Crypto Scoop: BTC Dips Below $26,000 Temporarily While ETH Trades At $1600

Countries announce crypto initiatives amid market price fluctuations while altcoins expand their operations. In this edition of the Crypto Scoop, we review the following:

• Price moves of top cryptocurrencies
• Solana’s partnership with Shopify
• Crypto initiatives in Dubai, the Cayman Islands and Australia
• Cardano’s NFT Growth

Bitcoin Drops Below $26,000 Temporarily, ETH dips to $1,600

Bitcoin experienced a sharp drop below the $26,000 mark but bounced back above it. Similarly, ETH faced a setback, hitting its lowest value since June at $1,600. However, some notable investors, often called whales and sharks due to their significant holdings, remained undeterred by the market's recent turbulence. Santiment, an analytics platform for cryptocurrencies, revealed that these prominent investors accumulated more than 11,600 BTC between August 17 and the present.

Santiment identified a total of 156,660 wallets holding between 10,000 and 10 BTC each, highlighting the growing interest among substantial investors in the crypto market. The cumulative value of these BTC purchases, estimated at around $308 million based on current rates, underscores some investors' confidence in the long-term potential of these digital assets.

In another corner of the crypto space, Ethereum's co-founder, Vitalik Buterin, stirred speculation as an address linked to him transferred 600 ETH to Coinbase, equivalent to approximately $1 million. This transfer led to discussions about Vitalik's intentions – whether he might be considering selling his ETH holdings or facilitating a shift to Coinbase's layer 2 blockchain, Base.

Shopify Integrates Solana Pay for USDC Payments

Solana Pay, the decentralised payment application created by Solana Labs, has been introduced as an alternative payment solution for businesses utilising the popular e-commerce platform Shopify. This integration enables the vast array of Shopify-affiliated companies to present Solana Pay as a payment choice to their customers. Notably, the primary rollout of this integration will involve the use of USDC, the second-largest stablecoin boasting a market capitalisation of $25.9 billion. 

Josh Fried, overseeing business development and partnerships at Solana Foundation, highlighted the pivotal significance of cryptocurrency payments. Fried underscored that the selection of USDC was a purposeful decision due to its strong link to the U.S. dollar and its adherence to regulatory standards, setting it up as an appealing avenue for merchants and consumers. While the initial phase centres on USDC, the protocol is open to potential expansions. This could encompass the inclusion of other cryptocurrencies, such as the native SOL token of the Solana network.

Crypto Initiatives in Dubai, the Cayman Islands and Australia

Dubai is making strategic moves to bolster its reputation as a global technology hub. The Dubai International Financial Centre (DIFC) is introducing a significant incentive – subsidised licenses for companies operating in the Web3 and artificial intelligence (AI) sectors. With an impressive 90% cost coverage for these licenses, Dubai is aiming to attract cutting-edge businesses and establish itself as a frontrunner in the tech industry on the global stage.

These licenses provide financial relief and extend access to physical offices and co-working spaces in the Innovation One building. With over 25,000 professionals from over 2,000 active registered companies, the DIFC has established itself as a financial powerhouse for the Middle East, South Asia, and Africa.

Simultaneously, the Cayman Islands are charting a novel course for residency through an innovative fusion of cryptocurrency and real estate. Bitcoin holders can now leverage their digital assets as collateral for loans to invest in real estate within the Cayman Islands, effectively creating a new pathway to acquiring residency in this picturesque archipelago.

This adds a layer of versatility to the process of acquiring citizenship in the islands. Investors who direct over $2.4 million towards real estate in the Cayman Islands can qualify for permanent residency, marking a noteworthy integration of cryptocurrency within traditional investment landscapes.

The Reserve Bank of Australia recently concluded an extensive pilot program centred around a central bank digital currency (CBDC). The results underscored the potential benefits of a CBDC in various realms, including intricate payments and asset tokenisation. However, Australia has chosen to defer any immediate decisions on introducing a CBDC, as certain unresolved intricacies still need to be addressed. This measured approach reflects the country's dedication to understanding the complete landscape before committing to such a transformative financial innovation.

Cardano's NFT Floor Price Surges, Surpassing Ethereum

Despite being a late entrant into the NFT scene, Cardano is emerging as a dominant player, challenging Ethereum's traditional leadership in the NFT ecosystem. Data from Stocktwits NFTs indicates a significant development – the Cardano NFT floor price index has surged to be 22% higher than Ethereum's. This shift underscores a growing inclination among market participants towards Cardano as an NFT hub.

The pivotal moment began with the Vasil upgrade, propelling Cardano to become the third-largest NFT protocol, trailing only Ethereum and Solana. The Vasil upgrade focused on enhancing block latency speed and overall efficiency on the Cardano blockchain, leading to a surge in Unique Active Wallets (UAW) within the ecosystem. In contrast, Ethereum's dominance in the NFT space has wavered due to network congestion and soaring gas fees, driving users to explore alternative platforms.

While Cardano's NFT floor price now outpaces Ethereum's, Ethereum still maintains its position in NFT sales volume over a 24-hour. Data from CryptoSlam reveals that Ethereum's sales volume stands at a substantial $65 million, whereas Cardano's registers at $1.47 million.