We kicked off the week seeing BTC price hovering around $11,700 with relatively low movement, before it went on an upward spiral moving to $12,500. Just a day later, Bitcoin started to pull back to around $11,760, more or less to the same levels as the beginning of the week. It’s also worth noting that there’s an increasing correlation between the price of Bitcoin and gold.
China and Russia De-dollarization
China and Russia are collaborating to reduce their dependence on the U.S. dollar. Trade settlements in USD between the two countries have fallen to only 46% for the first time. The Euro, on the other hand, represented 30% of all settlements and the national currencies 24%, both are at all-time highs. This is moving towards to a banking and trade alliance which will guarantee independence for both countries.
The Hype Cycle
Brian Brooks, the acting comptroller of currency at the U.S. Office of Comptroller of Currency (OCC), says America must adopt digital currency payment rails if the country hopes to compete with global payment rails in the future.
Brooks reassures players in the banking sector of his mandate as leader of OCC, “I am not a crypto bull or bear but I recognize reality, a lot of people have this stuff (cryptocurrencies) and they have it for good reasons. We need to make sure its a success to them in the same safe and sound way they get a check into their account. Our role is to innovate as people change the way they consume financial services.”
Capital One has moved to patent an artificial intelligence platform capable of turning the internet’s 24/7 cryptocurrency informational overload into actionable trading recommendations.
Capital One’s “credibility analysis engine” would sort through and analyze price speculations from Telegram, Twitter and Reddit crypto influencers; hacking news; regulatory headlines; YouTube videos; protocol blog posts and more. This AI-backed engine would then weigh these signals against historical trends and source track-records to generate a “market trend prediction” for the cryptocurrencies.
Ethereum’s network fees are increasingly becoming a major concern and more people are wary of paying high fees to transact on the network. The amount of gas being spent on Ethereum has reached an all-time high with a daily average of $6.8 million going into fees.
Increased wallet addresses and DeFi activity have been triggering higher gas on the Ethereum network and although the Ethereum community is happy with surging ETH prices, transacting on the network is also increasingly becoming unsustainable.
A certain and evidently tired blockchain and crypto enthusiast is now calling on Cardano to launch smart contracts and native assets faster so that all the DeFi business on Ethereum can be ported to Cardano.
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