Daily news update: January 26th, 2022


Crypto market update

The primary cryptocurrency dropped down by more than $10,000 in a few days from January 20th to January 24th. This resulted in a large number of liquidations for over-leveraged traders and harmed the overall sentiment for the entire crypto market. Since than Bitcoin started to recover, gained about $4,000 and reclaimed back $37,000. The alternative coins suffered as well during the most recent price slides, but most are currently well in the green today. The cryptocurrency market cap now stands above $1.7 trillion, which means that the metric is up by $200 billion since the low two days ago.

Bitcoin (BTC) is now trading at 37,808 USD (all data from Coingecko.com)

Ethereum (ETH) is now for 2,497 USD

PlatonCoin (PLTC) is now for 0,425 USD

Total marketcap is currently at 1.793 trillion USD

Daily news update

Bitcoin millionaires and market drop: The number of Bitcoin millionaires has decreased dramatically during the last three months. Compared to October 28, 2021, when 116,139 addresses were declared Bitcoin millionaires, 105,820 had a balance of at least $1 million, and 10,319 had a balance no less than $10 million. According to the findings, the number of Bitcoin millionaires has decreased by 28,186 between the two dates a total of 24.26%.

Diem and talks about its end: The Diem Association, formerly known as Libra, is in talks to sell off its assets and return capital to investors, according to Bloomberg. The project’s members include a few dozen of the world’s biggest tech companies and investors, including Uber, a16z, Temasek, Spotify, Coinbase and Ribbit Capital — although it’s unclear which of Diem’s members actually invested in the project.

McDonald’s and DOGE: Elon Musk asked McDonald’s to accept Dogecoin. In return, he promised to eat its Happy Meal on television. McDonald’s has seemingly backed away from the offer by tweeting that it will accept Dogecoin if Tesla accepts “Grimacecoin.” The name of the made-up cryptocurrency was inspired by Grimace, a purple anthropomorphic creature that started appearing in McDonald’s commercials in the early 1970s.

Bitcoin and sustainable mining: Bitcoin mining has continued to become more sustainable in the wake of the asset’s price surge that was accompanied by critics questioning the cryptocurrency’s power consumption. The latest report released on January 18, 2022, by the Bitcoin Mining Council (BMC) indicates that between Q1 and Q4, 2021, Bitcoin’s sustainable electricity usage surged from 36% to 58.5%.

IMF and El Salvador: The International Monetary Fund (IMF) is urging El Salvador to remove Bitcoin’s status as legal tender, just four months after the Central American country adopted the cryptocurrency. Bitcoin poses significant risks to financial stability and consumer protection, IMF executive directors said in their concluding statement on El Salvador’s Article IV consultation. There also needs to be greater regulatory oversight of Chivo, El Salvador’s bitcoin wallet designed to be used for transactions in the digital currency, the IMF said.

Kazakhstan and bitcoin mining: Following a week-long strain on its national energy supply, Kazakhstan will pull the plug on all crypto mining activities until the end of the month. A spokesperson for the state grid-energy management agency, KEGOC disclosed this to the press, adding that the decision is on the hill of its growing struggles to meet power demands amidst sub-zero degree weather. Close to 190 local energy firms have received this memo, according to Reuters, which contains the federal government’s order that all “planned electricity supply to persons engaged in digital mining is completely canceled.”

Leave a Reply

Your email address will not be published.

Are you new to the world of digital currencies?

Schedule a half-hour consultation.

Schedule a consultation