Crypto News Jan 31 Bitcoin Will Still Hit $500,000 In Next 5 Years
From predicting that Bitcoin will hit $500,000 in the next 4 to 5 years, to the Cyberspace Administration of China’s efforts to encourage blockchain development. Here are some highlights from the crypto market.
SkyBridge Capital founder Anthony Scaramucci is optimistic that Bitcoin (BTC) will finally do it roll form $500,000 despite its recent downtrend.
In a recent interview with Kitco News, Scaramucci said he couldn’t pinpoint the exact reason for the sell-off, but said BTC is still highly correlated with the performance of a number of Nasdaq-listed stocks.
Scaramucci also said that long-term Bitcoin investors will receive the same rewards as Amazon investors in the early days.
Bitcoin has seen at least 10 steep declines of up to 50% since 2012. Last year the market had two drops of 50%, the last one obviously was in May 2021, so buy bitcoin users need to follow this volatility.
Since Bitcoin is a decentralized network, users will have to focus on wallet development and interaction between people on the network, so Bitcoin will end up worth half a million USD. This process is expected to take 4 to 5 years.
MicroStrategy Hosts Second Bitcoin Business Conference
MicroStrategy will host another conference to introduce companies to Bitcoin.
The software giant will host a two-day virtual event to demonstrate the value of adding BTC to company balance sheets and many other crypto-related initiatives.
Michael Saylor, CEO of MicroStrategy and a well-known Bitcoin investor, has announced announced on his Twitter account on Sunday that the event will be for companies interested in incorporating Bitcoin into products, services or balance sheets.
Polygon is adding more and more DeFi applications to its network every day. So much so, that the project revealed that there are now more than 7,000 dApps active on the platform, more than double the number three months earlier.
Polygon further emphasizes that the number of teams building their projects has doubled every two months compared to the middle of last year. At the end of December, the figure was 6,000, up 43% from the previous month. The massive drain also resulted in a 74% increase in network usage over the same period.
— polygon | $MATIC ???? (@0xPolygon) January 27, 2022
Singaporean healthcare provider Zuellig Pharma is using a blockchain-based network to track COVID-19 vaccine batches and prevent the use of expired vaccines.
Zuzlig Pharma to saytheir new management system “eZTracker” can help prevent the use of counterfeit or improperly stored vaccines by allowing its customers to verify the origin and authenticity of vaccines through a mobile application.
“The system can help prevent accidents involving expired or improperly stored vaccines,” said Daniel Laverick, Vice President and Head of Digital and Data Solutions at Zuellig Pharma.
eZTracker uses the SAP blockchain to collect, track and trace multiple data points to improve supply chain transparency.
CAC strives to encourage blockchain development and innovation
The Cyberspace Administration of China (CAC) has notification on launching an internal effort to foster blockchain development and innovation across 15 regions and 164 institutions.
The initiative aims to deploy blockchain technology on a large scale in businesses and government organizations in China.
The CAC, along with other government agencies, has directed regulators to “promote an intensive and balanced disposition of blockchain technology infrastructure in the region to facilitate large-scale cross-chain data exchange and promote the formation of a multi-party collaborative blockchain industry ecosystem.” “
News Shiba Inu
Steven Cooper, the owner of Bigger Entertainment, has devised a strategy to push the SHIB price to the $0.01 region. Meanwhile, nearly 72 million Shiba Inu tokens have been burned in the past 24 hours.
Cooper believes distributing music, YouTube videos, merchandise, and NFTs to users outside of the SHIB community is a way to bring the Shiba Inu price to $0.01.
Our goal is not for #shib Holders to always burn their coins. Our goal is to distribute music, YouTube videos, merch, NFTs, etc. to audiences outside of #shibarmy. This is how we achieve a .01. By building an ecosystem where people burn without knowing it. through entertainment.
— Steven Cooper (@iamstevencooper) January 30, 2022
Internet Computer News
Internet Computer has released its roadmap for 2022, showing plans to launch integrations with Bitcoin and Ethereum later this year.
Internet Computer is a public blockchain and protocol that allows developers to install smart contracts and dapps directly on the blockchain.
ICP was incubated and launched in May 2021 after years of development by Dfinity, a non-profit organization based in Zurich.
— DFINITY Foundation (@dfinity) January 27, 2022
An Ethereum (ETH) whale spent more than half a billion USD to boost native assets of a derivatives exchange.
New data from whale watching platform WhaleStats shows that the 105th Ethereum whale bought 15,720,427 FTX tokens (FTT) worth $637.14 million in a single transaction.
???????????????????????????????????????? An ETH whale just bought 15,720,427 #ftx Tokens ($637,148,906).
105th place in WhaleStats: https://t.co/2do7yJzgy7
— WhaleStats – the Top 1000 Ethereum Rich List (@WhaleStats) January 29, 2022
Coincheck, one of the largest cryptocurrency exchanges in Japan invest in Stake Technologies, the company behind Astar Network.
Not long ago, Astar Network completed a strategic investment round led by Polychain Capital that included Alameda Research, Crypto.com Capital, and a number of well-known angel investors, including Gavin Wood, Keisuke Honda, and Richard Ma.
Coincheck Labs drives the growth of the global Web3.0 movement by supporting companies, startups and communities with powerful products.
Coincheck is one of the largest cryptocurrency exchanges in Japan, one of the largest and most regulated cryptocurrency markets. This partnership will help accelerate the adoption of Astar Network and Web 3.0 in Japan and Asia.
HappyLand (HPL) has announced the mainnet implementation.
Follow notification, HappyLand launched its mainnet. Users can now use NFTs, HPL and HPW tokens to experience the game.
HappyLand is a blockchain gaming platform inspired by rural Texas. In HappyLand, players take on the role of a farm owner who grows crops, breeds pets and takes care of his farm.
As market and on-chain data provided by Santiment shows, XRP, Uniswap, and other altcoins may have entered an opportunity zone.
???? #uniswap is one of a number of assets that have seen traders’ profits plummet during the recent price corrections. Metrics like MVRV help flag when trader pain is uncovering buying windows. Read ours $UNI, $XRP, $GRT, $AAVE, $COMPand $LRC Write down! https://t.co/oADCv5iAiy pic.twitter.com/gOGti4bSgI
— Santiment (@santimentfeed) January 31, 2022
MVRV divergence data shows that increased volatility in the crypto market has caused traders’ profits to fall, especially during the recent price correction. The majority of crypto assets saw major price declines in January 2022 as the market continued to slide.
As a result, Uniswap’s average trade profit reached its lowest point as the price returned to the $10 region, down 76.73% from its ATH of $44.97.
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