Crypto scoop: Bitcoin ETF Records 300% Gain In A Week As SHIB Announces Stablecoin Initiative

It’s the start of another exciting week in the crypto space with countries adopting cryptocurrencies and several NFTs and metaverse initiatives launched. In this edition of the crypto scoop, we’ll be reviewing:

• Bitcoin’s price gain and Ethereum’s testnet
• Shiba Inu’s stablecoin and polygon’s mobile phone initiative
• CAR’s stablecoin initiative and Mexico’s proposal of bitcoin legal tender
• Media platform, Reddit’s NFT initiatives
• Dubai’s government’s transition into the metaverse and much more.

Bitcoin scales past $20,000 as BItcoin ETF Sees a 300% spike

The ProShares Short Bitcoin Strategy ETF (BITI) has outperformed others in inflows since its introduction last month. Arcane Research data analysis indicates an almost 300 per cent increase in just a few days in July. 

"After becoming the second-largest bitcoin-related BTC ETF in the U.S. after only four days of trading, the net short exposure has grown further and increased by more than 300% last week." Following the spike, Bitcoin's price was also able to recover above $20,000 as BITI saw a record of $51M in weekly inflows. 

Ethereum also successfully ran a testnet merge. With the completion of its second-to-last significant Merge trial on the open test network Sepolia, Ethereum is now ready to switch to the proof-of-stake (PoS) consensus algorithm.

Over the coming weeks, the final Merge test on the Goerli network will take place before the actual Merge on the Ethereum mainnet may be approved.

SHIB expresses a plan to launch stablecoins and collectable card game

On Wednesday, a lead developer of meme coin, SHIB, hinted at plans to expand the Shiba Inu ecosystem with a decentralised stablecoin, the TREAT reward token, and a collectable card game for its metaverse.

Shytoshi Kusama, a pseudonymous developer, said that "independent developers" are creating a decentralised stablecoin called SHI that "seems to sidestep the pitfalls identified in prior moonshots. The blog post stated that the team hopes to release SHI in 2022 and expects to provide more details as it approaches its final form.

The Shiba Collectible Card Game will be associated with TREAT, a forthcoming reward token for the SHIB metaverse. The token will also provide balance to" Shiba Inu's stablecoin" The project's steadfast supporters would also be given "a limited supply" of TREAT, according to the developers.

Polygon Reveals Plans To Bring Web3 To Smartphones

With a new partnership with tech company Nothing, Ethereum scaling tool Polygon is following the Solana blockchain in bringing Web3 to cellphones. The NFT project, also known as "Nothing Community Dots," works by airdropping tokens to Nothing community investors. These tokens allow investors to access benefits like first access to new goods and events.

Invitations to Nothing Phone (1) 's debut on July 12 in London are some of the perks. It was "immensely encouraging to see an innovator like Nothing embrace Web3 from the get-go, enabling direct access to Web3 by working with Polygon." said Sandeep Nailwal, co-founder of Polygon.

CAR Announces Plan To Develop its stablecoin As Mexico Parliament proposes adopting bitcoin as legal tender

On July 3, President Faustin-Archange Touadéra declared the opening of Sango, a cryptocurrency hub. He also said that Central Africa Republic (CAR) is creating its cryptocurrency, the Sango Coin, to establish a "crypto island". The crypto island will be a distinct economic zone in the metaverse to assist in establishing the nation as the "first African crypto-hub" with no taxes.

Cryptocurrencies are an alternative to cash and the key to the future, according to Touadéra. The formal economy is no longer a viable alternative for us.

Touadéra claims he wants the Sango Coin to be used as the national currency of the "new generation" of the CAR because 57 per cent of Africans lack access to banking. Since the Sango Coin is digital, the central bank does not influence it.

Parliament member Indira Kempis proposed a bill to recognise bitcoin as legal tender in Mexico. The difficulties Mexican residents encounter while attempting to obtain financial products and education serve as the basis for the bill's action, according to the senator. Will Mexico be the next country to adopt bitcoin as a legal tender? We'd love to see this. 

The Italian government also announced plans to fund blockchain startups with $46 million in subsidies. All businesses creating IoT, AI, or blockchain technology will be qualified to apply for government grants as long as the money would be used in specific industries, like healthcare.

According to a  report by United Nations Conference on Trade and Development (UNCTAD), Kenya has also attained the position of Africa's crypto hub. Kenya holds the largest population with cryptocurrencies in Africa. The report notes that 8.5 per cent of the population, or 4.25 million people, own cryptocurrencies in the country.

Reddit Launches Collectible Avatars on Polygon 

The American social media site Reddit has introduced a new marketplace built on the blockchain and a range of collectable avatars. Its NFTs can be purchased from $9.99 to $99.99 and used as profile images.

The firm explained in a blog post that if someone uses their Collectible Avatar as their Reddit avatar, they may mix and match the avatar clothing with other Reddit avatar gear and accessories. Their profile image in comment areas would also glow.

Dubai Prepares To Take Its Government To The Metaverse

The Dubai government is reportedly ready to make some of its offices accessible in the metaverse. According to statements made during a metaverse event by Sharad Agarwal, chief metaverse officer of Cybergear, the nation is actively looking for outside parties to assist it in organising the shift of certain of its departments to the virtual world.

Sharad Agarwal, the chief metaverse officer of Dubai-based Cybergear, discussed this initiative at a regional metaverse-themed event. He remarked: "We have started getting a lot of inquiries from government departments and ministries to make them Metaverse-enabled. It is just a matter of time before Dubai becomes the crypto and Metaverse hub of the world."

Metaverse domains are also gaining traction. These domains on Quik.com are created using blockchain technology and can be held, sold, or even exchanged by the owner if they so want. They are featured as assets in the user's digital wallet. Since they lack centralised control, these characteristics set them apart from conventional domains. This enables them to safeguard privacy about data ownership and reject outside intrusion.