Elon Musk has reiterated his reasons for holding Dogecoin (DOGE) in more esteem than Bitcoin as a “transactional currency.” The billionaire CEO of SpaceX and Tesla stated that the transactions per day of Dogecoin held more potential than Bitcoin’s.
France and Switzerland have concluded a test for the use of a wholesale central bank digital currency (CBDC) in cross-border transfers. Known as Project Jura, it also saw the participation of the Bank for International Settlements (BIS) and involved settling foreign exchange transactions in euro and Swiss franc wholesale CBDCs. The project began in June, with the BIS Innovation Hub, the Swiss National Bank, and the Bank of France taking the lead.
Non-Fungible Tokens AKA, NFT’s have taken the world by storm. The digital art images, collectibles and memes, where people are purchasing them for huge amounts.
The cryptocurrency market turned red again on Monday that saw the majority of the top cryptocurrencies lose in double digits. Bitcoin (BTC) failed to conquer $50K and fell to a daily low of $45,894 and currently consolidating above $47K. Ether (ETH) fell to a daily low of $3,680 before recovering above $3,750. Apart from these all major altcoins be it XRP, Solana (SOL) or Cardano (ADA) all traded in the red.
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Bitcoin dropped as much as 8.4% to $45,773 earlier this morning in New York trading. Bitcoin had pared back some of those losses to trade 3.79% down at $47,102. However, the decline pushed it below its average price over the past 200 days, which currently stands at around $46,720. The drop witnessed by the original cryptocurrency was the biggest daily percentage drop since Dec. 4.
Since the earliest full-fledged NFT was announced to the world at DEVCON in October 2015, NFTs have experienced exponential growth – generating over $10 billion in the third quarter of 2021.