This week in Crypto News Recap, the main story is Facebook’s new crypto wallet, dubbed as Novi! Though on paper one might think that such a story must send the BTC price to new highs but crypto markets had been anything but predictable! Sometimes a celebrity might ignite traders' sentiments crashing the crypto markets with a tweet, other times big adoption news like this one won’t have the slightest effect on the prices.
Another interesting announcement that took place this week was Cuba joining the crypto revolution.
Before we take a look at the major highlights of last week in the amazing world of crypto, let's take a look at the charts!
Bitcoin's price at time of writing was $48,025.18. Bitcoin’s dominance is currently 43.65%, a decrease of 1.27% over the day.
The global crypto market cap is at $2.07T, increasing/down 2.22% from yesterday.
While the overall market volume over the last 24 hours is $89.88B, down 5.82%.
Facebook Plans to Launch Crypto Wallet Novi
In a move welcomed by crypto enthusiasts, Facebook has announced plans to launch a cryptocurrency wallet named Novi Digital Wallet saying the wallet would be linked to the Diem Blockchain system.
Novi will help your loved ones send money instantly with just a few taps on their phones. That means less time waiting around for money and more time doing what you love. Learn more at https://t.co/cijCPqEmqS. pic.twitter.com/EUK3tF4zEX— Novi (@novi) August 19, 2021
Diem is a new global permission blockchain-based payment system launched by the American social media giant.
The new wallet, which is a rebranded Facebook Calibra wallet, will enable users to add money to their wallets however it will convert it into a Diem digital currency (the native coin of Diem system) that people can send to friends and family around the world.
According to Facebook, Novi wallet will be as a separate app in the App Store and Google Play. But Facebook Messenger and WhatsApp users will also be able to use Novi directly in the apps.
Cuba Poised to Regulate Cryptocurrency
The Republic of Cuba is on track to recognize and regulate cryptocurrencies, Al Jazeera has reported.
I’m case y’all missed it. Go ask Google what Cuba’s official currency is. pic.twitter.com/GO88SZTARx— Wicked Smart Crypto ∞/21M 🍎🍊💊 (@w_s_crypto) August 28, 2021
This would make the Caribbean country the third Latin American country to accept bitcoin as legal tender. Struggling economies shift towards cryptocurrencies due to the imposed US sanctions and restrictions on remittances from the US.
The new regulations, which will take effect on September 15, will recognize "the use of certain cryptocurrencies in commercial transactions, as well as the licensing of providers" of these services in "operations related to financial, exchange and collection or payment activities" in or from Cuban territory.
NFTs: Vogue and Telsa
Vogue has decided to join the NFT mania by tokenizing two front cover images!
Cover 1 of 2: ''Triumphant Awakening' by @ChadKnight x Baëlf Design for @VogueSingapore 💫— Vogue Singapore (@voguesingapore) August 25, 2021
Discover the 2 virtual-only covers for our September issue—available as one-of-one NFTs—created in collaboration with two teams of digital artists on https://t.co/hBGvSmixkV💥 pic.twitter.com/8sBhpxxVsJ
With a total of 15 NFTs created exclusively for Vogue Singapore in the September issue, Vogue’s front page will feature QR codes allowing readers to sign up for an auction of two one-of-a-kinds “virtual-only covers”.
From left to right: ‘The RenaiXance Rising’ by The Fabricant and Shavonne Wong; Olivier Rousteing’s sketches of the ‘Flame Dress’ (Image: Vogue Singapore)
All Vogue's NFTs will be available for auction on the Binance NFT marketplace starting from 20 September.
Moving on to cars, crypto advocate Elon Musk is also selling a replica of autographed Tesla Model X toy car as an NFT for 7.5 Ethereum!
An NFT of a model Tesla signed by Elon Musk and authenticated by Beckett (Image: prnewswire)
The actual toy car was physically signed by Musk across its hood. The auction had began on August 29th and will last for 10 days.
- Blockchain Expo Global 06 Sep 2021 - 07 Sep 2021
Podcasts Worth Listening to
- What is Hedging? Ahamd Sharkatly, Kalam Mushafar
- Is the Bitcoin Bull Market Over? Nathaniel Whittemore, The Breakdown.
- Lyn Alden: Bitcoin Has Proven Itself Over Time – Natalie Brunell, “Coin Stories.”
Disclaimer: The Cryptocurrency market is considered highly speculative, risky, and largely unregulated. Anyone mulling investing in it, should be aware there's a risk of losing their entire investment.
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