The wider market has bounced back over the past 48 hours as we all know and BTC seems content (for now) over 50K. Yet over the past month, DOGE has continued to fall – it's down 32.3% in the past 30 days, 20.4% in the past two weeks and 16.1% in the past seven days.…
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“The point of crypto is to have true decentralization — the projects that succeed will be the projects that achieve that,” said Brian Brooks.
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UK’s top financial watchdog wants to bar investors from accessing government compensation in the event of crypto scams or not-at-fault financial loss.
A slew of new NFT-related partnerships and integrations with DeFi platforms sparked a rally in XTZ, WAXP and ALEPH.
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video link The live stream of six cryptocurrency exchange CEOs is currently live as they testify before Congress. If you don’t watch it now, you should rewatch it later. It will give you an insight into who does and doesn’t completely understand the subject within our government who is controlling the future of crypto. Some…
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The Eastern Caribbean Central Bank (ECCB) expanded its CBDC (DCash) to two more nations of the commonwealth: Dominica and Montserrat. Now, the digital version of the EC dollar has been rolled out in seven out of all eight-member from ECCU countries. The Eastern Caribbean dollar (EC$) is the currency used by the members of the Organisation of Eastern Caribbean States (OECS), and a central bank’s pilot project rolled out the DCash as a digital version of the currency that can be sent and received through a free app for users based in any eastern Caribbean country that has launched the CBDC. During the pilot period, the transactions are processed with no transfer fees. The ECCB Governor Timothy N.J. Antoine expressed that “the payment system should work for all, except for illicit actors,” and DCash “must work for small states and small businesses”. Antoine justified the existence of an Eastern Caribbean CBDC as an advance in the digitalization of the economy while noting that the current payment methods are “too slow and too expensive”. Users do not need a bank account to access or use the digital currency as the bank claims its top goals are “payments system efficiency, financial inclusion of the unbanked and underbanked populations, and increased resilience and competitiveness in the ECCU.” All of these goals are aimed at boosting economic growth, but ultimately at propelling our agenda of socioeconomic transformation for the shared prosperity of the people of our Currency Union. … we believe that to do that, we have to transform the region, and DCash is an important instrument in what is really the bigger conversation about the buildout of a digital economy for our Currency Union, Related Reading | The People’s Bank Of China’s Report On Blockchain Tech And Their Upcoming CBDC How The Caribbean Can Benefit From CBDCs Besides the geographical issues on cross-border payments that Eastern Caribbean islands have faced for years, LatAm and the Caribbean are the world’s second region most prone to natural disasters, a study shows. In some cases, the damage has reached a 90% equivalent of a few countries’ PIB. Hurricanes and floods can rule over almost half of the Caribbean’s year and most of these nations have a limited capability of dealing with the situation. The times of COVID and climate change have made them even more vulnerable. There are many economic and social implications that follow these events and one of them is that, amidst a natural disaster, there is an important part of the population that cannot reach banks to access money, which leads to even more vulnerabilities. Enthusiasts have claimed that CBDCs like The Bahama’s sand dollar and the ECCB’s Dcash could offer a viable solution by making money more accessible as soon as users can enter the platforms during periods of crisis, thus delivering financial help packages faster. Several small countries have found themselves in a bigger need to move towards digitalization. The DCash project became the first currency union to use a CBDC and aims to reduce 50% of the use of physical cash by 2025. The ongoing twelve-month pilot started in March of 2021 and is expected to “assess the feasibility of a full commercial launch to all eight of their member countries”. Related Reading | Central Bank of France Tests Blockchain-Backed CBDC Targeting Debt Market
Following the volatility of the weekend, Bitcoin holders seem to have woken up as active addresses break one million. Number Of Active Bitcoin Addresses Reach Seven-Month High As per the latest weekly report from Arcane Research, the crash during the weekend woke up sleeping Bitcoin investors as the number of active addresses observes a significant increase. The “number of active addresses” is a Bitcoin indicator that measures the amount of addresses that showed some activity on the chain during a particular day. If an addresses makes more than one move in a given day, the metric still only counts it as one active address. Because of this, the indicator may tell us an accurate picture about how many BTC holders shifted their coins that day. When the number of active addresses rise in value, it means market activity is going up, and previously dormant addresses could be coming back up. This trend is usually seen around periods of high volatility. On the other hand, when the indictor’s value goes down, it implies there aren’t many holders making moves. Such a trend may mean that investors are currently waiting to see the price make moves before they shift their positions. It may also simply be because of a lack of interest in the market at the time Related Reading | Ethereum Strength Sends Bitcoin Ratio To 2018 Highs Now, here is a chart that shows the trend in the value of the number of active addresses over the past year: Looks like the value of the indicator has been moving up for a while | Source: The Arcane Research Weekly Update – Week 48 As the above graph shows, the number of active Bitcoin addresses saw a sharp spike recently. The crash in the crypto’s price during the weekend was responsible for this sudden rise in the metric’s value. Currently, the indicator’s value is above 1 million, the highest it has been in the past seven months. The last time higher values were seen was back in May, following the crash. Related Reading | Majority Of Bitcoin Investors Got In This Year, Says Grayscale As the market cooled down, there were only about 750k active addresses left by July. Since the bottom in that month, the indicator has been gradually rising in value. It’s yet unclear if the current high values will continue to rise, or if the indicator’s value will once again drop down as the market calms down from the weekend’s volatility. BTC Price At the time of writing, Bitcoin’s price floats around $49k, down 24% in the last month. The below chart shows the trend in the price of BTC over the past five days. BTC still in consolidation? | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from TradingView.com, Arcane Research
