blockchain to accomplish the 17 Sustainable Development Goals set forth by the United Nations while trading at $0.02378 in the past 24 hours, up 6.78% and with the market cap about 18.12%.
The Cardano (ADA) blockchain ecosystem keeps growing into 2023, with the network witnessing several advances in the first month of the year. A total of 51,868 wallets have been added to Cardano since the start of the year, up from 3,842,867 on Jan 1 and 3,894,735 as of Jan 25. Also, Cardano had a market cap of $8.46 billion whereas it has a total value of $13.06 billion now, meaning that in less than a month, its market cap has grown by $4.6 billion.
On January 25, UK lawmakers held a parliamentary discussion on cryptocurrencies and regulation. While lawmakers were quick to point out gaps in existing regulation, there were not many specifics provided as to what regulation might actually look like. The chancellor of the exchequer, Jeremy Hunt, promised clarification on cryptocurrency in the U.K. in a preamble to the debate that was posted on the website of the U.K. parliament.
Following a successful DAO vote, DeFi lending platform, Aave is prepared to release the third version of its protocol on Ethereum. Seven assets, including wrapped bitcoin, wrapped ether, wrapped staked ether, USDC, DAI, link, and aave, will be supported when Aave v3 on Ethereum launches. DeFi risk manager Chaos Labs suggested these investments and the Aave DAO approved Chaos Labs' risk-off strategy for the launch of Aave v3 on Ethereum.
Blockstream, a bitcoin technology firm, has secured $125 million to expand into the Bitcoin mining market, where the major competitors have been fighting to survive. According to Erik Svenson, this funding enables them to quicken the income growth they established with their 2021 Series B and to keep constructing the foundation for the future Bitcoin economy. In a news release, the President and CFO of Blockstream.
The Australians didn't reach the fourth rank until the first few days of January but rather entered the top three countries internationally by the number of crypto ATMs, despite the bear market and the record-low dynamics of new Bitcoin ATM installations worldwide. Australia currently has 234 crypto ATMs, placing her third internationally after the United States and Canada. It also outperformed Spain, which has 222 crypto ATMs, in three weeks.
Tesla, a maker of electric vehicles, refused to sell any more Bitcoin in the second half of 2022 despite reducing its holdings by 75% in the first quarter. For the second consecutive quarter, according to Tesla's financials, it neither bought nor sold any of its Bitcoin, as reported in its Q4 results announcement on Jan. 25. This was true notwithstanding the significant market turbulence that followed the collapse of FTX in November and December.
The banking behemoth has named Bitcoin (BTC) as the best-performing asset in the world this year, despite the significant setbacks the cryptocurrency industry saw in 2022, including numerous bankruptcies and fraud investigations. A report by Goldman Sachs, a previous vocal opponent of Bitcoin, shows that the first cryptocurrency has outperformed the S&P 500, gold, real estate, and the Nasdaq 100 this year.
French lawmakers have taken a softer stance on cryptocurrency licensing in the nation, giving businesses more time to comply with new requirements throughout all of Europe. The members of the National Assembly approved an amendment put forth by center-left politician Daniel Labaronne, allowing current cryptocurrency businesses to continue operating without a complete license until the European Union's historic crypto legislation are implemented.
.SWOOSH, a community-driven platform for Web3 digital art built on Polygon, launches this Wednesday, Jan. 25, 2023, according to a statement made by Jasmine Gao, Nike's senior product manager. The technical foundation of the new release is Polygon Network (MATIC), a high-performance EVM-compatible blockchain. The debut line was influenced by Nike's illustrious Air Force 1 shoe line.
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.