Whatever you do, cryptography is all around you. Its use is already spreading to logistics, medicine, agriculture and banking. Even WiFi can become more secure if you apply cryptography to it. Most companies see blockchain as the future of our world. But not everyone is happy with the adoption of cryptocurrencies. One of the most popular social networks – TikTok – has adopted new rules within the application. Users say that any crypto content, even educational content, will be blocked. In a panic, influencers are looking for new platforms for their brand.
Almost all companies that want to link their activities with the crypto industry ask questions about the advantages and disadvantages. Deloitte insights conducted a thorough analysis of the opinions of financial experts and found that 81% of finance execs say blockchain has gone mainstream.
The report also talks about the prospects for the adoption of new technologies by society and about the problems that the crypto industry needs to solve in order to become a new milestone in the digital sector. For example:
What will crypto give us?
1. Custody of digital assets
2. New payment channels
3. Diversifying investments
What is preventing crypto adoption?
2. Regulatory barriers
3. Financial infrastructure
Bitcoin price analysis
The price of Bitcoin at the beginning of the week was about $47.1k. Over the course of the week, the price of bitcoin fluctuated between $47-50.5k. Bitcoin is currently trading back above the psychological level of resistance at $50,000 following a tremendous 72.91% surge over the past month. At the time of writing, the price of the first cryptocurrency is above $47k. The dominance of BTC in the market is 43.74%.
According to Glassnode data, the number of long-term held or lost BTC has reached 7,131,084, accounting for about 33.96% of the total, which is the highest point in the past five months. This part of the token can be regarded as out of circulation.
Also, the founder of the Stock-to-Flow (S2F) model, PlanB, tweeted on Friday that according to the model, the price of $100,000 for BTC is achievable by Christmas (December 2021). Earlier, the analyst stated that the BTC target for December is $135,000.
Stock-to-Flow (S2F) – modeling the value of BTC taking into account halvings and limited emissions. According to this model, the scarcity and the price of a cryptocurrency are directly related, depending on how a shortage of a commodity leads to a decrease in supply, causing a rise in its price.
Ethereum price analysis
At the beginning of the week, the price was $3223, and at the time of writing it’s $3159. In the middle of the week, the price went up to $3371. Meanwhile, The current market dominance of ETH is growing and is now 18.20%.
By the way, Ethereum inflation fell below Bitcoin for the first time in history. Ethereum’s net daily inflation is 3,574 ETH or 1.11% on an annualized basis, while inflation for the first cryptocurrency remains at 900 BTC per day (1.75%). This happened as a result of the activation of EIP-1559 on the Ethereum network, which made it possible to burn part of the coins paid as commissions. On Thursday, the volume of ETH burned exceeded 100,000 ETH, which corresponds to 36% of all coins issued during the same time.
TOP CRYPTO NEWS
- Lumi Wallet added two new coins this week: XED and RARE. Welcome new members to our large crypto family. Also, they say that everyone loves black! And very soon he will appear in LUMI. Tag us with #blacklumi on social media and get a promo code!
- There is a rush around Bitcoin on the market, but not only the first cryptocurrency is growing. CryptoDiffer has compiled the top currencies that have grown more than BTC.
- NFTs are the future of all art! Visa bought CryptoPunk 7610 for $150,000. CryptoPunks are considered the original NFTs, launched in 2017 by Larva Labs. These are a collection of 10,000 pixel art images of misfits and eccentrics. Each CryptoPunk has its own personality and unique combination of features. “We felt that CryptoPunks would be a great addition to our collection of artifacts that can chart and celebrate the past, present, and future of commerce“, said Cuy Sheffield. Visa said on Friday that it will continue to buy NFT after acquiring the token for $150K. The payment company plans to add digital art to its collection to support artists from the crypto space.
- Microsoft has received a patent for blockchain technology that allows individuals and organizations to create tokens and smart contracts, as well as manage them on several networks and blockchain platforms.
- MicroStrategy acquired another 3,907 BTC for ($177 million at $45,294 for 1 BTC). The company now possesses 108,992 BTC worth $5.3 billion. And that’s just BTC. For example, Grayscale holds $44.8 billion worth of crypto assets and almost 33 million BTC.
- What’s going on in different countries? On September 22, Iran will lift the ban on crypto mining for licensed companies. Japan plans to significantly tighten cryptocurrency regulation in order to protect investors. And in 2 weeks in El Salvador, operations with BTC will become available at 200 ATMs and 50 bank branches. Preparation of infrastructure for the entry into force of the law on recognizing BTC as a means of payment is in full swing. Such is the heterogeneous world around cryptocurrencies.
- More than 120 fake cloud mining applications for cryptocurrency have been found on the Google Play Store, some of which have been downloaded over 100,000 times.
- The Cardano chart is painting a bull flag for $3 ADA price ahead of ERC-20 converter launch. The bullish technical setups emerged majorly due to euphoria surrounding Cardano’s long-awaited smart contracts feature, set to go live on Sept. 12 via the Alonzo upgrade. The news boosted hopes that Cardano would be able to rival Ethereum, the biggest smart contracts platform, which has lately struggled with network congestion and higher transaction fees. As a result, demand for Cardano’s native asset, ADA, has been steadily growing.
In the meantime, this is all the news that we wanted to share! See you next week!
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