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Lebanon residents applauded having access to a form of money that makes sense for them in their current situation which is the use of cryptocurrency as they try to survive a severe crisis. Bitcoin, tether, and other cryptocurrency are beginning to displace the overvalued Lebanese pound and the elusive US dollar in a variety of ways, including the ability to mine for much-needed revenue, store money, and make payments in stores.
A few businesses are fusing cryptocurrency with decentralized finance (DeFi) models to improve transportation company payment methods. The global market for freight transportation was estimated to be worth about $2.7 trillion in 2021 by latest figures. Additionally, it has been discovered that trucking firms in the United States, a business that is in charge of transporting 70% of all freight, employ millions of people with commercial driver's licenses.
Another Web3 financial application has gone online using Polygon (MATIC) smart contracts. Franklin, a service that provides blockchain-based payment instruments to organizations, has released its open beta version for testing on the Polygon (MATIC) network, and it has a novel use case. Its team said that this platform was selected as the technical foundation for fresh development due to speed and affordability, and sturdy architecture.
Customers of Solana Labs' new Saga phones will receive SIM cards and free trials from Nova Labs, the organization behind Helium Network and a new crypto-powered cellular service dubbed Helium Mobile, the firm that developed Helium Mobile. Helium Network community members voted in Sept to abandon its blockchain and switch to Solana blockchain which also provides a 30-day complimentary subscription to Helium Mobile for Saga phones sold in the US.
Ripple crypto giant participated in moving close to 288M XRP over the course of the last fifteen hours. Several transfers were made, totaling $142.8M in XRP currency linked to Ripple. Seven large transfers totaling 300M XRP were found by Whale Alert. The biggest was created by Ripple, and was sent to an "unknown" wallet. It turned out to be a second Ripple address, RL18-VN, which is used to transmit crypto outside of Ripple.
The establishment of a new training program for people looking to expand "their knowledge in the areas of installation, maintenance and troubleshooting of BTC mining machines" has been announced by Foundry Digital, a division of Digital Asset Group (DCG). The training program, which includes "in-person classes" taught by professionals in the field, will cover topics including setting up an application-specific integrated circuit (ASIC) mining machine.Training Program to Produce Top Technicians for BTC Mining Industry – Mining Bitcoin News
Microsoft Supports Wemade, a Korean Gaming Company by taking part in a $46 million funding round to support the Wemade blockchain gaming company based in Korea. Microsoft bought $14.8 million of the convertible bonds that Wemade sold during the transaction. Korea-Based Gaming Company Wemade views this development as a huge success, especially given the challenging financial conditions that the bitcoin industry is currently experiencing.
To make accessing Solana data simpler, Google Cloud is introducing support for the Solana blockchain in BigQuery. According to Nalin Mittal, web3 lead for Google Cloud, who was speaking at Breakpoint in Lisbon, support for Solana will go live in Q1 2023. A Solana validator is already active on Google Cloud, according to Mittal. By doing this, it is expanding its knowledge of the blockchain and figuring out how to efficiently operate one.
The Federal Reserve Bank of New York, foreign exchange transactions might be reduced from a two-day procedure to less than 10 seconds if CBDC were utilized. The NYIC of the New York Fed's Project Cedar investigated the speed of FX transactions using distributed ledgers and discovered that they could slow down transactions with many participants and observers. It was stated that the project's goal was to investigate the benefits of wholesale CBDCs.
A strategy outlining the country's development of virtual reality (VR), augmented reality (AR), and metaverse technologies over the course of the following four years was given by the Chinese government. The strategy asks for an inquiry to make these devices more functional and calls for 25 million headset devices to be developed annually until 2026. To add a genuine new sense to what these devices can already offer, it even incorporates olfactory simulation.
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.