Bitcoin, the first and most important cryptocurrency on the market, and Dogecoin, the token of internet memes, reached new all-time highs in their respective values after Elon Musk showed his support for them. These and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
Cryptocurrencies and altcoins
📍Bitcoin (BTC) BTC hits a new all-time high starting this week, after Tesla owner Elon Musk revealed a $1.500 billion investment in the cryptocurrency. BTC, the cryptocurrency market leader, reached a peak value of $47.157 USD for the first time in its history, growing by more than 20% in the last few hours.
Tesla is the latest publicly traded company to join the Bitcoin investment movement as a future store of value asset.
📍Dogecoin (DOGE) el token of Internet memes, which also has the support of Elon Musk, is being boosted by the crypto community. This token grew by more than 20% in the last few hours, and is trading near the $0,083 USD at the time of this writing. This value marks a new all-time high for this token.
DOGE, the crypto asset that was born as a “joke,” has turned out to be one of the best performers in the last year, with a growth of more than 2.800% in its value.
📍Among the altcoins Those that are showing greater performance this beginning of the week are: Stellar (XLM), which with a growth of 4% is listed on the $0,39 USD; Cardano (ADA), with a growth of 16% and a new 2021 high of $0,73 USD, and AAVE (AAVE), with a growth of 17% in the last hours and a value above the $502 USD per unit.
Bitcoin and Blockchain Adoption
📍Michael Wu, CEO of digital asset financial services company Amber Group, says that Bitcoin is far from being the bubble that few still think it is. During a interview Speaking to CNBC, Wu said that a lack of understanding and comprehension about how Bitcoin works is what leads some people to believe that Bitcoin is a bubble these days. The entrepreneur said that skepticism is an essential part of the early stages when studying Bitcoin, but once you understand how it works, this misperception disappears.
The revaluation of Bitcoin, the great demand and institutional investment, and the scarcity of Bitcoin as a currency are some of the reasons why it cannot be called a bubble.
“They are buying Bitcoins, they are buying cryptocurrencies and there are only 21 million Bitcoins out there.”
📍Bill Miller, the American investment and fund management magnate, is considering investing $400 million in Bitcoin through the Grayscale Bitcoin Trust (GBTC). Miller's company fund, Miller Opportunity Trust, revealed in a presentation before the United States Securities and Exchange Commission (SEC), which is considering investing in Bitcoin.
Miller Opportunity Trust will have limited exposure, up to 15% of its $2.250 billion in assets under management, to Bitcoin through GBTC.
📍China continues to advance in the development of its CBDC, and will now implement a new hardware wallet for DCEP or digital yuan in Xiong'an New Area in Hebei Province. The new physical wallet was developed by the Xiong'an New Area Party Working Committee and the People's Bank of China in Shijiazhuang, according to reported a local medium, and will allow the central entity to continue experimenting and exploring the potential of its new digital currency in this region.
NFT and DeFi Markets
📍The 1,3 million users of MyEtherWallet (MEW) Now you can access more than 2.000 decentralized applications (dApps), decentralized finance protocols (DeFi) and non-fungible tokens (NFT) through the wallet interface for mobile phones with Android operating system. MEW is being integrating with DappRadar to deliver new features to users, allowing them to easily and securely access Ethereum-based applications through their smartphones.
Regulations
📍In India, Parliament is delving deeper into the analysis of the new cryptocurrency law to speed up its approval and implementation in the country. According to a publication According to CNBC-TV18, it seems that Indian MPs and lawmakers are somewhat in a hurry to pass new regulations for cryptocurrencies and digital assets, so they might take the ordinance route to implement the new laws.
The proposed law being debated in India seeks to ban, to a certain extent, the use of cryptocurrencies in the territory; although it also proposes to promote the technology blockchain, such as the underlying technology of cryptocurrencies and their potential uses.
📍The Central Bank of South Korea post a book, the BOK, which contains the legal terms and considerations surrounding the launch of its digital currency CBDC for the South Korean won. The central entity is carrying out an in-depth analysis of the operational procedures required for the implementation of a CBDC digital currency, and is also carrying out external consulting to cover everything related to this innovation. In 2021, the country's Central Bank hopes to begin pilot testing its CBDC through a system that allows recreating a virtual environment to verify all its functions, viability, feasibility, security, and more.
Continue reading: China gets ready for the final race towards the digital yuan and its BSN blockchain services network
