In today’s edition of Bitmama’s weekly crypto news roundup, we cover interesting topics in the cryptocurrency industry. From Ethereum hitting an ATH to Nigeria making history by rolling out its digital currency, let’s dig in.
Ethereum cryptocurrency soars to an all-time high
Ether, the second-largest cryptocurrency, soared to a record above $4,400 Friday on bullish sentiment surrounding the most used blockchain network. Ether underpins the affiliated Ethereum Network, the dominant blockchain used for thousands of decentralized applications. The system got a further boost this week after a successful upgrade designed to make it faster and more energy-efficient.
The digital asset gained as much as 4.8% to $4,459.20, topping the previous record of $4,379.62 in May. The token traded around $4,387 as of 2:41 p.m. in New York. Other tokens including Binance Coin and Solana rallied. Ether is now worth more than $520 billion, according to data from CoinGecko.com.
Ether’s latest milestone comes as the digital token has far outperformed Bitcoin throughout this year with a sixfold increase amid surging retail and institutional investor interest in the space.
Nigeria becomes first African nation to roll out digital currency
Nigeria has become the first country in Africa, and one of the first in the world to introduce a digital currency to her citizens,” President Muhammadu Buhari said in televised speech at the launch in Abuja, the capital. “The adoption of the central bank digital currency and its underlying technology, called blockchain, can increase Nigeria’s gross domestic product by $29 billion over the next 10 years.”
The issuance of the digital currency, called the eNaira, comes after the central bank earlier in February outlawed banks and financial institutions from transacting or operating in cryptocurrencies as they posed a threat to the financial system. Since the launch of the eNaira platform, it’s received more than 2.5 million daily visits, with 33 banks integrated on the platform, 500 million c ($1.2 million) successfully minted and more than 2,000 customers onboarded, central bank Governor Godwin Emefiele said at the launch.
Squid Game cryptocurrency launched and it’s up nearly 2,400% in the last 24 hours
Squid token, a spin-off of the popular Netflix series, Squid Games, was launched as the exclusive coin of the Squid Game project — a crypto play-to-earn platform.
***Netflix’s new Korean-language show “Squid Game” about a deadly tournament of adults playing children’s games in the hopes of winning a big cash prize is a worldwide sensation. Now, it has its very own brand of cryptocurrency that has launched with a huge price run-up.
SQUID is trading at $2.22, up nearly 2,400% over the last 24 hours, and its market capitalization is above $174 million.
However, those interested in taking part may want to exercise caution before jumping into trading squid. CoinMarketCap has issued a warning, saying that it’s received multiple reports that users are not able to sell this token on Pancakeswap, a popular decentralized exchange.
LinkedIn reports crypto and blockchain job listings have surged 615% since August 2020
LinkedIn has reported demand for employees with experience in crypto or blockchain is on the rise across many companies.
According to a Wednesday report from LinkedIn editor Devin Banerjee, data from the platform’s Economic Graph team shows job postings in the United States that included terms like “blockchain” or “crypto” grew 615% compared to those in August 2020. The data shows that while many jobs with companies already focused on crypto and blockchain contributed to this rise, traditional financial institution J.P. Morgan was among the top employers for roles in the digital asset space.
The LinkedIn team added that financial services firms were expected to hire more than three times as many staff with experience in digital assets than in 2015. J.P. Morgan’s job postings as of July included positions focusing on its global blockchain development efforts — blockchain-focused software developers, engineers, marketers and auditors. The company posted more than 30 openings for its operations in the U.S. in a single week.