The more you are exposed to frequent changes encryption Industry, the better your investment results. Here, we provide you with the most important news related to encryption on 30/11/2021. Take a look:
Bitcoin transfers an average of US$95,000 for every US$1 in fees
Shaping the cryptocurrency industry with its unparalleled payment system transformation potential, Bitcoin The network is now clearing more transactions to reduce user fees. In recent research by on-chain analysts, Dylan Leclerc It is found that the value settlement capability of the BTC network has steadily improved. A week ago, when the Bitcoin chain charged users with a fee of $1, the average settlement value was $95,142, and the improved efficiency was obvious.
According to the report, since May 2021, Bitcoin’s on-chain value processing capabilities have been soaring. This can be attributed to the fact that this period witnessed a large amount of capital flows across the network due to the bullish trend. Dylan observed this change by studying the data report of the popular analytics provider Glassnode. The final result is obtained by dividing the average transaction volume by the fees charged by the blockchain ecosystem. The final settlement cost accounted for 0.00105% of the total value of 451.3 billion US dollars transferred through the network.
In the data report of the fee tracking portal CryptoFees, Bitcoin ranks 7th in terms of daily transaction fees. The weekly average of BTC is close to US$678,000, which is far behind other blockchain networks such as Ethereum, BSC, Sushi swapWait. Currently, Ethereum processes USD 53 million in fees per day, which is 98.7% higher than Bitcoin’s fees. The average transaction volume of ETH is divided by the fee, and every US dollar is charged as a fee, and its value is 139 US dollars.
Another analysis by Bitinforcharts shows that the current average transaction fee of the BTC channel is close to US$2.13, which is much lower than Ethereum’s US$42.58. Bitcoin transaction fees have fallen by 50% this year.The difference between Ethereum By late July, Bitcoin rose sharply. The ever-changing dynamics of the crypto space make it “worthy of the risk for investors looking for quick returns”.
BIS Innovation Center and the Federal Reserve conduct digital asset analysis together
As a top financial regulator, the Federal Reserve Bank of New York (FRBNY) and the Bank for International Settlements Innovation Center work hand in hand. The partnership will provide necessary support for the newly established “New York Innovation Center” led by the Federal Reserve Bank of New York. Through this project, FRBNY looks forward to exploring new era technologies, tools and resources to develop the global financial ecosystem.
Federal Reserve Chairman Jerome Powell (Jerome Powell) formally announced the news of the partnership during the interaction at the opening ceremony of the New York Innovation Center. The chairman stated that the transaction with the BIS Innovation Center will play an important role in supporting research and analysis programs related to virtual currencies. The team will work together to improve the CBDC project and cross-border payment and settlement channels.
The New York Innovation Center will be managed under the leadership of Per von Zelowitz, former Director of Banking Transformation at PricewaterhouseCoopers. Choosing the BIS Innovation Center as a partner is probably a carefully planned decision by the FBRNY team. The BIS Innovation Center has been a catalyst for projects dedicated to integrating CBDC with payment systems used by countries and banks around the world. The network exists in Hong Kong, Singapore, Toronto, London, Stockholm and other places. According to a survey conducted by BIS in January, 86% of top central banks have been committed to CBDC projects.
The Chairman of the Federal Reserve stated that the use of modern technology, machine learning, artificial intelligence, and big data is dramatically changing the financial space. He even cited some people who regard this technological advancement as a catalyst for the digital revolution. Powell is waiting for the Senate Banking Committee to hold a hearing on his nomination for re-election as the chairman of the Federal Reserve. Pioneer revealed in September that the authorities are working hard to launch CBDC as soon as possible and have no plans to ban the use of cryptocurrencies.
Galaxy Digital raises 500 million US dollars for the expansion of convertible bond business
Founded by billionaire investors Michael Novogratz As a provider of encrypted financial services, Galaxy Digital has announced to raise $500 million in the debt market. The company has decided to issue US$500 million in exchangeable senior notes to benefit from the growing popularity of the virtual currency industry. Galaxy Digital aims to use the funds raised to expand its operational capabilities and diversify its core initiatives.
According to the latest news, the funds released by the Galaxy Digital team will include seamless options for conversion into the company’s equity wealth. They will assume a fixed-term 3% annual interest rate in 2026. This cryptocurrency brokerage company will use the newly established funds to expand its coverage of the entire industry. This will include interventions in non-fungible tokens or NFTs. The company has decided to invest USD 62 million of its total capital in 22 high-potential NFT-based projects.
For those who don’t know, CEO Mike Novogratz has always been an ardent supporter of cryptocurrencies and virtual tokens. He encourages investors to use encryption technology to create a portfolio of nearly 1% to 5%. Recently in October, Galaxy Digital’s managed assets exceeded US$3 billion, making it one of the largest crypto investment companies in the world. Last quarter, the company received $517.1 million in revenue from trading, investment, crypto mining, asset management, and other activities. The company is registered in the Cayman Islands and its shares are listed on the Toronto Stock Exchange.The company looks forward to listing in the U.S. in 2022 and awaits active approval from the U.S. Securities and Exchange Commission