Dear Teroxx Community,
This week we saw a digital asset market that did not see any change in Bitcoin, but where some altcoins performed positively.
As usual, we are also providing detailed videos for those who want to delve deeper into the subject.
Latest crypto news
AZ Alkmaar wants to pay player salaries in bitcoin
Through a new sponsorship, the Dutch soccer club wants to invest in Bitcoin and pay salaries in BTC. As emerged from a corresponding announcement yesterday (Thursday), the third-placed team in the Eredivisie, i.e. the highest Dutch division, has entered into a sponsorship with crypto trading platform Bitcoin Meester until mid-2024.
The sponsorship money will be paid out entirely in Bitcoin, and the soccer club plans to continue to hold it in the form of BTC. In this context, Michael Koster, AZ’s business director, emphasizes that the radiance of Bitcoin and cryptocurrencies was the driving force behind this decision: “The crypto market is booming, and has seen exponential growth in users in recent years.”
Although the USA does not yet have a proper legal framework for cryptocurrencies, the country offers the best conditions for the crypto industry compared to all other nations in the world.
This is at least the conclusion of the “Crypto-Ready Index” of the market research institute Crypto Head, which assigns the USA the top score of 7.3 out of 10 points. A wide variety of metrics and circumstances serve as the basis for this rating, including the volume of Google searches, the number of crypto ATMs and the legal situation surrounding cryptocurrencies.
“In terms of crypto ATMs, the U.S. leads the world by far with more than 17,000 machines, as the next-ranked country records nearly 16,000 fewer machines,” the index states to that effect. It added: “U.S. law allows cryptocurrencies to be owned and used by banks, and there was also a 140% increase in cryptocurrency searches in the U.S. last year.”
More than $30 billion in ADA is in staking ahead of the next major milestone of the associated Cardano network. Not without reason, as further development could bring significant growth to the blockchain network and cryptocurrency.
Nearly 71.7% of ADA’s available circulating supply, the equivalent of $31 billion, is currently in 2,665 staking pools, according to PoolTool data. At that time, the cryptocurrency’s market value was $1.34.
In terms of market capitalization, ADA is the fifth largest cryptocurrency ever.
Meanwhile, the value of crypto assets invested in staking is by far the highest for Cardano, as even its major competitor Ethereum comes in a distant second at $12.2 billion. Solana, Polkadot and Algorand again rank in the following places.
Technical term of the week
Pool Staking: A certain number of coins or tokens are put into a public pool. This increases the return on investment as several market participants join together and form a larger pool, increasing the chance of rewards.
Bullish outlook: Break of local resistance at ~$36,000 could mean a bounce towards $40,000.
Bearish outlook: A loss of the current situation and retest of the $30,000 region could lead to further sell-offs.