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According to trademark attorney Mike Kondoudis, remittance giant Western Union has submitted several crypto-related trademark applications to the U.S. Patent and Trademark Office. The company's trademark registrations, plans to start a virtual currency exchange in addition to operating and servicing digital currency wallets. Western Union may launch its own crypto token in an effort to compete with firms that are crypto-native.
Algorand (ALGO), which has raised its staked value by 40% over the past two months, is one of the assets in the cryptocurrency sector that is achieving success in other areas while the bulk of assets in the sector continue to trade in a sideways pattern. According to a twitter thread from Riyad Carey, Algorand is at press time recording an increase in its total value locked (TVL), from $206 million to nearly $290 million since September 1, 2022.
Long-term investors in the leading digital asset are still holding on to it as Bitcoin (BTC) tries to regain the key psychological level of $20,000 as the crypto market remains stable. According to martuun, who made the observation on October 25, long-term holders are persistent in their "hodling" behavior and currently own over 75% of all Bitcoin in existence, the highest percentage seen in seven years.
The market for Bitcoin payments will reach $3.7 billion globally by 2031, growing at a 16.3% compound annual growth rate (CAGR) between 2022 and 2031. The research states that the demand for efficiency and transparency in payment systems, as well as the expansion of data security services and a surge in demand for remittances in emerging economies, are some of the key reasons promoting sector growth in the years to come.
The trade volume of Reddit non fungible token (NFT) avatars has surpassed $1.5m in the previous 24 hours. The rise accounts for more than one-third of the collection's $4.1m in total trading volume since its inception. Artists design Reddit avatars, which are then minted as NFTs on the Polygon blockchain. At the same time, 3,780 digital collectibles reached a new all-time high in the daily sales volume of Reddit NFTs.
Twitter continues to make an effort to lead the web3 pack. A new web3 based crypto wallet is being developed for the social media company. Twitter aims to engage with the crypto community using strategies like hexagonal profile pictures for NFT holders and has a deliberate effort to be present in the crypto space, following the example set by former co-founder and CEO Jack Dorsey, which is being carried on by current CEO Parag Agrawal.
Despite its volatility over the last two years, the crypto market has continued to grow, in part due to the desire of investors, such as family offices and the super-rich of Hong Kong and Singapore, to diversify their portfolios with the innovative asset class. A study found that the majority of family offices (FOs) and high-net-worth individuals (HNWIs) from Hong Kong and Singapore are investing in crypto assets.
The launch of the infrastructure testing for central bank digital currency (CBDC) was announced by Japan Credit Bureau (JCB). The project, which is now being evaluated by the Bank of Japan, will prepare the payments platform for a nationwide CBDC. The company plans to change the JCB's present credit card infrastructure to accommodate CBDC payments.
The latest high-performance bitcoin miners from Canaan Inc., called the A13 series, was launched on Monday. The Avalon A1366 and the Avalon A1346 are two new models in Canaan's A13 series that have "improved power efficiency over its predecessors". The Avalon A1366 produces an estimated 110 to 130 terahashes per second (TH-s) and uses 3259 watts (W) off the wall. The A1366's joules per terahash (J-TH) power efficiency rating is about 25.
Trading app Robinhood Markets (HOOD) has introduced support for the cryptocurrencies Aave (AAVE) and Tezos (XTZ) to its platform. AAVE, the native crypto of the decentralized lending marketplace Aave, has increased 7% over the past 24hrs and is up 18% in October. There are currently 19 crypto tokens available for trading on the Robinhood app, including BTC, ETH, Solana's SOL, and Polkadot's DOT.
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.