The Bitcoin network welcomes Taproot soft fork upgrade: The Bitcoin (BTC) network underwent its first major upgrade since 2017 after the Taproot...
One week in review:
Nov. 14–20 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. The Bitcoin network welcomes Taproot soft fork upgrade | | | The Bitcoin (BTC) network underwent its first major upgrade since 2017 after the Taproot soft fork went live following a 90% lock-in consensus from miners and mining pools between blocks 709,488 and 709,632. | | | Taproot will apparently improve the scripting capabilities and privacy of the Bitcoin network by enabling a concept known as Merkelized Abstract Syntax Tree, which can enhance the efficiency of smart contracts without revealing private data behind the contract when making transactions. | | | Prominent Bitcoin developer Hampus Sjöberg spoke to Cointelegraph and emphasized the importance of the upgrade, as he pointed out that Taproot shows Bitcoin can do network upgrades again. | | #2. Animoca Brands unveils plans for K-pop NFT metaverse | | | Top NFT gaming firm Animoca Brands has penned a partnership with Cube Entertainment, a South Korean record label, talent agency and music production company, to build a "K-pop music metaverse." | | | The deal was announced on Monday and will see the duo work together to rollout NFTs dedicated to K-pop stars and popular actors under Cube's representation, such as BtoB, Pentagon, (G)I-DLE and Lightsum. | | | Animoca said the partnership will enable "true digital property rights and other blockchain benefits" for the artists on Cube's roster as well as their fans. Cube CEO Ahn Woo-hyung said that the collaboration will be "an important beginning for leading the global digital culture market and advancing the digital content industry." | | #3. Staples Center in Los Angeles will be renamed Crypto.com Arena | | | Crypto.com (CRO) splurged $700 million on 20-year naming rights for the Staples Center, with the home of the NBA's Los Angeles Clippers and Los Angeles Lakers now officially known as Crypto.com Arena. | | | The deal was signed off by the arena's owner, AEG, a multinational sports and entertainment company that owns several facilities, as well as sports franchises such as the MLS's Los Angeles Galaxy. | | | The 20,000-seat stadium will feature the new branding for the first time on Christmas day, as the LA Lakers take on the Brooklyn Nets. Crypto.com has been on a bullish pump of late, with the price gaining more than 160% over the past 30 days to sit at $0.505671 at the time of writing. | | #4. Prediction of the week: Bitcoin has stalled, but here's why pro traders still expect $80K by January | | | Bitcoin has suffered significant downward price action recently, dropping from around $66,300 down to roughly $55,700 inside the week, based on Cointelegraph's BTC price index. | | | Cointelegraph's Marcel Pechman looked at a variety of data to see how market players are acting. Pechman observed that Bitcoin futures data revealed only a moderate level of confidence in the digital currency as of Tuesday. | | | In his view, options data for BTC points to a neutral outlook on the digital asset. Additionally, Pechman included a chart indicating Bitcoin's price traveling inside an ascending channel — a type of upward-slanting range. | | #5. FUD of the week: President Biden signs infrastructure bill into law, mandating broker reporting requirements | | | The controversial $1 trillion infrastructure bill was signed off by President Joe Biden on Monday, with the legislation aimed at funding major infrastructure projects across the U.S., among several other spending initiatives. | | | Crypto proponents have had the pitchforks ready ever since the bill was announced months ago, as it imposes tighter rules on crypto businesses and reporting requirements for brokers. The bill also mandates that crypto transactions larger than $10,000 are to be reported to the Internal Revenue Service. | | | "For too long, we've talked about having the best economy in the world. [...] Today, we're finally getting this done," said the U.S. president, adding that this bill will somehow make the citizens' lives "change for the better." | | #6. FUD of the week: Miramax sues Tarantino over 'money grab' Pulp Fiction NFTs | | | Miramax filed a complaint against iconic film director Quentin Tarantino on Tuesday after the 58-year-old went rogue and announced his own NFT drop depicting content from Pulp Fiction, his blockbuster film from 1994. | | | Tarantino said the NFT sale would go live next month, but it appears that Miramax took umbrage at not being offered the chance to skim some extra royalties off the film it produced. Miramax accused Tarantino's team of going after a "short-term money grab" despite the company having plans to do the same thing itself. | | | "This group chose to recklessly, greedily, and intentionally disregard the agreement that Quentin signed instead of following the clear legal and ethical approach of simply communicating with Miramax about his proposed ideas," Miramax said. | | | Feel free to explore the most important news with Hodler's Digest: | | | |
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