The Central Bank of the Arab Regional Fintech Group published a report on digital currencies dated 18 March, a “Practical Guide” for Arab central banks seeking to understand the nuances of the developing digital asset market. Surprisingly, RippleNet is mentioned as a direct alternative to Swift in the report.
Bitcoin Is 60% Below Stock-To-Flow Value
The stock flow (S2F) model created by analyst PlanB helps crypto traders make a more structured decision when investing in cryptocurrencies, taking into account the volatility in the crypto field. The model has historically been associated with the price of Bitcoin (BTC), making it popular in estimating price based on its value over a given time period.
US Congressman Says Bitcoin Is Aligned With American Values, Will Strengthen the Dollar
US Congressman Pete Sessions said Bitcoin is in line with US values and will strengthen the US dollar. He further noted that the cryptocurrency "tends to be a more flexible alternative option for protection against fiat currency inflation".
Bitcoin Declines to Lowest Level in Exchanges
This week, according to Glassnode, continued to point to Bitcoin's stock market outflows, especially from spot exchanges. The on-chain data collector emphasized in the last weekly report that the Bitcoin stock market reserve reached the same levels in 2020. Currently, about 2.5 million BTCs are held on major exchanges.
Gavin Wood Activates Multi-Chain NFTs in Polkadot Network
Polkadot and Kusama became the first blockchain to activate multi-chain NFTs following a major update to the consensus mechanism. The update, which provides support for NFTs in the Cross Consensus Message Format (XCM), will enable NFTs to be “teleported” from one chain to another and then monitored between the chains.
Fantom Network Grows Fast: Rise in Active Addresses and Advancement in Smart Contracts Continues
Data from the FTM Scan shows that 364,874 unique addresses joined the network last month. Looking at past figures, the same time period shows impressive growth of 77.69% compared to last year, when only 4,637 unique addresses were added.
Australia Prepares to Take Important Actions to Regulate Crypto
Australia is preparing to regulate the cryptocurrency sector as part of the government's effort to modernise the country's financial system, The Herald Sun reported. On January 21st, the government will present a series of documents outlining how to regulate Australia's crypto industry. Lawmakers will consult the industry on how to approach cryptocurrency storage and market licensing.
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