Welcome to another weekly crypto news digest. All the most important news from the past week (21 October 2022 to 28 October) is summarised below, so you can go into the weekend fully up-to-date again!
The crypto market rose suddenly and hard this week, after two months of declines. Bitcoin (BTC)
was up 6%, Ethereum (ETH)
was up 17.5% and Dogecoin (DOGE)
was even up 24% in the past seven days. There is finally some life again, but why is not entirely clear. It is probably due to a short squeeze (a large amount of shorts being liquidated at the same time) in the futures market.
There was good news, as there is every week. However, there was no such big news that could have caused these price hikes. Want to know what news there was, though for the crypto market? Then read along quickly!
Twitter reportedly working on a wallet prototype
Technology blogger and app researcher Jane Manchun Wong indicated in a tweet yesterday that Twitter is working on a wallet prototype that includes features such as depositing and withdrawing cryptocurrencies. Wong is known for discovering new features on apps before they are launched or officially confirmed.
The social media platform itself has yet to officially confirm that they are actually developing a crypto wallet. It is also not yet known when we can start hearing any confirmation or further details surrounding the wallet from Twitter itself.
If this news turns out to be true, it would be a huge windfall for the crypto industry. After all, Twitter is one of the most widely used social media platforms, and so a direct integration of crypto payments could give a huge boost to cryptocurrency adoption and normalization.
The Dutch trade 100 billion worth of crypto in a year
The crypto research company Chainalysis recently investigated where in the world cryptocurrencies are used the most, and the least. Europe is well represented, and even in the Netherlands, over $100 billion worth of cryptocurrencies, such as Bitcoin (BTC), was traded during the past year, according to Chainalysis.
In the Central, Northern, and Western Europe (CNWE) region, the Netherlands ranks a tidy fourth place when it comes to total trading volume of cryptocurrencies. Only the UK, Germany, and France rank higher in Chainalysis's rankings. Collectively, the CNWE region is the largest crypto powerhouse in the entire world, according to Chainalysis.
For the number of inhabitants, our little country has, a fourth spot is very neat. Just over €100 billion in crypto trading volume was achieved in the Netherlands from July 2021 to July 2022. France, in third place, managed a total trading volume of €150 billion. That's about 50% more, but France is also significantly larger than the Netherlands, of course.
Filecoin launches Web3 data storage solution for carbon offsets
Filecoin Green, an initiative by Protocol Labs to reduce Filecoin's environmental impact and make it verifiably sustainable, has launched an initiative to power its Web3 technology with verifiably clean energy.
According to the announcement, the company will address the shortcomings of traditional carbon storage solutions by "combining the granular tracking functionality of blockchain with the information sharing infrastructure of Web3."
Filecoin Green launched CO2. Storage, a Web3 data storage solution that aims to enable transparency for carbon offsets and address traditional storage solutions for all types of digital environmental assets, including renewable energy credits.
In theory, this could be a very successful idea, as carbon emissions are one of the biggest problems today. Blockchain technology could be a perfect outcome for tracking and taxing these CO2 emissions.
This was again the main news of the week. Earlier this week, we also wrote about the 5 biggest cryptocurrencies on the Polkadot blockchain Read more in the article "The top 5 cryptocurrencies on the Polkadot chain".