The week is coming to an end, which means it's time for our Weekly Update! Let's recap what happened this week with PointPay and explore some exciting news from the world of cryptocurrency.

Let's begin as usual with announcing the winners!

  • In the Trading competition, the winner is 18562190940, who receives 5,000 PXP!
  • In the Bug&Suggestions competition, the winner is 16246388568, who receives 7,500 PXP!

Congratulations on your victory in the competition! The rewards in the form of PXP tokens will soon be credited to your accounts. Moreover, a new round of competitions has already begun: trade on the PointPay exchange with any pairs or submit your ideas for PointPay's development and report any bugs using the dedicated form! The results and winners will be announced in the next Weekly Update.

Now let's move on to PointPay's achievements this week! We continue to work on multiple fronts, including the development of additional platform functionalities. One of these developments will be presented to you soon, so stay tuned for updates!

We have also addressed several issues and continued polishing the platform. The number of known weaknesses and identified bugs is rapidly decreasing, and we are confident that we will soon shift our focus from platform improvements to developing new features!

Earlier this week, we had some important publications. Firstly, on Tuesday, we released the transcript of an AMA session, providing a written summary of all the discussions and insights from the recent AMA session with PointPay's CEO. Now, any PointPay user can easily access and review the information whenever needed.

Secondly, on Monday, we published our PointPay Bi-annual Report 2023! This report compiles all the changes and enhancements implemented in PointPay during the first 6 months of 2023. Considering the comprehensive updates and continuous improvements, there's quite a lot to cover! Additionally, we included a summary of PointPay's events and achievements. Over these past six months, we have accomplished a great deal, with our positions on CoinMarketCap and CoinGecko aggregator platforms steadily rising. Moreover, the PXP token has shown significant growth in value since the beginning of this year.

And now, moving on to the cryptocurrency news! This week, ARK Invest released a report highlighting the strong potential of Bitcoin at the moment. Institutional investors and long-term Bitcoin holders are displaying a growing sense of optimism, as indicated by the latest findings from ARK Invest. The most recent edition of "The Bitcoin Monthly" report reveals that the quantity of Bitcoin held on over-the-counter (OTC) platforms has reached an unprecedented level, experiencing a remarkable 60% surge this quarter. ARK Invest interprets this development as a clear sign that institutions and prominent investors are increasingly focusing their attention on Bitcoin, marking a bullish sentiment in the market. The report also sheds light on the substantial price appreciation of Grayscale's Bitcoin Trust (GBTC), a specialized firm catering to large-scale and accredited investors, which has seen its value double over the course of the year. Notably, the narrowing of the discount between GBTC's share price and its net asset value (NAV) to -30% is seen by ARK Invest as an encouraging indication in light of recent ETF filings.

Moreover, the report emphasizes the significance of long-term Bitcoin holders as a symbol of strength for the network—an observation that ARK Invest aligns with. In fact, the report reveals that nearly 70% of the circulating supply of BTC, amounting to 19 million coins, has remained untouched for over a year, representing an all-time high in both relative and absolute terms. Furthermore, ARK Invest presents a comprehensive set of 13 metrics related to the Bitcoin network, with the majority of these metrics signaling a bullish outlook. Only two metrics, namely transaction volume and time-weighted turnover, are considered neutral, whereas the remaining indicators underscore a positive market sentiment, according to ARK Invest's analysis.

As Bitcoin is currently testing levels above $30,000, there are numerous positive indicators that can assist it in breaking through and maintaining new heights.

Thanks again for taking the time to read this update. We look forward to seeing you next week!

Happy trading!



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