Crypto Scoop: Top Cryptocurrencies Rise as Emeralds After a Long Crypto Winter
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January, 27 2023
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BTC soars to $23,000, and ETH surges to $1,600 as top cryptocurrencies experience price gains.
Price chart of top cryptocurrencies (Source: Coinmarketcap)
Price Gains Among Top Cryptocurrencies
This week, we saw our top ten cryptocurrencies trading in green. BTC rose to $23,700, almost closing in on $24,000, amounting to a 30% increase in two weeks. Ethereum rose to $1,600, and we witnessed Polygon and Solana squabbling for the 10th position amid price gains.
Even though Cardano suffered a brief outage during the week because of a bug that disconnected its nodes temporarily, it still recorded an almost 10% increase in price. Following the price gains, bitcoin is back to holding the 15th largest asset market cap since its fall to 26th in 2022, while ETH climbed back to 56th place from 77th.
During a conference call, the CEO of Visa, Alfred Kelly, noted that Visa has multiple blockchain initiatives in the works. He explained, “It’s very early days, but we continue to believe that stablecoins and central bank digital currencies have the potential to play a meaningful role in the payments space.”
Ethereum's Shanghai Upgrade Goes Live
On January 23, the Shanghai update shadow fork was successfully launched by Ethereum (ETH) core developers. However, a few issues with the launch have been fixed, and it is currently being tested for security flaws.
Before building a public testnet, developers can conduct tests using a multi-step process that includes a shadow fork. Developers use this test version to perfect codes and designs so that a mainnet upgrade will go smoothly. Since finishing its transition to a proof-of-stake (PoS) network, Ethereum has yet to undergo significant upgrades before the Shanghai upgrade. The upgrade will permit the withdrawal of the more than 16 million Ethereum stakes.
Vitalik Buterin, the creator of Ethereum, also revealed plans for stealth addresses for Ethereum. Stealth address primarily conceals transaction details, such as the recipient of transactions. However, Vitalik didn't specify when this will be rolled out on Ethereum.
Crypto Adoption And Regulation In CAR and South Africa
The Central African Republic (CAR) put together a group of 15 agencies to draft a "comprehensive" cryptocurrency law. The bill will help promote the growth of the digital asset market and assist the struggling local economy.
The Advertising Regulatory Board (ARB) of South Africa added new regulations to the country's advertising code on January 23 to safeguard consumers from misleading marketing. The new rules are intended to ensure that cryptocurrency advertisements clearly outline the risks associated with all cryptocurrency investments and alert consumers to the possibility of capital loss due to market volatility.
Arizona Senator Pushes For Bitcoin Adoption As A Legal Tender In Arizona
Wendy Rogers, a senator from Arizona, is once again pushing for Arizona to recognise bitcoin as legal tender. The bill would enable Arizonans to use Bitcoin for transactions and tax payments. On January 25, Republican senator Wendy Rogers introduced the bill to add Bitcoin (BTC) to Arizona's list of money recognised as legal tender. If approved, Arizona would be the first state in the United States to recognise Bitcoin as a legal tender.
According to a document posted on its website on Monday, the European Commission, the executive arm of the European Union, will publish a bill to support a digital euro and lay out its strategy on metaverse in May. Although the European Central Bank has yet to decide to create a central bank digital currency (CBDC), the commission has suggested that new legislation may be required to establish the legal tender status of a digital euro and establish anti-money laundering guidelines.
Porsche Launches An NFT Collection
Porsche has launched an NFT collection based on its luxury car brand. The automaker promised its NFT holders several advantages, including insider access to Porsche's designers, engineers, and events. In addition, the automaker announced that, following a public vote, it would produce a real-world version of the best-designed virtual Porsche NFT.
However, Porsche soon faced the crypto community backlash for its NFT's high mint price and supply, prompting it to halt new NFT mints on Jan 25. However, following the halt of minting, according to open sea analytics, Porsche NFT collection surged 180% to 2.465 Ethereum (ETH), roughly $4000.