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According to the most recent data, August saw approximately 14,930 developer contributions on Polkadot's GitHub, setting a new monthly ATH by a significant margin. Again despite the prolonged cryptocurrency bear market, this time in September, Polkadot outperformed the former margin by finishing the month with 15,433 contributions, which is the most ever seen on any network, including Ethereum.
The debut of the pre-Shanghai network "Shandong'' testnet was announced by the Ethereum Foundation as it's anticipated to launch at the latest by September 2023, according to core developers. Many Ethereum Improvement Proposals (EIPs) will be tested in Shandong before being built, modified, and then narrowed down to the small number of upgrades that will be included in Shanghai when it eventually goes live.
Suresh Kumar, the global chief technology officer of Walmart, predicts that in the future, customers' ability to pay for both digital and tangible goods will be majorly disrupted by cryptocurrencies. On October 17, Kumar discussed Walmart's stance on digital assets in a speech at the Yahoo Finance All Markets Summit. He noted that crypto will play a significant role in how customers transact for both tangible and intangible goods.
In the third quarter of 2022, Germany's crypto economy became the most promising in the entire globe, claims a recent study. The joint top-rank holder from the previous quarter, the United States, dropped six spots to place sixth on the list of the top crypto economies. In order to assess countries, Coincub's crypto economy rankings took into account a number of variables, including a promising crypto future, transparent crypto tax laws, and more open regulatory communications.
In its most recent cryptocurrency-focused initiatives, investment bank Société Générale, France’s third-largest lender by market cap, has received approval to run digital asset services in France. The custody, purchase, sale, and exchange of digital assets are all covered by SG Forge's registration. Before offering services like cryptocurrency custody or running a trading platform in France, providers must register with the AMF.
According to CNBC, payment giant Mastercard is expected to reveal plans for a program that will assist institutions in offering bitcoin and cryptocurrency trading soon. In order to "bridge" the gap between banks, Mastercard will cooperate with Paxos and ensure security and regulatory compliance, which are the two major reasons many institutions have cited for staying away from bitcoin and other cryptocurrencies.
As the country further adopts blockchain technology, South Koreans may soon permit its residents to utilize blockchain-based digital identity (ID) in place of traditional cards as early as 2024, with around 45 million citizens expected to adopt the technology within two years. In the future, digital IDs will be integrated as apps within mobile devices, working similarly to real resident registration cards, according to a report from Bloomberg.
The Brazilian state of Parana's capital, Curitiba, is thinking about allowing cryptocurrency payments for municipal taxes. City councilor Noemia Rocha, who is the project's architect, urged the city to take into account how this might be accomplished with the aid of third-party payment businesses. The idea encourages Curitiba, which is a tech centre in the nation to investigate the potentials.
An executive council of Macau, a special administrative area on the south coast of China, recently finished debating a draft measure that would include digital forms of money on its list of approved financial instruments. The draft law in Macau, according to the article, aims to ensure that digital currency and other kinds of money have equal standing in addition to making improvements to the country's legal framework.
Larger financial organizations like Charles Schwab (NYSE: SCHW) and Fidelity are steadily developing cryptocurrency exchange-traded funds (ETFs) as a result of their gradual embrace of cryptocurrencies. According to the most recent data from the global wealth managers survey from GlobalData released on October 13, high-net-worth investors (HNW investors) continue to be interested in investing directly into the asset class.
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.