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Bitcoins and Pieces: Bitcoin Vs Tesla and Booming Asian Blockchain-powered apps

Blockchain News

  • Jeju Island, South Korea, is set to roll out a blockchain-powered COVID-19 status-checking app currently in its pilot testing phase, reported the Hankook Ilbo. The subtropical province, off the mainland of the mainland, is a popular destination year-round for domestic travelers and visitors from overseas, particularly China. And the new platform will allow those fighting the pandemic to access tamper-proof records of individuals’ visit history and contacts without requiring stores and eateries to have customers check in to their venues using rival QR code-powered apps.
  • The Chinese web giant Baidu has filed a new blockchain patent application, as claimed by official records. The application summary explains that the patent is for a blockchain-powered data privacy processing system, including associated devices, equipment, and a means of storage. The record shows that the original filing was made back in August last year but won official approval earlier this month. Baidu is China’s biggest search engine and has been keen to expand its Blockchain as a Service (BaaS) offerings in recent months.
  • Singapore-based Human Protocol has announced its plans to launch a new service on the Solana (SOL) Blockchain to provide scalable decentralized apps and marketplaces. As per the press release, “the HUMAN Protocol Foundation believes that integrating with Solana has the potential to provide enormous processing capabilities for labor pools and payment settling that can increase efficiency.”

Bitcoin News

  • While the most popular cryptocurrency, Bitcoin (BTC), is deemed to be essential in the “extreme bubble” region, more surveyed market professionals favor BTC than electric car manufacturer Tesla when projecting how both assets might perform over the next 12 months. 56% of 627 respondents surveyed by Deutsche Bank last week stated that Bitcoin would be more likely to halve in a year, and 25% affirmed it’s more likely to double, as per the report by Marketwatch. Meantime, 62% of them said that the price of Tesla’s stock is more likely to halve, and 18% said it’s more likely to double. About 20% don’t know what to expect in both of these cases.

Ethereum News

  • According to a strategist, the price of Ethereum (ETH) could skyrocket to USD 10,500 from the current USD 1,263 as this is “the best risk/reward investment play in crypto,” according to a strategist Fundstrat Global Advisors, David Grider, as announced by Bloomberg. Risks include setbacks for the network upgrade or a crypto bear market, he added, without specifying when ETH might climb above USD 10K.

Mining News

  • Canaan, a Bitcoin mining equipment provider, will be providing the Toronto Stock Exchange-listed HIVE Blockchain with 6,400 next-generation A1246 bitcoin miners from its AvalonMiner product line. As stated by HIVE, this will allow the firm to meet its 2021 ASIC capacity requirements of 1,000 Petahash per second (PH/s). Its aggregate operating hash rate will increase to an estimated 1,229 Petahashes per second by the end of 2021.

Crypto Adoption News

  • Asia accounts for almost half of global crypto trading, obtained a report by crypto research firm Messari research analyst Mira Christanto. “With Asia accounting for 60% of the world population, infrastructure companies across the world are interested in tapping the growing market,” the report said. China, Japan, Korea, Hong Kong, and Singapore are market leaders with deep liquidity pools. At the same time, East Asia (mostly China) is dominated by larger trades with 90% of all volumes above USD 10,000. Of the top 20 token projects today, more than 40% of the market capitalization is based in Asia, while by the end of 2019, six of the top ten largest crypto firms in the world were located in Asia.
  • The lead of crypto trading platform Bitpanda’s Spanish operations, Alejandro Zala, has declared that at least 5 million Spaniards are now trading BTC and other cryptoassets – nearly 10% of the country’s 50 million population. Through El Economista, Zala emphasized that the level of crypto adoption among Spaniards was “one of the highest in Europe.” Zala added that, in general, Spanish crypto enthusiasts “invest more that citizens in countries with greater purchasing power, such as Germany, Switzerland and the United Kingdom.”

Exchanges News

  • The Stock Exchange of Thailand (SET) will start a digital asset trading platform in the second half of this year to provide trading on all types of digital token assets, excluding cryptocurrencies, announced The Bangkok Post. According to reports, SET stated that cryptocurrencies don’t meet its product qualifications and facilitate money laundering. Tokens traded on the platform must have an underlying asset that investors can analyze on value valuable product that supports economic activities or benefits society and the environment.
  • Bitfinex anticipates finishing turning documents over to the Office of the New York Attorney General (NYAG) in the coming weeks. Per the letter filed in the particular proceeding in New York and tweeted out by Bitfinex / Tether General Counsel Stuart Hoegner. However, a “substantial volume material” has already been submitted, there remain “supplemented agreed-upon terms that need to be completed” and “parties will need a few more weeks to produce,” as well as for the Office of Attorney General to review it and discuss. Bitfinex said they plan to contact the Court in approximately 30 days to provide a final status update or schedule a conference.
  • Meantime, Bitfinex also announced it would launch trading for Ethereum (ETH) 2.0, allowing its users to exit or enter an ETH 2.0 staking position. According to the announcement, ETH 2.0 will be available to trade with US Dollars (ETH2/USD), Ethereum (ETH2/ETH), and Tether tokens (ETH2/USDt)
  • Coinbase stated that it’s buying blockchain infrastructure company Bison Trails. Bison Trails will proceed to operate as a standalone product and will serve as a primary element within Coinbase’s ecosystem suite of products, powering all participants in the crypto-economy, stated the blog post.

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