China CBDC Wallet Implements an Ages-Old Tradition in an Effort to Promote Usage – Aspen Market Daily

Daily Market Wrap

• Crypto market cap: 799.375B, down 1.59%
• BTC price stands at USD 16,651, down 1.24%
• ETH price stands at USD 1,195, down 1.85%
• Top gainer: OKB (OKB), up 3.37%
• Top loser: Chain (XCN), down 10.53%?

News of the Day

China’s CBDC wallet resorts to ages-old tradition to boost adoption

Why it matters:

• China’s digital yuan, the e-CNY, had an app update over the weekend, in an effort to promote the usage of digital yuan for the upcoming Chinese New year by introducing a red pocket sending feature
• The adoption of the digital yuan has been slow, growing only 14% since the end of 2021 with only 261 million digital wallet set ups
• To promote the use of e-CNY in Hong Kong, Bank of China (Hong Kong) is offering a 100 e-CNY laisee reward for those who register before Dec 29, 2022

Crypto Daily Spotlight

Argo Blockchain sells top mining facility to Galaxy Digital for $65M

Brief introduction: Argo Blockchain, London’s first blockchain technology cryptocurrency company listing, is a global leader in cryptocurrency mining. The Company has an extensive mining facility in Texas with offices in the US, Canada and the UK. Argo’s operations are predominantly powered by renewable energy, making them the first climate positive cryptocurrency mining company

Why it matters:

• As previously reported, Argo Blockchain has been experiencing cash flow difficulties as a result of the Bitcoin price decline and has once again suspended its trading of its shares and unsecured notes on NASDAQ stock exchange
• The firm has announced a deal with Galaxy Digital, who will be acquiring the Helios facility for $65 million and is providing $35 million for equipment financing
• The firm has already cashed out some of its mined Bitcoin to reduce the loan and with this new transaction, Argo’s total debt will be reduced by $41 million and allows for the firm to continue its mining operations

Daily Sector Tracker

Daily News Roundup

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3. SBF Filing Details $546 Million Purchase of Robinhood Shares
4. Japan Mulls Reversing Ban on Foreign-Issued Stablecoins: Report
5. North Korea-Linked Lazarus Group Poses as VC Firms to Spread Malware

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