Hey folks, welcome back! From drastic market dips to wider adoption of tokens, the crypto community witnessed several twists and turns in the crypto world over the past 24 hours.
Michael Saylor, the founder of MicroStrategy, had acquired about 21K Bitcoins worth over $2 billion. The firm, which is stated to be the largest corporate Bitcoin holder, has already 300K in its vault. With the latest acquisition, the firm holds about 423,650 Bitcoins worth about $25.6 billion. These Bitcoins were accumulated at an average price of $60,324 per BTC.
Saylor has been acquiring Bitcoin since 2020 and claims that the crypto is a digital capital. He further suggests his users buy Bitcoin with the spare capital that they have. With the latest purchase, the MicroStrategy firm had acquired a Bitcoin Yield of 43.2% QTD and 68.7% YTD. Recently, in November, Saylor pitched the idea of acquiring Bitcoin to Microsoft, stating that it would improve their economic structure rather than bonds or shares. Saylor further emphasized that companies like Apple and Google should consider Bitcoin as a treasury reserve.
In a bid to adopt Bitcoin, Russian lawmaker Anton Tkachev, the State Duma Deputy and a prominent member of the New People Party proposed a bill to install a Bitcoin reserve fund to improve the economic status of Russia. The bill was handed over to the Minister of Finance Anton Siluanov. Adding emphasis to the letter, Tkachev stated that the crypto will enable the country to bypass sanctions and enhance global trade. Recently, the Central Bank of Russia had begun to experiment with cryptocurrencies for its cross-border transactions and President Vladimir Putin had given his nod for legalizing Bitcoin mining.
Argentina has grabbed the attention of the crypto community by approving CEDEARs for crypto and global exchange-traded funds (ETFs) to enhance its financial markets. The President of the National Securities Commission (CNV), Roberto E. Silva stated that the approval will create new financial instruments, bringing the nation closer to global financial standards. The CEDEARs program will enable ETFs for Bitcoin, Ethereum, gold, and foreign stock indices.
Meanwhile, the United Arab Emirates Central Bank approved its first stablecoin, AE Coin, pegged to the UAE Dirham. The coin is stated to provide a secure and quick transaction at a low cost. Further, with this development, the UAE can enhance innovation within its e-commerce structure. With the launch of the coin, the stablecoin markets surged by 51%.
On the institutional front, BitGo, a leading crypto exchange, joined with Core DAO to launch high-yield Bitcoin staking services. This will bring new scalable yield opportunities for Bitcoiners via Core’s unique dual-staking model. Further, with Core DAO’s protection, third parties can be eliminated, giving Bitcoin holders full control over the assets. Also, by enhancing the dual staking solutions, returns on Bitcoin and Core tokens can be increased.
With Bitcoin crossing the $100K mark, several governments have set their eyes on crypto and vying to create a strategic Bitcoin reserve fund to improve their economic structure. If undertaken, Bitcoin can be used as a hedge against inflation, curbing several challenges. Prominent countries like the United States, Russia, and even Brazil are planning to add Bitcoin to their portfolios. Notably, El Salvador is the only country to make direct Bitcoin purchases.
As Bitcoin gets wider adoption, the crypto community raised concerns about its security with the development of quantum computing. Speculations were rife after Willow, a quantum chip developed by Google’s AI team was stated to be a threat to Bitcoin. The chip which can solve a problem within five minutes, compared to supercomputers, was considered to be a potential risk to the Bitcoin holdings of Satoshi Nakamoto. However, putting the controversies to rest, the crypto experts stated that Willow cannot breach the founder’s Bitcoin holdings, as it relies on two different types of security encryptions.
Considering the market sentiment, the crypto community witnessed a drastic dip with major tokens moving into the red zone. This sudden shift highlights the unpredictability of market sentiment for traders and investors. However, the Fear and Greed Index showed 76, indicating a strong buying sentiment for traders. Although several reasons were pinpointed for the fall, overbought conditions and bearish technical indicators were stated to be the main causes.
With the market dip, Cardano (ADA) dropped to $1, arousing investor interest. Experts stated that this fall could indicate a potential rally. Recalling the token’s movement in 2020, an analyst stated that if ADA holds onto its key support levels, it will surge beyond $4 or $6. Despite its decrease, the trading volume increased by 109%.
While the crypto community was worried about the market condition, a PEPE investor’s joy knew no bounds. The meme coin investor turned his $3K investment into $73M with a 24,656x return. This profit was possible with the token’s new all-time high touching $0.000028 and breaking the $10B market cap milestone for the first time.
The post The Blockchain Bulletin, Dec 11: UAE Approves its First Stablecoin appeared first on CryptoTale.
