Weekly Bitcoin Review

Bitcoin dominance waning   The price of Bitcoin has seen a solid recovery over the last week. It currently sits around $51,200. Yet other assets have once again outperformed Bitcoin this week. Cardano (ADA) is up 23% this week, Polygon (MATIC) is up 25% in the week, and Polkadot (DOT) price is up over 30%. In contrast, Bitcoin price is up 9% this week, which is still nothing to scoff at.  This does show that coins on smaller networks are beginning to gain more traction, lowering the dominance Bitcoin has shown over the cryptocurrency market for its entire run. However, this is not due to a lack of people buying or using Bitcoin, but is instead due to investors chasing where the newest money is. Many are looking for the next Bitcoin after seeing the massive success the asset has seen in recent years. The efforts to make big money off of investments other than Bitcoin are not futile, but history has shown to never bet against it. While there are going to be other tokens and networks that see massive success, there will only ever be one Bitcoin.  Salvadorans having wallet issues  Issues with the Chivo wallet in El Salvador have continued to

2021-12-28Malalim na Pagsisid

Crypto Exchange Kraken's New NFT Marketplace to Issue Loans

Jesse Powell said the exchange will expand into a marketplace for nonfungible tokens and NFT-backed loans beginning in 2022.  Kraken founder and CEO Jesse Powell recently shared in an interview with Bloomberg News that the crypto exchange will launch a nonfungible token (NFT) marketplace that will enable users to borrow funds against their NFTs.   Powell explained that the company plans to enter the NFT space in early 2022 and hopes to add the feature to determine the liquidation value of an NFT and if it can be put up as collateral for a loan.  “If you deposit a CryptoPunk on Kraken, we want to be able to reflect the value of that in your account,” said Powell. “And if you want to borrow funds against that.”  The value of NFTs, however, is all over the spectrum and only a small percentage of token owners hold a digital collectible valued for as much as a CryptoPunk, whose floor price is 66.9 Ether (ETH) or $273,673 at the time of publication.  According to Powell, NFT utility will explode next year:  “Phase one was speculation, phase two is buying art and supporting artists, phase three is going to be functional uses of NFTs.”  Additionally, Kraken recently acquired Staked, an

2021-12-28Malalim na Pagsisid

Here's What's In Store For Cardano In 2022

Cardano has no doubt had an interesting year in 2021. Its native token, ADA, had grown from less than 30 cents to its record high above $3. It was a remarkable year filled with firsts for the project, the most notable being the launch of smart contract capability on the network.  As the year 2021 draws to a close, investors are beginning to look towards the new year and what might be in stock for these digital assets. To this end, founder Charles Hoskinson once again took to his YouTube channel, where he explained to 300,000 subscribers in a live video, what they should expect in the coming year.  DeFi On Cardano  The deployment of decentralized finance (DeFi) on the Cardano blockchain has been a long-awaited event for both the network and its supporters. With smart contracts capability launched in September, expectations have grown even more as investors anticipate the launch of the first DeFi protocols. Developers continue to work hard towards this goal.  Hoskison took time to address this important part of the Cardano network as he explained his plan to bring affordable loans to the network through DeFi. He outlines this goal as something he is working towards so that by the

2021-12-28Malalim na Pagsisid

New to Crypto Trading? Here are 5 Tips on How to Start 2022 on the Right Foot

Trading stocks and cryptocurrencies can be complicated, but here are a few tips on how to get started.  It doesn‘t matter how experienced you are at trading because nothing can be done to protect a person against the might of cryptocurrencies’ price swings. Currently, Bitcoins (BTC) volatility, the standard measure for daily fluctuations, stands at 64% annualized. As a comparison, the same metric for the S for example, buying $200 every Monday afternoon for a year removes the anxiety and pressure caused by the constant need to decide whether to add a position.  Avoid buying all the positions in less than three or four weeks at all costs. Remember, the crypto adoption rate is still in its infancy.  Dont use too many indicators when conducting analysis  There are countless technical indicators, including the moving average, Fibonacci retracement levels, Bollinger Bands, the directional movement index, the Ichimoku Cloud, the parabolic SAR, the relative strength index and more. If you consider that each one has multiple setups, there are endless possibilities for tracking these indicators.  The best traders are experienced enough to know that reading the market correctly is more important than picking the best indicator. Some prefer to track correlations to traditional markets, while others focus

