Table of Contents
Bitcoin News:3rd November 2021
- KuCoin Global Cryptocurrency Exchange Launches Fiat Account for USD Deposits
- Blockchain tech firms AllianceBlock and Flare integrate technologies to expand their DeFi ecosystems
- Nike trademark applications and job postings hint at joining the metaverse
- Ethereum price hits a new high above $4,500 right as Bitcoin recaptures $64K
- Microsoft muscles into the Metaverse with Teams updates and Xbox upgrades
- El Salvador to build 20 ‘Bitcoin Schools’ with surplus from Bitcoin Trust
- US Senator notes, “Bitcoin is here to stay”, but remains uncertain about others
- Inside the crypto metaverses: Are wearables the next NFT megatrend?
KuCoin Global Cryptocurrency Exchange Launches Fiat Account for USD Deposits
The KuCoin Fiat Account has been announced by KuCoin, the third-largest cryptocurrency exchange. Users of the exchange will be able to purchase digital assets such as Bitcoin, Ethereum, and others using money via debit or credit cards, thanks to the new feature.
With many newcomers to the crypto field hesitating or cautious to use cryptocurrency for purchases, KuCoin has opted to include fiat to support existing services like P2P Fiat Trade and third-party fiat getaways like Simplex, Banxa, and BTC Direct.
According to KuCoin CEO Johnny Lyu, the platform’s goal of becoming a more popular and accessible exchange in the crypto world necessitates the use of fiat gateways as well as the integration of regular bank card usage. The new KuCoin Fiat Account is tailored to newbies to the decentralised world, accelerating the acceptance of digital currencies even further.
The KuCoin Fiat Account will accept Visa and MasterCard payments, allowing users to deposit USD straight into their accounts. The deposited USD will be promptly exchanged at a favourable exchange rate into the cryptocurrency of your choice. The KuCoin team has announced that the new account would handle more than 50 fiat currencies in the near future, including EUR, AUD, GBP, and RUB.
KuCoin has established a reward campaign for its customers to celebrate the debut of the new capabilities. Starting at 18:00 UTC on November 2, 2021, and ending at 18:00 UTC on November 5, 2021, the first 100 customers who purchase USDT via KuCoin Fiat Account using Balance, Visa, or MasterCard will receive up to 50% off their purchases.
Blockchain tech firms AllianceBlock and Flare integrate technologies
AllianceBlock, a blockchain technology company that aims to bridge the gap between Decentralized Finance (DeFi) and traditional finance, has partnered with Flare, another blockchain technology company.
Flare says that their layer-one technology, which improves the blockchain protocol, can bring smart contracts to cryptocurrencies including XRP (XRP), Dogecoin (DOGE), Bitcoin (BTC), Algorand, and Stellar Lumens (XLM). Flare is also a decentralised oracle network that aims to allow blockchains to access real-world data when executing smart contracts.
Meanwhile, AllianceBlock is bringing its AllianceBridge cross-chain interoperability solution, AllianceBlock DEX native decentralised exchange, AllianceBlock Fundrs decentralised peer-to-peer financing protocol, and Compliance and Regulatory solution to the table. With each other’s technologies, the two parties hope to improve their blockchains for DeFi capabilities.
When asked about AllianceBlock’s DeFi and regulatory compliance services, Rachid Ajaja, the company’s co-founder and CEO informed :
“With increased interest from traditional finance in DeFi, AllianceBlock’s Regulatory and Compliance layer will allow traditional institutions to access opportunities in DeFi in a variety of ways, such as creating compliant, tradeable certificate wraps out of liquidity mining tokens, yield farming, or NFTs.”
Before each trade, Ajaja added, the firm’s regulatory and compliance solutions automatically check for non-compliant transactions. They can also include such restrictions in smart contracts that run on decentralised applications, or dApps, to ensure that crypto exchanges and financial institutions are up to speed on the newest legislation.
Hugo Philion, Flare’s co-founder and CEO, stated the following about the network’s capabilities:
“The Flare ecosystem is being built to “Unlock the Value” inherent in the 65% of blockchains that do not have native smart contracts by bringing, for the first time, true trustless usage of those tokens with scalable smart contracts.”
He further elaborated on the company’s partnership with AllianceBlock:
“Communities that have previously been locked out of the smart contract revolution are now actively contributing to the space. Now with this exciting partnership and the integration by AllianceBlock onto Songbird, the Flare ecosystem gets to help unlock the value in Traditional Finance by enabling it to access Decentralized Finance.”
