Daily Digest 8/26
Insight on the biggest news and charts that provide context for whats going on in the market today.
Bitcoin open interest on Deribit reached $1.37B on Monday which is the highest since May 27th.
This could be a sign of optimism and hands re-entering the market.
Also bullish indicator that investors are betting on BTC price going over $50k soon.
High open interest could also mean that an asset is over leveraged. Since the price of BTC bottomed out at 29k and rose to 50k so quickly we should also be looking at it from that perspective as well.
Bitcoin futures open interest at 3-month highs — But will it be enough to overcome $50K?
Microsoft has won a Blockhain related patent that they had originally filed for in 2019.
The patent is for a “ ledger- independent token service” which means they want to enable people and businesses to create and manage tokens across multiple ledger networks.
The service is designed to act as a single interface for managing tokens on multiple blockchains “in a manner that is agnostic of the underlying distributed ledger networks.”
Microsoft also filled a patent last year for a device that would allow people to mine crypto using their body activity data.
Microsoft wins US patent for ‘ledger-independent token service’
VeChain has launched a new service that will combine decentralized ledger technology with Software-as-a-service called the Digital Carbon Footprint SaaS Service to encourage carbon data reporting.
The Digital Carbon Footprint SaaS Service “allows enterprise users to log key data and integrate it with world-leading third party assurance providers within VeChain’s partnership network. This data can then be later transformed into new kinds of value and improve sustainability performance across the entirety of an organization.”
“VeChain’s blockchain-based Digital Carbon Footprint SaaS Service provides a comprehensive and scalable platform for any enterprise to be able to better calculate, track and report their carbon reduction initiatives across the entire value chain.” - Alexandre Gellert Paris
VeChain says that using blockchain for a public network would solve the traditional issue of trust and transparency in supply chains.
VeChain launches blockchain platform to encourage carbon data reporting
A report by Nansen shows that wash trading can be happening at an increased rate with NFTs. There has been some patterns that might suggest that people are buying up the floors on some projects. Wash trading is a practice where a trader or group of traders buy and sell the same asset to create the illusion of heightened demand.
