Bitcoin traders expect $60K by month’s end, marking $45K as ‘accumulation’
The bearish pressures facing the cryptocurrency market at the end of 2021 have continued into the first week of 2022 after the price of Bitcoin (BTC) dropped below $47,000 on Jan. 1 and the asset still faces stiff headwinds on the shorter timeframe charts.
Data from Cointelegraph Markets Pro and TradingView shows that, after climbing above $47,500 to start the new year, the price of BTC fell under pressure in the afternoon on Dec. 3. Currently, the price has dropped to $46,500 where bulls now look to mount a defense.
Here’s a look at what several analysts in the market are saying about the path ahead for Bitcoin in 2022 as the global economic system continues to grapple with inflation.
BTC needs to reclaim support at $48,670
Analysis of the weekly price performance for BTC was addressed by crypto trader and pseudonymous Twitter user Rekt Capital, who posted the following chart highlighting the main support and resistance area at $48,670.
As shown in the above chart, “BTC has successfully retested the black diagonal as support” according to Rekt Capital, and “has been doing so for three weeks straight.”
The weakness to start the year has positioned BTC below the established support zone highlighted by the red horizontal line. Rekt Capital sees this as a potential target to keep an eye on in the near term.
Rekt Capital said,
“However, recent weekly close means that the red horizontal (~$48,670) has been lost as support. BTC could bounce soon in an effort to reclaim red as support.”
Look out for $46,000 in the short term
The current weakness for BTC was also addressed by analyst and Cointelegraph contributor Michaël van de Poppe, who posted the following tweet that suggests that the rejection at $48,000 could lead the price to slide below $46,000.
#Bitcoin rejected at the $48K level, through which it’s still seeking support to be hit.
Looking at the region at $46K. pic.twitter.com/z0v88Ls58v
— Michaël van de Poppe (@CryptoMichNL) January 3, 2022
Despite the short-term struggles for Bitcoin, the long-term outlook continues to look bullish for many investors. Among them includes analyst and pseudonymous Twitter user GalaxyBTC, who posted the following chart outlining a possible breakout in Q1 of 2022.
GalaxyBTC said,
“It’s just a matter of time before BTC breaks out, and the longer it takes, the harder it will pump. Q1 is up only.”
Related: Bitcoin is new gold for millennials, Wharton finance professor says
Bullish cup and handle formation hints at moon by March
This positive future outlook for BTC expressed by GalaxyBTC was echoed by crypto trader and pseudonymous Twitter user Bobby Axelrod, who posted the following chart outlining the predicted trajectory of a cup and handle formation on the Bitcoin chart in the months ahead.
Bobby Axelrod said,
“The “HANDLE” will end up looking something like this imo: $58,000–$60,000k mid to late January; a pullback to $48,000–$50,000 first week of February; Retest ATH end of February or very early March; Small pullback early March, then rocket.”
The overall cryptocurrency market cap now stands at $2.234 trillion and Bitcoin’s dominance rate is 39.6%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Crypto in 2022: Meme Coins To Rally Hard in First Half, Bitcoin Price to Bounce back in Second Half – Coinpedia – Fintech & Cryptocurreny News Media
Crypto traders solicited incredible roller-coaster rides in 2021 and the new year is all set to witness electrifying events all over the year. Especially, primary coins Bitcoin and Ethereum have experienced eye-popping profits in 2021. However, the May market crash woefully teared up the entire cryptocurrency market, yet the digital coins have managed to regain momentum in the second half of the year.
Cryptocurrency Trend Prediction For 2022!
The cryptocurrency market is expected to crabwalk in the first quarter of the year leading most of the 2021s deserted projects to new highs despite inflated valuations. The market can remain groundless longer than you can remain debt-free.
Interestingly, the flagship asset has emerged as a Risk-off asset for the HODLers. Post the May market crash in 2021, substantial accumulation drove Bitcoin and the other majority of the altcoins to ATH in Q4 2021. However, in 2022 the long-term holders (LTHs) will remain unabated and will ultimately bang head-on with a broader market correction.
Tiresome First Half For Cryptocurrency Market?
- Bottom-tier meme coins would experience gigantic gains by yield-hungry speculations.
- Altcoin projects with a substantial market cap would languish sideways, where some of them would register new highs.
- Fed tapers on schedule and complete interest rate hikes in spring.
- Bitcoin price would show weakness in the first quarter with no significant price action as there are threats of inflation.
- The younger cryptocurrency projects would outpower Bitcoin’s on-chain activity with high network activity.
Bitcoin Price to Bounce Back in Second Half!
- Ethereum price is likely to experience a sluggish move, as it has been making delays in launching the ETH merger.
- Bitcoin illiquid supply might rise to new highs above 80%, catalyzing a new motion of adoption and capital rotation out of meme coin casino. This sets up a solid bull run for the flagship asset at the end of the year or early 2023.
Collectively, the stage is all set for a lot of electrifying moments to occur in 2022. The primary coin of the space may struggle initially for the first six months before exploring new highs in the second half. Meanwhile, most of the proponents and traders are hopeful of a bull market like the one we had in March 2020.
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n/a
BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGE
Bitcoin’s (BTC) price action has been uneventful in the first few days of the new year and it continues to languish below the psychological level at $50,000. The Crypto Fear and Greed Index is in the fear zone registering a value of 29/100.
On-chain analytics resource Ecoinometrics said stages of extreme fear rarely remain for long, which means “there is a limited downside at 30 days.”
Bitcoin continues to garner support from various quarters. Wharton School finance professor Jeremy Siegel said in an interview with CNBC that Bitcoin has replaced gold as an inflation hedge in the minds of Millennials.
Savvy investors have been turning to Bitcoin to protect their portfolios against the possible debasement of fiat currencies. Hungarian-born billionaire Thomas Peterffy advocated putting 2% to 3% of one’s portfolio in crypto to hedge in case fiat “goes to hell.”
Could Bitcoin shed its range-bound action and start a trending move? Let’s study the charts of the top-10 cryptocurrencies to find out.
BTC/USDT
Bitcoin’s failure to rise above the 20-day exponential moving average (EMA) ($48,449) suggests that bears are selling on every minor rally. Both moving averages are sloping down and the relative strength index (RSI) is in the negative zone, indicating advantage to bears.
The bears will now try to sink the price below the strong support at $45,456. If they succeed, it will suggest the resumption of the down-move. The BTC/USDT pair could first drop to the Dec. 4 intraday low at $42,000 and if this level cracks, the next stop could be $40,000. The longer the price sustains below the 20-day EMA, the greater the possibility of a move down.
Conversely, if the price turns up and breaks above the 20-day EMA, it will suggest that bulls are attempting a comeback. The pair could then rise to the 50-day simple moving average (SMA) ($51,938), which may act as a strong barrier. If bulls thrust the price above this level, it will suggest a possible change in trend. The pair could then start an up-move to $60,000.
ETH/USDT
Ether’s (ETH) rebound off the $3,643.73 to $3,503.68 support zone has reached the 20-day EMA ($3,899) where the bears are mounting a stiff challenge.
The gradually downsloping moving averages and the RSI in the negative zone indicate that bears have the upper hand.
If the price continues lower, the bears will again try to pull the ETH/USDT pair below the support zone. If they manage to do that, the pair could start its downward journey to $3,270 and then to $2,800.
On the contrary, if bulls push the price above the moving averages, it will suggest that the corrective phase could be over. The pair could then rally to $4,488
BNB/USDT
Binance Coin (BNB) bounced off the strong support at $500 and reached the 20-day EMA ($536) where the recovery is facing resistance. Both moving averages are turning down and the RSI is in the negative zone, suggesting a minor advantage to the bears.
If bulls push the price above the 20-day EMA, the BNB/USDT pair could rise to the overhead resistance at $575. This level may again act as a stiff resistance. If the price turns down from this level the pair could extend its stay inside the range between $500 and $575 for a few more days.
Conversely, if the price turns down from the 20-day EMA, the bears will again attempt to sink the pair below $500. If they manage to do that, the selling could intensify and the pair could start a new downtrend to $450.
SOL/USDT
Solana (SOL) has been trading between $167.88 and the 20-day EMA ($180) for the past few days but this tight range trading is unlikely to continue for long.
Both moving averages are turning down and the RSI is in the negative zone, indicating that bears are in control. If sellers pull the price below $167.88, the SOL/USDT pair could drop to $148.04 and then to $120.
Conversely, if bulls thrust the price above the 20-day EMA, the pair could rise to $204.75. This level may again act as a resistance but if bulls overcome this hurdle, the pair could rise to the resistance line of the falling wedge pattern.
