Crypto News 11/02: Bitcoin will grow exponentially as adoption rate increases with news from Ethereum, CBDC,…
From saying that Bitcoin will still grow strongly if it is widely accepted by users, to the bill for a digital euro being proposed in 2023. Here are some highlights from the crypto market.
Director of Macroeconomics at Fidelity Investments, Jurrien Timmer said The price of Bitcoin (BTC) will increase exponentially as the adoption rate increases.
In a recent interview, Timmer said that Bitcoin is following the same growth path as the world’s largest company, Apple.
“I compared the overall network effect of Bitcoin to the network effect of Apple computers. So when Apple grows sales, its stock price increases exponentially. Bitcoin follows a similar path. So I think bitcoin will definitely explode as demand grows.”
He said that Bitcoin is in a class of its own, unlike other crypto assets.
“Perhaps other digital assets will do better than Bitcoin because they are more scalable but less decentralized. And that’s why I say that bitcoin is a store of value for me, similar to gold. And the rest of the digital asset space is almost like a venture asset class.”
Timmer also said that Bitcoin is currently at the same level as gold was in the 1970s, when the precious metal’s price fluctuated wildly.
“I think of bitcoin like gold did in the 1970s. Gold went from money to an asset. And it went through price discovery. Before that, gold was very volatile, it went up a lot, but it also went down a lot. Bitcoin is doing the same thing. “
According to data from IntoTheBlock, the number of addresses has reached a new ATH with 0.1 to 1 ETH. The growing number of relatively small wallets is one of many indicators of acceptance that Ethereum has the potential to become a widespread asset class.
The number of small Ethereum addresses has seen an impressive 98% increase since the beginning of 2021. A total of 1.78 million ETH are held by these wallets.
#Ether Adoption isn’t just about big players.
The number of addresses holding between 0.1 and 1 ETH is currently at one ATH.
Within 1 year, the number of these addresses increased by 98% and now together they hold 1.78 million ETH (increase of 4.54% in 1 month). pic.twitter.com/LQS8ecPEzS
— InTheBlock (@intheblock) February 10, 2022
The European Commission (EC) has announced that a bill on a digital euro will be presented in 2023.
As reported by Politico, EC Chief Financial Officer Mairead McGuinness has done so disclosure The EU officially considered legislation for a digital euro at a fintech conference on Wednesday.
“Our goal is to introduce legislation as early as 2023. A legislative consultation will take place in the coming weeks,” said the Financial Services Commissioner.
The European Central Bank (ECB) has been testing designs and schemes for a digital euro, with a prototype expected to be deployed by the end of 2023. If a digital euro is to be developed, the approval of the euro area member states is required. If they give the green light, the digital Euro 2025 could be ready for issuance.
Automata Network News
Binance Labs has made a strategic investment in Automata Network (ATA).
Per the announcement, Binance Labs has made a strategic investment in Automata Network (ATA), a decentralized service protocol that provides privacy middleware for dApps.
The new Binance Labs funding will be used to support Automata Network’s expansion efforts, including product development, technical research and support for the development of a fair and privacy-focused Web3 environment.
News Shiba Inu
Nearly 259 billion Shiba Inu tokens were recently burned by the SHIB army trying to reduce circulation of the second largest meme coin.
It’s not clear exactly when these burns were performed, but it’s likely from late October when Bigger Entertainment began sending Shiba Inu tokens to one of the dead wallets.
Steven Cooper, Founder of Bigger Entertainment, to explain that thanks to the collaboration of all the initiatives that are currently working, more than 1 billion SHIB will also disappear in the next week. Cooper’s company will be hosting a scheduled SHIB fire party on February 14, live on her YouTube channel. So far, the company has burned a total of 210,022,974 tokens.
MakerDAO notification that they will offer up to $10 million in bonuses to white hat hackers and cybersecurity professionals who find legitimate security threats in their smart contracts.
Maker’s website claims the flaws it found prevented up to $20 billion in damage from the attacks.
White hat hackers can receive payouts of $1,000 for low-level vulnerabilities and up to $10 million for critical issues in maker apps and smart contracts. Payments are made in stablecoin DAI.
Everyrealm (formerly Republic Realm), a startup investing in Metaverse virtual land, has raised $60 million.
Follow notificationEveryrealm (formerly Republic Realm) has closed a $60 million Series A funding round led by a16z.
Other investors include Coinbase Ventures, NBA top shot maker Dapper Labs, Lightspeed Venture Partners, NGC Ventures, Dragonfly Capital, Liberty City Ventures and Hashed, The Sandbox and Animoca Brands.
Immortals announced the news of its partnership with Bitstamp via press release On Wednesday. According to the statement, the deal will also make Bitstamp a founding member of the esports organization.
The partnership aims to increase the Immortals community’s awareness of the crypto industry while creating momentum for fans. This is Bitstamp’s second collaboration with an esports brand, the first with the London-based Esports Guild in a £4.5 million ($6 million) sponsorship deal.
Bitstamp and Immortals will participate in various initiatives. One of them, dubbed Team Bitstamp, includes content creators who will act as the exchange’s brand ambassadors. The team will provide fans with exclusive crypto content, giveaways, and interactive live streams.
Galaxy project news
Galaxy Project (GAL) will hold a token sale on CoinList on February 17th.
According to the announcement, Galaxy Project will start the GAL token sale on Coinlist starting on February 18th at 00:00. Registration is now open and will close on February 15 at 7:00 p.m. (Synthetic Team time).
Galaxy Project builds an on-chain login deployment protocol with plug-and-play NFT modules. It is backed by Coinbase Ventures, Alameda Research, Multicoin Capital, Jump Capital and others.
The price on Coinlist is $1.50 and the hardcap on Coinlist is $15 million.
For decades, Visa has been the exclusive provider of electronic payments at the world’s largest sporting events. However, visas are mandatory for the 2022 Winter Olympics divide Market share with China’s new digital currency e-CNY.
At previous Olympics, cash was the most common means of payment, although it declined after the Athens 2004 Olympics, as almost all payments were sent to Visa. However, e-CNY is an exception at the Beijing 2022 Olympics.
Previously, eCNY recorded up to USD 9.7 billion in transactions in November and was used by 140 million people. As the Chinese government’s top political priority, the Winter Olympics are the biggest test for e-CNY yet. Conducted within a tightly controlled regulatory framework, the Winter Olympics were presented as an e-CNY coming-of-age party.
Bunny Finance News
The Bunny Finance and Qubit development team decided to break up the protocol and transform the project into a Decentralized Autonomous Organization (DAO).
In official announcement The Bunny Finance development team launched today said the project was unable to work at maximum scale after the attack on Qubit, which resulted in a loss of up to $80 million. So they decided to break up the protocol and strengthen the community.
The Qubit Bridge (known as X-Bridge) has facilitated token swaps from Ethereum to Binance Smart Chain (BSC). Hackers have taken over to exploit a “logic flaw” in the X-Bridge smart contract that would allow them to withdraw tokens on the BSC chain without depositing funds on Ethereum.
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