While cryptocurrency prices have remained quite steady within the last couple of months, the market is evolving at a relatively rapid pace. In fact, numerous analysts believe that the rising popularity of cryptocurrency derivatives, alongside the variety of compelling crypto and blockchain-based projects are bound to further encourage innovation, drive mass-adoption, and lead to long-term price hikes.

An introduction to crypto derivatives

This specific market sector is still fairly new, yet it has attracted billions of dollars’ worth of investment capital, alongside considerable attention from large-scale investors. Despite this, the derivatives market is still a mystery to most casual users, due to its complexity.

The events pertaining to the COVID-19 crisis that have unfolded during the last couple of months have led to increasing levels of economic uncertainty throughout the world. Additionally, the US is currently dealing with intense street protests in a number of cities, thus further affecting financial well-being. 

These events have all worked together towards bringing a new bull run to the cryptocurrency market. Data now shows that bitcoin has once again risen above the $10,000 threshold. Thus, a price climb of over $500 has occurred in less than 30 minutes – this definitely has us reminiscing Bitcoin’s past bull runs.

This value increase has affected most of the top-tier cryptocurrencies, similarly to past events. Thus, coins like Ethereum, Bitcoin Cash, Ripple, Litecoin, EOS, and others are also in the green.

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Over the last couple of months, the People’s Bank of China (PBoC) has been actively working on the development of the country’s central bank-backed digital currency (CBDC) – the Digital Yuan. Based on the large number of media reports on the matter, we can only assume that once released, China’s CBDC will be an instant success amongst the Chinese population, thus paving the way for future national digital currency experiments. 

This article is meant to provide an overview of the most recent developments regarding the digital yuan. 

Over the last couple of years, blockchain development and implementation have become a priority for governments throughout the world, as decision-makers are becoming more aware of the benefits associated with blockchain technology.

Such is the case with Taiwan, where the region’s digital minister, Audrey Tang, has referred to blockchain as a top priority for public governance. According to her, Taiwan’s democratic rule is still in its infancy; therefore, the region is trying to learn more about the right approach to governance.

The last couple of days have rained fire over the financial market, thus inevitably affecting the cryptocurrency industry as well. In less than two weeks, Bitcoin’s price has lost $3,000-worth of value, thus dropping from $8,000 to around $5,100 at press time.

This sudden drop, fuelled by the COVID19 pandemic, has led to intense panic selling. Thus, market analysts are now sharing their predictions over the future of bitcoin, and the digital currency market as a whole.

Up until this point in time, numerous digital currency exchanges, wallets and individual users have been targeted by cyberattacks, thus showcasing that despite the safety and security offered by blockchain systems, security risks still exist. 

In fact, a KPMG report points out that since 2017, a total of $9.8 billion in crypto has been stolen by cyberattackers. Because of this, institutional investors are still wary when it comes down to investing considerable capital into this emerging market.

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So far, numerous countries have expressed their intention of implementing blockchain technology within public services, such as public administration, education, law enforcement or healthcare. Now, recent reports indicate that Australia is ready to invest significant resources into becoming a blockchain-empowered society. 

Based on this, the Australian government has released a blockchain adoption roadmap, highlighting the nation’s main goals towards achieving a blockchain-focused future. The 52-page document was published by the Australian Department of Industry, and focuses on how blockchain tech can stimulate the country’s economic growth, while saving money and creating a wide variety of new jobs.