irst Mover Americas: Technical Signs Flashing Green for Bitcoin and Ether, Quant Network's Token Surges 14%
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Bitcoin (BTC) was up slightly on the day after trading between $19,300 and $19,900 over the weekend. Ether (ETH) gained slightly more ground on Monday, trading up 3% at $1,322. The CoinDesk Market Index rose 0.8% over the past 24 hours.
In traditional markets, the British pound and U.K. bonds rallied as more of Prime Minister Liz Truss’ unfunded tax cuts were reversed. U.S. stock futures jumped as investors awaited Bank of America’s earnings report after four other major U.S. banks reported on Friday.
In the crypto market, the biggest gainer with a market capitalization of more than $1 billion was again Quant Network, whose token jumped 14% over the last 24 hours.
There was a sense of apathy among investors with minor inflows in digital-asset investment products last week of $12 million, according to data from CoinShares.
Bitcoin, the world’s largest cryptocurrency, saw inflows of $8.8 million, marking the fifth consecutive week of inflows.
Short-bitcoin investment products saw inflows of $6.7 million.
“This could be interpreted as marginally supportive were it for the resumption of inflows into short-bitcoin investment products of $6.7 million, implying a net neutral sentiment amongst investors,” the report stated.
Ethereum saw a second week of minor outflows at $3.9 million.
CoinDesk Market Index
Biggest Gainers
Asset Ticker Returns DACS Sector Polymath POLY +27.31% DeFi Injective INJ +9.89% DeFi Quant QNT +8.16% Currency
Biggest Losers
Asset Ticker Returns DACS Sector Rally RLY -6.01% Culture & Entertainment JasmyCoin JASMY -3.56% Computing Radicle RAD -3.15% Computing
Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive and standardized classification system for digital assets. The CoinDesk Market Index (CMI) is a broad-based index designed to measure the market capitalization weighted performance of the digital asset market subject to minimum trading and exchange eligibility requirements.
Chart of the Day
Green Shoots Appear in ETH/BTC Chart
By Omkar Godbole
This story originally appeared on Coindesk
itcoin in space is good for user privacy, says Adam Back
Adam Back, the co-founder of Blockstream, took a timeout from the mainstage of Bitcoin Amsterdam, a three-day Bitcoin conference in the Netherlands, to talk with Cointelegraph.
Perched at a park table amidst tulips and bicycles, the man behind the Proof-of-Work algorithm challenged Cointelegraph to a game of Jenga and made a case for beaming Bitcoin into space. One of the few people to be cited in the Bitcoin whitepaper, (BTC) Back also discussed his childhood and his first interactions with computers. The video will soon be published on Cointelegraph's Youtube channel.
But why do we need the Bitcoin blockchain–a decentralized peer-to-peer network already secured by nodes on earth–in space? Do aliens need Bitcoin the way humans do? Back joked with Cointelegraph nonchalantly:
“Well, I mean, there are a few reasons [to having Bitcoin in space]. One because it’s cool, and you can.”
However, it also brings benefits such as privacy: “You can receive the data anonymously because it's broadcast, and basically nobody can tell you're receiving it. So that's good for privacy,” Back continued, moments before winning the game of Jenga.
Furthermore, having Bitcoin in space is also “Good for companies because they really need to make sure they're on the right blockchain. If there's a local network issue or if a router is hacked,” then the satellite Bitcoin connection ensures that companies can continue to transact and use the Bitcoin blockchain without hindrance.
Indeed, the news is awash with governments and groups intent on inhibiting access to Bitcoin or cryptocurrency-related activities; so having a connection to a satellite Bitcoin protocol is invaluable and enables greater censorship resistance.
For the global south, the argument for connecting and downloading the backlog of Bitcoin data in order to synchronize a node is the price. Whereas in the developed world, the cost of downloading and synching Bitcoin core could be negligible:
“For emerging markets, the cost of an Internet connection fast enough to keep up with Bitcoin is actually expensive compared to salaries.”
Back explained that you can sync a node at no cost in the developing world using Blockstream satellites. While the process is undoubtedly slower–taking a week or two to update–it means that the barrier to entry for participating in the Bitcoin protocol trends lower and lower.
Related: Adam Back Denies Having a Beer With Satoshi Nakamoto
Finally, Back is still very bullish on Bitcoin. In a tweet on Monday morning, the mathematician shared that Bitcoin will “conservatively” do a 10x in the next five years. That means the Bitcoin price would reach over $200,000 before 2027.
itcoin Price Prediction – This Indicator Should Mean a Price Pump is Coming
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