The entire digital currency and blockchain industry have been greatly affected by the crypto winter. Almost everyone is affected, from trading platforms to miners to traders to investors. As a result of the persistent bear market, a lot of firms have shut down their operations. Many companies are out of business. This has resulted in the hibernation of about one million mining ASICs. A lot of mining ASICs in China are being hibernated, but they may be back online soon.
The U.S Will Soon See Its First Digital Asset Bank
A Wyoming holding firm is set to launch FreeRange in the United States. FreeRange will be the first digital asset bank in the United States when launched. The blockchain system of Wyoming has been growing at a steady pace over the past year. It is gradually becoming the number one choice for firms in the US.
The United States government recently passed a bill for special purpose banks. As a result, there is now an opportunity for the emergence of a digital asset bank. FreeRange wants to be the first to take advantage of this great opportunity.
The Potentials of the Crypto Internet
Recently, Ari David Paul posted a series of tweets on Twitter, talking about the blockchain space. In his tweets, he talked about the potentials for blockchain technology, which he refers to as crypto internet. Paul went after the digital currency of JP Morgan, Facebook, and other similar digital currencies. He attacked the lack of depreciation resistance and censorship resistance, as well as other issues.
Nevertheless, he commended Bitcoin (BTC) and other digital currencies. He said decentralized digital currencies could be very important to the future progress of these blockchains. Since the arrival of Bitcoin (BTC) in the digital space, a host of other digital currencies have followed suit. Now top firms and social media giants are creating their own digital currencies.
Facebook has been very secretive about the creation of its digital currency. In 2018, the CEO and co-founder said they are exploring the potentials of blockchain. However, he made no mention of the firm creating its own digital currency. The firm recently disclosed its plans to create its own digital currency. The development team of the firm is even in an office that is out of reach for other employees in the firm.
The Digital Currency Winter Is Not Close to Being Over
Bitcoin (BTC) and the rest of the digital currencies in the market had been in the hands of the bears since January last year. While many expected the bear market to come to an end towards the ending of the year, the bear market flowed into this year. Recently, there has been an influx of new trading platforms and products in the crypto space. This has given a lot of investors, and traders hope that the bear market will soon be over.
Nevertheless, one digital currency analyst revealed shocking research. The research of the analyst entails when the bear market will come to an end. Unfortunately, the bear markets will come to an end in the next four years, according to the research.
Bitcoin (BTC) Price Today – BTC / USD
At the time of writing, Bitcoin (BTC) is changing hands at $3,916 after an increase of less than one percent over the past twenty-four hours. The current market cap of the digital currency is $67.21 billion and its trading volume over the past twenty-four hours is $6.77 billion.