ADA/USDT
Cardano (ADA) has been trading close to the 20-day EMA ($1.37) for the past few days, which suggests a stalemate between the bulls and the bears.
If bulls propel the price above the 20-day EMA, the ADA/USDT pair could rise to the overhead resistance at $1.59. A break and close above this level could push the pair to the resistance line of the descending channel.
The bulls will have to push and sustain the price above the channel to indicate that the downtrend could be over. Conversely, if the price turns down from the current level, the bears will again try to pull the pair below $1.18 and retest the critical support at $1.
XRP/USDT
Ripple (XRP) bounced off $0.80 but the bulls are struggling to push the price above the 20-day EMA ($0.87). This suggests that the sentiment remains negative and traders are selling on rallies.
If the price continues to slide lower, the bears will try to pull the XRP/USDT pair to the strong support at $0.75. If this level cracks, the pair could start the next leg of the downtrend to $0.60.
On the contrary, if the price rises above the moving averages, the pair could rally to $1. This level may act as a strong resistance and if the price turns down from it, the pair could remain range-bound for a few more days.
A break and close above $1 could indicate that the downtrend could be over. The pair could then start its march toward $1.41.
LUNA/USDT
Terra’s LUNA token is in an uptrend. Both moving averages are sloping up and the RSI is in the positive territory, indicating that bulls have the upper hand.
The bulls are attempting to push the price above the minor resistance at $93.81. If the price sustains above this level, the LUNA/USDT pair could retest the all-time high at $103.60. A break and close above this level could signal the resumption of the uptrend.
The pair could first rally to $135.26 and then reach $150. Contrary to this assumption, if the price turns down from the current level and breaks below the 20-day EMA ($83), it could signal the start of a deeper correction to the 50-day SMA ($66).
Related: Bitcoin dips below $47K as US dollar surge dampens BTC price performance
AVAX/USDT
Avalanche (AVAX) bounced off the $98 support and rose above the moving averages on Dec. 31 but the bulls have not been able to clear the downtrend line. This suggests that bears are defending this level with vigor.
If bears pull the price below the moving averages, the AVAX/USDT pair could drop to $98. A break below this level could open the doors for a possible drop to $75.50.
On the contrary, if the price rebounds off the moving averages, it will suggest that the sentiment has turned positive and traders are buying on dips. That will improve the prospects of a break above the downtrend line.
The pair could then rise to $128. A break and close above this level could complete an inverse head and shoulders pattern, which has a target objective at $177.50.
DOT/USDT
Polkadot (DOT) rose above the 20-day EMA ($28) on Jan. 2 and the bulls will now attempt to clear the overhead resistance zone at $31.49 to $32.78.
The 20-day EMA is flat and the RSI has jumped into the positive territory, indicating that buyers are attempting a comeback. If bulls drive the price above $32.78, the DOT/USDT pair could rise to $40.
If the price turns down from the overhead zone, it will suggest that the pair could consolidate between $22.66 and $31.49 for a few more days. The bears will have to pull and sustain the price below $22.66 to start the next leg of the downtrend.
DOGE/USDT
Dogecoin’s (DOGE) bounce to the 20-day EMA ($0.17) is facing strong resistance from the bears. The moving averages continue to slope down and the RSI is in the negative zone, suggesting that bears are in control.
The sellers will now try to pull the price to $0.15. If the price rebounds off this level, the bulls will again try to push the DOGE/USDT pair above the 20-day EMA. If they do that, the pair could rise to the overhead resistance at $0.19.
A break and close above $0.19 will be the first sign that bulls are back in the game. The pair could first rally to $0.22 and then to $0.24.
Alternatively, if the price plummets below $0.15, the downtrend could resume. The pair could drop to $0.13 and then slide to the psychological level at $0.10.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
Market data is provided by HitBTC exchange.
Cardano became the most developed crypto on Github in 2021 — Santiment
According to data compiled by CryptoRank and Santiment, Cardano (ADA) was the most developed crypto on Github in 2021, with over 140,000 events.
Rounding out the top three were Kusama (KSM) and Polkadot (DOT) at second and third places, respectively, with roughly the same number of events over the year. Cardano beat Ethereum’s development activity by a wide margin, with the latter coming in fourth place. Santiment defines a Github event as either creating an issue, creating a pull request, commenting on an issue or pull request, and forking/starring/watching a code repository, among others.
The Most Developed Cryptos on @Github in 2021
According to @Santimentfeed, @Cardano, has become the most developed project in the industry, followed by @Kusamanetwork, and @Polkadot.
https://t.co/gjKPmOazyB pic.twitter.com/JHXmWSe0YS
— CryptoRank Platform (@CryptoRank_io) January 3, 2022
In a live Youtube session last week, Cardano founder Charles Hoskinson revealed that there are approximately 127 projects under development on the Cardano blockchain. In addition, Hoskinson expects the number of ADA users to grow ten-fold from the existing 2 million, thanks to the growing popularity of non-fungible tokens.
Cardano’s technological advancement is also gaining traction post-Alonzo. One of the blockchain’s notable works in progress is the layer-two Hydra upgrade, which channels transactions off-chain to staking pools without partitioning the ledger itself. Theoretically, it could enable advanced linear scaling of the network with hundreds of “hydra nodes” each processing hundreds of transactions.
Related: VCs don’t understand that Cardano has a community: Charles Hoskinson
Another notable mention is a novel fintech funding mechanism, known as the initial stake pool offering (ISPO), that’s unique to the Cardano blockchain. In this setup, blockchain enthusiasts delegate their cryptos in a protocol and receive tokens of the new project they fund as rewards. In contrast, the ADA staking rewards go to the developers. Funds do not leave the delegator’s wallet, making the process rather secure. One such project, Genius Yield, saw its ISPO pools surpass $118 million within 24 hours.
Plutus: ADALend’s Decentralized Application Backend
Plutus Application Backend (PAB) provides developers with a quick way to create decentralized financial applications.
Plutus will make it easy to focus on the frontend and business logic of your application. By taking care of the backend infrastructure, Plutus frees up developers’ time to focus on application development.
This is possible thanks to the features of Plutus Core which provide the building blocks for decentralized applications.
Plutus, a platform that provides a native smart contract language as well as the infrastructure and tools required to implement smart contracts on Cardano, was launched with the Alonzo protocol upgrade.
The Plutus platform enables developers to create decentralized apps (DApps) that interact with distributed ledgers via scripting capabilities.
Smart Contracts with Adaptable and Adaptive Architecture for ADALend
In order for the ADALend protocol to function properly, PAB smart contracts and libraries are necessary. It serves as the cornerstone of an ecosystem that will allow for the development of a trustless financing environment.
With its strong adaptability, PAB is well suited to different lending protocols and projects with similar characteristics. It is intended to provide this capability while still maintaining a high level of security and scalability throughout the platform.
As a result, ADALend intends to construct their smart contracts with an emphasis on security, maintainability, and modularity, while also having the ability to dynamically load and unload functionality depending on the business’s requirements.
Plutus Application Backend (PAB) presents discoverable interfaces to external clients, like a mobile application and a website.
PAB is also responsible for the security and user authorization of the financial data. It will be able to handle complex integration and business logic, which are required for the broader financial ecosystem.
PAB will track on-chain information for smart contract uses. While PAB will not be responsible for making decisions on lending, it will be responsible for the entire customer experience, from the time the customer enters their information and requests a loan, to the time the user is entitled to receive the tokens that have been lent to them.
PAB will allow ADALend to be designed in a way that allows for a near-infinite number of lending services and users to interface with Plutus easily and securely.
PAB Enables ADALend’s Emulation Testing and Authentication
The PAB is capable of switching fluidly between emulated and non-emulated (real network) operating environments. Unit tests, integration tests, property-based tests, and so on are made easier to create as a result of this improvement.
Because the backend can receive and distribute messages, the PAB will enable the ADALend development team to interface with it with relative ease.
As a result, the team can send standard requests to endpoints that have been exposed by the PAB and which correspond to actions and operations that any individual smart contract is capable of performing on its own.
More about ADALend: https://adalend.finance
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Ripple VS SEC Law Suit To End In April? What This Means To XRP HODLERS! – Coinpedia – Fintech & Cryptocurreny News Media
Jeremy Hogan, a well-known XRP lawyer, has given an estimate on when the long-running SEC v. Ripple legal dispute will be resolved. When asked for his honest assessment on when the case would be over, Hogan said that even in the worst-case scenario, the chances of it being extended past summer are slim.
Ripple CEO Brad Garlinghouse had previously stated that he hoped the case would be resolved by 2022.
Legal Struggle to End Soon?
