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Despite the challenging circumstances on the cryptocurrency market, Ark Investment Management analyst Yassine Elmandjra, who earlier made an audacious $1 million Bitcoin prediction, is not backing down. The market will likely rebound before the conclusion of the cycle of monetary policy tightening, and we will experience another bullrun in the middle of this decade, according to him, therefore the $1 million estimate stands
Retail investors may have fled the cryptocurrency bear market, but venture capitalists still sought out DeFi ventures to fund. Uniswap revealed today that Polychain Capital had led its most recent $165 million fundraising. TechCrunch stated last month that the round, which was still in progress, may raise between $100 million and $200 million, with Polychain and a Singapore-based sovereign investment fund involved. The most recent round values Uniswap at $1.6 billion.
The pilot phase of China's central bank digital currency (CBDC) experiment has seen close to $14 billion, or 100.04 billion yuan, in transactions. This makes the electronic Chinese yuan, or e-CNY, the most frequently used CBDC globally. By the end of the summer, 360 million transactions had been made in 15 provinces under the CBDC pilot program, the Bank of China stated in the article.
The adoption of a private blockchain system has been announced by Samsung, a Korean consumer electronics and software giant, as a means of enhancing the security of its smart products. The Knox Matrix technology, which will connect the many smart devices that are available on a network to improve security through "multi-layered mutual monitoring," was introduced as a redesign of Samsung's current security strategy.
Leading blockchain network Tron has signed a deal with the Dominica's government to legalize its native tokens as digital money on the Caribbean island. Justin Sun, the founder of Tron, announced the achievement by saying that Dominica now accepts TRX, BTT, JST, NFT, USDD, USDT, and TUSD as forms of payment. According to the government, tax payments made in native tokens of the blockchain would be accepted.
Despite sporadic setbacks brought on by regulatory or macroeconomic challenges, the adoption of and use cases for cryptocurrencies and blockchain technology are expanding among major international institutional actors. According to a survey by business blockchain adoption analytics platform Blockdata, 44 out of the top 100 public companies by market capitalization across six major sectors are really actively using blockchain in some form right now.
Binance, a cryptocurrency exchange platform, has completed the 21st quarter of its burn, depleting its supply of BNB tokens by about $547 million. In a statement, Binance revealed that it has destroyed 2,065,152 BNB coins in total, which are currently worth slightly under $600 million. The exchange also said that 4,833.25 BNB more were burned through its Pioneer Burn Program, a tool for individuals who unintentionally lost their digital assets.
Digital asset exchange Crypto.com has chosen Paris, France as the location of its European headquarters, and the company has made a $145.7 million investment there to launch the new activities. The Singapore-based cryptocurrency exchange declared that it wants to recruit local talent to assist its European operations and that its new regional headquarters represents its long-term commitment to France.
By the summer of 2022, 18% of Americans had bought various cryptocurrencies. The percentage has increased by 125% from the 8% of Americans who had investments in cryptocurrencies during the summer of 2020. 15% of Americans still intended to invest in cryptocurrencies by the summer of 2022, demonstrating the continued optimism in the industry despite the slump in the market.
Bitcoin owners in El Salvador will soon be able to use the "tap-to-pay" function anywhere near-field communication services (NFC) card readers are present. The Lightning Network would be used by the cardless pay service to enable retail BTC transactions. Apart from the country's acceptance of BTC as legal tender, CoinCorner claimed that a flood of complaints regarding its user experience, which the company wants to address, served as the impetus for its expansion.
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.