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Bitcoin breached $20,000 again last week, for the second week in a row, maintaining its hold above that price level for longer before trending back down in the wake of fresh US jobs data.

The world’s largest cryptoasset started the week trading below $19,000 before surging to above $20,000 midweek. The US’s latest labor data took the steam out of the rally however sending price levels back below $19,500. It is currently trading at around $19,200. 

Ether meanwhile saw its own midweek rally, rising above $1,360 having begun the week below $1,280. It too lost the wind from its sails on Friday and is now trading around $1,300. 
 

India looking to launch ‘e-rupee’

Things have looked quiet on the central bank digital currency (CBDC) front in recent months, but India has just announced it is working toward a phased introduction of its own digital asset in the near future, the e-rupee.

There’s not huge amounts of detail from the country’s central bank but it has confirmed it is looking at implementing an account-based CBDC which would have a segment for wholesale usage by financial institutions, and a digital currency for retail use by consumers.

India lags behind other countries in terms of physical cash usage, so the successful introduction of a digital currency could be a big step forward in economic terms for the nation. CBDCs are not without controversy however and some subsets of the crypto community are opposed on the ground that they are ultimately controlled by powerful centralized government institutions.  
 

Brazil breaking crypto records

New data from Brazil shows a record number of organizations holding cryptoassets in August. Numbers from the Brazilian Tax Authority (RFB) show a record number of companies and other institutions are now holders of cryptoassets.

Interestingly, the most held cryptoasset among these organizations is Tether stablecoin USDT. This makes sense in the context of stablecoin usage, a key onramp into the wider crypto ecosphere. More than $1.4 billion worth is held by just under 80,000 organizations. 

It’s useful to watch crypto usage and movements in the wider world beyond Europe and the US. Cryptoassets in countries such as Brazil, El Salvador, and others have gained traction where local financial institutions, currencies, and other aspects of finance suffer from significant levels of distrust and a general lack of confidence. This is amplified at a time when traditional assets are suffering and the US dollar looks almighty. 
 

Cool Cats NFT scores new investment

Well-known NFT project Cool Cats has scored a significant new investment in its project by Animoca Brands. The firm already had a stake in the Cool Cats ecosphere through its subsidiary GAMEE, but the new partnership advances the proposition of the NFT and gaming firm. 

Animoca says it is looking to become a leader in NFT, metaverse gaming and media brand and recently scored its own fresh capital injection of $110 million from a consortium of investors. The current valuation of the firm sits above $5 billion, making it no small player in the market. The floor price of Cool Cats NFTs has clearly reacted well to the announcement which is no surprise. 

The news is another encouraging ‘bear building’ example in a market that is notable for the significant fall off in price levels in recent months. NFTs reached lofty valuations last year and many are nursing a significant downside now. But the evidence is there that the technology and ideas surrounding it are still growing and developing for the future.

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