Cryptocurrency news for the week #5
In todays blog we are covering this weeks important weekly cryptocurrency and NFT news. We have a lot to cover in this blog post with all of it being very important as it impacts the market and it's conditions. So it's important that you read through it all and soak in all of the information. As a lot of this info will be very important for the future and making profit. You don't want to miss out on any facts and be left behind because you simply didn't read something. Besides that though let's get into todays special blog post.
Crypto news happening in the U.S
As the effects of china's ban of cryptocurrencies and the mining of them has started to subsided all the mining power has begin to migrate to the U.S and its states. Which has now left china effectively with almost zero mining power. This influx of miners and adopters in the U.S has led to the public to have more interested in cryptocurrencies. Especially amongst big institutional investors and companies. One of those institutions that have had more adoption is a U.S pension fund. They have started to offer services related to bitcoin which is great in terms of adoption. Overall not to much news on the U.S side but nonetheless there is still adoption happening.
International and global news
It seems that El Salvadorans are now converting more US dollars to buy Bitcoin according to reports. El Salvador’s Bitcoin adoption is gaining more momentum during this ongoing bull run as citizens are increasingly exchanging their U.S. dollar savings for BTC. President Nayib Bukele shared this new development on Twitter, based on data acquired from El Salvador’s in-house wallet service, Chivo. The countries president said “People are inserting way more USD than what they are withdrawing from the Chivo ATMs.” President Bukele further stated that Chivo has reported 24,076 remittance requests, “adding up to $3,069,761.05 in one day.” Which is great news as remittance are bringing in so much more money into the countries economy.
The increase in dollar-to-Bitcoin conversions within the country reflects a change in investor sentiment, which initially faced resistance during adoption from the general public. Moreover, the Salvadoran government offers various subsidies for using Bitcoin such as fuel subsidies and tax exemptions. El Salvador has installed over 200 ATMs after adopting Bitcoin as a legal tender, making it the third-largest network of crypto ATMs after the United States and Canada. As reported, El Salvador now exceedes the United Kingdom’s crypto ATM count after deploying 205 crypto ATMs. This is mainly to facilitate local Bitcoin transactions and Bitcoin-to-dollar conversions. Recently, the Salvadoran government announced it will build a $4 million veterinary hospital using the profits attained during the Bitcoin bull market. According to President Bukele, the veterinary hospital will host four operating rooms, four emergency clinics, 19 offices and a rehabilitation area. The president then said “We decided to invest a part of that money in this: a veterinary hospital for our furry friends.”
Ahead of Diwali, two of Bollywood’s leading men are pitching another option during India’s usual gold shopping sprees which are cryptocurrencies. This year, India’s top two crypto platforms have tapped stars to promote digital currencies including Amitabh Bachchan, possibly the most famous Indian actor, and Ranveer Singh, who delivers a rap in Hindi about crypto trading. India is already a big source of investment for cryptos this is just furthering India's public interest. We can see India is having more public interest in the political spectrum to because Right-wing Indian group calls for stricter crypto regulations. Mohan Bhagwat, the head of the Rashtriya Swayamsevak Sangh, or RSS a right wing Hindu nationalist society has urged India’s government to pursue crypto regulations they said for the larger interest of society.” according to Asian News International, the RSS chief made these remarks during his speech marking the celebration of the Hindu festive Dussehra.
Despite numerous reports of looming crypto bans, the reports from government sources has been that stakeholders prefer to create a framework for regulating the crypto market. A coalition of pro-crypto entities was even able to secure a Supreme Court ruling that overturned a previous ban imposed by the central bank that prevented banks from offering services to cryptocurrency exchanges. Bhagwat’s comments come amid reports of increasing crypto popularity in India despite the lack of a clear-cut regulatory framework for cryptocurrencies and numerous reports of a possible ban on virtual currencies. In September reports reported that Indian crypto exchanges were preparing targeted advertising campaigns in preparation for the festive season. However such content might need to adhere to ad disclaimer policies that educate viewers about the risks involved in cryptocurrency investments. Which could further the publics interest into investing into cryptocurrency. This growing crypto popularity amongst the public has also reached India’s entertainment sector with Bollywood stars like Amitabh Bachchan launching their own cryptocurrencies or endorsing major exchanges in the country. Bhagwat’s stance could indicate a conservative repudiation of the spreading crypto acceptance among the more liberal parts of India’s society and politics. Moving on to other countries a Mexican medical firm embraces blockchain for covid test certificates.
