American mining company Marathon Patent Group makes a multi-million dollar investment in bitcoin mining equipment from the manufacturer Bitmain, which will be installed next year. 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.
Bitcoin and Blockchain Adoption
📍Bank of America Global Research considers El Salvador's adoption of Bitcoin to be “progressive.” According to the latest report published by the American bank, Bitcoin could benefit the Salvadoran population excluded from the traditional financial system. The newspaper El Salvador shared part of the report on Twitter, where the Bank of America points out that financial inclusion, the speed of transactions, the reduction of commission costs and the possibility of carrying out cross-border transactions are characteristics of Bitcoin that play in favor of the development of the country.
For the bank's analysts, the adoption of bitcoin as legal tender can bring great benefits to El Salvador, such as financial digitalization, optimization of the remittance market, diversification for citizens and incentives for foreign investment.
📍In Saratoga Springs, New York, Scott Paul sells property in dogecoin (DOGE). Paul, founder of the marketing company Wooly, said that he has a great interest in cryptocurrencies, so he put his house up for sale and is accepting payments in the popular cryptocurrency doge; in addition, reported that those who pay with the cryptocurrency will receive a special discount. The news was given by Fox, to whom Paul assured that his initiative will encourage others to do the same, helping to boost the use and adoption of cryptoassets anywhere in the world.
Paul said he has been investing in Bitcoin and Ethereum since 2015 and firmly believes that crypto assets will continue to grow and evolve. The property is for sale for $399.000; the discount for those who dare to buy with doges will be up to 10% of the total value, he said.
📍Michael Saylor is in no rush on bitcoin, “the future of property.” MicroStrategy CEO and one of the most vocal bitcoin investors and advocates says he is in no rush about his bitcoin investments. For the entrepreneur, business executive, and crypto investor, bitcoin will be a decentralized and open network used by billions of people around the world, which is why his business intelligence company has turned to debt politics to acquire as many bitcoins as possible today.
During a interview Speaking on Bloomberg TV, Saylor said he sees a future where bitcoin will be a fundamental part of the balance sheets of small and large companies, cities, states, governments and investors, such as Twitter and Facebook, which are already targeting the decentralized network as an indispensable element of their future development. “I did a survey: the average Twitter user thinks it will last 3500 years. No one is in a rush with Bitcoin. We think it is the future of property.”, Saylor said during the interview.
MicroStrategy currently holds more than 105.080 bitcoins worth more than $4.000 billion, and Saylor said the company will continue its investment and diversification policy in bitcoin going forward.
Miners
📍Marathon Patent Group makes multi-million dollar investment in Bitmain Bitcoin mining equipment. The company announced that it is purchasing 30.000 Antminer S19j Pro bitcoin mining rigs from manufacturer Bitmain, for a total value of $120,7 million. As explained in the releaseThe equipment will be shipped between January and July of next year and will provide the company with approximately 3 EH/s of additional power on the Bitcoin network.
Marathon Patent Group is one of the largest patent companies in Bitcoin mining North America, with more than 100.000 operational bitcoin miners.
NFT and DeFi Markets
📍The NFT market moved more than $170 million in the last week. Several NFT tokens from major industry projects sold for extraordinary sums last week, causing the market to grow significantly in trading volume compared to previous weeks.
Several cryptopunks and artblocks added millions of dollars in sales through OpenSea, making the volume of this market grew up more than 300% compared to the same week in 2020.
Development and Technology
📍Ethereum-based decentralized asset management and backend protocol dHedge launches on Polygon. The decentralized protocol is integrating with Ethereum’s scaling network Polygon to optimize its functions and improve integration and interaction with other protocols on the network to democratize access to decentralized hedge funds.
Likewise, the deployment of dHedge on Polygon allows the protocol to integrate with SushiSwap, one of the decentralized exchanges (DEX) most popular in the ecosystem.
Rules and Regulations
📍South Korea's Financial Services Commission (FSC) is set to shut down several cryptocurrency exchanges. A local medium reported The FSC announced that it will close at least 11 crypto exchanges and trading platforms due to suspicions of illicit activities. According to The Korea Herald, the South Korean financial authority detected that many cryptocurrency exchanges allow their clients to operate without opening accounts with their real names. The authority will implement stricter regulation to minimize the risks of money laundering and other illicit activities.
To date, several cryptocurrency exchanges have reported the permanent closure of their services in the country, such as CPDAX and DarlBit. Likewise, Bitsonic announced that it would temporarily close its services to adjust its services to current regulations.
📍China is beginning to express concern about so-called decentralized finance (DeFi). Li Lihui, former governor of the People's Bank of China and currently head of the blockchain research unit of the China Internet Finance Association, recommends that the central bank keep an eye on the rapid growth and development of DeFi, to monitor how this new financial model can affect the traditional financial system.
Lihui pointed out that the autonomy capability of DeFi can disintermediate and destabilize the financial system, as well as cause instability for retail investors due to volatility in digital asset prices. Their attitude towards private digital currencies is much more relaxed, noted blogger Wu Blockchain.
📍On the other hand, The People's Bank of China said that regulatory pressure on cryptocurrencies will continue and strengthen in the future. In the last meeting The central bank said the country will continue to strengthen regulation of the digital industry and cryptocurrency trading to minimize financial and environmental risks.
Continue reading: Bitcoin Popularity Hits the Cover of Fortune, Again
