On Monday, Bitcoin and other cryptocurrencies slumped as investors were concerned about a deteriorating macroeconomic environment, tougher monetary regulations, and an economic slowdown caused by the Omicron variant.
Bitcoin fell 8.7% to roughly $46,000 on Monday. The Ethereum blockchain network’s token, Ether, was down 11% to $3,700. Solana, down 13%, and Terra, down 14%, were among the worst-performing “alt-coins.”
Bitcoin has lost about $23,000 since its early November peak of around $69,000, a drop of more than 30% in 35 days. Furthermore, the technical setup suggests that the crypto will continue to fall, with the crypto hitting support levels. Let’s take a peek at what’s going on in the cryptocurrency world.
A Bored Ape NFT Sold For 0.75ETH By Mistake. Another Sold For 347ETH, But Wait…
The Bored Ape Yacht Club is one of the most popular NFT collections on the Bitcoin network. The site’s ex-owner, Maxnaut, has had his membership revoked after accidentally listing his Bored ape for 75ETH instead of 0.75ETH. Only 10,000 Bored Apes exist and were minted for 0.08ETH each. John Knopf’s Bored Ape 9452 was bought by Deepak Thapliyal. The owner of the wallet that bought the ape asked him to send back the funds he paid for it. Apparently, he was trying to make a bid and made a million-dollar mistake.
Crypto Bull Cathie Wood Says Ethereum Is More Undervalued Than Bitcoin
ARK Invest CEO Cathie Wood was on CNBC’s Squawk Box to talk about the crypto market. Wood is known for her bitcoin at $500,000 prediction, which she has stood by at various points. She believes ethereum is even more undervalued than bitcoin. Cathie Wood, CEO of Galaxy Digital, believes ethereum is even more undervalued than bitcoin. Wood reiterated the fact that DeFi was the driving force behind the digital asset’s success. She added that institutions are going to move more into DeFi and NFTs, which would “accelerate” its growth.
How Solana Was Brought Down By This dApp Launch
SolChicks is one of Solana’s newest projects with a play-to-earn (P2E) model. The game was built with SolChick, one of the platform’s NFT Collections, and let players take their assets and using as their main characters. The hype around this Solana project led to a slowdown in the network’s activity as too many users tried to access the platform. The team behind SolChicks called the event a “record-breaking launch” and transferred the responsibility for the event to Solana. The token claiming dashboard has crashed, as the Solana network is extremely congested. As of press time, Solana trades at $151 with a 13.1% correction in the past day.
Could An Elon Musk Time Magazine Cover Predict The Crypto Cycle Peak?
Time Magazine picks Elon Musk as the person of the year. Could it be an omen that the end of the crypto bull cycle is near – or potentially already here? Bitcoin and cryptocurrencies have been compared to all kinds of bubbles, ranging from tulip mania to the dot com boom. The dot com bubble peaked in March 2000, and the current Bitcoin bubble could peak in December of this year. Even if the current level in December were to hold, a peak just three months away in March 2021 would lead to the worst correction Bitcoin and the crypto market have ever seen.
Bitcoin Hashrate Approaches New ATH, What Does It Mean For The Price?
Data shows Bitcoin mining hashrate is now near its all-time high (ATH) set back in April. High values of the indicator may also imply that there are a lot of nodes (that is, miners) connected to the network. This helps make the chain more secure against any possible attacks. The Bitcoin hashrate has been trending up for a while now. It seems to be advancing towards its previous ATH that was achieved earlier in the year.
After China’s crackdowns on mining started, the hashrate began to go down. Since then, the value of the indicator has steadily worked its way back up.
90% Of Total Bitcoin Supply Has Been Mined. How Long Will The Rest Take?
Bitcoin mining has now been going on for a little over a decade now. There will only ever be 21 million bitcoins that will be mined. The limited supply of digital assets has secured its reputation as a deflationary asset. This dwindling market supply will likely see the price of the asset surge in the coming years. Despite it only takes about 12 years for the majority of the bitcoin supply to be mined, the remaining 10% will take 10 times longer.
This is due to the halvings that occur every four years. The last bitcoin will not be mined until 2140, over 100 years from now.
Elon Musk & Crypto: “How One Man Has All That Power”
Elon Musk has made himself known as an entrepreneur, eccentric personality, crypto investor as well as part-owner and heavy endorsor of Dogecoin. Tesla owners have quickly established Apple-level brand loyalty. Musk was a part of the early online payment days with his hand in finding Paypal, one of the first online transaction companies. In April 2019, Elon Musk mentioned Dogecoin and his interest in being a doge-head. Dogecoin might be my fav cryptocurrency.
