The happiness was brought to the Bitcoin owners when on Wednesday last week Bitcoin was able to break through US$ 11,000 and maintained its position over the full week. According to Bitcoin’s a week earlier performance, the first cryptocurrency of the world, was going very low so much so that it lost about half of its value in the commencing week of this month. Huge volumes of Bitcoin’s buying and the Fed’s initiative to lower the interest rates have helped Bitcoin considerably to recover from the downward trending.
Uniswap, which is a decentralized crypto exchange associated with the Ethereum blockchain, has gained huge popularity amongst crypto enthusiasts for the reasons that it has successfully launched its new tokens called Uni on Wednesday at the Ethereum network and offered about 400 incentive tokens to its users which were bought at US$ 3 apiece. For the time being Uniswap exchange has been earning US$ 4.25 million per day as the cost of fees from the Ethereum network.
On the other hand, Wyoming was able to maintain its reputation of being a “blockchain-friendly state” by allowing a world-renowned crypto exchange firm, Kraken, to transform into a full-fledged banking institution. The exchange turned bank will now render its crypto-based services to its customers as a full-time bank under the name and style of Kraken Financials.
Similarly, the second largest stable coin called the US Dollar Coin (USDC), expanded over the Algorand blockchain past week, which is an update capable of allowing the transactions to take place efficiently and effectively. Circle and Coinbase also entered into agreements for putting combined efforts for developing of USDC which can be then integrated through other blockchains instead of the Ethereum blockchain only.
According to reports, it has been said that currently, Ethereum is capable of conducting 15 transactions per second. However, with the new update in place, over 1000 transactions per second can be done accordingly. The work is still under progress to increase the number of transactions from 1000 per second as well in the near future, said the Chief Executive Officer of Circle, Mr. Jeremy Allaire.