Garlinghouse discussed the lawsuit’s progress in a CNBC interview in late November. Ripple, he argues, is making substantial headway in its legal struggle with the Securities and Exchange Commission of the United States.: “We’re seeing pretty good progress despite a slow-moving judicial process.”
Brad Garlinghouse predicts that the case involving XRP, the eighth-largest cryptocurrency, will be resolved in 2022.
The SEC filed the lawsuit in December 2020, claiming that XRP, Ripple’s native currency, which is used by the company and other payment companies on an open-source decentralised ledger has been an unregistered security in violation of US securities law since its launch in 2013, and that Ripple executives and investors should have known about it.
Despite the legal battle with the US Securities and Exchange Commission, CEO Brad Garlinghouse revealed in a series of tweets on the first anniversary that Ripple has had its finest year to date.
Impact On XRP Price
Since the start of Lawsuit XRP price has been continuously plunging hard the ranks losing the grounds to other emerging crypto. XRP still manages its position in the top 10 crypto Ranking.
However, If ripple wins this case, Traders can expect a massive rally in 2022. XRP Price might surge to hit its previous all-time high of $3.4 while many experts expect it to hit double digits.
This week, the XRP drop is expected to continue, with the price likely to fall back to its crucial support level. At the time of writing XRP is trading at $0.84 and is down by 0.58 percent.
2022 Marks the Start of Polkadot’s Next Chapter, Here’s What In Store For DOT Price – Coinpedia – Fintech & Cryptocurreny News Media
Polkadot is a cryptocurrency project that was started in 2020 with the goal of providing a variety of financial solutions. This protocol allows data to be transferred between chains while also providing Defi and parachain solutions.
Dot was selling at $8.3 at the start of 2022, a massive gain from its value when it first appeared on Coinmarketcap. The upward trend continued, with DOT price reaching a high of $47.9 in May. DOT price was on another bull run a few months later, reaching its all-time high of $53.88 on November 4th. The altcoin was trading at $29 at the time of writing.
Breakout for Polkadot?
A blockchain pioneer predicts that an altcoin with a breakthrough year in terms of price and project milestones will have a breakout year in 2022.
Gavin Wood, co-founder of Ethereum, explains the future of Polkadot (DOT), a cross-chain interoperability protocol he founded in 2016.
He claims that more than any other year, 2022 marks the start of Polkadot’s next chapter. As more parachain teams win bids and join the Polkadot party, the potential of scaled hyper-connectivity under a single security umbrella, which Polkadot provides, will become a reality.
There’s a lot to look forward to with more than 150 chains under development for a variety of reasons, several of which already have test-nets. We may also anticipate the launch of decentralised bridges, first by Parity, which will connect Polkadot to Kusama, and then by Snowfork, which will connect Polkadot to Ethereum.
Polkadot plans to optimize its core code, as well as strive to reduce network costs and latency issues, according to Wood.
“Our goal with this is to allow each one of Polkadot’s parachains to push upwards towards our 1,000 sTPS [standard transactions per second] per-shard target.
Beyond that, the Polkadot team’s efforts will be focused on the parathread feature, allowing teams who do not win an auction to still ensure they have the security guaranteed by Polkadot and get all the benefits of XCMP [cross-chain message passing].”
An End to Scammers?
In 2021, members of the Web3 Foundation and Parity Technologies teamed up to form the Anti-Scam team, with the goal of putting an end to scammers’ free reign and making Polkadot a safe ecosystem for all stakeholders. Scams were combated with an additional $130,000 from the Polkadot Treasury and the Web3 Foundation.
Over the course of the year, nearly a thousand sites and other scams have been taken down, with the community identifying more than 460 scam sites. More than 2,300 entries have been added to the phishing repository, which is a comprehensive list of sites and addresses involved in frauds.
The Anti-Scam Community Initiative will expand beyond scam sites in 2022, becoming more community-driven, collaborating with other ecosystem initiatives and teams, and laying the groundwork for the first on-chain and decentralised scam fighting campaign.
Wood wraps up by outlining Polkadot’s successful fundraising efforts from the previous year.
“Our ecosystem also continues to grow rapidly from an investment perspective – we estimate that it comprises around 350 teams now (that’s about an extra 250 on last year’s estimate).
During 2021 alone, about 50 of them together raised over $670m in early-stage funding (seed rounds and Series A).”
Bitcoin dips below $47K as US dollar surge dampens BTC price performance
Bitcoin (BTC) crisscrossed $47,000 on Jan. 3 as the first Wall Street trading days of 2022 got off to a modest start.
Ethereum steals the limelight
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD acting in a narrow range as the week began, with traders split over short-term outcomes.
“It’s just a matter of time before BTC breaks out, and the longer it takes the harder it will pump,” popular Twitter account Galaxy summarized.
“Q1 is up only. You heard it here first.”
Such optimism was far from universal, however. For Cointelegraph contributor Michaël van de Poppe, the time had come to look closer at altcoins than BTC.
“Good bounce from Ethereum and I think this one is bottomed,” he said about the state of ETH/USD Monday.
“Still need additional confirmation, but shows more strength than Bitcoin at this point. Ultimate confirmation above $4,100.”
ETH/USD was up over 2% in 24 hours at the time of writing, with BTC/USD conversely showing no inclination to tackle even daily highs.
On macro markets, the S&P 500 was up a touch at the Wall Street open, amid predictions that the first half of the year would be a further boon for equities across the board thanks to the prospect of key interest rate hikes.
The U.S. dollar, meanwhile, saw a sudden boost Monday, with the U.S. dollar currency index (DXY) rapidly gaining — as is customary, to Bitcoin’s detriment.
Never mind the bearish divergence
Among Bitcoin-focused analysts, meanwhile, TechDev led calls to quash bearishness, arguing that on-chain indicators do not support a bearish thesis.
Related: New year, same ‘extreme fear’ — 5 things to watch in Bitcoin this week
Concerns about both the relative strength index (RSI) and moving average convergence/ divergence (MACD) pale in comparison to more fundamental indicators still yet to print a bearish outlook, he said at the weekend.
4/
The 2 points are valid to point out, but I don’t focus on them as they’ve not been historically accurate at identifying macro cycle trend changes.
2 that have? Macro LLs and 2W RSI floor breaks. Neither of which have happened.
If they do, my macro outlook will change. pic.twitter.com/qUedP5juZ8
— TechDev (@TechDev_52) January 3, 2022
With conviction remaining high and selling declining, TechDev was in good company.
“In case no-one noticed, we have come a long way from nerdy retail HODL’ers being the buyers of last resort,” entrepreneur Alistair Milne added.
“We now have billionaires, multinationals and countries waiting to buy the dips. Whoever is taking the other side of the trade needs their head examined IMO.”
A fresh influx of institutional interest is considered by some to be ready to begin this month.
What’s ahead for crypto and blockchain in 2022? Experts Answer, Part 3
Alex is a writer, speaker, investor and adviser focused on the impact of emerging technologies such as blockchain and cryptocurrencies. He is the general manager of Ninepoint Digital Assets Group, an investment management services provider in the field of blockchain technology and cryptocurrency.
“I think 2022 is the year of multichain. 2021 saw the rise of new layer-one protocols like Solana and Avalanche that promised to improve on Ethereum with faster throughputs and lower fees. But these benefits may prove impermanent. As they become more popular, they may suffer the same fate as Ethereum. Remember, Ethereum fees used to be cheap too until the network found a product-market fit with the rise of liquidity mining and other DeFi applications.
With a tsunami of new users coming into the ecosystem, it became a victim of its own success. Fees skyrocketed, turning Ethereum into a ‘whalechain,’ meaning only the wealthy could afford the fees. The same thing could happen to other layer ones. That’s OK. I believe the scarcest resource in the world for the next few years will be block space. All these layer ones will probably fill up, meaning we need better ways to interconnect different protocols.
Most new crypto users will only interact at the application layer, not knowing or caring what base chain they run on. That means making interoperability a reality. A few groups are working on multichain, including Cosmos, which supports hundreds of crypto assets worth tens of billions of dollars. 2022 is the year of Multichain Maximalism, and Cosmos is leading the way.”
6 Facts About The Role Of Bitcoin In The Online Casino World
There are a growing number of casinos that accept bitcoin online. These sites are bigger, better, and more popular than ever, and as more people get to grips with bitcoin and its potential, they just keep growing.
To give you an idea of the massive role that bitcoin plays in the online gambling sector, check out the following.
1. It Has a Large Following
In the past, online gamblers have been happy to choose alternative payment options. If they prefer PayPal, they will look for PayPal casinos, but if PayPal is not accepted, they’ll just use a debit card instead.
With bitcoin, we’re seeing more of a partisan attitude and that’s something that just hasn’t existed before in the online gambling industry.