Nike trademark applications and job postings hint at joining the metaverse
Unlike alleged concerns with the company’s physical shoe supply, virtual footwear may not be hampered by real-world pandemic-related challenges.
Nike, the sportswear and apparel company, is experimenting with virtual materials that feature its distinctive emblem and tagline.
Nike has filed applications for its trademark, swoosh emblem, and “just do it” tagline to be used in virtual goods for its entertainment services, retail stores, and “for use online and in online virtual worlds,” according to paperwork submitted to the US Patent and Trademark Office on Wednesday. The papers, as well as two recent job advertisements for virtual material designers, show that Nike is preparing to launch Nike-branded products in the metaverse.
The candidates would “play a significant role in reinventing our digital environment, bringing us into the metaverse,” according to Nike. To build virtual footwear and other products, they would join a team of virtual material designers in the company’s Digital Product Creation group.
The clothing manufacturer appears to have entered the metaverse ahead of Facebook’s rebranding announcement on Thursday. The social media behemoth announced that it will construct a virtual environment that would link online social interactions with the real world.
Despite the fact that Nike appears to be moving forward with its metaverse plans at the same time as Facebook, the company has previously dabbled in nonfungible tokens (NFTs) and other crypto-related endeavours. In 2019, the business received a patent for a system that uses the Ethereum blockchain to tokenize their CryptoKicks sneakers.
However, there is already some rivalry in the metaverse for the corporation. RTFKT Studios, a sneaker business that has released both virtual and actual footwear, received $8 million in funding from Andreessen Horowitz, Galaxy Digital, and others in May.
While the worldwide supply chain concerns may not harm Nike’s virtual goods, the firm has experienced issues with delivering physical products, including a shortage of shipping containers, staffing issues, and other pandemic-related workflow limits. Although the majority of Nike’s actual shoe manufacture takes place in Indonesia and Vietnam, the company’s virtual goods could be created solely within its Oregon headquarters.
Ethereum price hits a new high above $4,500 right as Bitcoin recaptures $64K
Bullish volatility is on the rise, and the sudden bullish momentum has seen a number of tokens break out to new all-time highs as traders try to figure out which currency will be the next to go to the moon.
Ether (ETH) hit a new record high of $4,523 as the price of Bitcoin (BTC) rose to $64,000. The move comes only days after the Ethereum network’s successful Altair upgrade, which was the first update to the Beacon chain, bringing the network closer to the full rollout of ETH2.
After hitting a low of $4,283 in the early morning hours of Nov. 2, according to data from Cointelegraph Markets Pro and TradingView, bulls took control of the market movement and propelled Ether to a new all-time high of $4,523.
According to a tweet from Coinbase International, if Ether maintains its present trend, it will have its ninth straight quarter of positive growth.
The pseudonymous Twitter user ‘itwasntme’ noticed an interesting comparison between the price behaviour for Ether in 2017 and the current price motion, as illustrated in the charts.
The cryptocurrency ecosystem has altered significantly since the 2017 bull market, owing in part to the emergence of a larger cohort of institutional investors with greater bankrolls to spend, but this is one aspect to watch as the market attempts to finish strong in 2021.
Ether’s increasing trend coincides with the first time that the number of tokens locked in the Eth2 staking contract has topped 8 million, a process that is draining the available circulating supply and putting upward pressure on the price.
The consensus forecast for Ether is bullish, with many analysts predicting a $10,000 token by the end of 2021.
Bulls are definitely looking to reclaim the previous all-time high of $67,000 now that the BTC price has broken out of its week-long decline.
The bullish increase in BTC is primarily due to traders’ increasing trust in the market, as historical data suggests that November and December are high-performing months for Bitcoin price.
The total cryptocurrency market capitalization is currently $2.736 trillion, with Bitcoin commanding 44.1 percent of the market.
So finally looks like every big MNC is stepping into the metaverse, it’s hyping up even more than before, last time I saw something getting this hyped up was the squid game token, I hope they both don’t end in the same way. Well they won’t I know, it’s completely different domain, so are you excited for the metaverse? Do let me know in the comments.
Microsoft muscles into the Metaverse with Teams updates and Xbox upgrades
Microsoft is entering the Metaverse through improvements to its Teams and Xbox gaming console services, as well as a new product called “Dynamics 365 Connected Spaces.
