After a bullish month in July, Bitcoin couldn't break through the 25k level and then it drawback to the 20k level in August. FED's chair Powel's speech on 27th August triggered a sell-off because the message was more hawkish about interest rate increases in the near future.
The most debated issue was U.S. Treasury ban on Tornado Cash. State ban on a decentralized application set off a reaction from crypto communities. The biggest development news was Ethereum's merge date announcement. After the merge date was announced, Ethereum's price gained more than %20 and tested the $2000 level.
Despite the negative global economic environment, blockchain development activities continue. There will be a significant development with another major blockchain Cardano's ADA. ADA's Vasil Upgrade is about to be announced while the market is focused on ETH merge. Governments and local administrations are showing interest in crypto and blockchain adoption and regulations without pausing. There are cities around the world competing to become blockchain hubs.
Competition to become a blockchain hub is heating up. The town of El Zonte, El Salvador's Bitcoin Beach, is a well-known blockchain hub and attracts blockchain enthusiasts to the country. El Salvador's president Nayib Bukele showed strong support for crypto adoption and announced new plans for $203 Million in infrastructure investments in the town of El Zonte. El Salvador is not alone on this journey. There are other cities and countries that want to become attraction center for the blockchain industry.
Busan, the second biggest city in South Korea, is a popular destination for crypto and blockchain startups. Binance announced an agreement with the city of Busan on Twitter before August ends. Shortly after, the City of Busan signed an agreement with Sam Friedman's FTX to develop local cryptocurrency exchange and to support the blockchain startup ecosystem. The Busan City authorities expressed that they want to create a local exchange where crypto startup company shares and cryptocurrencies can be traded in a regulated environment.
Indonesia is another country in the blockchain hub competition. Indonesia's Commodity Futures Trading Regulatory Agency Bappebti stopped issuing new licenses for crypto traders. There are already 25 registered and licensed crypto trading companies in the country. The ministry-level statement showed that Indonesia is preparing a local crypto exchange before the end of 2022. Indonesia has also stated that wholesale CBDC will be ready before 2023.
Cryptocurrency exchange platform Nexo announced a $50 Million buyback plan for its platform's native token, NEXO. Nexo's plan is periodically repurchase Nexo tokens in the next six months. Repurchased tokens will be subject to 12 months vesting period. This is not the first time Nexo started a buyback program. Nexo announced a $100 M buyback program back in last May.
The company labelled itself as the leading regulated digital assets institution while announcing the program. Crypto exchange platform Nexo allows users to lend and borrow cryptocurrencies on the platform. Using Nexo tokens gives some advantages in fees and rewards on the platform. Nexo token is among the top 100 cryptocurrencies by marketcap according to coinmarketcap.com.
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