The weekly capsule summarizes what happened last week in the digital currency market. In the weekly capsule, we take a look at the market situation in recent weeks, and each week we will accompany you with an episode of the “21 Lessons I Learned from Bitcoin” series. Wait for the new capsule number every Friday.
Important news of the week
The supply of Telegram digital currency has been postponed!
The war, which began with an immediate order from the SEC to suspend Telegram, eventually delayed the release of Gram. The US Securities and Exchange Commission has announced that it has stopped Telegram from distributing its tokens in the United States, recognizing that the initial offering of the Telegram coin, which raised $ 1.7 billion, was illegal. Following the issuance of this order, the Telegram channel belonging to Gram Investors also temporarily stopped its activities by deleting all its previous posts. But it did not end there, and Telegram sent an email late this week informing its investors that the deadline for offering the gram would be postponed until 6 p.m. Telegram told its investors that the delay would also benefit development groups to have more time to upgrade Telegram’s blockchain software. To follow the latest news related to Telegram and its digital currency, follow the Telegram page on the Digital Currency site.
Withdrawal of Facebook business partners from Libra Association and the official start of the association
Following the departure of PayPal from the Libra Association, MasterCard, Visa, eBay, Strip and Mercado also all left the coalition. The reason for these sudden departures was the legislative pressures and the concern of these companies about the strictures of the legislators. Late this week, however, the Libra Association began its formal activities with the remaining 21 organizations in the association. At a meeting held last week in Geneva, Switzerland, the Libra executive team was selected along with the board members. A representative of the association also said that the project will start with 100 members and now more than 1,500 companies have expressed interest in joining the Libera Association, of which 180 companies are eligible. To follow the news and margins related to Facebook digital currency, you can follow the Libra page on the digital currency site.
Ripple’s collaboration with the world’s finitech giant
The positive news that has been heard about the development of Ripple digital currency and its various collaborations has increased in recent weeks. Late this week, one of FinTech’s largest companies announced its partnership with Ripple. During this partnership, Finestra customers will have access to the Ripple Net network, and reciprocally, the companies that cooperate with Ripple will also be able to use the services of the Finestra banking network. Last week, Ripple announced the merger of its three main products, Xvia, Xperid and X-Carnet, into Ripple Net. Ripple CEO Brad Garlinghouse also said last week that the company’s transparency has led to a barrage of allegations. In recent months, however, investors in Ripple, the largest owner of XRP tokens, have accused the company of deliberately keeping the price of XRP low by releasing one billion tokens per month. To see what technical analysts have to say about Ripple’s future price, read a recent post on the Digital Exchange site.
LightQueen turned 8 years old
Last week, LightQueen celebrated its eighth year in the digital currency community. LightQueen creator Charlie Lee also reacted to rumors on Twitter about the bankruptcy of the LightQueen Foundation and its developers. Charlie Lee said that the LightQueen network has been working non-stop for more than eight years, during which time more than $ 500 billion has been transferred to the network in the form of LightQueen. Lee added that the LightQueen Foundation is not on the verge of bankruptcy and should not listen to stupid lies and suspicions. LightQueen experienced its second hawing in the middle of this summer and its extraction bonus was reduced from 25 to 12.5 units. The price of Litecoin has been declining since the event and is currently trading around $ 53.
Group 7: Stable coins are a threat to the global economic system
The leaders of the seven major economies of the world, in the latest draft published by them, have drawn attention to the stable coins and considered them as a threat to the economic system. Referring to some of the dangers of digital currencies, the group said that no Stablecoin project should work until legal requirements are met and legislative challenges are met. It is further reported that due to the ability of stable coins to grow on a global scale, the loss of users’ trust in them can extinguish and threaten competition in the context of the global economy.
Winners and losers of the week
Bitcoin was downhill last week, offsetting its recent price rise to $ 8,820 by falling again below $ 8,000. However, this was not the case for some Altcoins such as Ripple, and the digital currency managed to grow by 13% despite the downturn in the market following positive news from Ripple. Ethereum, the market number two digital currency, was on a downtrend last week in a bid to raise prices but faced resistance at $ 200, falling to $ 170. Bitcoin, Ethereum and Ripple are currently trading around $ 7,900, $ 171 and $ 0.287, respectively. The market value of digital currencies has also fallen by more than $ 10 billion over the past week to about $ 220 billion.