It’s pretty cool, he said. The price of the coin went from $0.002 on April 1 to as high as $4.004 on April 4 after his appearance on SNL(Saturday Night Live- American Television Show).
Lightning Speed: Podcasting 2.0 And Its Relationship With The Lightning Network
The Lightning Network allows for micropayments that are almost free. Podcasts, websites, and Bitcoin are all examples of open platforms. Creators can plug into an open monetization platform with hundreds of millions of users. They can access a new type of monetization that was never before possible. There are 4,434,920 RSS podcast feeds on the internet today, but only 2,947 of them are on The Lightning Network.
Creators can know the exact moment that their listeners decided to tip them. It’s only a matter of time before the other 99.93% of podcasters figure this out. This innovation represents a shift to a more social podcasting experience. Podcasting 2.0 apps continue to build easy interfaces for listeners to tip their favorite podcasters, Lightning tips could even become a primary revenue source, without cannibalizing or interfering with a creator’s existing ad revenue.
This Crypto Collaboration Aided Health Staff Beaten By Venezuelan Regime
The crypto company used stablecoins to send millions of dollars into the hands of those fighting for the health and safety of the people of Venezuela. During the bumpy road, the crypto era opened a pathway that wouldn’t have been there a decade ago. Maduro’s regime did its best to block the Airtm platform, where healthcare workers would receive the aid, but Guaidó’s team published a guide on how to use the Canadian company TunnelBear’s VPN, which provided free services for a while. Financial Times published a report where they describe the methods used by the interim president to bypass the Maduro regime’s tight grip that would not allow citizens to receive any type of external aid. Guillermo Herrera Gallo said that the aid didn’t make much of a difference for the lives of doctors, but he did see relief in the eyes of nurses who could finally afford food and supplies for their children. This event shows the possibilities that the crypto era we are entering can offer in situations of despair like Venezuela’s healthcare system.
Why “Bitcoin Creator” Craig Wright Came Out Ahead Despite Having To Pay $100 Million
Craig Wright was ordered to pay $100 million in damages to heirs of David Kleiman. Kleiman’s estate claimed he was entitled to half of the 1.1 million BTC mined by Satoshi Nakamoto. The bitcoins contained in this wallet are worth an estimated $70 billion, which Wright would have come out ahead on. Craig Wright has been involved in lawsuits regarding his status as the creator of Bitcoin. The computer scientist claims a jury has found out that he indeed created bitcoin and as such would not be appealing the judgment. Whether Wright has or ever had the bitcoins in his possession remains a mystery.
How Polygon Sealed A $400M Deal To Get Ahead In The Ethereum ZK Rollup Race
Polygon has stepped up its Zero-Knowledge (ZK) proof ambitions. The scaling solution has already been making efforts to support and contribute to the development of scaling solutions. Now, Mir will be integrated into this ecosystem with a new name, Polygon Zero. Mir will help Polygon develop a solution called Plonky2 that will generate recursively proof proofs in milliseconds and will open the gate for horizontal scaling.
Galaxy Digital CEO Explains Why Ethereum Is Outperforming Bitcoin
Ethereum has grown to become one of the largest assets in the world. It was recently named as the 15th largest asset in the globe, ahead of all of the big banks. The digital asset’s performance over the past couple of years has proven that it is a strong contender for bitcoin. Mike Novogratz sees all of the Fed’s money printing working out in the favor of cryptocurrencies in what he calls a “monster fourth quarter”. He also expects to see the stock market continue its rally. Bitcoin loses appeal as an inflation hedge when pitted against a devalued currency like the US dollar.
Bitcoin Miners Hold Off On Selling As Their Reserves Reach 2021 High
On-chain data shows Bitcoin miner reserve growing as miners are accumulating BTC. The Puell Multiple confirms that miners don’t want to sell at the current price level. A downtrend would suggest miners might be dumping their Bitcoin. Here is a chart that shows the trend in the value of these indicators over the past few months. The Puell Multiple’s value seems to be around 1.13.
This value of the indicator is the highest it has been for the year. At the time of writing, Bitcoin’s price floats around $49.7k, down 12% in the last seven days.
Bitcoin Active Addresses Recovers Above 1 Million
The number of active Bitcoin addresses has climbed above one million multiple times this year. Following the market crash in April, this number had risen to one of its highest points cine January. A sharp decline between June and July brought the number to its lowest point for the year. The recovery in the number of bitcoin active addresses looks to be following the sell-off trend similar to the May climb. The Market Value to Realized Value (MVRV) had peaked in October after the bitcoin price rally at 2 but has subsequently dropped to 2 in December.
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