Welcome to the weekly roundup, where we update you on everything that’s been going on in the world of crypto, blockchain and fintech. We cover a range of topics — from game-changing to slightly absurd, anything goes!
Whether you’re a rookie or seasoned crypto investor, we’ll ensure there’s always something relevant for wherever you are on your investment journey.
So, what’s been happening this past week?
Alright we’ve gotta admit it, to say we’ve been on a serious launching spree would be quite the understatement. For the last four weeks we’ve been launching products back to back like no tomorrow, with the latest addition to the Revix family being the speed demon itself, Solana!
We’d like to thank each and every one of you for making the launch of Solana our most successful to date, as well as an even bigger thank you for the continuous support over the last couple of months. It’s been wild, but it’s because of your support that we’re able to release exciting products and grow at the rate we’re currently moving at.
We’re also one of two local South African exchanges that are currently listing Solana as a product, pretty cool right? So here’s just a friendly reminder that Solana is still free of all buy-in fees till the 17th of September.
As for the world of crypto, we’ll be touching on Bitcoin’s rollout as legal tender in El Salvador, the possibility of Ukraine becoming the second country to adopt Bitcoin as legal tender, as well as Cardano’s launch of its exciting Alonzo hard fork.
Ready to jump in? Well then, let’s get to it.
- Bitcoin (BTC) has seen a 12.55% decrease and ends the week standing at $46 041.42.
- Ethereum’s native Ether (ETH) has seen a decrease of 14.67% and ends the week standing at $3 353.59.
- Uniswap’s native UNI token has seen a 18.79% decrease and ends the week standing at $23.45.
- Cardano’s native ADA token has seen a 14.43% decrease and ends the week standing at $2.42.
- Polkadot’s native DOT token has seen a nice 9.20% increase and ends the week standing at $37.37.
- Gold prices are down by 1.36% this past week, with PAX Gold trading at $1 800.75.
- The downturn in the market reflected in our Bundles this past week. The Top 10 Bundle is down by 12.62%, the Smart Contract Bundle decreased by 6.04%, while the Payment Bundle went down by 19.35%.
This week’s top stories
More countries to follow El Salvador’s Bitcoin move, Cardano creator says
El Salvador adopting Bitcoin as official legal tender this past week was not just a monumental milestone for the crown cryptocurrency, but for the entirety of the crypto space. It signified the result of years of hard work in crafting Bitcoin into the robust and trusted network it is today, ultimately bringing it one step closer to its ultimate goal: being the world’s most efficient and versatile store of value.
The country became the first in the world to accept Bitcoin as an official currency last Tuesday, and according to Cardano creator Charles Hoskinson more countries are bound to follow suit — real soon for that matter. Ukraine has also recently passed legislation concerning crypto-related operations and have discussed plans for the eventual implementation of Bitcoin as legal tender, more on that in a bit!
Hoskinson has stated on multiple occasions that the success of crypto’s future as money lies with the younger generation, with the majority of people under the age of 25 already having positive views on cryptocurrencies. It’s also no secret that El Salvador’s Bitcoin rollout was met with mixed reception from the media, but one can’t deny the impact of the event in terms of what it represents.
It’s the first of its kind, and also the first of many more (and hey, we told you so! Sorry we had to squeeze that one in).
Ukraine set to become next country to make Bitcoin legal tender
You could say the adoption of Bitcoin as legal tender in El Salvador is the first step in creating a ripple effect of Bitcoin adoption throughout the globe, and to no surprise the next contender is already waiting in line.
Ukraine’s President Volodymyr Zelensky is well-known for being a proud supporter of the crown cryptocurrency, and has already instructed ministers to transform Ukraine into a crypto-friendly nation. Last week the country actually made cryptocurrencies legal in a near-unanimous vote and is even looking to take it one step further by making Bitcoin legal tender.
This basically stems from the fact that there’s a lot of talk amongst Ukraine’s politicians regarding a potential ‘financial revolution’ for the country — people want change, and this also ties in directly to the country’s much younger population.
Based on the overwhelming support for the recent decision, it’s clear that the country’s younger population is eager to move away from Russia’s overbearing influence and to blaze their own trail in regards to their finances and freedom.
It’s still early days and much is still open for speculation, but crypto might just be the silver bullet Ukraine’s been looking for.
Cardano launches smart contracts after successful hard fork
Your big day finally arrived ADA fans! Cardano successfully completed its Alonzo hard fork last night with the introduction of Plutus-powered smart contract scripts, which are basically pieces of code that execute when certain conditions are met. You can think of the Cardano network as your PC, and smart contracts as the processes running in the background.
There’s been a lot of hype for this one, yet not everyone’s been incredibly impressed with the long wait leading up to the upgrade. The numbers don’t lie however, and Cardano’s rise to the coveted third spot on the crypto market cap rankings indicate an immense amount of support for the network and its native ADA token.
The upgrade finally allows smart contracts to be written for Cardano, but the developers have stated that expectations should be managed. While Cardano pledged to rival Ethereum’s dominance in hosting decentralized finance (DeFi) and Web 3.0 applications, it might still take a while for projects to gain traction on the blockchain.
Patience is bitter, but fruit is sweet. We’re excited to see how the project continues to unfold!
“Blockchain technology could change our world more than people imagine.”
– Jack Ma, Co-Founder of Alibaba Group
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This article is intended for informational purposes only. The views expressed are not and should not be construed as investment advice or recommendations. This article is not an offer, nor the solicitation of an offer, to buy or sell any of the assets or securities mentioned herein. You should not invest more than you can afford to lose and before investing, please take into consideration your level of experience, investment objectives, and seek independent financial advice if necessary.