Digital currencies that Most profitable Had this week:
- Emirex Token digital currency: about 318%
- BlockCDN digital currency: about 179%
- BlockStamp digital currency: about 100%
Digital currencies that The most loss Had this week:
- Digital Currency Data Transaction Token: About 74%
- Liquidity Network digital currency: about 61%
- MixMarvel digital currency: about 59%
Selected Quotes of the Week
Stephanie Avakian, Executive Director of SEC
Our emergency action is to stop Telegram from overwhelming the US market with its digital tokens, which we believe were sold illegally.
Brad Garlinghouse, Ripple Manager
I bet the Libra will not be launched until the end of 2022.
Heath Tabert, President of the CFTC
Our position on bitcoin has been very clear: Bitcoin is a commodity. We have not said anything about ether until we now say that I think ether is also a commodity.
The biggest huddlers are the money changers!
Negative news of the week
Hawing may not affect the price of bitcoin!
Hearing this news from the founder of Bitcoin may be a little strange, but at a conference that brought together the leaders of the mining industry last week, the former CEO of Bitcoin said that Hawing may not be the start of a bull market. In his speech, Ceyhan Wu mentioned that BitMin will produce devices with 5-nanometer and 3-nanometer chips in the near future.
Miners are moving from Iran to Kazakhstan
Majid Hosseini Nejad, a member of the Tehran Chamber of Commerce, believes that procrastination in deciding on digital currencies will deprive Iran of the opportunity to create maps and give other countries in the region the opportunity to attract miners. Hosseini Nejad said that bitcoin has a significant potential for currency appreciation in the country, and that Iran can still play a serious role, even if it delays.
Digital currencies are not big enough to solve the country’s economic problems
A member of the Energy Commission said last week about digital currencies that they are not large enough to solve the country’s financial exchange problems, and only a very small percentage of their exchanges are done as home purchases.
Positive news of the week
UNICEF has set up a charity fund to receive digital currencies
By creating a charity fund for digital currencies, UNICEF will now accept donations in the form of Bitcoin and Ethereum. The purpose of the fund is to support open source technologies for children around the world.
The number of rich bitcoin addresses is growing rapidly
New statistics show that the number of rich Bitcoin addresses is increasing with a similar slope to the years before 2014. According to statistics provided by Twitter analyst Willy Woo, the number of addresses with more than a thousand bitcoins is growing at a similar rate from 2011 to 2014. This news could mean the entry of big players into the bitcoin market.
Investors’ keen interest in bitcoin; The price reduction had no effect
The CME Group, which offers the most popular bitcoin futures contracts, recently announced that despite the decline in bitcoin prices, customers’ interest in futures contracts has not diminished. According to this statistic, the number of unsettled contracts has increased by more than 61% compared to the same period last year.
21 lessons I learned from Bitcoin
Collection “21 lessons I learned from BitcoinThe personal experience of a Bitcoin lover is that he has prepared it in 21 fascinating sections. Every week in the weekly capsule, we will be with you with one of the sections of this collection. In issue 36 of the weekly capsule, we have gone to the seventh part (the last part of the first chapter of this series). To read the previous parts of this series, refer to the previous issues of the capsule.
Limitations of knowledge
Getting to know Bitcoin is a humble experience. I thought I knew a lot. I thought I was an educated person. At least I thought I would get into computer science. I’ve been dealing with it for years, so I must have known everything about digital signatures, hashes, encryption, security, and networking.
But I was wrong.
It’s hard to learn all the basic science that Bitcoin works for. But a deep understanding of each of them is almost impossible.
No one has ever found the end of a bitcoin rabbit hole. – Jameson Loop
The list of books I need to read is growing faster than I can do. The list of articles I have to read is almost endless. There are so many podcasts on this topic that I can only listen to them all. This is truly a spiritual failure! In addition, bitcoin is evolving and it is almost impossible to keep up with the pace of innovation.
The dust of the first layer has not yet subsided and people have started building the second layer and are working on the third layer.
Bitcoin taught me that my knowledge of almost everything is very small. He taught me that this rabbit hole is endless.
Featured Articles of the Week
What is inflation? Everything you need to know about inflation
You must have heard about inflation and how it affects the economy. But what exactly is inflation and why does it occur at all? In this article, we define inflation in simple language and tell you the things you need to know about it.
Recognizing Bitcoin – Part One: Time
A look at bitcoin through a new window; This is the best definition of a bitcoin recognition article. In the first part of this series, we look at the relationship between the concept of time and the value of a product.
How is risk management in the digital currency market?
Most traders often get their emotions involved when trading. In this article, we describe the methods of risk management and controlling emotions during trading.