Daily Crypto News 11 October
The value settled on the Bitcoin network has recently been rising, reaching a new daily all-time high last week. On Oct. 6, Bitcoin's daily settlement value reached an all-time high, with $31 billion in transactions resolved on-chain via the Bitcoin network. The new high represents a 40-fold increase in the network's daily settlement volume since the beginning of 2020. According to Coin Metrics statistics, daily settlement traffic has subsequently dropped dramatically, with the Bitcoin network clearing $11.6 billion in transactions on Oct. 10.Over the weekend, on-chain expert Willy Woo commented on the increase in activity and settlement value, tweeting that the volume of money moving on Bitcoin's blockchain now surpasses that of big centralized payment networks Visa and Mastercard in the United States.
"At the moment, (the Bitcoin network) is doing $190,000 per second." Compare this to Visa's $130k per second for US consumers and Mastercard's $55k per second."
According to Bitinfocharts, the average value of a Bitcoin network transaction has also gradually increased over the last three months to $732,000, a 273% rise since the beginning of July.
Senator Ted Cruz of Texas contends that instead of flaring natural gas, the United States should mine Bitcoin with it. During the Texas Blockchain Summit, Senator Cruz suggested that Bitcoin mining might be used to monetize energy provided by oil and gas production rather of burning it.
"Utilize that processing power to mine Bitcoin," Cruz says. "Part of the beauty of it is that you're instantly benefitting the environment by not flaring the natural gas and instead putting it to good use."
Cruz is not alone in his belief that Bitcoin mining may be a cost-effective way to collect renewable energy, with El Salvador recently announcing plans for a state-backed Bitcoin mining facility powered by renewables.
While the shiba inu (SHIB) is on a rally, it may be too early to compare the euphoria around the dogecoin-inspired cryptocurrency to the peak retail frenzy experienced just before the bull market high earlier this year. Google Trends, a popular tool for assessing retail interest in current topics, gave a comparably low value of 10 for the search query "how to buy shiba inu" over the preceding 12 months. While public interest has grown substantially as a result of SHIB's 230 percent weekly growth, it remains far from the pinnacle of 100 indicated on Google Trends in the second week of May. A score of 100 denotes peak popularity among the general public - the greatest number of searches detected for a phrase during a specific time period. It shows that an increasing number of individuals are searching the internet for information on the hot issue. According to web statistics, SHIB's current surge upward has yet to pique the interest of retail investors, and additional increases may be on the way. Retail investors have a reputation for being the last to enter a bull market. As a result, a Google search value of 100 or peak retail interest frequently corresponds with the end of a bull market.
Dolce & Gabbana recently announced that "Collezione Genesi," its inaugural NFT collection (which includes both digital and physical pieces of art), has sold for over 1,885 ETH on the Polygon-powered NFT marketplace UNXD, making it the "most successful digital fashion drop ever" (according to D&G). Items from this fashion NFT collection, which was inspired by the city of Venice and produced in partnership with UNXD, were featured on July 15 in three D&G events, Alta Moda, Alta Sartoria, and Alta Gioielleria, which took place in Venice on August 28-30. On September 26, auctions for objects from the Collezione Genesi went live on the UNXD website.