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Roughly $1billion worth of bitcoin (BTC) have been seized by the US Department of Justice from a guy named Zhong who "illegally" acquired more than 50,000 BTC. Authorities saw the missing bitcoins in "an underground floor safe" after obtaining a search warrant for Zhong's home in November 2021. The value of the Bitcoin was around $3.4 billion when it was discovered.
The Chief Executive Officer of Mastercard, Michael Miebach, believes that it will take longer than anticipated for cryptocurrencies to gain widespread acceptance, but he is optimistic that once the right regulations are put in place by regulators, people will find the asset class to be much more alluring. In the future, according to Miebach, the majority of consumers will utilize bitcoin for their regular transactions and settlements. However, he thinks this won't occur in the near future.
Some well-known high-end businesses, such as luxury watchmaker Rolex, have joined the cryptocurrency bandwagon as the sector is growing and its assets are getting more and more well-liked. Indeed, according to information provided by trademark and patent attorney Michael Kondoudis, Rolex has submitted trademark applications pertaining to cryptocurrencies, the metaverse, and non-fungible tokens (NFT) with the intentions to launch NFTs.
Crypto exchange Gemini today announced it had expanded its offerings to five additional European nations including Croatia, Cyprus, Hungary, Romania, and Slovenia, bringing its presence on the continent to 12. The custody, clearing, trade execution, price discovery, and portfolio management services offered by Gemini will also be available to financial institutions, fintech startups, and other businesses.
In a video speech made at the conference titled "Towards a legal framework enabling a digital euro for citizens and enterprises," the European Central Bank President Christine Lagarde stated that the European Commission would soon release a legislative proposal on a digital euro. Making central bank money accessible digitally is the main goal of the European Central Bank's digital euro project and it began creating a central bank digital currency in 2021.
A production report shows that Canadian BTC miner Blockchain (HIVE) has 3,311 BTC worth $68.8M. Hive Blockchain defies the downward trend in the bitcoin mining business by holding $68M in BTC and mining 307 bitcoin in October. The audit also showed that Hive has no debt servicing obligations related to its digital assets or mining equipment, despite the fact that a number of its competitors are feeling the pinch of the bear market.
Over the last 30 days, Turks have traded more than $380M in Dogecoin and it exceeds the total quantities of BTC and ETH meaning that the people are being drawn to the crypto market. Dogecoin (DOGE), the meme coin that has just become the most traded asset, is getting popular among Turkish nationals. The top 3 exchanges' statistics on trading volume over the past 30 days reveals that more than $380.3M worth of the meme coin has been exchanged.
The creator of Cardano (ADA) revealed his ideas on how Twitter may be made decentralized utilizing blockchain and cryptocurrencies after Elon Musk, CEO of Tesla, was widely reported to have purchased Twitter. In a recent YouTube video, Charles Hoskinson described how Cardano (ADA) and Dogecoin (DOGE) may be used to address some of the present social media problems, such as profile verification.
LG Electronics, one of the biggest producers of electrical products worldwide, is seeking chief technical officers (CTOs) to oversee the company's expanding Web3 business. The industry giant in electronics is hiring CTOs for its business development and service design divisions, which will create new Web3 and blockchain firms and establish alliances with international Web3 companies. Also, it will create DApps for analysis on blockchain and Web3.
Canada's rate of installing Bitcoin ATMs keeps rising as Coin ATM Radar records a 28% increase since last year. There are 2,549 Bitcoin ATMs in Canada, compared to fewer than 2,000 at this time last year. Since the year began, Canada has added roughly 400 Bitcoin ATMs. There were 2,174 ATMs in January 2022, which represents strong growth and is noteworthy given how pessimistic this year has been with excellent development in recent quarters.
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.