On Nov. 2 during the Microsoft Ignite conference, Microsoft CEO Satya Nadella outlined the company’s Metaverse plans for Teams and Spaces.
“We can embed computer into the real world and the real world into computing thanks to the Metaverse.” Adding physical presence to any digital environment. What matters most is that we can bring our humanity with us and select how we want to interact with the world,” Nadella added.
The “Mesh” version for Microsoft Teams will provide users with individualised digital avatars and immersive venues to meet in the Metaverse “that can be accessed from any device, with no special equipment required” when it launches in 2022.
Organizations will be able to create unique places to accommodate settings such as meetings or “social mixers” later in Mesh’s development..
The first preview of Microsoft’s Dynamics 365 Connected Spaces solution is scheduled for December 2021, and it will allow enterprises to integrate Metaverse and artificial intelligence (AI) technology. In a “hybrid work environment,” Spaces may be used to harness observational data from cameras from “the retail store to the production floor,” according to the company.
In a blog post published Nov. 2, Vishal Sood, the General Manager of Connected Spaces, said, “Harness the power of your existing cameras to help complete the picture—giving a new view into people, places, and things.”
Microsoft isn’t the only prominent corporation to announce Metaverse aspirations this week; earlier today, Cointelegraph reported that Nike has filed trademark applications for its iconic emblem and motto for usage in “online virtual worlds.” The company has also recently announced two job openings for virtual material designers.
The newcomers will “play a significant part in changing our digital environment, ushering us into the Metaverse,” according to Nike.
With the rebranding to Meta and the firm’s work to provide a platform for creators to build virtual online businesses, connect online experiences with the physical world, and launch its virtual reality hardware business named “Reality Labs,” social media giant Facebook is famously taking the plunge into the Metaverse.
On Oct. 29, during an interview with CNBC’s Squawk Box, Reddit co-founder Alexis Ohanian remarked on Facebook’s intentions, calling them a “masterstroke in diversion and distraction” from the company’s troubles.
While Ohanian stated that Meta should not be “undervalued,” he also stated that there is enough organic movement from the crypto industry to build an open Metaverse rather than one controlled by Facebook:
“Right present, there is a grassroots movement to establish the etaverse. We’ve seen what’s going on in the crypto world… We’re seeing a lot of people creating what I believe will become a much more organic society, rather than one forced from the top down by Facebook.”
El Salvador to build 20 ‘Bitcoin Schools’ with surplus from Bitcoin Trust
El Salvador’s government is about to start on its second Bitcoin-related project, which will include the nation’s income from the asset being used to build schools.
According to President Nayib Bukele, the profits or “surplus” from the state’s Bitcoin Trust account will be used to build 20 schools. On November 2, the White House Press Secretary tweeted:
“When we first launched this project, we didn’t have nearly as much money in our FIDEBITCOIN [state BTC Trust account] as we do now. As a result, we’ve chosen to create the first 20 Bitcoin Schools.”
Bukele’s representative also indicated that revenues from prior BTC purchases will help the people, and that no Salvadoran taxes would be affected by the new project.
According to local media, the construction of the 20 new schools will assist the expansion of cryptocurrency education for locals and will be part of the “My New School” program’s 400 schools. The Central American Bank for Economic Integration (CABEI) granted $200 million in financing for El Salvador’s education expansion incentive in October 2020.
The President declared in mid-October that the government will invest $4 million from the Bitcoin Trust to build a new veterinary facility in San Salvador’s city.
El Salvador’s contentious Bitcoin Law took effect on September 7, but the state’s Chivo wallet had technical difficulties on its first day of legal tender status.
El Salvador purchased another 420 BTC on Oct. 28, raising its total hoard to 1,120 BTC, according to Cointelegraph. This is worth roughly $70.5 million at current rates of $63K.
El Salvador BTC, a Twitter feed that tracks the country’s Bitcoin purchases, has estimated a profit of $12 million based on an average purchase price of $53,062.
The account also keeps track of the government’s $30 stimulus package, which was given to residents to stimulate the adoption of Bitcoin. According to the tracker, the $30 in BTC provided to Salvadorans on July 9 is now worth roughly $38, as of November 2. Joe Pompliano, Anthony’s brother, had this to say:
“More citizens now have Bitcoin wallets than traditional bank accounts, and their purchasing power has increased by more than 30% for the first time in their lives.” “It’s an intriguing experiment.”
