Please read the digest.
- The longest four-year defeat, ETH becomes the most oversold level in two years, leading the altcoin rally over the weekend
- Changpeng Zhao’s $ 96 billion cryptocurrency Fortune started with poker games
- PayPal (NASDAQ 🙂 is exploring the launch of Stablecoin with CryptoPush
- OpenSea sets new trading volume record, gas prices skyrocket, Disney Patents Metaverse Theme Park
Bitcoin will be the longest four-year defeat, ETH will be the most oversold level in two years, and Solana will lead the altcoin rally over the weekend
Bitcoin has been on a downtrend since it reached a record high of $ 68.9k in November. 2022 began with the longest seven-day losing streak in Bitcoin since the recession from July 30th to August 4th, 2018.
Bitcoin 7-day price chart. Source: Tradingview
Since the beginning of 2022, Bitcoin has fallen by more than 13%, bottoming out at $ 40,000 on January 8. Bitcoin has lost more than 38% of its value since its all-time high on November 10. Bitcoin is currently trading at $ 41,764 and is beginning to show signs of recovery.
Investors have endured tough market movements, but experts believe Bitcoin could drop to $ 35,000 before finding an important rally. Meanwhile, institutional investors continue to grow their portfolios as Bitcoin is hovering around $ 40,000.
Bitcoin price chart since ATH in November. Source: Tradingview
ETH has reached the most oversold level in two years on the Relative Strength Index (RSI) and will join Bitcoin on a downtrend. Ethereum reached its current position with an RSI value of less than 30 in March 2020, when the COVID pandemic hit the world.
Despite the downtrend in the widespread crypto market, Solana (SOL), (LUNA), and (AVAX) led the altcoin rally over the weekend. Over the weekend, SOL increased by 6% and LUNA and AVAX both increased by 5% to regain lost land.
Flip Cider:
- In positive projections, Pantera Capital’s Joey Krug predicts that Ethereum will account for 50% of global financial transactions over the next decade.
Why you need to care
Despite the downtrend, all signs from institutional investors and industry leaders indicate a future recovery and mainstream adoption of digital currencies.
Changpeng Zhao’s $ 96 billion cryptocurrency Fortune started with poker games
Popular as the founder and CEO of Binance, the world’s largest cryptocurrency exchange in terms of trading volume, Changpeng Zhao is considered to be the wealthiest person in cryptocurrencies.
According to Bloomberg, Changpeng Zhao’s net worth is CZCurrently, we have a balance of $ 96 billion. Not only is CZ the wealthiest person in cryptocurrencies, but his cryptocurrency property owes to one lucky poker game.
In 2013, CZ participated in a poker game, encouraging former BTC China CEO Bobby Lee and investor Ron Khao to invest 10% of their net worth in Bitcoin. In 2014, CZ decided to devote his life to cryptocurrencies and sold his Shanghai apartment to Bitcoin before establishing Binance in 2017.
Six months after launching Binance, it became the largest cryptocurrency exchange, with Zhao achieving a net worth of $ 2 billion at the time. Binance currently has more than 1,000 employees in more than 40 countries around the world.
Flip Cider:
- Ranked as the richest cryptographic personality, in 2021 CZ said, “I don’t care about wealth, money, or rankings.”
Why you need to care
Starting with poker games, Binance under Changpeng Zhao is now promoting the global adoption of cryptocurrencies.
PayPal seeks to launch Stablecoin with CryptoPush
Since launching crypto trading for all users in 2020, PayPal has gradually expanded its crypto business. To deepen its involvement in the industry, PayPal has confirmed that it is seeking to launch its own stablecoin.
Developer Steve Moser PayPal coin Within the company’s iOS app, PayPal’s crypto and digital currency SVP Jose Fernandez da Ponte confirmed that PayPal is considering developing and launching stablecoin.
Based on Moser’s discovery, PayPal coins are backed by US dollars. According to PayPal, Moser discovered the remnants of a hackathon by the company’s blockchain, cryptocurrency and digital currency divisions.
Flip Cider:
- Developed by Facebook (NASDAQ :), stablecoin is currently Meta and has been delayed due to regulatory obstacles.
Why you need to care
The adoption of cryptocurrencies by PayPal is welcomed as a major step towards mass adoption of digital currencies.
OpenSea sets new trading volume record, gas prices skyrocket, Disney Patents Metaverse Theme Park
After recording sales of over $ 23 billion in 2021, NFT enthusiasts are becoming more and more fierce. As the adoption of NFTs increased, the main market, OpenSea, increased its daily trading volume only in 2022.
On January 9, more than $ 261 million was traded on the NFT platform. This is the largest daily trading volume in the last three months. In addition, OpenSea’s daily trading volume has exceeded $ 200 million for six consecutive days.
The tremendous growth in NFT sales that led to OpenSea hitting a new ATH also caused a surge in Ethereum gas prices. As a result, Ethereum’s gas prices jumped to a monthly high of $ 1,882,360.
Disney, a global entertainment giant, will make its debut in the digital world with a patent for the “Virtual World Simulator” approved in December. Disney uses augmented reality to create personalized, interactive attractions for theme park visitors.
Flip Cider:
- To solve the Ethereum gas problem Vitalik Buterin proposes a multidimensional pricing system for networks..
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