2021-12-28Malalim na Pagsisid

Crypto.com CEO Lashes Out At CoinMarketCap For Inaccurate Trading Volumes

CoinMarketCap seems to have landed into a soup with Crypto.com CEO Kris Marszalek coming down heavily at them for misreporting the formers trading volume. According to Marszalek, CoinMarketCap had arbitrarily changed the ranking to 14th, with a trading volume of $1.8 billion.   However, CoinGecko put Crypto.coms rank as 3rd, with a trading volume of $3.1 billion.   Calling Out CoinMarketCap   Marszalek took on CoinMarketCap in a tweet published on Christmas day, stating,   “Merry Christmas to team CoinMarketCap, who, a week after my response to their poorly worded tweet, arbitrarily reduced our exchange ranking to 14th. We are 2nd/3rd on CoinGecko, so you guys know where to look for real and market neutral data.”  The tweet that the Crypto.com CEO is referring to is an exchange between the two, with Marszalek eventually stating that Cyrpto.com is working on removing CoinMarketCaps unreliable price feeds from their product. CoinMarketCap had seen a significant spike in user complaints due to a glitch that they were going through at that time.   The bug resulted in CoinMarketCap showing a significant increase in the price of cryptocurrencies that had a knock-on effect on crypto services relying on data from CoinMarketCap.   The CoinMarket Bug That Sent Prices Into Orbit   The

2021-12-27Malalim na Pagsisid

Dogecoin Foundation Works with Ethereum Co-Founder on DOGE Staking

The new DOGE PoS version aims to allow anyone to get rewards for their contribution to running the network.  The Dogecoin Foundation, a non-profit organization behind the meme-based cryptocurrency Dogecoin (DOGE), is working on a staking mechanism in collaboration with Ethereum co-founder Vitalik Buterin.  The Foundation on Thursday released its Dogecoin Trailmap or a “dog-walk” that the Dogecoin Foundation is committed to exploring and which it believes would contribute to Dogecoins success.  As part of the trailmap, the Dogecoin Foundation is working with Buterin on building a “uniquely Doge proposal” for a “community staking” version of proof-of-stake (PoS).  Such a version would allow all Dogecoin users to stake their DOGE and get extra tokens for supporting the network, the Dogecoin Foundation said:  “[The PoS version] will allow everyone, not just the big players to participate in a way that rewards them for their contribution to running the network, and at the same time gives back to the whole community through charitable causes.”  As previously reported by Cointelegraph, the Dogecoin Foundation reestablished its project in August 2021 after six years of almost zero media activity. As part of the new team, the foundation listed advisory board members, including Buterin, Dogecoin co-founder Billy Markus and Dogecoin core developer

2021-12-27Malalim na Pagsisid

StarSharks Picks Up $4.6 Million Funding From Over 30 Investors

The Binance Labs backed metaverse game has just closed a private round that included several well-known crypto venture capital and institutional investors.  ‍  Shark Metaverse GameFi Picks Up More Funding  StarSharks announced the successful closing of a private funding round that involved over 30 institutional investors.  The announcement on December 24 explained that shark metaverse based on the Binance Smart Chain (BSC) picked up funding of $4.65 million in the private round. The round included over 30 well-known institutional investors including Binance Labs, DAO Maker, Three Commas Capital, Gate.io Labs, Hyperedge Capital, and Everest Ventures Group. The project has an objective to disrupt the current GameFi landscape where assets are isolated in a single game.  “StarSharks is dedicated to developing a state-of-art blockchain game platform, with the goal of sharing and maximizing the value of creativity through co-creation. We are grateful to be supported by over 30 prestigious institutional investors and communities who believe in StarSharks vision, and we look forward to building the game platform of the next generation together,” stated Franky, the CEO of StarSharks, in a statement.   As previously reported by Bsc.News, Binance Labs announced on Nov. 2 that the venture capital arm and incubator of the Binance ecosystem made a strategic