So moving towards our next segment, well US senator has given some statements regarding the future of bitcoin and she is sounding like me when I was new to crypto, dude she’s saying that Bitcoin will stay and she’s doubting the rest, I think she bought the squid game token and got scammed, sigh, other coins like ETH have made remarkable progress too, but she’s kinda ignoring them, jokes apart let’s look at what she said
US Senator notes, “Bitcoin is here to stay”, but remains uncertain about others
In an exclusive interview with Squawk Box, US Senator Cynthia Lummis called for Bitcoin’s domination. Sen. Lummis, who is advocating for clear legislation to support the continued growth of cryptocurrency in the United States, reaffirmed that Bitcoin is the “standard” because of its entirely decentralised nature. While Bitcoin is a commodity, she discovered that other tokens can be used as security because they are issued by an individual or an institution who holds a large number of tokens for themselves.
“I believe Bitcoin is here to stay, and I believe that many others are not.” Because Bitcoin is completely decentralised, and because some of these other coins were created by a single person or institution who held a substantial chunk of the coin for themselves before issuing others, they appear to be more of a security than a commodity. Bitcoin is unmistakably a commodity… The gold standard is Bitcoin. Senator Cynthia Lummis told Squawk Box, “It’s digital gold.”
Senator Lummis also stated that the government is attempting to develop cryptocurrency-friendly regulations. Regardless of crypto’s inescapable growth, consumer protection remains the authorities’ top focus. While Sen Lummis stood by Bitcoin, implying that the OG crypto could have positive outcomes in the near future in terms of regulatory control, Cynthia stressed that other tokens’ regulations will be susceptible to risk and their nature.
“I believe that having a regulatory framework within which this can exist and innovate means that this entire field of digital assets can exist and innovate.” But it is extremely valuable to safeguard consumers at the same time, which is why we and the financial innovation caucus are putting up and examining legislation to address these and other challenges… Sen. Lummis continued, “Everything else has to be watched differently because they are produced differently.”
So, moving forward with our last segment for today, we all know how important the promotions are, but looks like NFTs are into something even more, You think youtubers are dumb to sell their merchandise as it does some promotion, sadly it’s not it, NFTs companies are thinking to make some wearables to promote the NFTs, so ready to buy the doge sticker lol? Let’s have a look
Inside the crypto metaverses: Are wearables the next NFT megatrend?
Wearables appear to be a significant mechanism for promoting the metaverse’s passion for NFTs, according to all the chatter. One Avatar can’t help but be envious of the fashion on display while walking about Decentraland; from branded capes to a little bit of bling, wearables are collectors in this virtual world.
Kraken smartly began dropping free wearables to festival guests, who claimed them and wore them to various events. Fashion fans and designers who want to test out their creations in a virtual realm have a plethora of options in the metaverse, but how can they assure that they are benefiting from the secondary wearable market?
Atlas Corporation offers to provide an open-source dApp that can be used to calculate the overall amount of secondary sales for each wearable, wearable collection, and creator, as well as the royalties owing to each creator from the DAO.
The DAO has voted to divert 2.5 percent of wearables royalty revenues away from the DAO and toward the wearables’ developers.
The DAO Committee is currently unaware of the royalties due to each developer, and the DAO dApps team does not yet have the resources to create such a tool.
These fees are now held in the DAO committee wallet, and if the accounts payable were identified, they might be dispersed to creators. They want to create a tool that allows users to see how many secondary sales there are per item and per collection. Sales that have occurred on the Decentraland Marketplace are referred to as “secondary sales.”
To save ongoing hosting fees, the calculator will be created as a decentralised application (dApp) and hosted on IPFS. The application will be released under an MIT licence, and the git repository will be open to the public.
The world of wearables is heating up, from fashion to games. DRESSX, a digital fashion company, is pushing the envelope by bringing NFTs into the real world and leveraging AR technology to feature them in live broadcasts.
Wearables are a popular industry for the future because of the collision of fashion and NFTs. Furthermore, as gaming takes centre stage in the fight for blockchain adoption, demand in play-to-earn games that allow gamers to acquire and sell NFTs is surging.Imagine the perfect vintage shop, where clothes don’t get damaged as they age, but gain value as they are passed down from one player to the next. Atlas Corporation, Unique Network, Boolien Network, and Animoca Games are redistributing power to creators by providing access to unique technologies that will empower NFT creators in the emerging metaverse economy. Wearables have a bright future ahead of them.
Read Yesterday’s news here.