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Crypto Flipsider News – Market Recovers, Bitcoin Mining at ATH, Ethereum Surpasses Biggest Bank, Canadian Exchanges Delist USDT and XRP, Polygon Whale Investments, Retail Buyers Dominate NFT Sales

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Crypto Flipsider News – Market Recovers, Bitcoin Mining at ATH, Ethereum Surpasses Biggest Bank, Canadian Exchanges Delist USDT and XRP, Polygon Whale Investments, Retail Buyers Dominate NFT Sales

Digest

  • Crypto Markets move into green, DOW Movements. Whale Bought the Dip. BTC Mining At ATH
  • Is Now Bigger than the Biggest Bank, Ethereum’s ‘Endgame’ Is Here
  • Canadian Exchanges Are Not Listed (USDT and (XRP).
  • Polygon is reportedly processing two huge whale-sized investments
  • The NFT sales market is dominated by retail buyers. Insiders are the biggest winners

Crypto Markets are moving into green, DOW Movements and Bitcoin Whale bought the dip, BTC Mining in ATH

After the chaos that erupted over the weekend which saw crypto markets lose $600 billion within hours, cryptocurrency are currently recovering at a rapid pace. At the time of writing, all top 10 cryptos are in the green. The total market cap is now $2.346 trillion.

For the total crypto market cap, this chart displays 72 hourly prices. Source: Tradingview

Bitcoin gained 6% in the past 24 hours pushing it above $51k. ETH has risen 8.7% to $4.4k and (BNB trades at $580). Polkadot’s 14% gain makes it the biggest gainer in the top 10.

As the market gained, the rose by 646.95 points, erased all losses over the weekend. Investors have moved past fear about the COVID Omicron variant and the rally began Monday.

The hash rate, or mining power, reached an all-time record despite the price drop. Despite China’s ban and massive mining migration, Bitcoin’s hashrate reached a record high of 215.4 EH/s Monday, December 6. This new record was set by the Bitcoin network.

Bitcoin Network Hashrate chart

Flipsider:

  • The largest BTC whale was able to buy the Bitcoin dip once more, as Bitcoin fell below $43k. The largest known BTC whale added 2,702 BTC, bringing his total to over 118.017 BTC.

Why you should care

Bitcoin is proving its capability to overcome the worst of circumstances with its consistent recovery.

Ethereum Is Now Bigger than the Biggest Bank, Ethereum’s ‘Endgame’ is Here

The world’s second-largest crypto, Ethereum, has enjoyed a splendid year, gaining more than 500% year to date. Ethereum’s explosive growth saw it surpass the current market cap for the most important bank in the globe.

According to available data, Ethereum’s market cap of $521 billion has displaced J.P. Morgan Chase, the biggest bank, which has $473 billion. Ethereum now ranks among the 15 top assets globally ranked in terms of market capital.

While Ethereum is yet to explore the possibilities of its most anticipated network upgrade, ETH 2.0, its co-founder, Vitalik Buterin, has shared his vision for a “plausible roadmap” for ETH2, termed Endgame.

In Buterin’s post, the Endgame will add:

  • This is the second level of stake, which requires very little resource.
  • To prevent censorship, secondary transaction channels
  • Users can check the block validity directly with fraud proofs and ZK-SNARKs
  • To allow users to verify block availability, you can introduce data availability sampling

Flipsider:

  • The Endgame could make it more centralized, despite promising network improvements.

Why you should care

Endgame will bring significant scalability and efficiency to Ethereum’s network. It also aims to lower gas fees which have been an issue on the blockchain.

Canadian Exchanges Are Not Listing Ripple (XRP), and Tether (USDT).

Newton (one of the most popular Canadian cryptocurrency exchanges) has unveiled that two of its biggest cryptocurrencies, Ripple and Tether, will no longer be listed on their platform.

The reason USDT was delisted from the exchange is listed as legal and regulatory concerns. Tether (USDT), a cryptocurrency that was delisted in May, had been mired in controversy over manipulation of the market, the minting of coins, and the Evergrande crash.

Ripple against the SEC is a case that has been ongoing for one year. Newton states that XRP/USDT transactions into the exchange will cease on December 20, 11:59pm ET. Trades can resume December 30, 11:59pm ET.

Tether and Ripple, along with all withdrawals, will be removed from the Canadian exchange in January 2021.

Flipsider:

  • Even though it’s been blasted by controversy, USDT is still the preferred crypto-investor hedge.

Polygon is said to be processing two massive whale-sized investment deals

Polygon is a layer-2 protocol that runs on Ethereum. It has been steadily rising in popularity due to its powerful aggregating and scaling solutions. Many investors and users have been attracted to the positives of this network.

Two venture capitalists have been reported to be interested in scaling the solution. Two venture capitalists, Sequoia Capital from India and Steadview Capital from London, are believed to be in talks about investing substantial amounts in Polygon.

According to the report, both venture companies are looking at investing $50-150 million in MATIC (the native tokens that make up the Polygon network). While the deal hasn’t been formally announced, the firms may purchase the MATIC tokens at a 20% discount.

Flipsider:

  • Polygon’s recent price increase of 30% resulting from news is still 14% below its May 18 record high.

Why you should care

If it is approved, Polygon may be able to use the proceeds of the transaction to expand its services as well as gain entry into the Southeast Asian Market.

The NFT sales market is dominated by retail buyers. Insiders are the biggest winners

Non-Fungible Tokens or NFTs emerged as one the most important things about blockchain in 2018, despite earlier being called a bubble.

On-chain data from January to October 2021 shows that retail transactions less than $10k accounted for 88% of $10.7 billion in NFT sales during the first 3 quarters.

Chainalysis explained that although they accounted for 1% of transactions, 26% of actual trading volume was attributable to institutional-sized transactions above $100k.

Flipsider:

  • Although retail buyers are the dominant purchasers of NFTs for 2021, data shows that only a handful of highly educated inside investors have made the greatest profits by selling NFTs in this year’s market.
  • This report indicates that investors whitelisted by NFT marketplaces such as OpenSea are able to sell newly created NFTs for gains for 75.7% of their time, in contrast with the 20.8% who don’t need to be whitelisted.

Why you should care

These data show that NFT markets are more driven by smaller buyers than the institutional investors who create a centralized market.

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