2021-12-27Malalim na Pagsisid

Top Crypto Winners and Losers of 2021

Not all digital assets have made positive price movements during the 2021 bull run.  The year 2021 has undoubtedly been a bull market with Bitcoin (BTC) raising the all-time high price bar several times this year. But not all crypto assets have performed equally. There have been a number of losers in addition to the majority of winners in terms of price gains.  Since the beginning of 2021, total crypto market capitalization has gained 190% from just under $800 million to over $2.3 trillion today. It hit an all-time high of just over $3 trillion in early November.  Top 3 crypto gainers in 2021  The crypto top-ten in terms of market capitalization looked a little different on Jan. 1, 2021, as it contained Litecoin (LTC), Chainlink (LINK), and Bitcoin Cash (BCH). These have dropped out and have given way to Solana (SOL), USDC, and Avalanche (AVAX) by the years end.  Dogecoin (DOGE)  Dogecoin has skyrocketed this year, driven primarily by Elon Musk‘s surreptitious social media posts. On New Year’s Day, DOGE was priced at just $0.004 and largely ignored by the majority of crypto traders. DOGE had its first little spurt in February following the first of what would be a number of subsequent Elon pumps.  DOGE

2021-12-27Malalim na Pagsisid

Binance introduces BNB Auto-Burn to replace quarterly burn protocol

BNB tokens will now be burned automatically based on a formula that includes blocks generated and BNBs price.  Binance officially announced the implementation of a new Binance Coin (BNB) Auto-Burn protocol to replace its current quarterly burn mechanism.   In response to the requests of the BNB community, Binance changed its quarterly burning protocol for BNB tokens. According to Binance, this will provide more “transparency and predictability” to its community. With this, BNB will be burned automatically based on a formula consisting of on-chain data of total blocks generated and the average price of BNB.  At the moment, there are two burning mechanisms for BNB. One is the real-time burning of a percentage of gas fees on the Binance Smart Chain. The second is the quarterly burn based on Binances Accelerated Burn Program, which the BNB Auto-Burn mechanism would replace.  Since the launch of BNB, Binance has committed to burning 100 million BNB, which is half of the original total supply. When the total circulating supply of BNB goes below 100 million, the Auto-Burn will be discontinued.  In the last quarterly burn, the company took 1,335,888 BNB, approximately $639,462,868 at the time, out of circulation. Earlier this year, the team destroyed $400 million worth of

2021-12-24Malalim na Pagsisid

Avalanche ($AVAX) Starts Trading on Kraken as on-Chain Activity Skyrockets

The native token of the Avalanche network, $AVAX, has started trading on cryptocurrency exchange Kraken, one of the largest cryptocurrency trading platforms in the world. The listing comes after AVAXs price exploded this year and its adoption keeps on growing.  In its listing announcement, Kraken detailed that AVAX will be tradable against the USD and EUR and will be available on both Kraken and Kraken Terminal. Margin trading and futures contracts in the cryptocurrency are not available.  Kraken described Avalanche as a distributed system that achieves scalability through the use of three interoperable blockchains and a Proof-of-Stake consensus mechanism. It aims to serve as the foundation for an expansive ecosystem of decentralized applications (dApps).  The listing comes shortly after cryptocurrency custody firm BitGo has revealed it will support the native token of the Avalanche network, $AVAX, as institutional interest in it keeps on growing. The move allows BitGo clients including exchange Bitstamp and Bitbuy to offer AVAX to their users.  As CryptoGlobe reported, Bank of America analysts have said that Avalanche could be a viable alternative to Ethereum ($ETH) when it comes to decentralized finance, non-fungible tokens (NFTs), and gaming.  Data from the Avalanche blockchain shows that the network has processed over 8 million blocks

2021-12-24Malalim na Pagsisid
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