The New York Federal Reserve has launched a pilot for the digital dollar alongside the country's major banks. This 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.
Pilot launched to test digital dollar
📍The New York Federal Reserve has launched a pilot test for the digital dollar together with the country's main banks. Major US banking entities, such as Wells Fargo, BNY Mellon, PNC Bank, TD Bank, Truist, Citi, US Bank, among others, will be part of the pilot program that the FED has launched to explore the viability of the digital dollar.
The test pilot will last for 12 weeks and will explore the feasibility of an interoperable network for the digital dollar at the wholesale level, the New York Fed Innovation Center said. The pilot for the digital dollar will also test the technical, legal feasibility and commercial applicability of distributed ledger technology or DLT to settle the liabilities of regulated financial institutions through central bank liability transfer, it said.
The New York Fed said that after the pilot program ends, it will publish a report summarizing its evaluation of the design and viability of the digital currency.
Several of the banks that have begun testing the digital dollar alongside the New York Fed have also experimented with cryptocurrencies and blockchain technology, including Wells Fargo, BNY Mellon, Citi and US Bank. The multinational financial services company Mastercard is also part of the FED's test pilot and has also been experimenting in the cryptoasset industry in recent years.
TWT token hits new all-time high
📍Trust Wallet Token (TWT) has hit a new ATH, up 100% this week. With a growth of 100,16% in the last 7 days, the price of Trust Wallet Token (TWT) reached a new all-time high (ATH) of $2,71 per unit.
At the time of writing, cryptocurrency price monitoring platform CoinMarketCap shows that TWT has lost around 2% of its price in the past few hours. However, Trust Wallet’s token continues to lead the market as the asset with the biggest weekly gain.
Source: CoinMarketCap
The exponential growth of the TWT token, amid a market in red, is related to the boost that the collapse of FTX has given to self-custody wallets, such as Trust Wallet. Also, Binance CEO Changpeng Zhao has been inviting cryptocurrency users and investors who want to keep their own assets to use this digital wallet.
Trust Wallet recently announced the Release of a web browser extension, which is available for Brave, Opera, Google Chrome and Microsoft Edge, as reported by this media.
The massive outflow of bitcoins from CEXs
📍Data platform Coinglass shows that more than 200.000 bitcoins have left CEXs in the past week. As of Monday, November 7, the amount of bitcoins stored on exchanges was 2,11 million BTC, according to the platform. At the time of writing this article, this amount has fallen to approximately 1,9 million BTC.
Source: coinglass
According to Coinglass data, the balance of bitcoins on centralized exchanges has been declining since the first quarter of the year. However, the outflow has now accelerated with the crisis of confidence caused by the collapse of FTX, considered until a few days ago one of the most important exchanges in the industry.
Continue reading: Polygon, the gateway for global brands to Web3
IMPORTANT: The content of this article is for informational purposes only and, in no case, what is written here should be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
