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Large whales are continuing investing heavily in the Shiba Inu project despite the general market downturn. The top 100 whales on Ethereum have purchased more than 855 billion SHIB in the last three days, according to WhaleStats, a tracker of the largest wallets on Ethereum, BSC, and a few other blockchains. Furthermore, anonymous wallets moved a mind-boggling 3.3 trillion Shiba Inu a few days ago.
Layer 1 blockchain Tezos launches an upgrade known as Kathmandu, thereby adding new scaling capabilities. This was Tezos' eleventh update since the platform's launch in 2018, and it holds the aim of possible scalability gains. The upgrade's formal proposal claims that it has improved transactional throughput by streamlining the block validation process and adds the possibility to facilitate off-chain processing via Layer 2 solutions like optimistic roll-ups.
One of Latam's largest exchanges, Bitso, which has more than 5 million users, is increasing its emphasis on payments in Argentina. One of the nation's first interoperable QR payment systems of its sort has been introduced by the exchange. Customers from Argentina can utilize their Argentine peso, stablecoin, bitcoin, or ether balances to make purchases at any business that accepts QR code payments.
With a fresh batch of NFTs from Solana-based esports organization MonkeyLeague, Italian soccer club AC Milan is expanding into cryptocurrency. Fans will be able to create wearables with the Rossoneri logo thanks to the agreement, and they'll have access to gaming tournaments where real football players will be playtesting the game. According to Casper Stylsvig, chief revenue officer of AC Milan, the partnership will improve their position in the digital innovation space.
The debut of Tether (USDT) on Polkadot was announced by Tether, the business running the blockchain-enabled platform Tether.to that powers the largest stablecoin by market value and the third largest cryptocurrency. Now, general-purpose EVM chains like Moonbeam Network and Astar Network, as well as Acala Network and Centrifuge, can incorporate native USDT into their parachain and-or DApp ecosystems.
Despite the fact that cryptocurrency prices continue to experience significant volatility, fresh data reveals that Brits are increasingly investing money in the industry. About £31.795 billion ($34.7 billion) has so far been invested in cryptocurrencies by Brits. The amount spent on digital assets was determined by dividing the typical Brit's cryptocurrency expenditure by the most recent World Bank population estimates for the area.
According to reports, some of Lebanon's tech-savvy youth have turned their attention to cryptocurrencies in the wake of the recent financial crisis. Due to ongoing crisis to customers and employees, the government shut down all local banks earlier this week. The fact that it is still unclear when the banking institutions would reopen may have contributed to the residents' search for alternative financial instruments, such as digital assets.
In the previous week, around 150,000 ETH, worth almost $195 million, were transferred to the ETH 2.0 deposit contract. With 13.9 million ETH staked, the total amount of Ethereum has also reached a new record high. Before the Merge update, there were 13,343,768 addresses for ETH 2.0 deposit contracts. With 153,000 fresh ETHs invested in the month before the Merge, the stake rate also climbed.
Former Secretary of State for Digital, Culture, Music, and Sport Matt Hancock stated that the U.K. must adopt a long-term strategy and reduce cryptocurrency taxes to promote the development of digital innovation. Since cryptocurrency is treated equally with other assets under U.K. tax law, any trades in cryptocurrency are subject to a 20% capital gains tax. The MP also stated that some rules needed to be updated to reflect advancements in the cryptocurrency business.
The first cryptocurrency company in the nation to be granted a license by the Capital Markets Authority is the Israeli-based cryptocurrency exchange Bits of Gold. In a "Bits of Gold Wallet" they have been developing for a while, Bits of Gold will be able to hold digital currencies through protected custody. In addition, it will begin offering a solution that will let banks and other financial institutions access its digital asset services.
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.