Big moves are happening in the world of cryptocurrency, and there are some exciting developments you won’t want to miss! From new partnerships making crypto buying as easy as a click to significant trading milestones for Bitcoin ETFs, the landscape is changing rapidly. Let’s break down some of the biggest headlines shaking up the crypto world.
Gold Now on Bitcoin
Bitcoin has long been referred to as “digital gold” due to its perceived value and limited supply. However, for the first time, it’s now possible to trade real physical gold on the Bitcoin blockchain. This groundbreaking development is the result of a partnership between Swarm Markets, a regulated investment platform, and OrdinalsBot, a protocol that facilitates the integration of NFTs onto the Bitcoin network.
So, how does it work? On the Bitcoin blockchain, the smallest unit of Bitcoin is called a satoshi (1 satoshi = 0.00000001 BTC). The new service allows users to inscribe satoshis with unique serial numbers that correspond to actual gold bars. These inscribed satoshis can then be traded using the Ordinals protocol, effectively turning them into unique tokens, similar to NFTs but backed by tangible gold.
This innovation opens up new investment opportunities for those looking to diversify their portfolios. With this new technology, you no longer have to choose between Bitcoin and physical gold; you can now hold and trade both assets on a single blockchain. Timo Lehes, co-founder of Swarm Markets, emphasized that this development allows investors to combine real-world assets with the digital capabilities of Bitcoin, providing greater investment flexibility.
Gold will be the first real-world asset available on Trio, an upcoming marketplace being developed by OrdinalsBot, which is set to launch by the end of the year. This marketplace will revolutionize the way physical assets like gold are traded, leveraging blockchain technology for increased efficiency and accessibility.
Venmo Makes Crypto Buying Easy for 60 Million Users
In another exciting development, Venmo has partnered with MoonPay to simplify the process of buying cryptocurrencies for its 60 million users in the U.S. This collaboration allows Venmo users to purchase crypto directly using their Venmo balances, making it easier than ever to enter the world of digital currencies.
The new feature will enable users to transfer crypto to one another directly within the Venmo app without the need to link external bank accounts. This move aligns with Venmo’s broader strategy to enhance accessibility to cryptocurrency for everyday users. It’s worth noting that Venmo’s parent company, PayPal, has also introduced crypto transfer capabilities, further solidifying the push for crypto adoption among mainstream users.
With MoonPay’s support for over 110 cryptocurrencies, users will have access to a wide range of popular digital assets, including Bitcoin and Ethereum. As the integration rolls out, Venmo aims to create a user-friendly experience that encourages more people to explore the possibilities of cryptocurrency.
Bitcoin ETFs Cross $20 Billion Mark
Bitcoin exchange-traded funds (ETFs) have been making waves in the investment world, crossing the remarkable milestone of $20 billion in trading activity since their approval in January. The most notable player in this space is BlackRock’s iShares Bitcoin Trust, which has seen over $22 billion in inflows alone.
The surge in Bitcoin ETFs has transformed the way investors approach Bitcoin, allowing them to gain exposure without needing to buy or hold the cryptocurrency directly. This ease of access has attracted both institutions and individual investors alike, making it a crucial development in the crypto landscape.
Despite some volatility—such as Grayscale’s Bitcoin Trust experiencing a significant outflow after converting to an ETF—overall interest in Bitcoin ETFs remains strong. It is crucial to note that Bitcoin ETFs hit this milestone a lot faster than gold, taking just ten months as opposed to gold’s five years.
As the market stabilizes and investor confidence grows, we can expect further inflows into these innovative investment vehicles.
Base Becomes the Largest Ethereum Rollup
In addition to these exciting developments, Base, Coinbase’s Layer 2 Ethereum network, has emerged as the largest total value locked (TVL) rollup, boasting an impressive $2.49 billion spread across 366 protocols. This remarkable achievement surpasses Arbitrum, the previous leader, which has a TVL of $2.39 billion.
Base’s success is largely attributed to the decentralized exchange Aerodrome, which alone accounts for over $1.3 billion in deposits. This rapid growth has positioned Base among the top five blockchain networks for TVL, showcasing its potential in the DeFi ecosystem.
As Base continues to expand, it’s implementing strategic changes to manage increasing user activity. The recent adjustment of the block gas target aims to enhance the network’s capacity, allowing for more transactions per block and accommodating the growing demand.
What’s Next?
As we dive deeper into Uptober, Bitcoin’s price has shown some initial weakness but appears to be gaining momentum. Currently, Bitcoin stands at approximately $67,373 and is poised for potential new all-time highs in the near future. Keep an eye on the market as excitement builds and traders prepare for significant moves in the coming weeks.
The crypto landscape is evolving at an astonishing pace, with innovations that not only enhance user experience but also broaden investment opportunities. Whether it’s the introduction of gold on the Bitcoin blockchain, the ease of buying crypto through Venmo, or the phenomenal growth of Bitcoin ETFs and Base, it’s an exciting time to be part of the crypto community. Stay informed, stay engaged, and get ready for the next wave of opportunities in this dynamic market!