Bitcoin users don’t just prefer to use bitcoin. They are advocates. They want to use bitcoin to show their support both for the currency and the places that accept it.
By rejecting a casino that doesn’t accept it, they’re sending a message, ensuring that their resources are only spent on sites that actually accept bitcoin.
It’s akin to the eco-friendly movement. If you’re a keen supporter of sustainable and eco-friendly brands and you find a brand that uses a lot of plastic and has wasteful practices, your response is not to shrug, admit defeat, and then use the brand anyway, your response is to find an eco-friendly alternative.
It’s about supporting what you believe in, and that’s what we’re seeing throughout the cryptocurrency sector.
2. It’s a High Roller’s Dream
You could be forgiven for thinking that high rollers have everything their own way when it comes to online gambling, but that simply isn’t the case.
Many casinos place withdrawal and deposit limits on their members, and these limits are often just €10,000 or so a month. To someone who deposits €1,000+ at a time and plays several times a week, that’s just not enough.
The issue is often with the payment providers and not the casinos, and that’s where bitcoin can help.
With bitcoin, there are no limits and no one to tell the player or the casino that they can’t send or receive above a certain limit.
Of course, the casino can still set limits, and many of them do, but the fact that they are not restrained by payment methods means they have much more freedom.
3. It’s More Anonymous
Many have argued that bitcoin and other cryptocurrencies are not truly anonymous and so they shouldn’t be advertised as such.
It’s true, to an extent, but as far as online casinos are concerned, they are the next best thing.
With a debit card or bank transfer, you create a paper trail every time you make a deposit. If you start receiving too much money, you may find yourself being targeted by your local tax authorities.
They keep a close eye on people who move a lot of money around as they’re worried about money laundering and tax evasion. Even if you’re doing nothing wrong, you could still fall foul of these regulations.
With bitcoin, however, there are no such issues.
4. There are Very Few “Source of Funds” Requests
A source of funds request occurs when you’re gambling a lot of money and the casino/payment provider insists that you prove affordability. It’s basically like walking into a luxury watch store wearing a tracksuit—someone will stop you and question your affordability.
But unlike those snobby shop assistants, the purpose is not to question whether you can afford the products on the shelves, but to make sure you’re not involved in fraud, money laundering, or any other nefarious activities.
They also want to make sure that you don’t have an issue with problem gambling. So, if you’re gambling €50,000 a month and they discover you’re only making €100,000 a month, they could prevent you from gambling.
Bitcoin doesn’t have these rules. Again, they can still be enforced by casinos and regulators, but that’s rarely the case.
5. It’s Taking Nations Forward
El Salvador has invested heavily in cryptocurrencies, making it legal tender and planning production on a “Bitcoin City”.
Gambling hasn’t played a direct part in this, but it may have helped indirectly by offering additional opportunities to investors and businesses in the sector.
We could even see more countries embrace bitcoin gambling, just as we have seen with Curacao.
The small island nation generates a sizeable chunk of money through financial services and gambling services, most of which comes from bitcoin casino and sportsbook operators.
6. It’s Increasing Public Understanding
Studies suggest that as many as 98% of the general public don’t have a basic understanding of bitcoin, NFTs, and the blockchain in general.
It seems like an extreme number when you consider how prevalent these currencies are (and when you consider that most of those people probably have a crypto portfolio), but it makes sense.
After all, many people don’t have the time or inclination to sit and learn about cryptos. They don’t mix in the right circles and don’t have a technological background, so the opportunity doesn’t present itself.
But bitcoin gambling is helping some people to understand.
It is giving a large number of people the excuse they need to learn about bitcoin.
By investing in these coins and then using them consistently, they can effectively learn on the go.
It means they’re benefiting from everything that bitcoin has to offer them without spending several hours studying them beforehand.
They learn by doing, and by increasing public understanding, the bitcoin gambling industry is helping to boost the currency’s value and reach.
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Square Enix CEO reveals plans for blockchain, metaverse, NFTs
Wider adoption of nonfungible tokens (NFT) and play-to-earn games may be on the way, as one of the world’s largest gaming companies sees them as the future of the industry.
Yosuke Matsuda, CEO of Square Enix, revealed the company’s intentions for blockchain and NFT spheres in his new year’s message on Saturday. In his letter, Matsuda begins with a discussion of the metaverse before noting that Facebook’s renaming to Meta is proof that the concept isn’t a passing fad. He expects 2022 to be a year of hype for the metaverse as society begins to slowly embrace virtual worlds and their ability to connect individuals across geographical boundaries.
He thinks that extended reality (XR) technology, the growing use of cloud computing and 5G will all lead to the metaverse’s existence. While discussing the concept, Matsuda wrote:
“As this abstract concept begins to take concrete shape in the form of product and service offerings, I am hoping that it will bring about changes that have a more substantial impact on our business as well.”
a New Year’s letter from the Square Enix president talks about new tech/concepts including NFTs, the metaverse, and particularly how blockchain games “hold the potential to enable self-sustaining game growth” https://t.co/qtdFCvQdeB pic.twitter.com/FOG4S9Hpgb
— Wario64 (@Wario64) January 1, 2022
He goes on similarly about NFTs, then blockchain and play-to-earn. Matsuda points out that 2021 was “year one” for NFTs and the metaverse, during which time there was a lot of wild trading that didn’t always correspond with market speculations.
Investments in blockchain are still rising at a rapid rate, and some of the most adamant in trying to legitimize blockchain technology have been companies from the gaming business. Square Enix initially invested in the metaverse by taking part in a $2 million funding round for The Sandbox, an Ethereum-based metaverse game. Matsuda’s annual letter indicates that the firm is doubling down on several developing technologies.
Related: Study: 58% of video game developers are already using blockchain
Matsuda’s letter appears to be a reaffirmation of Ubisoft’s position that it will remain committed to its NFT/blockchain ambitions. Another big name in the gaming industry, Andrew Wilson, CEO of video game company Electronic Arts, agreed that NFTs and play-to-earn games are the future of gaming despite the fact that it’s still early to figure out how they’ll function.
Bitcoin is new gold for millennials, Wharton’s finance professor says
Bitcoin (BTC), the world’s most-valued cryptocurrency, has replaced gold as an inflation hedge for young investors, according to Wharton’s finance professor.
Gold’s performance was “disappointing” in 2021, Wharton School’s finance professor Jeremy Siegel said in a CNBC Squawk Box last Friday.
On the other hand, BTC has been increasingly emerging as an inflation hedge among younger investors, Siegel argued:
“Let’s face the fact, I think Bitcoin as an inflation hedge in the minds of many of the younger investors has replaced gold. Digital coins are the new gold for the millennials. I think that the story of gold is a fact that the young generation is regarding Bitcoin as the substitute.”
Siegel has also reminded that older generations witnessed how gold soared during the inflation of the 1970s. “This time, it is not in favor,” he added.
Gold, which traditionally emerged as an asset class providing a hedge against inflation, failed to meet investors’ expectations in 2021, recording its worst year since 2015 and dropping around 5% to close the year at $1,800. Despite massive price fluctuations over the course of 2021, BTC surged around 70% over a year by the end of 2021.
Related: More billionaires turning to crypto on fiat inflation fears
Several prominent global investors supported BTC over gold in 2021, with Dallas Mavericks owner Mark Cuban arguing that Bitcoin was “better than gold” in October 2021. Starwood Capital Group co-founder Barry Sternlicht also said that gold was actually “worthless,” and he is holding BTC because every government was printing massive amounts of money.
But despite BTC becoming an increasingly popular asset against gold, many financial and crypto experts believe that it is yet to prove inflation hedge status.
Yearn.finance risks pullback after YFI price gains 100% in less than 3 weeks
Yearn.finance (YFI) looks poised for a price correction after rising five days in a row to approach $42,000. Notably, an absence of enough buying volume coupled with overbought risks is behind the bearish outlook.
The YFI price rally so far
YFI’s price surged by a little over 47% in five days to $41,970 as traders rotated capital out of “top-cap” cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) and looked for short-term opportunities in the altcoin market.
#DeFi assets are showing some nice signs of growth to kick off 2022. $YFI, $UNI, and $AAVE are all ticking up nicely thus far with the first Monday of the year looking #bullish for several #altcoins. https://t.co/8ujolCvt5z pic.twitter.com/ASpf1dUbtn
— Santiment (@santimentfeed) January 3, 2022
Yearn.finance was among the beneficiary of the so-called capital migration, given its value against BTC and ETH rose almost 47% and 41.50%, respectively, in just five days. Meanwhile, at the core of traders’ sudden buying interest in the YFI markets was a token buyback program.
