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This week, Bitcoin set a new record high trading above $90 000 majorly due to continued institutional demand and optimism in the market. MicroStrategy led by its CEO Michael Saylor made a $2bn acquisition that saw the company acquire closer to 25,000 BTC. Saylor noted the decision, saying: “Bitcoin is still the best hedge against inflation, and this acquisition is considered as consistent with our strategic roadmap.”
This marked MicroStrategy's largest single purchase of Bitcoin, which increased the firm’s total Bitcoin reserves.
Many market participants view the firm's prominent exposure to Bitcoin as cementing its status as digital gold. Gainers further observe that such investments undertaken by institutions may lower volatility in the long run, and boost liquidity and retail participation. According to Investopedia, the rally is evidence that institutions and retailers are buying Bitcoin because economic conditions create difficulty for traditional assets.
While there was another significant rearrangement of international and geopolitical relations, Russian President Vladimir Putin showed a desire to reach peace in the country with Ukraine. The statement came after former President Trump gave his endorsement of peaceful solutions, which have elicited expectations of a ceasefire in the conflict.
According to Cryptopolitan, Putin’s decision marks a significant turning point, and Trump’s reply, "Peaceful diplomacy is good for everyone," has shaken the markets because investors see light at the end of the tunnel. The cease of the conflict between Russia and Ukraine could lead to new economic activities in Eastern Europe, potentially increasing the demand for cryptocurrency services.
A variety of altcoins were traded this week with a notable surge in trading volume by 109% marked by investors’ interest in XRP. On November 13, U.Today highlighted the recent surge in XRP's value, which has resulted in an impressive 41.5% growth in its price, especially considering the performance of this asset throughout the month. As stated by the report, this trading volume has forced a similar spike of altcoins such as SHIB and DOGE, and investors are encouraged by the events in the market. This rally was after Bitcoin sored up to $93, 000 before retreating to below $90,000 by the end of the week.
“The behavior of XRP in the trading this week shows increased optimism in the asset which has been evident across other market dominants such as Bitcoin,” the report stated. Consumers are ever hooked to altcoins, as they perceive such an opportunity to earn high returns as more liquidity finds the whole market for the nascent cryptocurrencies. The growth of these activity and value metrics also indicates broader attention toward digital assets beyond Bitcoin and many expect to persist throughout the year.
This week's DevCon conference involved some of the best brains in the industry to debate on the most pertinent topics concerning blockchain. The agenda featured robust debates on critical issues such as scalability, innovative DeFi solutions, and the development of regulatory frameworks in the field.
Scaling the blockchain for mass adoption involves strengthening layer 2 integration and enhancing network interoperability, which together boost blockchain capabilities without compromising security. A key highlight is Ethereum 2.0; representatives from the Ethereum Foundation emphasize their efforts to increase transaction speed and decrease fees, which strengthens Ethereum’s position as an innovative technology.
The DevCon line-up included Ethereum co-founder Buterin, Blockstream CEO Breeden, and Digital Currency Group Founder Saylor along with Lightning Labs CEO Stark, who delivered views on how better blockchain is set to reshape the financial ecosystem of the world. Buterin focused on the community-driven approach to ETH development that makes it virtually unkillable, Saylor explains that institutional funds protect Bitcoin from failures.
An ambitious side event, or rather a side summit, was the DeCC x Shielding Summit held by DeCC and Privacy Guardians. This full on summit produced a day of talks, panels, workshops and startup pitches all focused on privacy in Blockchain. With more than 60 speakers at this event, it demonstrates the growing tendency of side events to compete head-to-head with the main conference. The ultimate winners being the delegates.
Gathering with its companion CA, Avalanche declared another partnership arrangement with MeWe, a social association application, to examine conveyed social organization results utilizing the Avalanche blockchain. As The Street reported, this partnership is to improve user privacy and distribute control across social platforms. The collaboration falls gracefully in the rising concern for the decentralized platform for social connectivity rather than the typical social networks. “Blockchain can transform the concept of social connection in the world of the internet, and this collaboration represents a part of it,” said an Avalanche spokesperson.
Blockchain brings decentralization of data control, thus we have a chance to see privacy-oriented social networking models as a result of the collaboration between these platforms, which would be good news for the users concerned about their data being processed. The Avalanche decision places the company at the cutting edge of blockchain-enabled social media, with scenarios concerning the type of digital communities that might emerge.
All of the Decentraland events, including the Cosmic Music Festival, took place virtually, consisting of live concerts and unique shows driven by NFT. Following a recent article, the music festival was purely filled with both arts and blockchain, which came out with an impressive turnout. The explosion of virtual entertainment is on the rise; hence, such events in Decentraland illustrated how NFTs could increase consumer interactions with digital experiences as the entertainment space grows.
Such an event can be attributed to another trend within the industry where companies combine blockchain and entertainment in one; Decentraland, for example, has brought virtual festivals into the sphere as an innovative form of entertainment. The outcome of this event proves that NFT is an excellent tool for creating unique and engaging experiences that would be relevant to digital communities at present.
Tether is broadening its geographical presence while providing an easy-to-use stablecoin for those from underbanked countries., increasing Tether’s popularity in countries where people still have restricted access to financial services.
Tether found its way into these markets as analyzed by Blockleaders and this shows the role that stablecoins play in fulfilling the needs of these markets by enabling users to access products without the necessity of a bank.
Animoca Brands managed to secure $10 million to develop the NFT entertainment division for Mocaverse. This was done specifically to aim at developing and providing digital experiences. According to Lisa Gibbons from Blockleaders, the funding will enable Mocaverse to develop the Gaming Integrated Arts NFT and the features necessary to build a strong community.
Gibbons explains how Animoca “intends to mainstream NFT by integrating entertaining experiences with blockchain technology.” The fundraising is apparently coming from an interest in NFTs where platforms such as Mocaverse are planning to reform the entertainment domain by providing unique, digital forms of content.
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