![]() From being pumped by Reddit users to Twitter mentions by self-proclaimed Technoking Elon Musk, Dogecoin looks as if it’s here to stay. More tests will be run in Q1 next year and a report will follow with the central bank’s evaluation.Įven after a brutal year for crypto prices, nation states are eyeing crypto trading, stablecoins, and government cryptocurrencies.If Dogecoin’s goal was to bring cryptocurrencies to a wider audience, it’s done just that and more. The “China Digital Asset Trading Platform” runs on a blockchain called the “China Cultural Protection Chain” and is developed by the government-backed China Technology Exchange, China Cultural Relics Exchange Center, and a private corporation called the Huaban Digital Copyright Service Center.įinally, on Thursday Turkey’s central bank announced that it has finished the first set of tests for a digital lira. Meanwhile, China's first national-compliant crypto trading platform will be unveiled on New Year’s Day, Chinese media reported on Tuesday, with an official launch ceremony held in Beijing. The new framework comes into force in 2023. The guidelines follow the Japanese parliament's landmark law, passed back in June, which legally classified stablecoins as digital money as long as they are sufficiently backed and redeemable. Japan’s Financial Services Agency (FCA) on Monday released a draft of regulatory guidelines on the acceptance of foreign-issued stablecoins. Japan, China, and Turkey make movesĪs western media continued to feast on the unraveling of the FTX saga, three important economies made tentative steps towards crypto this week. Only one top-thirty cryptocurrency rallied big this week: OKB blew up 15.4% and currently trades at $25.22. Dogecoin’s core developers deny the move is imminent, although principal engineer Michi Lumin said there is a plan in the pipeline to present a PoS proposal to the community.Įlsewhere, major losses were posted this week by Toncoin (TON), down 11% to $2.11, Avalanche, which fell 8% to $10.93, and Chainlink (LINK) dropped 8.5% to trade at $5.49. It shed around 11% and currently trades at $0.068588.ĭogecoin first started spiraling this week amid contentious rumors the network will follow Ethereum and transition from a proof-of-work (PoW) consensus mechanism to proof-of-stake (PoS). As FTX collapsed, so did faith in Solana the network was heavily backed by FTX and sibling company Alameda Research, and by their CEO, Sam Bankman-Fried.ĭogecoin (DOGE), the top-performing memecoin of the year, posted the second-heaviest losses among the top twenty. The long sell-off began early last month, back when Solana was posting highs of nearly quadruple its current value. Solana has now hit a two-year low and is struggling to stay above the $10 support level. SOL faced the heaviest losses this week of the top twenty coins by market cap, depreciating 17% to trade at $9.78 at the start of the weekend. It was a very different story for Solana. Bitcoin’s hash rate-a mark of the computing power of the network- dropped nearly 40% and bottomed out at 156.36 EH/s. miners suspended operations due to extreme weather. ![]() The Bitcoin network started the week with a handicap after several leading U.S. Bitcoin (BTC) and Ethereum (ETH) both fell 1.5% over the last seven days, with the former changing hands at $16,557 and the latter worth about $1,192 at the time of writing, according to CoinMarketCap data.
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