Cryptocurrencies: Crypto Week at a Glance: Crypto Market Stumbles and Stabilizes, Bitcoin Taproot Goes Live

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Bitcoin’s Taproot Network update last Sunday didn’t add much courage to its rolling momentum until the end of this week, as the leading cryptocurrency regained some of its lost gains after a collapse at $ 56,000 Thursday. It currently stands at $ 58,500, with a weekly decline of 8%.

According to CoinMarketCap, the total crypto market cap was $ 2.6 trillion this week. Longer term, Bitcoin and Ethereum have gained in value twice and six times respectively this year, with the two scale records last week amid intense demand for digital assets as inflation hedges.

News from the crypto world continued to tilt towards optimism around the world.

Capital inflow in bitcoin projects peaks Money that has flowed into Bitcoin funds and products hit a new all-time high of $ 9 billion this year and totaled $ 151 million last week in the during the thirteenth consecutive week of influx.

Although flows have been positive recently, crypto trading volumes have been subdued in the second half of the year, averaging $ 750 million per day compared to $ 960 million in the first half, as reported by CoinShares.

Square Reveals DEX Whitepaper Twitter founder Jack Dorsey’s other company, Square, finally revealed an 18-page white paper on a “decentralized exchange for Bitcoin” idea he previously mentioned.

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

In the document, Square says it aims to create ubiquitous entry and exit ramps directly between fiat and crypto financial systems without the need for centralized intermediaries and trusted brokers. Notably, the document suggests that stablecoins could serve as replacements for fiat money.

Bitcoin Rewards on Purchases Bitcoin Rewards are offered by UK retailers as part of a loyalty program. Major UK retailers are reportedly planning to offer Bitcoin cash back rewards through a brand new loyalty program by next year. The service is expected to be rolled out by fintech company Mode, where consumers can earn crypto rewards of up to 10 percent when shopping online at specified participating stores.

This gives consumers around the world greater accessibility to Bitcoin and, at best, puts it in the hands of millions of UK consumers.

Salary in Bitcoin An Australian baseball team became 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 set to sell merchandise, tickets and club memberships with Bitcoin after their partnership with cryptocurrency payment company OpenNode. .

The self-appointed “Bitcoin Baseball Team” said on Wednesday that she had appointed a Chief Bitcoin Officer to transfer her company’s cash flow from Australian dollars to Bitcoin.

Crypto Regulations In A Few Months In India The Indian government plans to introduce a new legal framework around crypto early next year with clarifications on the use, treatment of crypto as well as tax on income and the implications of the GST to detail.

Best winners this week 1.WAX (WAXP): 53% 2. Crypto.com (CRO): 45% 3. The Sandbox (SAND): 36%

Top losers this week 1. Mina (MINA): -18 percent 2. Kadena (KDA): -17 percent 3. Fantom (FTM): -16.5 percent

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