Yoshi.Exchange Weekly Crypto News Digest and Crypto Price Recap — 17/10–23/10
HOT NEWS 🔥
South Korea to Release Digital IDs
South Korea has revealed plans to issue digital ID cards based on blockchain technology. South Koreans will be able to use on-chain identification using their smartphones as early as 2024. As a result of the majority of the population working from home, making cashless payments, and exploring the metaverse, the country’s government was compelled to begin the transition away from physical IDs. Suh Bo Ram, director-general of Korea’s digital government office, has stated that the territory may earn US$ 42 billion in economic advantages within a decade.
NUBANK To Reward Its User Nucoin
Nubank, a Brazilian fintech bank, has announced the creation of Nucoin tokens on the Polygon blockchain as part of a reward scheme for its 70 million customers. The tokens will be available for public purchase in the first half of 2023, according to the business. In order to improve the program’s usefulness, 2000 Nubank customers will be invited to participate in a debate about the product, including how it will be used in the Web3 landscape.
NFT Creators Made Over $1.8 Billion In Royalties
According to a recent Galaxy Digital analysis, NFT authors have earned more than US$ 1.8 billion in royalties. According to the report, 428 distinct collections contributed to 80% of all royalties generated; additionally, Yuga Labs’ collections earned approximately US$ 147.6 million in royalties. However, royalties are not organically embedded into smart contracts, but are instead supported by NFT marketplaces such as OpenSea and Magic Eden. However, in order to maintain market share, most marketplaces have recently shifted to a royalty fee model.
Azuki To Launch Physical Backed Token
Azuki, the dominant NFT collection, has announced its newest offering — Physical Backed Token (PBT). These tokens will be based on EIP-5791, a new smart contract standard that allows actual goods to be linked to digital assets on Ethereum. The first PBT iteration will be accomplished using a BEAN Chip, a physical cryptographic tool that generates an asymmetric key pair. Azuki is seeking to develop a new function called scan to own, in which a person can scan the chip with their phone to mint a PBT. PBS’s ultimate goal is to enable decentralized, digital authentication of physical goods on the blockchain without the need for a centralized server or corporation.
Weekly crypto price recap:
Bitcoin Price Recap
Bitcoin (BTC) started the week on a high note, with a weekly high of 19,700 recorded. Despite early buy-side strength, BTC bid volumes continued to weigh on price throughout the week, causing it to briefly fall below the famous 19,000 support level on Friday, reaching a weekly low of 18,660. The weekly bottom was followed by a significant +3.04% retracement on Friday, establishing support around the 19,160 level over the weekend. BTC returned +1.62%.by the end of the week.
Ethereum Price Recap
Following on from Sunday’s strong price action, ether began the week in the green, albeit the rise swiftly faded near the topside of the existing 1,250–1,350 range. For the rest of the week, ETH tracked BTC and broader markets, retreating to a low of 1,252 on Friday — the low of the aforementioned range. However, this price was rapidly snatched higher, triggering a multi-day drive to 1,365 by Sunday close for a 4.48% return.
Fantom Price Recap
Unlike the previous week, the buying and selling of FTM had almost the same momentum this week. FTM opened the week at $0.207 and for several days the price traded within the range of $0.204 and $0.194. FTM gained 1% increase at week close with a closing price of $0.209.
BNB Price Recap
This week BNB opening price was at $272 despite having to face challenges the previous week. Despite having the week low at 263 and high at 276 ,BNB traded within the range of 270 and 265 for the rest of the week. At the end of the week BNB closed at 275.3 having a little increase of 1.25%.