On Dec. 16, the Yearn.finance team announced that it had purchased more than $7.5 million worth of YFI tokens from the open market at an average price of $26,651 per unit. It also revealed $45 million extra cash in its treasury that it would use to continue its YFI buyback spree.
Additionally, the Yearn.finance community also proposed that the YFI treasury direct a portion of the token buyback to reward YFI holders who actively participate in Yearn Governance. The proposal (full details here) is currently in its voting phase.
1/8
Since the cat is out of the bag here:
-Yearn has started massively buying back YFI.
-They are revisiting their tokenomics to do a fee distribution to holders, currently looking at veCRV model and xSushi models.
-The ratios are insane. https://t.co/CzuHhbNuhx
— Adam Cochran (@adamscochran) December 16, 2021
YFI’s price surged by more than 100% against the United States dollar after the token buyback announcement.
YFI’s price correction risks
However, YFI’s trading volume fell despite the rally, suggesting the low conviction among traders in its upward movement.
Typically, a bearish divergence between price and volume leads to either correction or consolidation until conviction increases. As a result, the likelihood of YFI at least pausing its ongoing price rally is high, with its daily relative strength index also entering its overbought zone above 70, a sell signal.
Related: YFI price gains 46% in just four days after Yearn.finance’s $7.5M buyback
Additionally, the Yearn.finance token’s latest price rally has brought it closer to a known inflection zone near $40,000, as shown via the Fibonacci retracement graph in the chart below.
In detail, the 0.618 Fib line near $40,113 has been limiting YFI’s upside intraday attempts. The same level was instrumental in stopping the token’s price rally between October and November, which later led YFI’s price to its 12-month low near $17,000.
Nonetheless, if bulls manage to push YFI’s price above the 0.618 line decisively, they may also take the token out of its multi-month range defined by about $25,500 as support and $40,000 as resistance. In that scenario, YFI’s next upside target may move toward the 0.5 Fib line around $51,000.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Slim Shady buys Bored Ape ‘EminApe’ NFT for $460K
Marshall Mathers III, better known as Eminem, joined the “Bored Ape Yacht Club” (BAYC) by purchasing one of the nonfungible token (NFT) Bored Apes for $462,000 on OpenSea’s NFT marketplace. Eminem’s Bored Ape depicts a gold chain necklace and khaki army cap that he wears in real life and has been officially added to his portfolio by OpenSea.
The NFT nicknamed the “EminApe” was created by GeeGazza in collaboration with Bored Ape. The transaction was completed by digital agency Six, which has previously worked with other celebrities in the NFT sector, including Wu-Tang Clan, Tycho and Galantis.
Congrats! This aged well https://t.co/s82B6sZOAf
— 0xFastly.eth (@0xFastly) December 31, 2021
This is not the first time that Eminem has invested in NFTs. The Missouri-born rapper currently owns several OpenSea NFTs with the handle “Shady Holdings.” Eminem’s portfolio also comprises a number of “Lil Baby Doodles X” NFTs, with “Ditaggdogg#1,” the rapper’s stencil artwork, and “Superlative Apes #3880” being one of them.
Related: NFT music platforms to disrupt Spotify in 2022, Saxo Bank predicts
The “Bored Ape Yacht Club” NFTs rose to popularity in 2021, generating more than $1 billion in trade volume worldwide, according to Defi Llama.
The NFT market gains ground every day, and several people, including athletes, are joining in. A number of celebrities have expressed interest in NFTs and revealed their own projects already. A$AP Rocky, Snoop Dogg, Kings of Leon and The White Stripes are among the musicians who have embraced the NFT movement.
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Are Traders Investing in NFT Tokens Over Mainstream Crypto Assets In 2022?
The crypto-verse has awakened to dawn from the dusk of the previous year. Merchants from the business are highly spirited with their bags ready to grab offers from the diversity of the market. Whilst mainstream digital assets remain the top picks of masses in the industry. Crypto savvies are appraising NFTs, metaverse projects, and DeFi’s.
The foregoing year had been munificent to the multeity of the industry. NFTs and metaverse have ruled the market charts for a significant time of the year. Facebook’s announcement of Meta, has been imperative for the propulsion of metaverse projects and NFTs. Merchants from space have been adding NFTs to their sack of holdings. As numerous celebrities have been showing interest in the world of NFTs.
Should You Board The Yacht To The Island Of NFTs?
NFTs have accounted for bringing riches to numerous investors from the crypto-verse. The lucrative gains have persuaded mainstream players to take a slice of NFTs pie. The market cap of the space is presently at $22,341,205.41, which is up by 38.32%. The volume for 24-hours is up by 0.18% at $140,243.36. While the sales for an around-the-clock tally at 933, which has risen by 56.54%.
Numerous NFTs such as Crypto Punks, Bored Ape Yacht Club, amongst others have represented the space. The sale of Bored Ape Yacht Club has been turning heads off-late. The floor price of BAYC is 74.0 ETH. BAYC has generated volumes of 6,224.19 ETH for 24-hours. Eminem has bought Bored Ape Yacht Club NFT for about $450,000.
Celebrities and influential personalities hopping onto the bandwagon of NFTs in recent times. Has sowed curiosity in the minds of fans and followers. NFTs are now a part of the roadmap of a myriad of protocols in the industry. We have come across NFTs from the stable of Solana engraving history, as renowned personalities opt for the blockchain.
More Power To NFTs Coming In From China?
Proponents from the industry believe the adoption of NFTs will be ubiquitous in the near future. And will be owned by a majority of investors and traders. The growl of NFTs will grow more fierce than 2021, as the sector is sprawling through word of mouth amongst millennials and youths of gen “z”. As a result, the sector will be home to more brands from the fashion industry.
Successively, apparel, clothing, and footwear would witness major impetus following the acceptance of NFTs. The space is hitherto home to brands such as Louis Vuitton, Dolce & Gabbana, Adidas, amongst others.
On the other hand, according to some sources, the Chinese city Shanghai paves way for development in NFT’s. Shanghai Municipal Commission of Economy and Information Technology’s 5-year development plan also includes exploration of Metaverse. The initiative will embrace native public services, manufacturing, entertainment, amongst others.
Metaverse being interlinked with NFTs, we can expect tremendous inflows coming into digital art. That will empower creators, artists, developers to a greater extent. The move is despite the People’s Bank of China alerting on metaverse and NFTs. What is encouraging is that global firms such as Alibaba, Tencent, amongst others have been working with local bodies.
Collectively, the current year could possibly bring virtues to NFTs, metaverse, and gaming. The sectors being interlinked, we can expect the sectors to flourish in parallel. With bigger brands flocking in, the sector would take gargantuan strides against mainstream digital assets.
DeFi Season 2022 Begun! YFI, UNI, AAVE To 5x In The Next Supercycle!
Historical market trends herald that the mega year could be ripe for chief DeFi tokens to soar high. Whilst Bitcoin struggles to break out of the bottoms, many traders gravitates to see DeFi protocols as a safer place to park their bags. When traders optimism begins switching over to the altcoin market, maximum cash-flows to the side of DeFi.
Especially, chief DeFi protocols such as Yield Finance (YFI), Uniswap (UNI), and AAVE are poised for a massive upswing with a groundbreaking kickstart to 2022. The aforementioned tokens have managed 5x gains in their first supercycle of 2021 and are likely to recuperate now.
Yearn.Finance (YFI):
Yearn.Finance (YFI) price has taken the DeFi space by storm in Q1 2021 with gigantic gains of more than 500%. However, there reappears to be a similar move as YFI price has fired up the space with over 20% gains from $32.5k to $40.14k in just three days.
In addition, total value locked that indicates healthy network growth between the platform and users has seen an exponential rise in its value by $200 million in just three days. The protocol holds a total value locked worth of $4.1 billion at the press time.
With a massive kickstart to the mega year, YFI price has broken above the 5 month high of $40,068. However, if a large chunk of buyers jump in to trade the asset like in Q1 2021, then the asset would make an interesting move above $50k in the next couple of weeks.
Uniswap (UNI):
Uniswap (UNI) price has given an incredible breakthrough to DeFi space with colossal gains of over 1000% in Q1 2021. However, the protocol has been slowly rising with the generation of consecutive lower highs since the start of 2022. On the other hand, TVL, which was stable over the past five to six months, has risen from $8.4 billion to $8.75 billion at the press time.
If the UNI price manages to pass the crucial resistance at $20.99 then the asset would experience an exponential price rise. One day chart indicates that there are possibilities of death cross around $18.49, the altcoin would undergo correction to some extent. However, if a large chunk of buyers jumps into purchasing the altcoin then the price would explode by 5x.
