Discover the top news in crypto for the week!
Ethereum is undergoing a major upgrade to its network while crypto sees more retail adoption worldwide. At the same time, Blockchain is helping fight the Covid pandemic while crypto miners develop efficient solutions in the US. Read more about the top crypto news of this week.
Will crypto cross its ”turning point?”
Fortune explores the current state of crypto markets, starting from the first signs of mainstream adoption in 2016 until reaching a $1.5 trillion capitalization.
Recently, crypto attracted record levels of venture capital funding while Wall Street institutions and corporations are investing in digital assets.
At the same time, new trends as digital ownership through tokenization are booming while more challenges arise for digital assets to fully ”cross the chasm.”
Bitcoin’s energy efficiency to happen in Texas.
Bitcoin’s energy needs are turning into an asset instead of a liability, with new miners in the US developing technology to integrate with energy grids and offer an effective solution.
Large miners in the US predict that West Texas will dominate the new mining landscape as China and other Asian countries sharpen regulations and block crypto mining.
Forbes explores how Texas miners are achieving a perfect balance between electricity expenditures in the state and Bitcoin’s consumption.
EIP 1559 went live to upgrade the Ethereum network.
The Ethereum network continues on its path to a Proof-of-Stake (PoS) model, with several Ethereum Improvement Proposals (EIPs) coming live this week, including EIP 1559.
The upgrade will make transaction fees under the Ethereum network more predictable while helping with transaction efficiency even amid periods of high demand.
Moreover, this upgrade will cut Ethereum’s supply, making it more scarce, with possible positive implications of its market trend.
Blockchain is tackling Covid-19 in Africa.
Blockchain is fighting against the proliferation of the Covid-19 pandemic by improving the ”public health system with Distributed Ledger Technologies (DLTs).”
Blockchain tracks the entire chain of processes to ensure correct data transmission and management between patients, organizations, and health professionals.
An additional benefit of Blockchain-based solutions is the ability to guarantee social distancing by turning cash obsolete with the emergence of contactless payments based on digital assets.
Marc Andreessen sees Bitcoin as a new ”financial system.”
Marc Andreessen discusses the state of the venture capital industry while delving into the transformation of the technology sector due to Blockchain.
According to the investor, money is not the only vehicle gaining from the distributed consensus that Blockchain brings to the table, with many other applications.
Andreessen sees Bitcoin as a new internet computer spread across thousands of physical computers, allowing for a new kind of financial system.
This document is purely for educational purposes and has been issued by Sygnum Group. It is not intended for distribution, publication, or use in any jurisdiction where such distribution, publication, or use would be unlawful, nor is it aimed at any person or entity to whom it would be unlawful to address such a marketing communication. It does not constitute an offer or a recommendation to subscribe, purchase, sell or hold any security or financial instrument. It contains the opinions of Sygnum Group, as at the date of issue. These opinions and the information contained herein do not take into account an individual‘s specific circumstances, objectives, or needs. No representation is made that any investment or strategy is suitable or appropriate to individual circumstances or that any investment or strategy constitutes personalized investment advice to any investor. Therefore, you must verify the above and all other information provided in the document or otherwise review it with your external advisors. Some investment products and services, including custody, may be subject to legal restrictions or may not be available worldwide on an unrestricted basis. The information and analysis contained herein are based on sources considered as reliable. Sygnum Group uses its best efforts to ensure the timeliness, accuracy, and comprehensiveness of the information contained in this document. Nevertheless, all information indicated herein may change without notice.