Asia overtakes the US in terms of bitcoin trade flows

The price of bitcoin showed a downward trend last week, losing about 5 percent. compared to last week as investors continue to wait and watch the macroeconomic developments. The cryptocurrency market has not reacted much to the success of the US debt ceiling, suggesting that the focus of investors is elsewhere.

Bitcoin started the week at around $28 on eToro, but dropped during the week and is now trading at around $000. Ethereum also saw declines, going from around $26 to around $500 - a smaller drop of around 1900 percent.

Despite the ultimate success of the debt ceiling deal, markets remain calm this morning. Easing doubts about the US debt ceiling should provide some basic support for the market, but it is unlikely to happen in the short term.

Asia overtakes the US in terms of bitcoin trade flows

Według data Glassnode, the dominance of bitcoin buying and selling in the US, has evaporated over the past year. US bitcoin holders fell 11%, while Asia saw an increase of 10%.

Glassnode also notes a shift in US stablecoin activity with a significant outflow from fiat-backed tokens. This data underpins the main bull trend in 2020-21, driven by American cryptocurrency investors, more specifically in bitcoin.

But now, after a period of market volatility and uncertainty about the legal status of many projects in the country, it is clear that the opposite is happening. Outflows can be expected when there is a lack of direction from legislators, sending capital flows to other, more established regions in the cryptocurrency market.

GTA 6 may have NFT

Rumors have resurfaced that the next edition of the massive GTA game series may have tech built in NFT.

Gaming may be considered a niche occupation, but there's no denying that the blockbuster GTA 5 has grossed Rockstar around $7,7 billion since its release in 2013. It makes sense for the company to look for new ways to monetize and reward their players with a new edition of the series.

So far, the discussion of potential NFTs in the next section is just that gossip. As such, there are many lucrative areas of gaming where NFTs are not mere rumors, such as the just announced linking EA and Nike, as part of which Nike NFT will appear on the EA platform - the dominant producer of sports games.

Bitcoin creators consider killing memecoins

In recent months, the bitcoin blockchain has been stirred by the emergence of memecoins (such as PEPE) being minted on its network. The value of the tokens has gone up, along with the growing number of speculators, but it has sparked a significant backlash from the bitcoin community.

The minting of these tokens on the Bitcoin network slowed down transaction times and increased fees. Currently, developers are having tense discussions about whether to completely eliminate this functionality to protect the network.

According to reports by Bloomberg, developers could potentially make such transactions illegal on the chain, which would kill their value in one fell swoop. The PEPE market reacted very poorly to this news and the price of the token dropped significantly.