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29.09.[News of the day] • Revolut reportedly launches its own cryptocurrency token and other articles

4 min read

Welcome to today’s overview of crypto news:

MARKETS

The last few days have been relatively volatile for the primary cryptocurrency. It had just recovered from a drop below $ 40,000 and was riding at $ 45,000 on Friday when a new set of Chinese FUD knocked it south again. Within minutes, BTC had fallen by $ 4,000.

The weekend started more positively and BTC bounced to $ 43,000. However, Sunday began with a massive drop to $ 40,500 before a sudden rise in prices drove off assets above $ 43,000. On Monday, the bulls drove it up and BTC reached a three-day high of $ 44,300. However, he did not stay there and in the following hours began to gradually lose value. To date, BTC has fallen below $ 42,000 again.

As is usually the case, when BTC heads south, most altcoins follow. ETH leads an unfavorable trend with a decrease of 6.5%. Until a few days ago, the ETH was well above $ 3,100, but has now dropped to about $ 2,900.

Cryptocurrencies

Chinese traders “buy dip” after government intervention against mining industry

Even after the recent crackdown on the cryptocurrency mining and trading industry in China, some traders and investors remain optimistic, arguing that instead of disposing of their digital assets, they are buying a dip, according to Bloomberg.

Prior to the emergence of bear news from China, BTC traded at $ 48,000. But just after the People’s Bank of China announced that it would seize all cryptocurrency-related transactions, including digital assets and fiat, and block cryptocurrency exchanges that allow citizens to trade and maintain accounts abroad, BTC’s price dropped to $ 42,000.

Major exchanges such as Huobi and Binance ceased to operate in the country and banned the opening of new accounts for users from mainland China. Hong Kong users can still open new accounts.

Europe is becoming the largest cryptoeconomy with more than $ 1T in transactions – Chainalysis

According to new research by the analytical company Chainalysis, the Central, Northern and Western European (CNWE) region has become the most active cryptoblock in the world, receiving over $ 1 trillion worth of digital assets in the last year.

The report, published on Tuesday, found that the CNWE region accounted for 25% of global cryptocurrency activity between July 2020 and June 2021. The region saw a sharp increase in transactions in all crypto subcategories, especially in the area of ​​decentralized finance.

Chainalysis describes crypto transactions as everything that involves trade, investment, and business dealings.

Banks, crypto exchanges, companies

Facebook has announced the creation of a $ 50 million fund release research fund

The company’s announcement states that Facebook will not rely on a single company to build the project “overnight”. Instead, it will focus on working with various parties, including policy makers, experts and industry partners, to “revitalize” it.

The $ 50 million funding will go primarily to global research and networking with program partners to “ensure that these products are developed responsibly.”

The Facebook meta version will act as a set of virtual spaces where users can collaborate with people who are “not in the same physical space.”

Revolut reportedly launches its own cryptocurrency token

According to a recent report, Revolut is seeking approval from the British securities regulator to launch its exchange token. If the initiative gets the green light, it will be launched from Europe and other places outside the US.

Referring to those familiar with the matter, CoinDesk had previously informed that Revolut wanted to issue its token.

One source said that users would be able to use the token similarly to Wirex and Nexo. However, such a development would only be possible if the initiative received regulatory approval from the UK’s regulator FCA.

Verifone enables crypto payments at large retailers via BitPay

Crypto payments are becoming increasingly popular as BTC and other digital assets become more popular. This has happened to both cryptocurrency holders and those who do not own them and who are primarily interested in the concept of using cryptocurrencies for payments.

Recent data have shown that 93% of cryptocurrency users surveyed would consider cryptocurrency shopping. The report further revealed that 59% of consumers who do not hold cryptocurrencies would be interested in using them for purchases in the future.

Therefore, it should come as no surprise that large payment service providers such as Mastercard are stepping up their efforts to support crypto payments in the future. In addition, social media giants such as Twitter are working to enable payments in cryptocurrencies through mechanisms such as tips.

CBDC, Regulation

BIS report: CBDC can halve the cost of cross-border transfers

The Bank for International Settlements (BIS) has published a report highlighting the benefits of central bank digital currencies (CBDCs), in particular in terms of reducing the cost of cross-border payments.

According to a report called “Inthanon-LionRock to mBridge: CBDC”, published on Tuesday, CBDCs can reduce the throughput of cross-border payment transactions from three to five business days to just a few seconds.

This statement is part of the conclusions drawn from the second phase of the Inthanon-LionRock project, in which the central banks of China, the United Arab Emirates and the Hong Kong Monetary Authority are involved.

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