Month: January 2022

Bitcoin Miners Show Strong Accumulation As Their Inventories Spike Up

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On-chain data shows Bitcoin miner reserve has showed a sharp spike recently, suggesting that miners are currently loading up on the crypto. Bitcoin Miner Reserve Shoots Up; Trend Of Accumulation From Last Year Continues As pointed out by an analyst in a CryptoQuant post, the BTC miner reserve has shown strong uptrend recently. This seems to be a continuation of the accumulation trend from the last year. The “miner reserve” is an indicator that tells us the total amount of Bitcoin currently stored in the wallets of miners. When the…

Off the Charts: DeFi Rebound

Amid the weakness in bitcoin and other crypto assets during the latter part of 2021 and early 2022, there’s been an anomalous counter-performance by the decentralized finance (DeFi) sector. The last few weeks have seen a modest rebound in total value locked, a measure of how much digital asset value has been collateralized for loans in the DeFi system. CoinDesk’s Shuai Hao whipped me up this chart, based on data from DeFi Pulse, which shows TVL, as expressed in ether, versus the value of the CoinDesk Indices’ DeFi (DFX) index.…

NFT sales and blockchain games continue to grow despite the recent market slump: Report

January 2022 continues to be rough for crypto investors as current markets see turbulent fluctuations in the price of Bitcoin and other cryptocurrencies. Some have attributed the slump to recent federal intentions to introduce new rate hikes, and the political turmoil in Kazakhstan which significantly lowered the hash rate of bitcoin. On Jan. 14, the price of Bitcoin dipped below $42,000 as traders continued to hold out hope for bullish signals.  NFT trading and blockchain games on the other hand seem to have resisted the dip. According to reports from DappRadar, NFT…

Revolutionizing the NFTs on the Solana Blockchain

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One of the most anticipated NFT projects has finally reached its scheduled launch date. With 6,000 disguises inspired by favorite Halloween costumes, movies, and characters, Ernest In Disguise released the annual Halloween collection on the 28th of November. Bear in mind, these disguises are all one-of-a-kind, with the rarest being based on some of the most well-known Halloween figures like Chucky, Jason, Venom, and others. So what’s Ernest all about? It’s all about an extraterrestrial from the Cryzal Galaxy who discovered love and connection during his explorations on Earth and…

Kingdom of Tonga May Adopt Bitcoin as Legal Tender, Says Former Member of Parliament – Bitcoin News

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The Kingdom of Tonga may adopt bitcoin as legal tender, according to a former member of Tonga’s parliament, Lord Fusitu’a, who tweeted about a possible timeline for this event to occur. Fusitu’a believes that by next fall a bill will be passed by Tonga’s parliament and bitcoin could be legal tender in the region by November. Former Member of Tonga’s Parliament Lord Fusitu’a Claims Bitcoin Bill Could Be Passed in Order to Make the Crypto Asset Legal Tender Tonga’s chairman of the Commonwealth Pacific Parliamentary Group on Human Rights, Lord…

Web 3 Is a Long Fight Worth Fighting

With all the attention – and divisive debates – around Web 3 this past month, you might think the idea of a third, more decentralized internet era is entirely new. In truth, “Web 3.0” has been part of a two decades-long discussion around the societal, cultural and political distortions created by the dominance of big internet platforms such as Google and Facebook and around the negative impact of Web 2.0’s data-driven economics. It long precedes the latest crypto-based iteration as Web 3, which Ethereum and Polkadot co-founder Gavin Wood spearheaded…

Crypto-focused software firm Lukka raises $110M, reaches $1.3B valuation

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Cryptocurrency accounting and data company Lukka said it had raised $110 million in a new funding round led by hedge fund giant Marshall Wace. In a Friday announcement, Lukka said it had completed a $110 million Series E funding round led by Marshall Wace, with participation from Soros Fund Management — a fund created by billionaire investor George Soros — Liberty City Ventures, S&P Global, and accounting advisor CPA.com. Lukka said it planned to use the funds for “aggressive growth and global expansion strategy” with its current customer base dealing…

Crypto Market Is Still In The Early Stages, Says Ric Edelman

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Famed finance author Ric Edelman has said that crypto is still in the very early stages, comparing it to the internet right before the big boom. The crypto market which is a little over a decade old has grown exponentially in its short time in existence. At its highest, the market grew to $3 trillion surpassing the valuation of some of the most valuable companies in the globe. Despite this growth, the market still has a lot of growing to do and Edelman believes this is only the beginning. Comparing…

Bukele’s Bitcoin trade raises El Salvador’s sovereign credit risk: Moody’s

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El Salvador’s historic embrace of Bitcoin (BTC) could have negative consequences on the country’s sovereign credit outlook, according to Moody’s Investors Service.  Moody’s analyst Jaime Reusche told Bloomberg this week that El Salvador’s Bitcoin gambit “certainly adds to the risk portfolio” of a country that has struggled with liquidity issues in the past. Under the leadership of President Nayib Bukele, El Salvador has recognized Bitcoin as legal tender and issued a state-run crypto wallet to facilitate payments, transfers and ownership. Along the way, El Salvador has amassed a treasure chest…