Crypto News January 13th: Downward trend could still return to Bitcoin market with LooksRare, Solana, GARI, Coinbase, Shiba Inu, YuzuSwap, dYdX news
From the perception that the price of Bitcoin is unlikely to rise sustainably, to Coinbase introducing derivatives trading for users in the United States. Here are some highlights from the crypto market.
Bitcoin (BTC) may have risen to $ 44,000 based on US inflation data, but according to traders, there is little hope of a sustained rally.
During a Twitter discussion on Jan. 12, the data analyst Material Scientist said, alarm that the downtrend may still return.
While BTC / USD has shown strength since rallying at $ 39,600, it has yet to convince most analysts that its downtrend is over overall.
Following the release of US inflation data of 7%, many analysts became skeptical of the market’s bull run, even as spot prices briefly topped $ 44,000.
For Material Scientist, the problem lies in the order book. The buy orders have disappeared below the spot position and if the resistance level then increases, the bulls do not look good.
Heat map showing BTC buying / selling behavior in November. Source: Material Scientist
In late November, after Bitcoin hit an all-time high of $ 69,000, the phenomenon emerged and the market quickly collapsed below the $ 50,000 mark.
If this does not happen, a “slight rally” could continue. However, it is time people “paid more attention to market building,” added Material Scientist.
Retailers are the ones who help increase the price of Bitcoin
As cryptocurrency prices rebounded from last week’s slump, Pascal Gauthier, CEO of wallet company Ledger, responded to questions about the state of the crypto market.
In interview conducted by CNBC at the Crypto Finance Conference in St. Moritz, Switzerland, Gauthier says he is not surprised by the current situation of Bitcoin (BTC). The retail trend is prominent and “always has been”.
“The number of addresses that contain the minimum amount of BTC is actually increasing compared to the number of whales. Retailers all over the world; They trust Bitcoin more and more. They will drive the BTC price up. “
– Ledger Market Bites (@LedgerMrktBites) January 10, 2022
Recent data from Glassnode, a provider of online market intelligence, is consistent with this statement. The number of BTC addresses with balances not equal to zero is always at ATH with around 40 million addresses.
More addresses suggest more users are joining the Bitcoin network, a sign of strong retail activity.
A third of Americans will buy Bitcoin by 2022
According to Ric Edelman, founder of the financial consultancy Edelman Financial Engines, Bitcoin has a bright future.
During an interview on CNBC’s Edge ETF Monday, Edelman said 24% of Americans own Bitcoin. It won’t be long before that number reaches a third. Bitcoin is becoming more and more mainstream. You hear about it everywhere and it is certain that this market will not go away.
A third of Americans buy it #Bitcoin by the end of 2022, says Bitcoin Bull & founder of Edelman Financial Engines, Ric Edelman.
– WAM (@wamcoin) January 13, 2022
Hacker demands 0.042 Bitcoin from the Chinese supermarket
Computer database in a supermarket in east China is attacked by cyber criminals and demands money hostage 0.042 bitcoin or $ 1,832.
Since China banned all crypto-related transactions in September 2021, including those processed by crypto exchanges outside of China, paying with Bitcoin in the Ourunda supermarket would be illegal.
Hackers requested 0.042 Bitcoin from the supermarket in December, so far they have refused or not paid the ransom.
The daily volume in the NFT market, LooksRare, has level $ 394 million after the platform officially launched on Jan. 10.
The platform has attracted many customers by charging only 2% fees for the basic sales transaction and no sales fees, compared to competitor OpenSea’s 2.5% fees per transaction. The project also enables merchants to earn rewards in the form of LOOKS tokens for buying and selling NFTs.
The top NFTs that have taken LooksRare by storm are the Meebits collection from LarvaLabs, the creators of Cryptopunks and Autoglyphs.
Former heavyweight boxing champion Mike Tyson recently tweeted that he should go “all-in” at Solana.
All-in on Solana … I just caught a Catalina whale … pow pow! pic.twitter.com/97voS15B8y
– Mike Tyson (@MikeTyson) January 12, 2022
Tyson also included NFT Catalina Whale which was published on the Solana blockchain. He also started promoting Dream (DREAM), a dodgy ERC-20 token, claiming the token could “revolutionize” space and help communities deal with mental health issues.
GARI Network (GARI) has announced its token sale on the Huobi Primelist.
Follow notification, Huobi Global will start the GARI token sales program on Primelist on January 18th at 5:00 p.m. GARI’s deposit and trading on Huobi will open at 8:00 p.m. (Synthetic Team time) on January 18th.
Previously, GARI Network, supported by Republic, Galaxy Digital, Alameda Research, NGC, CoinFund, and Kraken, made its IDO available on SolRazr for $ 0.40. The primelist price is $ 0.20 with a hard cap of $ 900,000.
Coinbase has acquired the derivatives platform FairX to begin rolling out derivatives trading for users in the United States.
FairX is a regulated derivatives platform in the United States that is regulated by the Commodity Futures Trading Commission (CFTC). FairX has partnered with some of the key players in the market such as TD Ameritrade and E * Trade.
The move to buy back FairX is because Coinbase has decided join Derivatives market.
According to an announcement made on January 13th, Coinbase plans to offer its customers in the US to trade in crypto futures.
News Shiba Inu
According to CoinMarketCap data, Shiba Inu has regained 13th place in the market capitalization ranking, overtaking Polygon (MATIC).
Market Capitalization Ranking | Source: Coinmarketcap
With a current market valuation of $ 17.49 billion, Shiba Inu is currently the 13th cryptocurrency on the market, surpassing MATIC with a market capitalization of $ 17.43 billion.
YuzuSwap, the first decentralized exchange operating on the Oasis Network, has attracted a large number of traders since its launch on Jan. 11, underscoring the growing demand for DeFi protocols.
Thirteen hours after the official launch of Oasis’ first Dex YuzuSwap, DeFi Llama data shows the amount of TVL in the Emerald chain has exceeded $ 100 million, of which YuzuSwap TVL has exceeded $ 97 million. YuzuSwap’s transaction volume in the past 24 hours has exceeded $ 210 million. pic.twitter.com/ylfn3jOagB
– Wu-Blockchain (@WuBlockchain) January 12, 2022
In the first 24 hours of operation, YuzuSwap achieved a total locked-in value (TVL) of $ 100 million. The trading volume in the 24-hour period reached $ 323 million.
YuzuSwap is built with Oasis Network Emerald, a smart contract environment that is fully compatible with the Ethereum Virtual Machine. The DEX uses an automated peer-to-peer market maker to offer users low-cost token swaps on Ethereum and within the Oasis ecosystem, and also supports the transfer of NFT tokens and assets from six other blockchains over the Oasis network .
dYdX, the Layer 2 Derivatives Protocol To update its fourth roadmap with the intention of developing an open source, community-managed and fully decentralized exchange by the end of the year.
The platform is currently running on a hybrid model where some of the operations are decentralized, especially staking services and governance, while other components, such as the off-chain order book and the matching engine, managed by dYdX Trading Inc, have external support of a number of centralized servers in partnership with Amazon Web Services.
The exchange claims that there will be no more central checkpoints, all aspects of the protocol are fully controlled by the community.
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