AAVE (AAVE):
AAVE price has taken the entire DeFi space by storm with gains over 500% in the very first quarter of 2021 by surging from just $80 to $520.25. However, reiterating the same the DeFi protocol has made an impressive move by gaining more than $1 billion in just three days.
Along with a clear breakout at $235, the altcoin has taken a leap to $283.42 with substantial gains since the start of the year. Indicators such as RSI and MACD are looking pretty bullish for AAVE price action. If investors continue to show their optimism towards the asset in the next couple of days, then the DeFi token would rise and approach $400.
Collectively, the protocols such as YFI, UNI, and AAVE are the tokens that dawned the DeFi season in 2021. However, there reappears to be an occurrence of an identical trend in 2022 as these altcoins slowly move to newer heights with substantial gains over the past three days. If they continue to break their local higher resistances then 5x gains are not impossible.
‘Rogue Pandas’ Brings Gambling Metaverse Into The NFT Spaces
The Rogue Pandas, a new NFT project built on the Solana blockchain, is the next big thing in the NFT space.
The project aims to bring something exciting into the NFT space by incorporating gambling, gaming and enabling investors to generate passive income in its NFT.
In addition to this, the project has crazy giveaways to NFTs holders. All these things are missing in the current NFT projects.
The team is integrating Gambling metaverse, which will be a decentralised virtual casino that will earn NFT owners a passive income.
The income distribution is transparent, with 50% of the income generated from the casino distributed to the NFT holders.
With a myriad of income- generating activities in the metaverse gambling casino, a lot of revenue will be generated for Rogue Panda NFTs investors.
Rogue Pandas project is comprised of 7,777 randomly generated pandas from over 350 carefully designed assets.
The distinct and authentic Rogue Panda NFTs combines rarity, beauty, plus many other properties and accessories never seen any other collectibles seen before. From the background, panda types, eye traits to bodywear, these NFTs are super unique.
The team has also designed NFTs with special traits, including helmets, crowns, dumplings, underwater helmets, and samurai helmets crowns, and much more, to make the rarest NFTs in the market.
Each Rogue Panda NFTs will be minting at 0.777 SOL. The team is ensuring transparency in the NFT minting, which has been a major issue with previous NFT projects.
All NFTs are available at the same price for all investors. There will be no price tiers. The minting is starting very soon, and the most exciting thing about the upcoming sale is the giveaways that come with it.
According to the Rogue Pandas roadmap, all NFT holders will be eligible for the attractive community rewards offered during the sale. At 25%, ten token holders will receive a free NFT., while at 50%, NFTs holders will have their NFTs doubled and also be rewarded 1X free Mutant Panda for every 1X Rogue Panda in the wallet.
At 75% minting, 5 random NFT holders will receive 50 SOL each, and a Tesla Model 3 car and 50k in crypto will be rewarded to three random holders at 100% minting.
That’s how crazy Rogue Pandas community giveaways look like. The lucky Rogue Panda NFTs will become instantly rich while the project is still at the NFTs sales stage.
In addition to that, The Rogue Panda is building a solid future for the project by bringing in utility-driven weekly competitions.
The weekly Friday night giveaways in the metal casino is one of the appealing aspects of this NFT. The team will also include merchandise delivery with the aim of expanding the passive income generation.
With the rise of crypto project scams, The Rogue Panda team is doing everything right to prove the authenticity of this project.
The team is fully doxxed, and all the information about each of the members is on the website. Therefore, there are faces to this project.
Rogue Pandas is an NFT project that will change the NFT spaces in a big way. It is without a doubt the next big thing in the NFT and a project every crypto investor should have in their watch-list.
Keep up with the latest update from Rogue Panda by following their social media platforms.
Twitter : https://twitter.com/rogue_pandas
Telegram : https://t.me/rougepandas
2022 To Be The Year Of Altcoins! But Not For Ethereum?
The crypto town is now enraptured in the hope of a massive bull run in the quarter. Older hands from the business have been making calculated strategies for the year. Meanwhile, novices have been fabling moonish gains. That said, optimism in the business has been compounding to an impeccable degree.
Proponents from the business are optimistic about 2022 being the year of altcoins. Which will be a continuation of the previous year, but at an accelerated pace. As previously mentioned, traders have been hunting for altcoins to generate passive income from their holdings. On the other hand, Vitalik Buterin’s views on Bitcoin cash have taken the space by storm.
Will Altcoins Be The Synonym For Crypto Industry?
The crypto sphere is home to a plethora of altcoins. In the midst of thousands of digital assets, a handful of those has been emerging out of the shadows. With an aim to outperform the star altcoin Ethereum. The perception of the space has now escalated from being an alternative to Bitcoin to an Ethereum killer.
Which justifies the gradual shift of interest in the coin market. A proponent from the industry cites that, if altcoins are down by 80% since ATH, but have a good APY staking. Profits will be compounded massively in the near future. The annual percentage yield, which is the projected rate of annual returns, after considering compounding interest into account. The APY fluctuates based on demand and supply.
Successively, a good APY staking translates to the firm belief of holders in the project. Newer protocols have been boasting impressive staking numbers in contrast to the legacy coins. On the other hand, Ethereum has been portraying more strength than the star crypto off-late. The dominance of Ethereum is now at 19.2%, while that of Bitcoin is at 37.5%. The retest to lower levels was probably the terminal, as the next move could surge the price by about 10%.
Vitalik’s Statement Takes Ethereum To The Trend List?
Ethereum maker Vitalik Buterin in a thread of tweets admits that his assumptions of Bitcoin Cash were wrong. And that the project has ended up being mostly a failure. The controversial statement has taken space by storm. Wherefore, the star altcoin has made it to the trend list on public platforms.
He further cites his main takeaways, saying
“communities formed around a rebellion often have a hard time, even if they have a good cause. Because they value bravery over competency and are united around resistance, rather than a coherent way forward”.
Collectively, the statements made by the Ethereum maker have been the talk of the town with the start of the year. Ethereum maximalists are now anxiously waiting for updates regarding ETH 2.0. On the other hand, traders have been exploring investment opportunities such as APY staking. With the much-anticipated merger to PoS, ETH price might embark on its odyssey to $20,000 in 2022.
Bitcoin network turns 13, celebrates with new hash rate all-time high
Today marks the 13th year since Bitcoin (BTC) creator Satoshi Nakamoto mined the genesis block or block 0 of the Bitcoin network, and for the first time mined a reward of 50 BTC back on Mon, 2009. Fast-forward to 2022, the BTC network shows no signs of slowing down by reaching a new all-time high hash rate of 207.53 million tera hashes per second (TH/s).
The Bitcoin hash rate, which correlates to the strength of the network based on the number of active miners, saw a temporary downfall after China banned citizens and businesses from pursuing crypto mining and trading activities. As a direct result of China’s blanket ban on crypto a sudden shortage of miners, the Bitcoin hash rate fell to 58.46 million TH/s.
As evidenced by the above graph, the Bitcoin hash rate saw an eventual comeback as Chinese miners began migrating to friendly jurisdictions. On Jan. 1, 2022, the Bitcoin network recorded a new all-time high of 207.53 million TH/s, reclaiming the network’s security by increasing the mining difficulty.
At the time of writing, the Bitcoin network hash rate stands at 190.64 million TH/s, down 8.14% from its all-time high.
Related: Bitcoin holdings of public companies have surged in 2021
BTC holdings of private corporations have significantly increased in the previous year, as revealed by on-chain analyst Willy Woo.
Since MicroStrategy’s “Bitcoin for Corporations” conference in Feb 2021, public companies* holding significant BTC have gained market share from spot ETFs** as a way to access BTC exposure on public equity markets.
* MicroStrategy & public mining companies
** Mainly Grayscale pic.twitter.com/e18OEfgiEW— Willy Woo (@woonomic) January 2, 2022
A Cointelegraph report on the matter highlights that purchases made by Michael Saylor’s MicroStrategy exceed $6 billion in crypto assets. In December alone, the firm purchased a further 1,914 BTC worth $94 million.
Bank of Jamaica completes first CBDC pilot
The Bank of Jamaica (BoJ) has successfully completed its first central bank digital currency (CBDC), targeting a national rollout in the first quarter of 2022.
After proceeding with initial CBDC prototype testing in March 2021, Jamaica’s central bank finished an eight-month-long pilot last Friday, the Jamaica Information Service reported.
As part of the pilot, the BoJ minted 230 million Jamaican dollars ($1.5 million) worth of the CBDC for issuance to deposit-taking institutions and authorized payment service providers on Aug. 9, 2021.
The central bank then issued 1 million JMD ($6,500) worth of digital currency to the staff at BoJ’s banking department. On Oct. 29, the bank also issued 5 million JMD ($32,000) worth of CBDC to the National Commercial Bank (NCB), one of the largest financial institutions in Jamaica.
