Dear Valuable Clients,
We aim to present you on a monthly basis some key insights which might be helpful for you.
Overall take-home message:
Bitcoin is currently trading at around $ 21.190 which reflects an upwards trend of about 18% compared to last month’s newsletter. Over the past month we have seen positive signs and a relief in the market. Currently the crypto market has found a strong position above $1T market capitalization.
With the Ethereum merge just around the corner we have seen an upwards trend for ETH which was significant. Compared to last month, ETH is up around 42% and up around 100% from the low in summer.
The current situation has brought much more optimism into the market and this is being reflected in the relief we have seen over the past month. With optimism coming back we might see the upwards trend continuing and taking us to new heights around fall and winter. This we assume will be a good time to take profits.
A rough overview of the most important recent events in the crypto space:
The European Union is going to set up a new regulator overwatching Bitcoin and Crypto.
Bank of Russia is planning to launch a full Digital Rubel in 2024.
BlueBenx the Brazilian crypto lending platform halted all withdrawals following a $32 million hack.
Hackers managed to print $1.2 billion AUSD on the Acala Network.
The United States of America has banned Tornado Cash and its wallets. Tornado Cash has been added to OFACs SDN List. The Netherlands did arrest a suspected Tornado Cash developer.
The Ethereum Merge is planned to take place roughly on 15th/ 16th September.
BlackRock is launching a private trust focused on spot Bitcoin.
There is much traction within the Crypto space again and we have seen good price recoveries with a lot of media attention. Not all of the news is positive but as mentioned in the beginning the positive spirit is coming back into the crypto space and community.
1) What happened last month?
Mercado Libre will integrate the trade of bitcoin and ethers throughout Latin America.After the success that Mercado Libre achieved in Brazil, the electronic commerce giant will bring its bitcoin (BTC) and ethers (ETH) trading service to all of Latin America. Until now, the date from which the service will be available in other Latin American countries, or where it will be integrated first, is unknown. It is also unclear whether the service will be expanded under the same conditions it operates in Brazil.
On another note The Government of Buenos Aires highlighted that “we promote that cryptocurrencies are used more and more”. The head of the Government of the City of Buenos Aires, Horacio Rodríguez Larreta, appeared on August 11 at the ETHLatam 2022 event that brings together the Ethereum community for three days in a row in the Argentine capital. He mentioned the fact that we can hold this event here creates the opportunity for a brainstorm of ideas that will make Buenos Aires work better, said in front of thousands of people from Argentina and abroad who attended ETHLatam.
With regards to China’s ban on Bitcoin mining favored the use of renewable energy, Bitcoin mining took more environmentally friendly routes after the Chinese government’s ban on this activity. Although this may not have been a consequence foreseen by the authorities of the Asian giant, its punitive measures forced miners to emigrate and seek greener alternatives in terms of energy consumption.
Moreover, A Japanese City Tests Online Voting Using Blockchain. It is the Japanese city of Tsukuba that has introduced an online voting system that uses blockchain to enable residents to vote for social development programs. Tsukuba is the first city in Japan to introduce a system like this. They will use Japan’s so-called “My Number”, that is their 12-digit social security number that all Japanese citizens receive to identify themselves.
Finally, Chilean Exchange Orionx Now Offers Bitcoin Trading in Peru. Chilean cryptocurrency exchange Orionx is now listed as an active service operator for users of bitcoin, ether and 14 other cryptocurrencies in Peru, according to Joel Vainstein, one of the founders of the company created in 2017. The startup began its expansion process after reaching 100,000 users in Chilean territory, where it also registered a 300% growth in two years, according to data published in local media.
2) Where do we stand?
The current situation has brought much more optimism into the market and this is being reflected in the relief we have seen over the past month. With optimism coming back we might see the upwards trend continuing and taking us to new heights around fall and winter. This we assume will be a good time to take profits. Nevertheless it must be pointed out that we are not yet out of the crypto-winter. We further recommend to hold your positions
3) Outlook: What could happen?
In the last few months of the year we will see a great opportunity to clear out uncertainty that was created by the Russia-Ukraine conflict, inflation and supply chain problems. We need to regularly update ourselves as the market is still hard to predict. The main question we will need to answer is: “Will we face a more stable or bullish remaining time until the end of the year?“ For now data looks very solid in regards to the fact that we have formated a bottom. With the optimism coming back there is potential for upwards trends.
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XDC Price Review
The XDC Network is essentially a catalyst of Ethereum that includes smart contracts that are EVM-compatible. It has recently attracted a lot of attention because businesses are its target market. We wanted to share our XDC Network (XDC) price forecasts for the year 2022 with you as a result.
Future prices of XDC Network are difficult to forecast because they depend on a variety of variables, including how well the XDC network performs, the state of the stock market, the value of other cryptocurrencies, and the performance of the world economy. The price evaluation for XDC might easily return to its prior prime and probably even surpass it if the network and use of XDC Network continue to increase at their current rates.
A hybrid blockchain called the XDC Network runs on the XDPoS (delegated proof-of-stake) consensus algorithm. The XDC Network makes interoperability, hybrid relay bridges, and spontaneous block finality possible for blockchain users through the usage of XDPoS. It has a hybrid architecture that is designed with developers in mind.Digitization, tokenization, and rapid trade transactions are provided to users of the XDC Network through democratic consensus and high transparency.
Global Trade and Finance XDC Network
The TradeFinex platform was created specifically for trade and financial transactions using the XDC permissioned blockchain technology, XDC01. There are no restrictions on how players can connect with one another on the TradeFinex platform. All four steps can be handled by the platform:
The platform may create mutually enforceable digital smart contracts over the XDC blockchain. Transparent funding allocation and use are guaranteed by smart contracts. The platform can use the XDC token to carry out real-time local and international payments and settlements through regulated financial institutions in compliant jurisdictions. The TradeFinex system includes wallet services to ensure that each payment is made in the form of the XDC token.
Who are the members of the XDC Network?
All market participants will profit from the ecosystem that XDC blockchain aims to create. Its capacity for financing will expand in step with the ecosystem. The XDC platform will be used by more participants and projects, increasing the ecosystem’s efficiency and cost-effectiveness. The objective of XDC Network is to grow both horizontally and vertically. It is ready to engage with people from various levels and industries.
To profit from effective network implementation and lighten the burden on taxpayers, governments and policymakers are urged to use measures to lay the framework for these initiatives.
Source R3 CORDA Ecosystem, Enerprise Blockchain Apps (CorDaps) XINFIN XDC: BagNvest-Channel (Youtube-Video)
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