Welcome to the 74th edition of ‘The Digital Asset Digest’. Today, we discuss if Bitcoin could be the solution to inflation and talk about the 3 ways that its mining sector has changed.
“Data shows large transactions are rising in dominance as whales are moving their coins. This hints at Bitcoin’s increased maturation as a macro asset.”
“Dogecoin is the latest meme coin that looks poised to resume its uptrend. Both technical and on-chain metrics suggest that DOGE could possibly enter a new bull run in the short-term.”
“According to JPM’s Jamie Dimon, Bitcoin has no “intrinsic value,” and the US watchdogs need to regulate it soon.“
“BTC’s futures markets premium and options risk gauge show that there are not any signs of excessive leverage or FOMO from traders — yet.“
“BoA officially launched its digital asset research project and released its first report on the subject.“
INDUSTRY WIDE SNAPSHOT
Across the world, the cost of living is rapidly rising this year. After a year of excessive government stimulus measures and the release of pent-up demand this year, inflation has soared. In an effort to preserve wealth some have turned to digital assets like Bitcoin. But can this digital asset really protect against inflation? Here’s a closer look.
EXPLORING NEW IDEAS
Bitcoin mining has come a long way over the past decade. Initially, anyone with a cursor knowledge of how blockchain technology works and a relatively mediocre laptop could mine BTC. Once Bitcoin became more popular and valuable, all the low-hanging fruit was gone.
Now, Bitcoin mining is dominated by multinational corporations and mining pools worth hundreds of billions of dollars. The industry has professionalized and that has permanently altered the economics of digital assets. Here are three ways Bitcoin mining has changed in recent years and what that means for users and developers across the ecosystem.
TOKEN OF THE WEEK
Cardano is a blockchain project that offers a platform for developing decentralized applications. It bills itself as the first to be founded on peer-reviewed research and developed through evidence-based methods. Consequently, it leverages pioneering technologies to offer unparalleled security and sustainability on decentralized applications (dApps).
A brainchild of Ethereum co-founder Charles Hoskinson, Cardano was launched in 2015. The platform is named after Gerolamo Cardano, a renowned Italian polymath, proficient in biology, physics, chemistry, and astrology.
THIS WEEK’S DEEP READ
“The Bitcoin (BTC) has completed an A-B-C corrective structure after breaking out from a descending parallel channel.“
2 weeks ago, our final report in the series on Metaverse implementations came out. This 15+ page report on Upland is available to download, so give it a read before our State of the Metaverse Report comes out.