According to the report, the NCB was the first wallet provider in Jamaica’s CBDC pilot, onboarding 57 customers including four small merchants and 53 consumers. Customers were able to conduct person-to-person, cash-in and cash-out transactions at an NCB-sponsored event in December 2021.
The BoJ now plans to proceed with a nationwide rollout in Q1 2022, expecting to add two new wallet providers. These providers have already been conducting virtual simulation testing and would be able to order CBDC from BoJ and then distribute it to their customers. The central bank also plans to focus on interoperability by testing transactions between customers of different wallet providers, the report notes.
Related: Mexico confirms plans to roll out CBDCs in 2024
As previously reported, the central bank of Jamaica selected the Irish cryptography security firm eCurrency Mint as the technology provider for its digital currency project in March 2021. The firm is known for being involved in the CBDC development in countries like Senegal. The BoJ previously invited technology providers to submit applications for its CBDC project in July 2020.
SIDUS To Bring The Next-Gen Browser Gaming Metaverse
The gaming industry has been growing at a massive rate over the last few decades, going from a simple hobby to much, much more.
Today, many treat it as a source of income, just as much as a source of entertainment. Streamers on platforms like Twitch, or YouTube gamers have been earning from gaming for well over a decade now.
Competitive gaming has had tournaments for years, and every branch of the gaming industry has a massive community backing it up and demanding more content.
Of course, gaming managed to get this big because it experimented with different approaches, allowing players to experience their stories in numerous different ways.
And, as mentioned, for a while now, it allowed people to earn while having fun, as well.
But, with the rise of the crypto industry, and particularly with developments seen over the last two years — particularly, the blow-up of DeFi and NFTs — the gaming sector can now offer even more direct ways of earning while playing.
This has actually led to the creation of an entire play-to-earn model, and the rise of projects such as SIDUS HEROES.
What is SIDUS HEROES?
SIDUS HEROES, or just SIDUS for short, is a new gaming project that offers users to experience complete immersion in its digital reality, observe new mechanics, and enjoy new opportunities.
It comes as a hybrid network of work, university, and the entertainment industry, and as such, it is a breakthrough in both the gaming and financial industries.
Of course, all of this was possible thanks to blockchain technology and its newest major trend, the metaverse, which combines finance, economics, everyday life, socializing, and more.
All of it put together — the metaverse, cryptocurrency, gaming — gave birth to SIDUS HEROES and other games like it, which are building up player-driven economic systems that have tangible value.
More importantly, it has led to the rise of the so-called Leisure Economy, where players play games and earn their income along the way.
The game itself is very easy to access, and all that users need to do to start playing it is open up their browser and type in the game’s URL.
There is no need to download and install apps on their devices or anything of the sort. Instead, this next-gen browser game will transport players themselves to a new world where tech advancements have reached a level where life and technology are combined.
What is there to do in SIDUS HEROES?
SIDUS’ universe offers 12 different playable races, all of which are tech-based, and all of which represent different blockchains that are already quite well familiar to the project’s community.
The likes of Bitcoione, Etheredus, Avalanya, Polkacyon, and others all offer unique character traits, features, NFT collections, and the Hero’s outlook on life and the world around them.
While they are all different, their players have to work together to find common ground and overcome their differences in order to complete their missions.
Some may go for violence and strive for power, while others might opt to spend their time exploring and learning of all the details that the world has to offer.
Of course, there is also something for creative souls to do, such as to become builders who will transform their corner of the SIDUS HEROES’ universe.
The game also has well-developed and deep economics, which also allows players to pursue the manufacturing or merchant path.
And, finally, for those more interested in political affairs, there is an entire SIDUS City that needs governing, representing people, lobbying for various interests, and more.
Of course, the political system works for the whole metaverse. The Council decides on matters that affect the development of the game as a whole.
In other words, this project doesn’t simply offer a game – it offers an entirely new world worth exploring, running, inhabiting, expressing oneself in, and dominating.
And, while you are enjoying your time in the game, you also get to earn real money, buy and sell NFTs that will bring new content to your game, or sell the existing content to earn more money, and finally have gaming and making a profit be mutually inclusive.
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BTC Price to Moon-Shot on Jan 12th? How Bitcoin Might React to Winter Inflation?
The US and European markets glide in caution ahead of crucial interest rate hikes by the US Fed. The rising inflation has turned out to be mounting cold feet for Bitcoiners around the world, specifically the US traders. The nation has experienced an acute rise in consumer inflation over the year. However, the 1st interest rate tapering is scheduled for winter, the flagship asset needs to handle this market tantrum cautiously.
Tapering Tantrum to Hurt Bitcoin Price?
The Bitcoin price has been on the rocks with no significant gains since the US Feds’ decision on tapering of interest rate hikes in 2022. In 2021 alone, the United States has printed over 35% of the USDs in circulation. Wherefore leading record break rise in inflation to 6.8% in 2021. However, the governmental agency is likely to taper interest rate hikes post it concludes the bond-purchase event in March.
One of the analysts from the Crypto fraternity is optimistic about Bitcoin gaining strength eventually after interest rate hikes. He correlated growth in the stock market returns during the initial six months since the 1950s. Whilst 10 of the 13 such events since the 1950s had positive returns of an average of 5.1% over the first six months. Moreover, the bullish stock market always yields virtuous for Bitcoin price action.
Yet things appear to be foggy for the flagship asset’s price action after the initial six months of tapering, where traders might start to debt their holdings. However, as market inflations are generally bad for the risk assets, Bitcoin is likely to remain volatile in this period in alignment with the stock market’s volatility.
Collectively, in the short-term, the most dominant asset remains bullish as it is on the verge of accomplishing the 13th-year celebration of its first-ever transaction on January 12th. It is expected to undergo a short supercycle to strengthen its price levels above $50k. The macro outlook remains opaque as potential US inflation is likely to hurt the Bitcoin price action for the next two years. The smart traders call it the best buy opportunity as the asset looks feasible to take a parabolic move post the market recovery.
New year, same ‘extreme fear’ — 5 things to watch in Bitcoin this week
Bitcoin (BTC) begins its first full week of 2022 in familiar territory below $50,000.
After ending December at $47,200 — far below the majority of bullish expectations — the largest cryptocurrency has a lot to live up to as signs of a halving cycle peak remain nowhere to be found.
With Wall Street set to return after stocks conversely ended the year on a high, inflation rampant and interest rate hikes looming, 2022 could soon turn out to be an interesting market environment, analysts say.
So far, however, all is calm — BTC/USD has produced no major surprises for weeks on end.
Cointelegraph takes a look at what could change — or continue — the status quo in the coming days.
Stocks could see 6 months of “up only”
Look no further than the S&P 500 for an example of the state of play when it comes to U.S. equities.
The index achieved no fewer than 70 all-time highs in 2021, rounding out the year with a flourish, even as risk assets looked far less appetising.
Bitcoin was among them, trailing below the $50,000 mark with the only noticeable events coming in the form of peaks and troughs around thin holiday liquidity.
With that said, central bank policy is widely tipped to provide a potential cat among the pigeons in the coming months. The Federal Reserve has signaled two interest rate hikes this year, and the market’s ability to absorb them is seen as a key test for asset performance.
For the first chunk of the year, however, it may well be a continuation of the latest flavor of “business as usual” — stocks adding to all-time highs.
“History suggests the beginning of rate rise regimes actually result in stock market strength for 6 months,” Charles Edwards, founder of asset manager Capriole, noted in a series of tweets this week.
“10 of the 13 regimes (77%) since the 1950s had positive stock market returns over the first six months, averaging +5.1%. We are approaching the start of a new regime now.”
Edwards said that while such circumstances are generally “good” for Bitcoin, upheaval further down the line would likely mean that stocks take a beating in the long term thanks to the rate hikes.
“Without significantly higher economic growth (yet to be seen), it is unlikely any rate rise programs by the Fed will have a long runway,” he continued.
“Bitcoin will be volatile in this period, both an effect of stock market volatility, but also from sharp Fed course corrections.”
Inflation will be on the radar again next week, with Jan. 12 scheduled for the latest U.S. consumer price index (CPI) data for December.
$40,000 stays support floor
Bitcoin spot price action has provided precious little by way of interesting cues lately, staying in a well-defined range.
A tussle between bulls and bears has in fact been somewhat underwhelming in nature beyond rhetoric found on social media — volumes are thin, interest from retail low, and large players continue to maintain sell levels nearby.
Two levels I find important for #Bitcoin.
▫️ $48,000, the one we’re currently rejecting on.