Medical services company MDS Mexico has launched a rapid covid-19 testing service that uses blockchain technology to verify results. Which is showing that now even international public companies and organizations not just U.S ones are now starting to adopt blockchain technology. Then in Europe we have a statue of satoshi the creator of bitcoin be unveiled in hungry. So overall we are seeing more adoption of cryptocurrency globally. I'm sure soon enough the whole international community will come together and adopt the greatness of blockchain and cryptocurrencies.
Companies adopting cryptos
MicroStrategy has officially doubled its money on its Bitcoin investment. The company’s $3.16 billion in Bitcoin is now worth $6.7 billion. To date, MicroStrategy holds approximately 114,042 bitcoin, acquired at an aggregate purchase price of $3.16 billion and an average price per bitcoin of $27,713. The firm owns more Bitcoin than any other public company in the world. Square CEO Jack Dorsey said late on Friday the company might get into bitcoin mining. Jack Dorsey tweeted that the company is considering a "bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide." The team run by Jesse Dorogusker, who is the hardware lead at Square, will begin studying the technology necessary to take this project on, according to Dorsey.
In other news concerning companies robin hood a investment app that typically is used for trading stocks has recently got into trading cryptocurrency. One of the most popular cryptos on the app is doge coin which make sup more then 60% of the crypto trades on the app. But recently a competitor memecoin to dogecoin called Shibu inu has recently made traction amongst retail investors which makes up a large portion of robin hoods users. Which has led to a petition with more then 250,000 signatures to get signed in hopes of getting to coin added to the exchange. This is just showing that retail investors are now starting to get more aware of other altcoins and meme coin in the crypto world which just goes to show that there is more adoption amongst the public everywhere in the world. Which overall is really great news for everyone who owns themselves some crypto. In gaming news gaming company Epic Games recently announced that they are open to letting crypto and NFT games on their platform and launcher. Epic games claims that for these games to be allowed, all of them must comply with some financial laws, as well as use their very own payment services. NFT games have been so profitable that some of them can even earn people as much as $100 a day just playing. The business potential of this field is something that Epic Games might find hard to ignore considering the vast amounts of popularity they have been gaining recently. With the gaming community being one of the biggest communities in the world and epic being one of the most popular gaming companies we can see more interest from the public especially amongst those who aren't into crypto but just in game items and cosmetics which could be turned into nft's and bring more liquidity and money into the crypto world indirectly.
On top of more main stream adoption by companies we have one of the biggest social media companies in the world. Facebook planning to change the name of the company within the coming weeks. The new name will aim to recast Facebook’s focus on becoming a “metaverse company” rather than just a social media company. This will happen by rebranding its main app as one of many under a singular parent company. The metaverse typically refers to the loosely defined concept of a virtual space where people can operate virtual and augmented reality-powered avatars, involving NFT’s and more. Which I believe will bring crypto to the masses especially amongst it's older users who are more hesitant of crypto.
In other Cryptocurrency news and updates the Bitcoin price broke above the $62,000 for the first time in six months after the Securities and Exchange Commission (SEC) accepted the registration request for ProShares’ Bitcoin futures ETF. Then Bitcoin hit 66k the day after ProShares launched it's ETF. This is bringing more adoption onw amongst institutional investors which is great for bitcoin and crypto in general as this bring in big amounts of money that can be used for liquidity. Following Polkadot rally last week, driven by the announcement of Polkadot’s highly-anticipated parachain auctions which are coming soon, Gavin Wood teased $774 million ready to be spent on innovative ideas. Polkadot currently has 18,936,300 DOT in its treasury which can be according to the founder, used to fund anything that the network’s governance believes valuable. Instead of just being out right slowly burned by the protocol. Which can include anything in it's ecosystem such as DeFi products like exchanges and farming platforms.
The overall value of cryptocurrencies hit a new all time high as Bitcoin's surge boosted other cryptocurrencies and tokens. The sector is now worth more than $2.7 trillion, about $200 billion more than the last all time high back in May of this year. Bitcoin hit a record near $67,000 on Wednesday, while Etherum, Solana, Binance Coin, and other altcoins are close to their own breakouts and all time highs.