Weekly update: Crypto Snapshot
Shanghai Upgrade Well On Track With Latest Testnet Developments
The next upgrade on the Ethereum network is moving along well as the team behind its development released a new network called "devnet 2" to help client teams prepare for the network shift. The network is mainly developed to test and find bugs that could potentially affect the withdrawal of staked Ethereum tokens. The team also plans to create a shadow fork which mimics the mainnet to check the code development too.
Bitcoin Rebounds From Its Lows Back To $21,000
2023 has been good news for the crypto market as Bitcoin rebounds from a low $16,500 at the end of December to an optimistic $21,647 with a gain of 22.5%. This price rally comes as trading volume for the asset increases across exchanges, along with the decoupling of cryptocurrency price movements from equities and stocks.
Innovation And Sound Practices Are Key For Cryptocurrency Integration
The Bank for International Settlements has proposed three suggestions to approaching cryptocurrencies in the wake of the market volatility in 2022, and their third point of integrating cryptocurrencies with traditional finance in a responsible manner is considered the ideal solution moving forward. The entity has advised to work with responsible players that are committed to a safe and sustainable crypto industry.
Universities Pioneer Crypto-Focused Courses For The Web3 Industry
The blockchain and cryptocurrency field is a nascent industry that has grown by leaps and bounds in the past decade since Bitcoin’s inception, and universities like Texas A&M are now offering structured Bitcoin courses to its students where they will learn how to build a Bitcoin library. Other academies like Boston University Law School also offers crypto regulation courses for law students looking to navigate the decentralized space.
Reversal of Bitcoin Derivatives Show Market Optimism, Says Cointelegraph Research Report
The positive news from the Federal Bureau on the Consumer Price Index (CPI) saw Bitcoin’s price move upwards in a temporary bull run last month, but it was not enough to keep long traders from being liquidated after the options expired. But according to Cointelegraph, the 25-day Bitcoin options skew has improved by 46% since November, which may indicate that market traders are becoming bullish about Bitcoin prices.
BAYC Fans Go Ape Over Yuga Lab’s Latest NFT Game
Yuga Labs may be throwing some toilet humor into the mix with their latest non-fungible token (NFT) game, but the hype is nothing to sniff at. The company behind the Bored Ape Yacht Club (BAYC) NFT series launched its plans for Dookey Dash, an ‘endless runner’ web game that requires a Sewer Pass NFT to play. Only holders of the BAYC series will get a pass, but it can be resold to others on marketplaces.
Samsung Continues Its Foray Into The Crypto Space
Having launched the metaverse for their Latin American user base in December, the Korean conglomerate is making its way into the crypto space via another sector - asset management. The Samsung Asset Management Company recently launched its spot Bitcoin exchange-traded fund (ETF) in the Hong Kong market, and they are looking to add more products to their portfolio while monitoring Hong Kong’s crypto landscape.
Major Blockchain Players Kick Off 2023 With New Developments
Two popular blockchain projects, Cardano and Polygon, have kicked off the start of the year with two important developments and upgrades to the network. Cardano recently deployed its software toolkit for developers to build custom sidechains for specific use cases, and the project hopes to scale Cardano’s capabilities by moving transactions to these sidechains. On the other hand, Polygon announced a hard fork that would see new improvements such as gas spike reduction and chain re-organization being implemented on the network.
Crypto Companies See Green With Buoyant Crypto Performance
While the S&P500 and Nasdaq kicked off the year with dipping market performances, listed cryptocurrency companies are seeing positive gains on the charts thanks to the current boost to the prices of cryptocurrency assets. These include the likes of Coinbase, MicroStrategy, and Marathon Digital which saw gains of 5%, 4.8%, and 14% respectively.
Leap Into The Metaverse To Experience The Year Of The Rabbit This CNY
The Lunar New Year is just around the corner for millions of people around the world, and companies are bringing the festive celebrations to the virtual space. The Sandbox is partnering with a number of digital brands and game developers from China and Taiwan to bring the Year of the Rabbit to life, and fans can experience new games from these brands in the metaverse while winning prizes. Fast-food brand McDonald’s has also launched a CNY collaboration with award-winning digital creator Karen X Cheng to create metaverse experiences blending traditional Asian elements with futuristic influences in a virtual space.
One Small Step For Man, One Giant Leap For Blockchain Technology
Blockchain technology achieved another milestone, this time in space where the first Zero-Knowledge proof system experiment was conducted onboard the International Space Station. The experiment was jointly conducted by Cryptosat and DoraHacks, and it demonstrated the capacity of a satellite-based computation environment to successfully achieve space-bound computational environments.
Play Tennis In The Metaverse With A Virtual Replica Of The Australian Open
The Australian Open is a major tennis tournament that is taking place at Melbourne Park this year, and the organizers have teamed up with the open-world platform Roblox to re-create a digital version of Melbourne Park. The digital collaboration aims to attract more young people to the sport, and it has already garnered nearly half a million visits since its launch.
Disclaimer: This article should not be taken as financial advice. It is essential to conduct research before making any investment decisions.
Join BIT’s Premium channel for more insights into crypto!