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The creation of a blockchain platform for cryptocurrency trading is part of Tel Aviv Stock Exchange's (TASE) development goal, which is the main and only stock exchange in Israel. TASE will increase its usage of innovative technology, such as blockchain, the tokenization of different asset classes, and the application of smart contracts like developing various services and goods related to digital assets.
Liz Truss will soon be succeeded as Prime Minister by Rishi Sunak, a former UK Finance Minister and well-known crypto-bull. Sunak wants to make stablecoins a "recognized form of payment" in the UK and establish a "financial infrastructure sandbox" to encourage companies to innovate in the market. Sunak expressed interest in the possibility of the Bank of England launching a central bank digital currency (CBDC) in October of last year.
A suggestion to improve the use case of the planned central bank digital currency (CDBC), the digital real, in Brazil has been made by Santander, one of the biggest banking organizations with operations around the globe. The project's goal is to make using the platform for various types of property transactions as simple as possible. To tokenize the ownership rights of the assets in a transaction, Santander is utilizing technology from a different company, Parfin.
The Hong Kong government is allegedly working on a crypto bill that would establish clear guidelines to assist the market's growth, which comes shortly after regulators there suggested it would be possible for regular investors to engage directly in crypto investing. According to Liang Hanjing, the bill pertaining to the regulation of crypto would be approved by the Legislative Council in the Q1 of 2023.
After experiencing a substantial decline, the cryptocurrency market saw a little comeback in Q3. BTC surpassed all asset classes besides the U.S. dollar index, which gauges how much a basket of other currencies are worth in relation to the dollar. According to CoinGecko's most recent quarterly report, the total market capitalization of cryptocurrencies rose by roughly $100 billion, or 6.5%, in Q3 over Q2 overall.
The Securities and Exchange Commission (SEC) of the United States and related agencies have recently stepped up their attempts to crack down on crypto initiatives. As a result, the aggressive enforcement action may influence an investor's decision to invest in crypto. With greater legal action being taken in the digital asset industry, professional investors are 56% more likely to invest in crypto.
Bitcoin experienced a further increase in mining difficulty, with block height 760,032 increasing by 3.44%. By tapping 36.84 trillion, the network's mining difficulty has also increased to an all-time high (ATH), making it 3.44% harder to find a bitcoin block subsidy. The recent mining difficulty increased for Bitcoin (BTC) over the weekend is significant to the level miners faced over the previous two weeks.
For over a year, the oil-rich Central Asian country of Kazakhstan has maintained its position as the third-biggest contributor to Bitcoin mining after surpassing Russia back in February 2021. As of January 2022, Kazakhstan contributed 13.22% of the total bitcoin hashrate, placing it just behind the historical leaders of the U.S. (37.84%) and China (21.11%). With a similar timeframe, Cambridge Centre for Alternative Finance data estimated Kazakhstan's absolute hash rate contribution (monthly average) was 24.8 exahashes per second (Eh-s). Meanwhile, the US and China contributed 71 Eh-s and 39.6 Eh-s respectively.
Fund manager Cathie Wood says she believes bitcoin's market capitalization could grow rapidly and be more valuable than most fiat currencies around the world. In a new interview on What Bitcoin Did with BTC advocate Peter McCormack, the ARK Invest CEO says she asked prominent economist Art Laffer to “rip apart” Bitcoin’s whitepaper to see if BTC can serve the three roles of money, which are store of value, unit of account and medium of exchange. Wood says Laffer said Bitcoin could potentially be an asset maintaining the value of the US dollar.
Bitcoin's shifting pattern relationship with traditional markets suggests that investors may once again view it as a haven asset. According to the BoA's digital assets strategists, the dominant player in the cryptocurrency market has seen its correlation with gold rise from zero to 0.5. Its correlation with key indices has likewise leveled down below all-time highs, with the S&P 500 reporting 0.69 and the Nasdaq reaching 0.72.
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.