The Digest is available for reading;

• Altcoin rally over the weekend leads to ETH now at its highest 4-year loss streak

• Changpeng Zhao’s $96 Billion Crypto Fortune Started with a Poker Game

• The Launch of Crypto Push Stablecoins in Crypto Push is being explored by PayPal (NASDAQ)

• OpenSea Creates a New Trade Volume Record for Gas Fees Spike and Disney Patents Metaverse theme park

Solana Heads Altcoin Rally over the Weekend: Bitcoin in Longest 4-Year Streak of Loss, ETH now at Highest Oversold Level In Two Years

Bitcoin’s downtrend began after it reached its record high of $68.9k last November. 2022 started with a seven-day losing streak, Bitcoin’s longest since the downturn of July 30 through August 4, 2018.

A seven-day Bitcoin price chart. Source: Tradingview

Bitcoin’s value has fallen by over 13% since the beginning of 2022. It reached $40k in January 8th. Bitcoin lost 38% since its all-time high of November 10, 2018. Bitcoin has now traded at $41,764, showing signs that it is on the verge of recovering.

Although investors have been suffering from a market downturn, experts predict that Bitcoin will drop to $35,000 before it experiences a significant rally. While Bitcoin is hovering around $40k, institutional investors are also continuing to build their portfolios.

Bitcoin’s price chart since its November ATH. Source: Tradingview

ETH joins Bitcoin’s downtrend as it has reached its highest oversold level since 2012 on the relative strength indicator (RSI). The last time Ethereum’s RSI value reached its current position under 30 was in March 2020, when the COVID pandemic hit the world.

Despite widespread market declines, Solana (SOL), LUNA (and AVAX) led an altcoin rally this weekend. SOL gained 6% over the weekend while LUNA (AVAX) gained 5% to regain their lost ground.

Flipsider:

• In a positive prediction, Pantera Capital’s Joey Krug has predicted that Ethereum will account for 50% of global financial transactions in the next ten years.

What You Need to Care About

The downtrend is not over, but industry leaders and investors indicate that there will be a rebound and widespread adoption in the near future of digital currencies.

Changpeng Zhao’s $96 Billion Crypto Fortune Started with a Poker Game

Changpeng Zhao, popular for being the founder and CEO of the world’s largest cryptocurrency exchange by trading volume, Binance, has been judged to be the richest person in the cryptoverse.

Bloomberg reports that Changpeng Zhao’s net worth is approximately $17 million. CZCZ is currently worth an impressive $96 billion. CZ is the crypto’s richest person. He also owes much of his crypto success to one poker game.

CZ attended a 2013 poker match where Bobby Lee, former CEO of BTC China, and Ron Cao, investor, urged him that he invest 10% in Bitcoin. CZ made the decision to devote his life entirely to cryptocurrency in 2014. He even sold his Shanghai apartment to Bitcoin. Binance was founded in 2017.

Binance became the largest crypto exchange six months after its launch. Mr. Zhao had a net worth in excess of $2B at the time. Binance employs more than 1000 people in over 40 different countries.

Flipsider:

• Although ranked as the richest crypto personality, in 2021, CZ stated that “I don’t care about wealth, money, rankings.”

What You Need to Care About

Binance is now advocating for cryptocurrency adoption worldwide, starting with a game of poker.

PayPal is exploring the launch of a stablecoin in Crypto Push

PayPal gradually increased its cryptocurrency business since opening crypto trading to everyone in 2020. PayPal confirmed it was exploring the possibility of launching its own stablecoin in an effort to be more active in the sector.

Steve Moser, a developer discovered that there were references to “a” in the code. PayPal Coin within the company’s iOS app, Jose Fernandez da Ponte, SVP of crypto and digital currencies at PayPal, has confirmed that PayPal is looking at developing and launching a stablecoin.

Based on Moser’s discovery, the PayPal Coin will be backed by the US dollar. According to PayPal, what Moser discovered are leftovers from a hackathon by the company’s blockchain, crypto, and digital currencies division.

Flipsider:

• Meta has delayed the launch of the stablecoin that Facebook is currently developing (NASDAQ:).

What You Need to Care About

PayPal’s adoption of cryptocurrencies has been hailed as a major step forward towards the mass adoption of digital currencies.

OpenSea Creates a New Trade Volume Record for Gas Fees Spike and Disney Patents Metaverse theme park

NFT mania is only getting more intense after exceeding $23 Billion in revenue in 2021. OpenSea has seen its daily trading volume increase in 2022 as NFTs become more popular.

On January 9, more than $261 million was traded on the NFT platform – its highest single-day transaction volume in the last three months. In addition, OpenSea’s daily trading volume has exceeded $200 million for six consecutive days.

Due to the explosive growth in NFT sales, OpenSea reached a new ATH. This also led to a rise in Ethereum’s gas fees. The gas fees for Ethereum rose to $1,882,360, a new one-month record.

Global entertainment giant Disney looks set to make a debut in the digital world with its “virtual-world simulator” patent approved in December. Disney plans to create interactive experiences for visitors to its theme parks using augmented reality.

Flipsider:

• Ethereum needs to solve its gas issues. Vitalik Buterin proposed a multidimensional network fee structure.

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