▫️ $49,400, the one that caused the latest correction and should flip for a bullish test of potentially mid $55k. pic.twitter.com/zISQu2IcDV— Michaël van de Poppe (@CryptoMichNL) January 2, 2022
Responding to levels to watch from Cointelegraph contributor Michael van de Poppe Sunday, popular trader and analyst TechDev agreed that $48,000 represents “a little brick wall.”
To the downside, Van de Poppe said that he was eyeing the area between $40,000 and $42,000, with action above that corresponding to “accumulation.”
Bitcoin, however, has a habit of upending even the strongest trend at the least expected moment.
For fellow trader Pentoshi, there is little cause for celebration at levels much below $60,000, these last appearing over a month ago.
“I will long logical areas in a downtrend. I will be macro bearish until 58-60k reclaim. And bullish at local areas,” he summarized about his position over the weekend.
Pentoshi and others urged a pivot to Ether (ETH) on the basis of altcoin strength, thus providing a convenient way to “de-risk” with Bitcoin underperforming.
That strength is captured in Bitcoin’s market cap dominance, which has now slipped under 40% for the first time since May, data from TradingView shows.
On-chain metrics predict “sustainable price trend”
For those looking for a silver lining to the uninspiring price action, on-chain metrics provide no shortage of relief.
The further away the market gets from last month’s snap correction, the more enticing Bitcoin looks as an investment punt based on historical trends.
In its latest newsletter issued Dec. 31, Capriole director Ryan McCoy highlighted the shifting tide in investor selling habits as aligning with the latter stages of previous corrections.
Of particular interest is Short Term Holder spent profit output ratio (SOPR) from on-chain analytics firm Glassnode, which shows the extent of gains or losses from recently-spent coins — specifically those which last moved in the past 155 days.
Currently with a median score below 1, SOPR shows that coins spent at a loss are declining in numbers — a potential form of seller exhaustion.
“Typically, when this metric starts to bottom and then rise, a more sustainable price trend has begun,” McCoy explained.
“The 30-day median is still below 1 (implying that the average price of the coins moved is lower than the price they were purchased at), but signs of life like this after a substantial corrective event suggest we are likely in the latter stages of the current correction.”
Cointelegraph has reported extensively on hodlers’ habits when it comes to BTC, and long-term investors remain steadfast in their conviction not to sell.
“Despite the -38% drop since November, Long-Term Holders continue to diamond hand Bitcoin,” McCoy summarized.
“The last time Bitcoin was at $47K, long-term holdings were 10% lower. To date there has been insignificant distribution despite the volatility. That’s bullish.”
Fundamentals have (almost) never been better
Continuing the positivity, network fundamentals underscore the strong belief of another cohort of essential Bitcoin market participants.
Miners, despite seeing all-time highs of $69,000, are accumulating, not selling, their coins.
At the same time, the network hash rate is at all-time highs of its own, these last seen in March and April before the upheaval of the Chinese ban sparked months of migration.
Should the old adage of “price follows hash rate” remain true, miners’ faith in long-term profitability of Bitcoin provides a key indicator of where the market is going.
“Metrics like this are effectively old-guard fundamental outlook material and are largely overlooked by newer and sexier methods of explaining price dynamics, supply and demand, but cannot be ignored for their ability to explain institutional and infrastructural support for securing the protocol that at this point effectively underpins the entirety of the crypto economy,” Capriole added.
Hash rate is currently over 190 exahashes per second (EH/s), according to estimates from MiningPoolStats.
Later this week, meanwhile, Bitcoin network difficulty is set to increase by around 2.4%.
This reflects the competitiveness of the current mining landscape, and difficulty should shortly tackle 25 trillion again for the first time since the pre-China peak, data from Blockchain shows.
With every increase, difficulty reinforces network security, creating an even more robust ecosystem.
How sustainable is “extreme fear” this time?
Bitcoin sentiment began 2022 with serious cold feet, the Crypto Fear & Greed Index measuring “extreme fear.”
Related: Top 5 cryptocurrencies to watch this week: BTC, LUNA, FTM, ATOM, ONE
As Cointelegraph reported, investor emotions have become highly sensitive to even smaller price movements within the current range.
Fear & Greed reflects this, moving up 8 points since the weekend despite price action offering little change.
At the time of writing, the Index measured 29/100, nevertheless in the “fear” zone.
As noted by on-chain analytics resource Ecoinometrics, meanwhile, such sentiment has historically failed to play out for long.
“Bitcoin is back in extreme fear. Historically that means there is limited downside at 30 days,” it tweeted alongside a chart compiling the index and BTC/USD.
Ertha To Prime Listing Huobi On January 4th
ERTHA’s Listing and TGE will be hosted on Huobi as a Prime List on the 4th of January, 2022. Listing on Huobi ensures that ERTHA Metaverse becomes the leading token in the GameFi & NFT space.
Gaining a Primelist brings new levels of visibility and prestige to the project, introducing us to a wider demographic of investors and supporting the value and longevity of the token. It also provides the community with a convenient way to access the $ERTHA token.
Huobi is the industry’s leading digital asset exchange in both liquidity and real-trading volume. It ensures that ERTHA continues to be the world’s most in-demand and highly anticipated Metaverse.
This news comes shortly after the conclusion of three record-breaking IGOs hosted by GameFi, Seedify, and RedKite.
Each community pool sold out in under one minute, and to date, the project has raised $5.4 million from a number of world-renowned VC investors including:
- LD Capital
- Polygon Syndicate
- OKEx Blockdream Ventures
- Shima Capital
- GD10
- Genblock Capital
- Dialectic
- Momentum 6
- X21
- Terranova
- AU21
- Zen Capital
- & Many others.
Ertha’s Gameplay
Ertha’s world is a complex and intricately designed playspace ripe for the creation of new governments, economies, and shaky alliances between its playerbase.
The Metaverse is divided into 350,000 land plots, each of which collects taxes, fees, and other forms of revenue from the transactions taking place on them.
Ertha has been designed to replicate a real-life environment with a player-driven economy.
A Player’s actions, whether political or environmental, in times of conflict or peace, can create real change and have far-reaching consequences.
Owners have a say in everything from international trade laws to taxes on the transactions being conducted in their territory.
Just like in the real world, each HEX owner will profit from their real estate investment. You can see the mechanics in the new gameplay trailer.
If you’re to get involved in Ertha, or expand their portfolio of HEX plots, you can visit our marketplace where our land sale continues with the recent addition of South Africa and increased availability in Brazil and India.
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Will Raising Interest Rates be Bullish for Bitcoin Price? Popular Crypto Maximalist says Yes!
The world’s largest crypto coin, Bitcoin, has had highs and lows throughout 2021. Bitcoin prices will be a hot topic in 2022, as the crypto coin has been on a downward trend since peaking at $42,000, due to various factors.
The flagship cryptocurrency experienced popular adoption and three new all-time highs last year, but the price has now fallen below $48k. As a result of the situation, the price of the most popular altcoins has plummeted.
Higher Interest Rates A Boon for BTC?
Higher interest rates in 2022, according to Bitcoin bull Anthony Pompliano, may have a different influence on BTC’s price than many analysts initially predicted.
In a new interview with CNBC, Pompliano, the co-founder of Morgan Creek Digital, claims that BTC could be linked to an unexpected indication.
“The other thing that I’m watching right now, and I don’t think we have enough data yet, but over the last couple of weeks, I’ve seen a couple of analysts talking about this idea that Bitcoin’s price is actually tracking/correlated to the [U.S.] 10-year Treasury yield.”
The performance of the 10-year Treasury yield is used by traders to evaluate market sentiment and risk appetite.
Investors choose riskier investments with higher returns, thus a growing yield indicates market confidence. A dropping yield, on the other hand, shows market caution as investors seek safety in Treasury bonds.
In an effort to combat inflation, Federal Reserve officials have stated that they expect to reduce asset purchases and boost interest rates next year.
Pompliano points out that if the 10-year Treasury yield and Bitcoin have a positive correlation, such a strategy may potentially be good for Bitcoin.
He further said, “But if Bitcoin’s actually going to trade alongside [the 10-Year Treasury Yield] – again we do need more data – if that is true, in some crazy way, raising interest rates could be bullish for Bitcoin.”
Pompliano does admit that some of his previous predictions have failed to materialize. He forecasted in 2019 that Bitcoin would reach $100,000 by the end of 2021, around 18 months after the most recent halving in May 2020.
“One of the things I’m watching though is that the 18-month timeframe may be off. We may actually be seeing longer bull markets now rather than those 18-month ones we’ve seen before. Time will tell. Hindsight will be 20/20 on that. But I think that’s one thing to watch.”