cryptocurrencies: Crypto week at a glance: Crypto market stumbles and stabilizes, Bitcoin Taproot goes live

Bitcoin’s Taproot network update last Sunday did not add much mettle to its sliding momentum till the end of this week as the top cryptocurrency regained some of its lost gains after a meltdown to $56,000 on Thursday. It is currently holding its ground at $58,500 at an 8 per cent weekly decline.

According to CoinMarketCap, the total crypto market capitalisation stood at $2.6 trillion this week. On the longer time frame, Bitcoin and Ethereum have gained in value two-fold and six-fold respectively this year, with both scaling records last week amid an intense demand for digital assets as inflation hedges.

The news from the crypto world continued to lean towards optimism from around the world.



Capital inflow into bitcoin projects peak

Money that has been pouring into Bitcoin funds and products has hit a new all-time high of $9 billion this year and totaled a sum of $151 million last week in the thirteenth consecutive week of inflows.

Even though the flows have been positive recently, crypto trading volumes have been subdued in the second half, with them averaging $750 million daily versus $960 million in the first half, as reported by CoinShares.

Square Reveals DEX Whitepaper

Twitter founder Jack Dorsey’s other venture – Square, finally revealed an 18-page whitepaper on a “decentralized exchange for Bitcoin” idea he had previously mentioned.

Called the tbDEX protocol, the whitepaper proposes a protocol that facilitates decentralized networks of exchange between assets by providing a framework for establishing social trust, utilizing decentralized identity (DID) and verifiable credentials (VCs) to establish the provenance of identity in the real world.”

In the paper, Square says it aims to create a ubiquity of on-ramps and off-ramps directly between the fiat and crypto financial systems without the need for centralized intermediaries and trust brokers. Notably, the paper suggests that stablecoins could serve as stand-ins for fiat currency.

Bitcoin rewards on shopping

Bitcoin rewards are being offered by UK retailers under a loyalty programme. The leading retailers in the UK are reportedly planning to offer Bitcoin cashbacks through a brand new loyalty programme by next year. The service is expected to be rolled out by the fintech firm Mode, where consumers can earn rewards in crypto of up to 10 per cent when they shop online at the specified participating stores.

This gives consumers from all over the world more accessibility to Bitcoin, and at the very best, brings it to the hands of all the millions of British consumers.

Salary in Bitcoin

An Australian baseball team has become the first professional sports team to pay its players and staff in Bitcoin. Perth Heat, an Australian baseball team that plays in the Australian Baseball League, is also about to sell merchandise, tickets, and club memberships with Bitcoin after their partnership with the cryptocurrency payments firm OpenNode.

The self-designated “Bitcoin Baseball Team” declared on Wednesday that they have appointed a Chief Bitcoin Officer to transfer their corporate treasury from Australian dollars to Bitcoin.

Regulations on crypto just months away in India

The Indian Government is reportedly planning to introduce a new legal framework around crypto by early next year with clarifications on usage, treatment of crypto as well as income tax and GST implications to be detailed.

Top Gainers This Week

1. WAX (WAXP): 53 per cent

2. Crypto.com (CRO): 45 per cent

3. The Sandbox (SAND): 36 per cent

Top Losers This Week

1. Mina (MINA): -18 per cent

2. Kadena (KDA): -17 per cent

3. Fantom (FTM): -16.5 per cent