Weekly Crypto Digest for January 15 - 21, 2024
Monday, January 22, 2024
In the latest issue of Weekly Crypto Digest read more about how Yellow Networks launches testnet, Trump against CBDCs, Bitcoin outperformed silver, TUSD lost its peg to the dollar, and more news.
Yellow Network extends the application period for the testnet
Yellow Network's canary testnet applications have passed the 10,000 mark. But to give even more crypto enthusiasts a chance to join the ride, the team has decided to extend the application period, while simultaneously launching an educational marathone to ensure Yellow Network community is fully prepared for the testnet phase.
The anticipation is high, and Yellow Network's team is working on finalizing the last bits of the testnet components to ensure your journey will be smooth and exciting.
Keep an eye on Yellow Network Discord channel in the coming days and weeks, there will be a series of educational content, giving you an uber-deep dive into crypto finance and trading.
Join Discord and don't forget to claim your role as a Testnet Applicant to unlock new exclusive content in #pick-role channel.
Follow the link apply for Closed Yellow Canary Network Beta Testnet.
Ethereum developers activated the Dencun hard fork in the Goerli testnet
The Ethereum core team has deployed the Dencun update (Cancun-Deneb) to the Goerli testnet. However, it was not possible to complete the hard fork as planned.
The upgrade was implemented by EIP-4844. It includes the Proto-Danksharding option, designed to scale the network by creating a new type of transaction for large arrays of binary data. It is expected that this will reduce commissions for L2-based Rollups technology.
It was not possible to complete the full deployment of the upgrade, presumably due to the fact that approximately one-fifth of the client operators did not update the software (there were several of them).
Donald Trump has promised to ban the creation of CBDCs
The American politician Donald Trump said that he will prohibit the creation of a central bank digital currency (CBDC) if he is re-elected as the president of the United States.
"To protect Americans from government tyranny, as your President, I will never allow the creation of a central bank digital currency.
This would be a dangerous threat to freedom, and I will stop it from coming to America. Such a currency would give a federal government absolute control over your money. They could take your money, and you wouldn’t even know it was gone.” Trump said.
Note that many US politicians share a similar opinion with the former president of the country.
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TUSD lost its peg to the dollar
On January 15, the stablecoin TrueUSD (TUSD) lost its peg to the US dollar, falling by 1.3% to $0.984.
The loss of the peg occurred against the background of a significant volume of sales of TUSD on the Binance crypto exchange.
According to CoinGecko, the capitalization of the asset is $1.9 billion with a daily trading volume of $585 million.
On January 10, there were reports that TUSD was having trouble verifying its reserves in real-time, sparking community concerns about undersupply.
Bitcoin outperformed silver
Spot bitcoin ETFs outperformed silver-based exchange-traded funds by assets under management (AUM), according to ETF Database.
The US Securities and Exchange Commission (SEC) approved investment crypto funds on January 10, 2024. During the first day, the volume of trading on the spot bitcoin ETF amounted to about $4.5 billion.
It took the new investment product a week to overtake silver by AUM to become the second-largest commodity ETF in the US.
As of January 18, 2024, spot bitcoin ETFs have 647,651 BTC (about $27 billion) at their disposal, according to CC15Capital. At the same time, the Grayscale Bitcoin Trust ETF accounts for 619,000 BTC (about $25.6 billion).
Silver-based funds are in third place by AUM and have about $11.5 billion in their account, which is distributed among five ETFs. Gold-based investment products ranked first in terms of assets under management. They account for $96.3 billion, distributed among 19 funds.
The unknown moved 49,866 BTC that had been "sleeping" for more than five years
On January 16, an unknown bitcoin whale moved 49,866 BTC (~$2.1 billion), which had been sitting idle for five to seven years. This was noticed by CryptoQuant.
The average price of buying coins is $6672. In the case of the sale of assets, the realized profit will reach approximately 640% at the moment, the experts of the platform have calculated.
Also read our latest article How Crypto Market Makers Stay Profitable: Unlocking the Secrets to Success.
Hi, I am Alexis Yellow
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