As dawn broke across Asia, Bitcoin (BTC) held firm above the $27,000 threshold, showcasing its resilience amid the escalating Israel-Hamas conflict, with the crypto market largely standing strong amidst global tensions.
What to Watch Out for Today
1. Lightning Network Bolstering Bitcoin’s Exchange Medium Potential: The Lightning Network on Bitcoin has surged by a whopping 1,212% in two years, clocking around 6.6 million routed transactions this August. Despite Bitcoin’s price falling by 44%, this spike shows a promising trend toward Bitcoin becoming a more practical medium of exchange. What’s the takeaway here? If you’re invested in Bitcoin, this growth could spell good news for your assets’ liquidity and utility. Plus, with sectors like gaming and social media tipping fueling this growth, staying updated on Lightning Network’s expansion might just be worthwhile. Long Bitcoin?
2. Untangled Finance Bringing Private Credit On-Chain: With a fresh infusion of $13.5 million in venture capital, Untangled Finance has launched its tokenized real-world asset (RWA) platform on the Celo network, aiming to transition traditional private credit markets to the blockchain. Spearheaded by London-based Fasanara Capital, this initiative is also eyeing expansions to Ethereum and Polygon. What’s interesting here? For blockchain enthusiasts and investors, this is a peek into the potential fusion of traditional credit markets with decentralized finance (DeFi). And with a market that could mushroom to $5 trillion in five years, keeping tabs on Untangled’s moves could be insightful.
3. BitVM Ushering Smart Contracts to Bitcoin: A new proposal by Bitcoin developer Robin Linus, dubbed BitVM, aims to bring Ethereum-style smart contracts to Bitcoin without a soft fork. This could open doors to a more versatile range of contracts on Bitcoin. However, the reactions are mixed with some stakeholders pointing out the limitations of multi-party applications. What should you do? If you’re a Bitcoin or Ethereum enthusiast, keeping a close eye on developments around BitVM could give you a headstart in understanding future functionalities and possible investment avenues in the Bitcoin ecosystem.
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