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The central bank of Japan announced on Friday that a pilot program will begin in April to test the use of the digital yen, the country's version of the central bank digital currency (CBDC). Executive Director of the Bank of Japan (BoJ), Shinichi Uchida, stated that the pilot program's two goals are used to test the technological feasibility and utilize the capabilities and insights of private firms in terms of technology and operation.
Rarible, a non-fungible token (NFT) marketplace, announced that Tezos will now be supported on its aggregated marketplace. Rarible co-founder Alexander Salnikov said that the firm incorporates Tezos marketplaces into its aggregation tool, to attract artists who are native to crypto as well as collectors who value sustainability. Rarible's aggregation tool enables collectors to buy Tezos-based NFTs from exchanges including Objkt Teia, and Versum.
Legislators in Wyoming have approved a measure that, with one small exception, forbids the state's courts from ordering anyone to reveal the secret keys to their digital assets. On February 15, just one day after passing 31-0 in the Wyoming Senate, the bill was approved by a vote of 41-13 in the Wyoming House of Representatives and the law will go into effect on July 1 if Mark Gordon, the governor of Wyoming, approves of it.
Shiba Inu (SHIB), a self-described DOGE killer and popular dog meme-inspired token, has grown in popularity, logging over 1.3 million unique addresses on its network. According to recent data, the total number of unique addresses holding assets in the network was at 1,305,553 on February 16 after crossing the 1.3 million address threshold for the first time on February 7. Since Nov 29, 2022, the dog meme token has added almost 55,000 addresses.
In order to develop a Web3 incubation program for projects that concentrate on the utility of non-fungible tokens (NFTs) and decentralized autonomous organizations, Sony Network Communications, a business branch of The Sony Group, partnered with multi-chain smart contract network Astar Network. Astar Network CEO Sota Watanabe formed the Singapore-based company Startale Labs, which will administer the Web3 incubation program.
The amount of cryptocurrencies traded on Robinhood last month was $3.7 billion, a 95% increase from December 2022. In contrast to the year's start, the firm's crypto income suffered from the 2022 bear market but in the first month of 2023, the crypto market made a good recovery, with the majority of assets seeing price increases compared to the end of 2022. The price of BTC increased by 40% from $16,500 on New Year's Eve to $23,000 30 days later.
After Bitcoin surged to almost $25,000, the bitcoin mining company CleanSpark announced a purchase of 20,000 new ASIC machines. CleanSpark anticipates paying about $32.3 million for the acquisition, a discount of 25%, or a total cost per terrahash of roughly $13.25. The new rigs will contribute 2.44 exahashes per second. The company's overall hashrate is 9 EH-s, a 37% increase, and represents 2.8% of the hash rate of the entire Bitcoin network.
The Taproot function is seeing an increase in usage after Bitcoin (BTC) underwent the rollout, which is helping to support the cryptocurrency's bullish price forecast. Particularly, the price of Bitcoin was in the single digits, making the Bitcoin's Taproot adoption to reach a new high of 13% as bitcoin was up more than 7% every day and trading at $24,505 and if the crypto breaches the $25,000 resistance, the rise is anticipated to continue.
The government of Hong Kong, is one of the governments outside of the United States that is beginning to appreciate the value of the underlying technology as the crypto sector there is coming under new regulatory pressure. In fact, the Hong Kong government claimed that it had successfully sold tokenized green bonds worth HK$800 million (about $102 million USD) with a yield of 4.05%, making it the first government-issued green bond in history.
Despite the global downturn in the sector, the KPMG Pulse of Fintech report for the second half of 2022 found that crypto or blockchain remained the top area of fintech investment in Singapore. This is true despite a significant trend that investors are moving from crypto-based solutions after the crypto contagion in 2022. Investors processed the failures of Terra, Three Arrows Capital, and FTX in the second half of 2022 as they experienced dip.
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.