Global Hive Buzz

Bitcoin Achieves Record Highs in Turkey and Nigeria

Despite trading at 50% below its peak in U.S. dollars, Bitcoin (BTC) has reached all-time high prices in Turkey and Nigeria, thanks to the weakening national fiat currencies and economic instability in these regions.

Recent surges in Bitcoin prices have pushed the cryptocurrency to new heights when measured against the Turkish lira and the Nigerian naira. As of Friday morning, Bitcoin was trading at 960,000 Turkish lira (TRY) and 27.4 million Nigerian naira (NGN), marking a substantial 30% increase in local currency value over the past month.

Turkey and Nigeria are witnessing significant levels of cryptocurrency adoption. A September report from the analysis firm Chainalysis ranked Nigeria as the second most active country, after India, in terms of participation in decentralized finance (DeFi) and cryptocurrency trading activities, while Turkey secured the twelfth spot on this list among twenty countries.

Surprising Upcoming News from President Biden

The Biden administration is gearing up for a significant announcement with the potential to have a profound impact on the market. This development could cause the value of a particular asset to soar. And I'm not referring to gold or stocks.

However, if you don't get in on this investment opportunity before President Biden's announcement, which could come as early as tomorrow, you could miss out entirely. Discover the details about this situation and its implications for you by clicking here.

JPMorgan's JPM Coin Achieves $1 Billion in Daily Transaction Volume

A significant milestone has been reached by JPMorgan Chase & Co.'s digital token, JPM Coin, which is now handling a daily transaction volume of $1 billion. This marks a noteworthy achievement in the bank's blockchain initiative.

JPM Coin operates on Quorum, a private blockchain developed by JPMorgan itself, and is backed on a 1:1 basis with the US dollar. Each JPM Coin represents an equivalent value of one US dollar securely held in designated accounts at JPMorgan Chase.

In a recent development, JPMorgan introduced its Tokenized Collateral Network (TCN) on its Onyx blockchain. This platform enables swift collateral transfers. As an example of its efficiency, BlackRock tokenized money market fund shares on TCN and used them as collateral in a trade with Barclays, underscoring TCN's advantage over traditional settlement methods.

New Research Reveals an Increase in Token Staking

The third quarter of 2023 has once again put Proof-of-Stake (PoS) assets in the spotlight, as staking rates surged across the top 35 stakable assets.

According to the latest "State of Staking" report by Staked at Kraken, the average stake rate, which measures the percentage of tokens from the circulating supply staked within a specific cryptocurrency network, reached an all-time high in Q3 2023. It soared from 49.3% in the previous quarter to an impressive 52.4%.

Notable networks with high staking rates last quarter included Aptos and SUI, with 84.1% and 80.5% of their supplies staked, respectively. They were followed by Mina (77.6%), Solana (71.9%), and Cosmos (67.6%), as outlined in the report.

Tim Ogilvie, Product Director and Head of Staked at Kraken, explained, "Stake rates tend to increase when holders become more familiar with the underlying protocol and more willing to use their tokens to support the network. If network activity remains relatively constant, an increase in stake rate can lead to a decrease in the average return, as staking rewards must be distributed among more validators."

Which Altcoin Will Skyrocket Next?

Juan Villaverde's Crypto Timing Model has consistently made accurate predictions, such as the remarkable 1,135% gain on THORChain. He also identified Cardano at just 4 cents and watched it surge by an astounding 2,900%. These successes aren't just isolated instances.

On average, Juan's crypto recommendations have yielded a 328% return, even factoring in some losses. Now, Juan is putting his faith in a single altcoin in the current market, suggesting it could follow in the footsteps of Cardano.

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