View moreIn This Week’s Recap:
- BTC Surges Past 70k
- RWA Set To grow
- Team BankSocial Conference Tour
- Telegram Crypto Communities Grow
- Hot Topics
The Big Idea
Bitcoin Surges Past 70k
Bitcoin has surged past $73,000 during U.S. trading this week, reflecting a 5% increase in 24 hours and leading to the liquidation of over $143 million in short positions. This rally is driven by whale activity on Binance and substantial inflows into Bitcoin ETFs, adding 47,000 BTC in the past two weeks. Since then, BTC has settled to just over $70,000. Traders are optimistic, betting that the upcoming U.S. elections will positively influence the market, regardless of the outcome. The broader crypto landscape is also thriving, with major tokens like Dogecoin and Ether experiencing significant gains.
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Adoption News
Report: RWA Growth to Explode
Tokenization of real-world assets (RWAs) is poised for rapid growth, with assets under management potentially exceeding $600 billion by 2030, according to research from Boston Consulting Group. They describe it as “the third revolution in asset management,” fueled by increasing investor interest in tokenized funds. The bond market is particularly well-suited for this shift, enabling cost reductions and greater efficiency through blockchain technology. While private equity shows strong potential for transformation, public equities may adopt more gradually. Overall, RWA tokenization is gaining momentum, with more institutions eager to explore its possibilities.
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BankSocial Corner
Team BankSocial Conference Tour
BankSocial has been on the move recently, actively engaging with credit unions at several key events over the past few weeks, including the Jack Henry Connect, ICUL, NASCUS with state regulators, the Utah Credit Unions CEO/Board Chair Event, and the ACU Small Credit Union Conference, where we’ve had speaking roles at many of these. We’re spreading the word about our mission and expanding our reach through the Converge Podcast, where we discuss all things crypto, DLT, CU’s, and their impact on the financial landscape. Check out the most recent episode featuring John Wingate, Mance Harmon, and Lee Bratcher below.
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CEX, Rugs, Block and Roll
Crypto Communities Grow In Africa
Telegram-based crypto communities in Africa have surged by 183% from early 2023 to August 2024, with projections estimating 54 million users by 2025, particularly in Nigeria and South Africa. This growth is fueled by economic instability, limited banking access, and a tech-savvy youth demographic. In Kenya, a 67% youth unemployment rate has driven many to embrace crypto as an alternative to traditional jobs, aided by familiarity with mobile money apps like M-PESA. Meanwhile, the rise of crypto has prompted government crackdowns, particularly in Nigeria, where exchanges like Binance are facing scrutiny for alleged financial crimes.
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While anyone can access the BankSocial ecosystem, certain features including the exchange require Verifiied®- our simple KYC solution. Login to My.BankSocial.io and start the process now.
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Hot Topics
What’s on everyone’s mind?
Congrats to Hedera for welcoming Nairobi Securities Exchange to the Governing Council!
Conor of Bitcoin Magazine rolled out his “Bitcoin Popularity Index”. On this graphic, you can realize a visualization of Google search query data from across the globe.
Microsoft shareholders will vote on adding BTC to the company balance sheet.
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All The Love and All The Power!
was originally published in BankSocial News on Medium, where people are continuing the conversation by highlighting and responding to this story.
