9/17 FAL Weekly Digest
Welcome to the FAL weekly digest, a source for this week’s hottest news articles and crypto market updates.
Here is what you need to know:
President Nayib Bukele and First Lady Gabriela Roberta Rodriguez de Bukele pictured above.
International Adoption of Crypto Grows
Last Tuesday El Salvador become the first nation in the world to adopt Bitcoin as a legal tender. Residents can use BTC to pay taxes, rent, or even buy a cup of coffee. About 70% of Salvadorans do not have access to traditional financial services such as bank accounts, resulting in large amounts of money being sent internationally through services such as Western Union which can issue high fees based on the size of the transfer. The adoption of Bitcoin challenges these traditional services by using modern digital payment systems such as Strike and Bitcoin’s Lightning Network to allow users to send money anywhere in the world for free. For more information, check out the analysis found here.
Solana Main-net Goes Offline
Solana's blockchain has come back online on Wednesday after a series of issues resulting in network failures for almost 20 hours. This shutdown was mainly due to network congestion from automated bots running transactions.
Solana ($SOL) is an up and coming competitor to Ethereum ($ETH) in the smart contract capable blockchain space. It is currently still in beta, but some community members remain suspicious of the project’s capabilities and level of decentralization. For more information, check out the full analysis found here.
Market Update - Bitcoin
Key Points:
Bitcoin is in stasis as greater macroeconomic risk and fears prevent the asset from further immediate price increases.
Cryptocurrency market upside momentum has slowed down after the U.S. released an unexpectedly high August retail sale figures on Thursday, reanimating concerns of an early scaling back of Federal Reserve stimulus and increasing interest rates.
Analysts at Standard Chartered predict the Fed to announce the taper next week after the Federal Open Market Committee meets on September 22nd. The interest rate increases will likely be deployed over time, with one increase in 2022 and two increases in 2023 and 2024 each.
Fears of macroeconomic uncertainty have compounded with news that Chinese property giant Evergrande may default on their debt obligations, introducing the possibility of a rippling effect throughout financial markets including cryptocurrencies.
Full analysis found here.
Events
On September 25th and 26th, Cardano will be hosting its 2021 virtual summit accompanied by in-person events and speakers. Charles Hoskinson, the founder of ADA, will also be addressing the events live from Wyoming.
The events will take place virtually and be accompanied by live events in New York, Wyoming, London, Miami, Cape Town, Tokyo, and Berlin. You can register here.
Thanks for reading our weekly digest. For the best experience and to receive these updates as market events develop, please visit us at https://www.cryptofal.com/ and subscribe to our website for in-depth newsletters, articles, podcasts, and more.