A daily round-up of the most interesting articles on cryptocurrencies like Bitcoin, Ethereum, and Tether to help jump-start the day.
Most cryptocurrencies plunged into the red as the crypto market capitalisation stood at $2.59 trillion, decreasing almost 1.98 percent over the last 24 hours. Currently trading at $57,852, bitcoin saw a marginal dip of about 0.11 percent in its dominance, standing at 42.24 percent. Read more here.
President Nayib Bukele said El Salvador plans to build the world’s first “Bitcoin City”, powered by a volcano and financed by $1 billion cryptocurrency bonds. El Salvador, which has used the US dollar for two decades, was the first country in the world to legalise bitcoin as legal tender. Read more here
Avalanche, a high-speed low-cost blockchain that wants to take on Ethereum, has made its way into the top ten coins by market capitalisation. Notably, while it costs up to $100 and takes a few minutes to swap a coin on Ethereum-based decentralised exchange Uniswap, transaction fees on Avalanche usually cost under a dollar and settlement is near-instant. Read more here
The project aims to make Bitcoin the native currency for the Internet. “In order to achieve this, the nature of financial institutions needs to evolve. We can either embrace this change — by investing in this future as a public good by rethinking our business models and ways to create value — or we can let this future happen to us,” the company wrote in a blog post. Read more here
Read this interesting piece on cryptocurrencies, which have become the poster child of the financial markets, and how many people have cryptos within their circle of competence here