The Digest

• ETH rises 530% by 2021; Grayscale launches Trust; XRP nodes are out of sync.
• MicroStrategy purchased 28% from all purchases since the beginning.
• Expect a CBDC report doon – Powell, Yellen believe Stablecoins need more regulation.
• Thai crypto exchange hopes to become “Coinbase (NASDAQ:) of Southeast Asia.”
• Director of movie to finance NFT film, NFT sport sales will increase by twofold in 2022

ETH gains 530% by 2021; Grayscale Launches Solana Trust; XRP Nodes Drop Out of Sync

While Bitcoin struggles to make gains, has led the market’s recovery, gaining more than 7% over the last 24 hours. The soaring ETH prices brought it close to the record $4,700 on November 10, which was just inches away from its all-time peak of $4,850.

This is the 24 hour price chart of Ethereum (ETH). Source: Tradingview

While Ethereum’s recent performance is laudable, it pales in comparison to its year-date gains. Since the start of 2021, when ETH was trading at $736, Ethereum has gained by more than 530%, outperforming the world’s largest crypto, Bitcoin.

This is the year-to date price chart of Ethereum (ETH). Source: Tradingview

Amidst Solana’s (SOL) surge, the largest cryptocurrency fund in the world, Grayscale, has announced the launch of Solana Trust. For investors to access Solana Trust, they will need a $25,000 minimum investment, with Grayscale’s standard 2.5% management fee.

Grayscale says that investors will have access to SOL through the trust in the form security. However, they can avoid having to buy, store, and keep safekeeping SOL direct.

Flipsider:

• experienced a network disruption on November 30th when Public XRP ledger nodes “s1” and “s2” fell out of sync with the XRP ledger for over 5 hours.

MicroStrategy has bought 28% of all Bitcoins since its first purchase

Michael Saylor’s MicroStrategy has become popular for being the biggest buyer of Bitcoin. MicroStrategy has announced that MicroStrategy purchased 7,002 BTCs from November 1st through November 29th for $414.4 Million.

Although the firm is the largest publicly traded company to own the most bitcoins, the interesting thing about it is that they have bought 28% of the entire Bitcoin market since the beginning.

The company’s first bitcoin purchase was announced on August 11th, 2020, during which MicroStrategy bought 21,454 bitcoins with an overall price tag of $250 million, including fees and expenses

MicroStrategy holds now 121 044 bitcoins worth about $7 billion. Microstrategy spent $3.6 BILLION to purchase their whole bitcoin portfolio, with Bitcoin trading at $56k or more. The average cost of the acquisition was $29,534/BTC.

Flipsider:

• Some investors believe that if BTC’s value takes a severe plunge, then MicroStrategy could struggle to pay off its over $2 billion debt which it has accumulated in purchasing its Bitcoins.

Why you should care

Institutional investors placing big bets on Bitcoin affirms their belief in Bitcoin’s continual existence and future performance.

Expect a CBDC Report Soon – Powell, Yellen Believes Stablecoins Need More Regulation

Jerome Powell has been appointed to chair the Federal Reserve System for another four years by President Biden. We can expect a report from the central bank on digital currency (CBDC), within the next weeks.

Although the United States is well-connected with CBDCs for a long time, there have been few official efforts to create one. New York’s Federal Reserve Bank recently opened an innovation centre to evaluate stablecoins and CBDCs. Powell declined to say whether this report would be produced by the Commission.

Janet Yellen is the U.S. Treasury Secret and continues to push for greater regulation. She has called for proper regulation for stablecoins (USDT, USDC).

Secretary Yellen responds to questions about the bank’s oversight of stablecoins:

Legislation should make stablecoin issuesrs insured depository institutions. These depository institutions are subject to regulation and supervision at both the depository institution level and the holding company.

Flipsider:

• Mayors in New York City and Miami have adopted a Crypto-friendly strategy.

Why you should care

A great deal of emphasis has been placed on the regulation of cryptocurrency, as it could dictate the future of the industry – an example of which has already been portrayed in China.

Thai Crypto Exchange Hopes to Become “Coinbase of Southeast Asia”

Bitkub Online Co., a Bangkok-based cryptocurrency exchange plans to introduce new digital currencies and services in additional countries. According to the CEO, Bitkub, which has gathered a valuation of more than $1 billion in just four years, plans “to become the Coinbase of Southeast Asia.”

It plans to establish its own units in the Philippines and Laos, as well as partner with other players, in order to create an exchange in 2022. Bitkub executives noted, however that Thailand will continue to offer the same technology and products.

Bitkub was the 10th biggest cryptocurrency exchange by trading value at Coingecko.com as of the end of November

The platform has over 3,000,000 users. Bitkub has formed partnerships with SCBx Group (The Mall Group) and The Tourism Authority of Thailand (The Tourism Authority of Thailand).

Flipsider:

• Bitkub could face regulatory obstacles when setting up units within the Philippines.

Care is a must

Bitkub wants to make Crypto services easier accessible for residents of Southeast Asia.

The Movie Director will make a NFT-Funded Movie. In 2022, the sport-related NFT sales will double

Non-fungible tokens (NFT), have seen an increase in use. Hollywood director and executive producer Niels Juul, who is behind Martin Scorsese’s “The Irishman,” has outlined plans to produce Hollywood’s first feature film – funded entirely by NFTs.

Juul promised investors that they would receive a cut of the proceeds and meet production stars. He plans to sell 10,000 NFTs to raise between $8 and $10 million to fund his “NFT Studios” to create a series of films.

The NFTs have experienced a remarkable growth rate. In 2021, transactions totaled $10.7 billion. According to Deloitte’s Wednesday 1st prediction, the 2022 year will see even greater NFT sales from sports-related industries.

Sports-related NFTs have already surpassed $1 billion in sales by 2021. Deloitte analysts predict that NFTs relating to sports will contribute more than $2B in transaction volume in 2022.

Flipsider:

• Even though it’s the Collins Dictionaryword of 2021, many investors believe that collectibles remain overhyped.

Why you should care

It is only a matter time until mainstream adoption of NFT technology occurs.

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