Dacxi Crypto Wealth | This Week In Crypto | 4 - 12 October

This Week In Crypto | 4 - 12 October

null

Dacxi

Oct 14, 2021

5 MIN

  • Value Settled on Bitcoin Network Reaches All-Time High

  • 188 NFTs On Birthday From McDonald’s China

  • Research by Arcane Suggests 700 Million Lightning Network Users by 2030

  • Institutions Preferring Bitcoin Over Gold

  • SEC Approves Volt Crypto Industry Revolution and Tech ETF



The growth of the crypto market, driven by its most significant member Bitcoin, is showing no signs of slowing down. While Bitcoin is settling more volume per second than Mastercard and Visa combined, institutional investors are inclining to BTC over gold to hedge inflation. Other instances of Blockchain adoption see McDonald’s launching 188 NFTs on its 31st birthday in China and a crypto industry revolution and tech ETF launching on NYSE.

 

Value Settled on Bitcoin Network Reaches All-Time High

 

The figure for value settled on Wednesday last week reached $31 billion, an all-time high for a single-day settlement. Moreover, it was an increase of 40-times, in daily settlement volume, compared to the base period of early 2020. Although, it has witnessed a steep drop from Wednesday onwards, reaching $11.6 billion on Sunday. The settlement volume of Bitcoin has far outpaced VISA or Mastercard. 

 

While the Bitcoin network was settling $190,000 per second, Visa clocked $130,000, and Mastercard $55,000. The average value of a Bitcoin transaction has also surged 273% compared to July to a figure of $732,000. The number of transactions worth more than $10million has also increased, with the highest proportion exceeding a record high of 70%.

 

188 NFTs On Birthday From McDonald’s China

 

Under the catchy phrase of “Big Mac Rubik’s Cube”, McDonald’s China has released 188 NFTs to celebrate its more than three decades’ sustenance in the country’s market on October 8th. The NFTs are leveraging the Confluxx public blockchain. To create these NFTs and ensure that they are unique, indivisible, and tamper-proof - as an NFT should be - McDonald’s has struck a collaboration with CoCafe. 

 

CoCafe is a digital asset creation agency. It would be relevant to mention here that the People’s Republic of China owns a majority stake in McDonald’s China through its investment company CITIC. The participation of state-owned funds is baffling as the Chinese authorities intend to ban all Crypto operations in the country. McDonald’s China has not made any comment on the same. 

 

Research by Arcane Suggests 700 Million Lightning Network Users by 2030

 

The report published by the research unit of Arcane Crypto looked into several aspects while examining the health and potential of the Lightning Network. It looked into the network’s current capacity, the wallet payment volume, rate of adoption, and the switch from online services to everyday usage. The report estimates 90% of Salvadorans over the age of 15 having access to Lightning payments by 2026. Additionally, it projects 50 million to access the network for remittance and household spending by 2030. 

 

The other use areas include streaming companies, such as Spotify or Netflix, using it for micro-transactions and offering pay-per-minute or per-second streaming services. The research sees all these coming together to 700 million users by 2030, registering 364 trillion Lightning Transactions per year. As far as the current standing of the network is concerned, it has a capacity of 3,000 BTC, with 17,000 nodes operating on the network itself and 73,700 unique channels. 

 

Institutions Preferring Bitcoin Over Gold

 

Bitcoin has outgrown its $50K resistance level and recovered the status of a more than $1-trillion asset. The institutional investors led the surge, as they bought it as a hedging tool to inflation. Apart from inflation concerns, the other two factors that might’ve led the momentum in favor of Bitcoin are the assurances by US policymakers that they don’t intend to ban cryptocurrencies, and the upsurge of the Lightning Network and 2nd layer payments solutions, followed by El Salvador’s official Bitcoin adoption.

 

SEC Approves Volt Crypto Industry Revolution and Tech ETF