The cryptocurrency market remains range-bound with a bullish bias as Bitcoin (BTC) continues to trade the crucial level of $45,000. While writing this article, Bitcoin was trading at $46,117, an increase of 1.6% in the past 24 hours. Ether (ETH) has gained 3% to trade at $3,234 in the last 24 hours. XRP was trading at $1.04, reflecting an appreciation of 19.80% in the same period.
Major altcoins, which have gained ground in the past 24 hours, are Dash (DASH-$189.41, 7.20%), Binance Coin (BNB-$405.39, 7.20%), IOTA (IOTA-$1.09, 12.3%), Cosmos (ATOM, $15.19, 5.30%), Tezos (XTZ-3.60, 8.80%), Tron (TRX-$0.0882, 18%), EOS (EOS-$5.07, 9.60%), ChainLink (LINK-$26.81, 8.80%), Cardano (ADA-$1.86, 9.70%), Polkadot (DOT-$22.21, 6.7%), Bitcoin Cash (BCH-$646.94, 8.9%), Stellar (XLM-$0.3501, 11.7%), and Bitcoin SV (BSV-$163.97, 7.1%).
Private sector initiatives
Nasdaq elaborates on how it is adopting blockchain tech
Adena Friedman, CEO of Nasdaq, highlighted the manner in which the institution is adopting blockchain technology. Specifically, Nasdaq’s ‘Market Technology’ unit offers solutions to a minimum of nine cryptocurrency exchanges. Friedman laureled the technology for assisting in minimizing market manipulation, which is commonly seen in cryptocurrency markets.
Nevertheless, Friedman acknowledged the limitations faced by the technology. According to him, the cryptocurrency trading technology is not robust enough to manage the volume processed by equities and options markets. For instance, Nasdaq processes 3 million messages per second and 62 billion messages in an eight-hour period.
Friedman further stated, “Over the next decade, there will be a greater understanding of how we can make the markets more efficient and effective using the blockchain. We’re really focused on how we can bring this technology into the markets and be a disrupter ourselves.”
Dolphin Entertainment and FTX.US join hands
Marketing and production firm Dolphin Entertainment and cryptocurrency exchange FTX.US have partnered to create a non-fungible token (NFT) marketplace for sports and entertainment brands. FTX will offer technical support, and Dolphin will cover branding and marketing by capitalizing on multiple PR brands owned by the firm.
In addition to technical expertise, FTX is a financially sound firm. In July, its associate firm FTX Trading amassed $900 million based on an $18 billion valuation.
A problem faced by many NFT marketplaces is the limitations to entry for people who are interested in the sector but lack an understanding of blockchain and cryptos.
Digital wallets and NFT marketplaces are distinct, and credit card or fiat money payments may not always be possible. The technology offered by FTX can resolve these issues. The NFTs are offered for straightforward purchases via the app, and client support will be offered when necessary. Credit card and crypto-based purchase options will be made available.
The initiative is trying to place NFTs at the same level as the rest of the consumer goods. However, there are many more issues to be resolved, such as energy consumption, etc.
IBM launches enerT – a crypto token to trade renewable energy certificates
IBM is introducing enerT, a unique crypto token to facilitate the trading of renewable energy certificates. There is a rising demand for tech solutions that enable an organization to compute their carbon footprint and back in the creation of ESG reporting.
Renewable energy certificates (RECs) resolve a part of this issue. In general, RECs are offered by clean energy producers and can be purchased by governments or enterprises that want to procure a percentage of energy requirements from a renewable energy source or have carbon footprint minimizing goals to achieve.
Notably, as per the data provided by the International Energy Agency, 28% of worldwide electricity produced in 2020 came from renewable sources, up from 26% in 2019.
As of day, trading energy certificates is a costly and cumbersome process. Furthermore, it is difficult to track transactions and validate certificates without the use of third parties. A blockchain-powered platform would erase third-party involvement in dealings, paving the way for suppliers and clients to transact energy certificates with higher efficiency and at a minimum cost.
Blockchain technology can pave the way for scalability, transparency, identity validation, and maintenance of pre-determined standards.
Blockchain technology also allows partial credits, implying that a lot of small-level buyers and sellers can take part in the market. IBM’s enerT platform is being created utilizing Hyperledger Fabric and the latest Fabric Token-SDK.
On the blockchain platform, high-volume trades can be handled at a quick rate, enabling renewable energy certification processes to be quickened and mechanized. Every transaction is permanently stored on the platform and can be tracked efficiently.
The UK Fashion and Textile Ass reveals blockchain tracking venture
In partnership with IBM and textile retailers, including H&M (COS Brand), Next and New Look, N Brown, and yarn manufacturer Laxtons, the UK Fashion and Textile Association has unveiled a blockchain tracking venture. The nine-month sustainability venture intends to build and trial a supply chain tracking solution for the UK fashion sector and is aided by £1.4 million ($2m) by Innovate UK.
As per data provided by Quantis, apparel accounts for 6.70% of global greenhouse gas emissions, increasing to 8% with the inclusion of footwear. The reported figure is four times the computed emissions from the airline industry.
Consumers want to have a clear idea of the effect on the environment from their purchasing patterns, specifically in a sector that has garnered widespread condemnation over unsecured workplaces, paltry wages, and labor exploitations.
The aforesaid issues boil down to an absence of transparency. The blockchain platform will utilize IBM’s technology to disburse relevant data about textile products, including production date, the composition of products, and certificates linked to the environment. All the pertinent data can be accessed via a QR code.
With the blockchain platform in place, the main supply chain procedure will get digitized, resulting in the creation of a distributed system of information that various parties can access. The data will be stored on IBM Cloud, which uses AI (artificial intelligence) for optimal response and prompt identification of any kind of supply chain disorder.
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.
