Bitcoin fell back to $52.000 at press time, while in Italy NFTs are being adopted to protect the copyrights of content creators. 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
📍The price of Bitcoin (BTC) Bitcoin fell 15% on Wednesday, reaching the $52.000 level. Despite the drop, many analysts and professional investors remain firm in their bets on a Bitcoin at $100.000 or more by the end of this year.
Corrections in the value of cryptocurrency are a healthy element in the long-term revaluation process of cryptocurrency, although it may cause panic in less experienced investors. However, it is worth noting that no one knows the future that awaits Bitcoin or any other asset in the industry, so no one is sure whether the value of cryptocurrency will continue to grow this year at the same rate as in previous months.
Bitcoin and Blockchain Adoption
📍Institutional cryptocurrency investment services are competing strongly with each other. The firm NYDIG, which offers Bitcoin exposure to accredited investors and institutional clients, reported that access fees to its services are reduced to 0,3%, with immediate effect from yesterday, March 24.
NYDIG's fee reduction creates strong competition between other firms that offer access to cryptocurrency investment, directly or indirectly, such as Grayscale and now, Morgan Stanley; the American financial institution that announced the imminent opening of Bitcoin investment funds, which will allow users to maintain ownership of the cryptocurrencies invested in.
📍Cryptocurrency company FTX reported in a cocommuniqué which has acquired the naming rights to the home stadium American Airlines Arena, a major professional sports venue in the United States, for a total of $135 million. The home stadium of the NBA team Miami Heat will become the FTX Arena, the basketball team announced.
📍The Bitcoin Developers they estimate that the activation of the update tap root The launch of Taproot on the Bitcoin mainnet is expected to happen in the fall of this year. According to the new roadmap for the activation of Taproot, November will be the month that sees the arrival of this important update, focused on Bitcoin's privacy and security. In mid-February, the developers of the network will be able to reported that the first stage for Taproot activation would begin with signaling later this month.
📍During the Innovation Summit 2021, the Bank for International Settlements, known by its acronym in English as BIS, announced two of its blockchain-based projects, Helvetia y RioThe first is a new digital platform dedicated to making payments and financial transactions between banks with tokenized assets; while the second is a platform designed for the transmission and analysis of data and information on a massive scale.
NFT and DeFi Markets
📍Algorand and the Italian Society of Authors and Editors (SIAE) are giving a rather innovative use to the NFT, which goes beyond speculation. The organizations announced that non-fungible tokens will be used to protect the intellectual property of authors and content creators. Algorand is working on developing a new blockchain platform that allows for transparent and efficient management of authors’ rights through NFTs.
📍The Formula 1 team, McLaren, announces a partnership with a digital platform to create a new digital token dedicated to its fans. Similar to Chiliz Fan Tokens, the F1 team is preparing to launch Fan Tokens that provide special rewards and opportunities to its fans and followers. McLaren Fan Tokens will be the first market tokens related to the world of Formula 1.
CBDC and Central Banks
📍The Bank of Jamaica (BOJ) confirms which will begin testing its digital currency starting in May CBDCThe bank reported earlier this month that the official launch of its digital currency is scheduled for 2022, but that this year it would begin pilot testing to assess its feasibility, benefits and implications.
The Jamaican dollar digital currency will be the country's new legal tender, for use locally within the island. In its statement, the BOJ said that testing of the CBDC will begin from May to December, which will give enough time to evaluate the currency's performance.
📍Meanwhile, in Brazil, the governor of the country's Central Bank assured that the entity is completing the formal process of developing a CBDC for Brazil, and that they are already moving towards new stages to resolve doubts related to the issuance of their own digital currency.
📍The German Bank Deutsche Bundesbank is about to launch a new financial system, based on blockchain technology, which does not require the implementation of a CBDC or the tokenization of money for its operation. According to explained The entity has already carried out several tests on the new digital financial system, which have been successful.
The tests carried out involved the creation of a settlement interface for electronic securities, which starts with a “trigger” solution and a transaction coordinator, so that transactions can be settled and money can change hands seamlessly. The tests were carried out in conjunction with the Deutsche Börse and the German Financial Agency, which demonstrated that it is possible to establish a technological bridge between blockchain technology and conventional payment systems to settle securities in central bank money, without the need to create a CBDC digital currency.
Development and Technology
📍The second layer solution Hermez network It is done active on the Ethereum mainnet. Announced in January of this year, Hermez Network is a scalability solution for Ethereum that will be implemented by the Ethereum network. Tether (USDT) to offer faster and cheaper payments. Jordi Baylina, technology leader at Hermez Network, this solution will reduce gas costs for USDT transactions by up to 90%.
📍Filecoin announces its integration with the service of Oracle infrastructures de chainlink, favoring the interconnection with the Ethereum blockchain and other chains with support for smart contracts. In the statement, the network developers noted that by integrating Chainlink within the Filecoin ecosystem, a “a multitude of two-way smart contract capabilities that were previously impossible to achieve”.
The integration allows Filecoin developers to access new tools and use cases where Chainlink’s potential can be leveraged, such as connecting cryptographically proven data stored on Filecoin to external smart contract systems or using Chainlink oracles for smart contracts to trigger storage capabilities within Filecoin, among others.
Filecoin and Chainlink are among the new trusts offered by Grayscale for cryptocurrency investments.
Regulations
📍The Canada Revenue Agency, known by its acronym in English as CRA, requires Coinsquare to hand over sensitive financial information about its high-value customers. The cryptocurrency exchange lost a court battle against the tax authority and must now hand over detailed data on its high-value Canadian customers, who represent about 5-10% of the 400.000 customers the cryptocurrency exchange handles.
The CRA is demanding information from high-value clients to verify whether they are complying with their obligations as taxpayers, the document states.
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