Crypto market update
In just one hour, the crypto market has recorded over $175 million in liquidations; which is just one amongst many others recently. So far, roughly over $900 million has been liquidated in the market in less than 2 days. Bitcoin is struggling to maintain momentum above $40k. Ether has also shredded severely with over 15% lost in 7 days. Other altcoins like Cardano, Solana, and XRP are in red numbers too. Analysts are talking about the beginning of the bear market.
See our new Market update for more information.
Bitcoin (BTC) is now trading at 42,548 USD (all data from Coingecko.com)
Ethereum (ETH) is now for 3,275 USD
PlatonCoin (PLTC) is now for 0,392 USD
Total marketcap is currently at 2.135 trillion USD
Daily news update
Crypto adoption on the rise: The COVID-19 pandemic and the excess of liquidity in the market onboard new users as Bitcoin and other major cryptocurrencies became stores of values of gateways into new financial services. On-chain analytics firm Chainalysis published a report that records a 567% increase, when compared to 2020, in cryptocurrency total transaction volume last year. This metric stood at $15.8 trillion and suggests the adoption of cryptocurrencies is moving “faster than ever before”.
Gamestop and NFT: The share price of GameStop Corporation jumped by one quarter in after-hours trading following a Wall Street Journal report on its upcoming nonfungible token (NFT) division. The United States retail game store giant has been quietly working on an NFT marketplace since May.
Mozilla and crypto donations: The Mozilla Foundation has put cryptocurrency donations on hold following a community backlash sparked by trenchant criticism from co-founder Jamie Zawinski. Mozilla said it will continue to explore decentralized web technology, but will only resume crypto donations if it fits with their climate goals.
China and mining: A crackdown on bitcoin mining by China has led to an increase in the number of Thai investors that have acquired and are operating mining rigs. Many of these investors are currently earning between $30 and $40 per day from each mining rig.