Bitcoin price was very close to $70.000 on Wednesday, while Katana, Axie Infinity's DEX, surpassed 120 active users in just one week. 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 price hits $70.000 as crypto market falls below $3 trillion. Bitcoin (BTC), The main cryptocurrency in the world, was very close to reaching $70.000 per unit. According to data from CoinGecko, Bitcoin marked a new historical maximum price, reaching $69.044 per BTC. Bitcoin's price has seen an upward push of almost 8% in the last few hours, driven by its growing use and adoption. In the United States, Bitcoin has gained greater strength as a hedge against inflation.
However, at the time of writing, Bitcoin's price has fallen 6% from its new all-time high. Analysts are pointing out that this is a healthy correction and that the cryptocurrency, which is in a price discovery phase, could break new highs in the near term. The cryptocurrency market is also seeing a correction and its total value is below the $3 trillion seen last Tuesday.
Bitcoin and Blockchain Adoption
📍Investment in financial products related to cryptocurrencies and digital assets has grown by more than 32% in the last year. According to the latest data According to CoinShares’ weekly report on crypto markets, investment in financial products and instruments related to cryptocurrencies and digital assets has registered inflows for a total value of $8.900 billion so far in 2021; showing a growth of 32,8% compared to last year. Throughout 2020, investment in cryptocurrency financial products totaled $6.700 billion, the company revealed.
In its weekly report, CoinShares also noted that more than $170 million was invested in such instruments in the past week and that Bitcoin-related investment products lead the market, totaling $6.400 billion this year.
📍Brazil, Colombia and Mexico rank as the Latin countries with the highest level of cryptocurrency adoption, according to Finder. The statistics from Australian news agency Finder, revealed in its Finder Cryptocurrency Adoption Index, point out that the adoption and use of cryptocurrencies in Brazil, Colombia and Mexico have grown exponentially in the last year. According to the data, Brazil is the country with the highest use and adoption of cryptocurrencies in all of Latin America, followed by Colombia and Mexico.
Globally, Finder noted that the United States leads crypto adoption, followed by New Zealand and Indonesia.
NFT and DeFi Markets
📍Katana, Axie Infinity's DEX on Ronin, surpasses $1.700 billion in a week. The official Axie Infinity Twitter account is celebrating the success of its decentralized exchange (DEX) Katana, built on Ronin. Katana has reportedly surpassed the $1.700 billion mark in trading volume in just one week. This DEX was officially announced last week and already has over 120 thousand active users.
Development and Technology
📍Cambridge University creates decentralized market for Carbon Credits. The University of Cambridge, one of the most prestigious in Europe and the world, launched a new Center and decentralized market based on blockchain for carbon credits. Through the official website Regarding the project, the University explains that carbon credit buyers will be able to directly finance reliable projects for the care and preservation of the environment. The University's idea is to provide a reliable and transparent market on blockchain, using automated and decentralized global oracles, where corporate financiers and conservationists can promote and finance environmental recovery projects, such as large-scale reforestation.
For now, Cambridge University's new blockchain marketplace is a prototype. In the future, it is expected to develop new features that will make it even easier to buy credits to offset emissions.
Rules and Regulations
📍Caroline Crenshaw recognizes the potential of DeFi and points out the need to regulate this growing digital financial ecosystem. According to the commissioner of the United States SEC, Caroline Crenshaw, for the ecosystem of decentralized finances to develop healthily, its regulation is necessary. In a opinion piece published in GBB Council, Crenshaw highlights the full potential of DeFi, arguing that it is a “brave” financial ecosystem, governed by code, composable and interoperable. However, despite the transparency of its operations, DeFi It encourages anonymity among its users and lacks regulation.
Crenshaw said that due to its characteristics, the DeFi ecosystem can represent significant risks for regulators, investors, and financial markets. The SEC commissioner noted that for the ecosystem to thrive in a responsible and healthy manner, it must comply with current rules set by regulators such as the SEC. In recent days, Gary Gensler, current chairman of the United States SEC, has also emphasized the need to regulate this emerging sector of the crypto industry.
Continue reading: Cryptocurrency market reaches new all-time high of $3 trillion, fueled by altcoins
