The cryptocurrency market remains range-bound, with Bitcoin (BTC) inching towards $45,000 again. While writing this article, Bitcoin was trading at $43,132, an increase of 3% in the last 24 hours. Ethereum (ETH) was trading at $2,977, reflecting a gain of 3.30% in the past 24 hours. XRP has gained 4.60% to trade at $0.9516.
Major altcoins, which have gained ground in the past 24 hours, are Dash (DASH-$1592, 3.60%), EOS (EOS-$3.87, 3.10%), Tron (TRX-$0.0885, 4.20%), Bitcoin SV (BSV-$129.24, 1.80%), Stellar (XLM-$0.2794, 5.50%), ChainLink (LINK-$23.86, 4%), Bitcoin Cash (BCH, $495.48, 2.30%), IOTA (IOTA-$1.07, 0.40%), VeChain (VET, $0.0872, 3.60%), Internet Computer (ICP, $45.24, 7.10%), Cardano (ADA-$2.12, 2.90%), Dogecoin (DOGE, $0.2030, 1.90%), Polygon (Matic, $1.14, 5.40%), Solana (SOL, $138.99, 1.2%), Polkadot (DOT, $28.22, 3.70%) and Tezos (XTZ-5.94, 5.50%).
Major altcoins, which have lost ground in the past 24 hours, are Uniswap (UNI, $23.58, -0.9%) and Cosmos (ATOM, $34.81, -0.50%).
Government level initiatives
Russia’s e-voting system was allegedly misused
In the recent parliamentary elections, Russia piloted two online blockchain voting platforms. Unfortunately, e-voting drew the media’s attention for the wrong reasons. In some jurisdictions, online votes seemed to modify the election results. Even though the outcome of online voting was intended to be made available immediately, it was postponed for many hours. Bloomberg news outlet has published a report alleging misuse of the technology.
The government had clarified that voters were allowed to modify their votes seven times, and there was a requirement to verify that only the final vote was counted. However, the opposition (Communist Party) had a different point of view.
“It was originally planned that at 20 o’clock, the observers were disconnected from the control over the DEG (online voting system). And in their opinion, everything is fine when the system collapsed from 21 o’clock and showed no signs of life until the morning until they finally posted the results that should have been calculated instantly.”
Private sector initiatives
HSBC Group joins hands with several global central banks
Noel Quinn, CEO of HSBC Group, has disclosed that the bank has joined hands with central banks of France, the UK, Canada, China, Singapore, Thailand, UAE, and Hong Kong for research on CBDCs (central bank digital currencies). The CEO holds a positive opinion about CBDC, in comparison with the rest of the private cryptos, including stablecoins. Nevertheless, not every one of the commercial banks is adopting CBDCs.
Quinn said, “They (CBDCs) could also fuel innovation across the financial sector.”
Concerning the likely benefits of CBDC, Quinn said that digital cash would avoid the charges incurred while handling cash, paving the way for cost-effective and efficient payments. Furthermore, as per the CEO, transactions can be completed very quickly. Notably, CBDCs support atomic transactions, implying a reduction in fees related to the trading of bonds, while aiding the achievement of monetary policy goals.
You can now tip with cryptos on Twitter
Twitter has enabled tipping in the form of cryptocurrencies by all of its users. Specifically, through a blog post, the social media platform provider’s product manager Esther Crawford stated that the cryptocurrency tips facility could be accessed by all iOS users across the globe.
In the future, the company intends to roll out the feature for Android users. The crypto tipping facility will also permit users to attach third-party apps such as Patreon, Cash App, Bandcamp, Chipper, Venmo, GoFundMe, Razorpay, Wealthsimple Cash, and PicPay, among others, to the Twitter bios and even individual tweets to receive tips.
Crawford said, “We want everyone on Twitter to have access to pathways to get paid. Digital currencies that encourage more people to participate in the economy and help people send each other money across borders and with as little friction as possible — help us get there.”
Furthermore, the Twitter tips feature will be made available for use via the Bitcoin Lightning Network, which routes payment utilizing the Strike app. Users can also include the BTC address in their profile. Twitter will not charge anything for using the facility.
Miscellaneous
SCB establishes the Global Disruptive Technology Venture Capital Fund
Siam Commercial Bank (SCB), the second-largest Thai bank, is establishing a $600 to $800 million fund, named the Global Disruptive Technology Venture Capital Fund.
The fund, which has been set up in joint partnership with top Thai enterprise Charoen Pokphand Group (CP Group), will concentrate on the blockchain, FinTech, cryptos, and other budding technological innovations. Both parties have equal (50:50) ownership in the fund. Furthermore, the fund will be co-administered by CP Group and SCB 10X, a division established at the beginning of 2020. Notably, in February, SCB 10X revealed a $50 million blockchain, DeFi, and digital asset fund.
The bank is also undergoing restructuring to transform into a technology group. The initiative has been taken to take advantage of the rapidly changing financial landscape with the advent of decentralized finance and also distinct regulations and post-COVID-19 necessities.
Regarding changing business models, CEO and Chairman Arthid Nanthawithaya, said “making traditional banking fees less and less important. Such conventional roles will no longer satisfy the emerging needs and expectations of consumers. […]”
Therefore, the bank intends to expand into other kinds of financial business in an aggressive manner and stay ahead of the competitors.
Disclaimer: Any financial trading analysis offered here is our opinion and is not intended as advice or direction for investors. We cannot guarantee the success of any trades made as a consequence of this article, and we encourage traders to incorporate a strong money management strategy to limit losses when they enter the markets. Please use this article as part of your own research before formulating strategies prior to trading.
