El Salvador's pro-Bitcoin president, Nayib Bukele, will be one of the keynote speakers at the Bitcoin Conference Miami 2022, taking place in April next year. This and more news in this handy daily summary so that you are always informed with the most recent events that occur within the crypto world.
Cryptocurrencies and altcoins
📍Bitcoin Price Drops, But Holders' Profits Increased Since BTC Surged Above 60K, GlassNode Claims. Bitcoin (BTC), the largest and most important cryptocurrency of the market, fell to $56.000 per unit this Tuesday, losing 17% of its value seen at its all-time high on November 10. However, GlassNode analysts indicated that the gains of Bitcoin holders and holders have been maintained since the cryptocurrency exceeded 60K. In its latest weekly reportGlassNode notes that short-term holders have taken profits at the cryptocurrency’s recent highs, while long-term holders are holding on to their positions and can take advantage of the dip to increase their holdings. GlassNode highlighted that older cryptocurrencies like Bitcoin are becoming increasingly dormant.
According to the firm's analysts, the supply of bitcoins held by short-term holders is at a multi-year low of around 3 million BTC. Meanwhile, the supply of bitcoins held by long-term holders is at a multi-year high, the firm said.
Bitcoin and Blockchain Adoption
📍Nayib Bukele, President of El Salvador, will be present at the Bitcoin Conference Miami 2022. El Salvador's pro-Bitcoin president, Nayib Bukele, confirmed his attendance as a speaker at the Bitcoin Conference Miami 2022, the Bitcoin conference to be held in April next year in the city of Miami (United States).
Bukele has made El Salvador a global benchmark in Bitcoin adoption and is pushing forward plans to consolidate its progress as the first Bitcoin-native country in the world. During the closing ceremony of Labitconf 2021, Bukele revealed that El Salvador will have the world's first Bitcoin city financed entirely with cryptocurrency, tax-free and powered by the energy of a volcano.
📍The Commonwealth Bank of Australia does not want to miss out on the opportunities offered by the crypto industry. Matt Comyn, CEO of Commonwealth Bank of Australia (CBA), the country's largest bank by market capitalisation, pointed out the risks of not getting involved early in the cryptocurrency industry. During a interview Speaking on Bloomberg, Comyn noted that CBA will become one of Australia’s Big 4 banks to offer access to cryptocurrencies and digital assets. According to Comyn, there is some risk in entering the crypto industry, as it is a speculative and volatile ecosystem. However, he stressed that it is even more dangerous to not get involved.
“It is risky to participate, but it is riskier not to do so”, the bank director said.
NFT and DeFi Markets
📍Pokemon Go developer Niantic receives $300 million from crypto investor Coatue. The developer of the digital augmented reality (AR) game Pokemon Go, I raise $300 million from Coatue, raising its valuation to $9.000 billion. The company said the funds will be used to optimize its current games, expand its game portfolio, build new apps, and develop its vision for the real-world Metaverse.
Niantic is building an AR platform based on a 3D map of the world that aims to conquer the Metaverse and drive the next evolution of the Internet.
Miners
📍Bitcoin mining energy consumption is starting to become a concern in Texas. According to report According to Bloomberg, Texas (United States) could add up to 5.000 megawatts (MW) of energy to its consumption, due to the growing cryptocurrency mining activity in the state. Calculations estimate that this energy consumption will be added to the Texas grid by 2023. As Bloomberg explains, the massive arrival of cryptocurrency miners in Texas is due to the opportunities that the state is giving them to set up their operations there; offering very affordable energy rates and tax reduction programs for several years, among other attractive benefits.
The Governor of Texas, Greg Abbott, supports cryptocurrency mining as an activity that can help the state take advantage of and monetize its energy surplus, which would otherwise end up being wasted. However, analysts are beginning to look with concern at the massive arrival of large crypto industry miners in the region. Ted Cruz, a US senator from the state of Texas, also supports cryptocurrency mining in the state.
Rules and Regulations
📍ECB approves new framework to supervise electronic and crypto-asset payments. The Governing Council of the European Central Bank (ECB) has authorized the implementation of a new European supervisory framework that seeks to provide security for digital payments. This was reported by the ECB through a release published on its website on Tuesday. The ECB wants to oversee global digital payment solutions, such as those stablecoins and cryptoassets, to make the current and future payment ecosystem more secure and efficient.
By implementing this new framework, the ECB complements the supervision of the Eurosystem and includes firms and service providers related to cryptoassets and digital wallets.
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