You can read the Digest here:

• Bill Miller holds 50% of his wealth in , 2022 is BTC’s worst start to date.

• The Cash App is integrated with Lightning Network. Bahrain successfully completes the pilot test for CBDC in partnership with JP Morgan.

• NFT Sales on OpenSea spike: Over 22,000 Ether burned in less than 24 hours

• USD coin overtakes , Near Protocol is today’s biggest gainer.

Bill Miller Holds 50% of His Wealth in Bitcoin, 2022 Is BTC’s Worst Start to Date

Bitcoin helped many to become billionaires but many preBitcoin billionaires resisted the temptation of entering crypto.

Bill Miller, a legendary billionaire investor and one of the first bitcoin investors isn’t included.

Bill Miller was able to buy his first Bitcoin when the price of Bitcoin was around $200. He bought more Bitcoins, until the value reached $500. Miller now refers to himself as a Bitcoin bull and said that he bought again when Bitcoin reached $30,000.

Bill Miller, an investor who advised that digital assets should only be held at 1-2% of portfolios, now holds a staggering 50% stake in bitcoin and other cryptocurrency.

Flipsider:

• Bitcoin, the world’s leading cryptocurrency, has had a poor start despite high expectations. It lost more than 14% to fall below $40,000 for the first-time since September, putting an end to all its hopes.
• Bitcoin has seen investors left stunned by the downturn and is now on track to closing its worst January since 2009, when it was introduced.

JP Morgan Completes CBDC Pilot Test With Bahrain Cash App, Lightning Network Integrates Lightning Network

Cash App, the mobile payment service founded by Twitter’s ex-CEO, Jack Dorsey, has integrated the Bitcoin Lightning Network, a Layer 2 scaling solution, into its services.

While Cash App has been processing Bitcoin transactions since 2018, users have urged the payment service to integrate the LN to tackle Bitcoin’s scalability issues. The integration promises lower fees on Bitcoin transactions for Cash App users.

With crypto gaining traction on a global scale, the Central Bank of Bahrain (CBB) has announced the completion of a digital currency settlement test using JP Morgan’s JPM Coin system.

The pilot testing of instantaneous funds transfers between Bahrain and the United States was conducted by Bank ABC. The trial enabled Bank ABC to initiate real-time payments for ALBA to benefit ALBA’s counterparts in the United States.

Flipsider:

• The Cash app users swipe at people who can’t break the cycle of high gasoline fees.

Why you should care

Layer-1 Blockchains, such as Bitcoin or Ethereum, that are being adopted by more businesses must be more easily scalable to make them mainstream.

More than 20,000 Ether were burned in just 24 hours as OpenSea Spike NFT sales

Following the London Hardfork implemented the EIP-1559 proposal on Ethereum’s mainnet, the project took on deflationary attributes and gained the ability to burn gas fees. The amount of ETH burnt has increased noticeably since the implementation.

In the last 24 hours there was a sudden spike in the number of ETH that has been burned. It reached as high as 20,000. The increase in ETH-burning coincides with an increase of sales on major market places for NFTs.

OpenSea, a leading NFT market OpenSea has contributed 2,364.77 Ethereum to the flames with 20,306ETH lost in 24 hours. V3 has burned more than 1,711.64 Ethereum, and LooksRare has burnt 1,588.64ETH.

OpenSea set a new trading volume daily record. NFT Marketplace has achieved more than $2.1B in sales since its launch in 2021. The market is now on pace for $6 billion. 1744 ETH coins have been lost due to regular ETH transactions.

Flipsider:

• Despite becoming deflationary, Ethereum’s recent market performance does not appear to be in sync with the trend as it has witnessed a 13% drop so far in 2022.

Why you should care

The expansion of Ethereum’s NFT and DeFi markets is part of the reason the network has been predicted to facilitate 50% of all global transactions in ten years.

USD Coin Overtakes Solana, Near Protocol Is Today’s Biggest Gainer

Over 22% has been lost by the cryptocurrency market in just ten days, making it the worst year for the market since its inception. Solana lost 25% of its value due to this decline. (USDC) has now taken over the position as 5th largest crypto.

With a market cap of $42.3 billion, stablecoin was the eighth-largest asset on the market two weeks ago. USDC, now at $43.92B market cap, is the fifth largest crypto. Since the beginning of this year, Solana’s market cap has fallen from $55.2 billion to $44.2 billion.

This is the YTD chart of Solana’s (SOL) price. Source: Tradingview

Despite the market’s widespread fall, Near Protocol (NEAR), has performed admirably. NEAR is currently experiencing a rally following the January 4th setting of a $17.60 new ATH.

NEAR gained more than 15% over the past 24 hour, reaching a peak of $16.6. NEAR trades at $15.942 as of the writing. It has risen to the 20th most valuable crypto, with a market capitalization of $9.9 Billion.

Here is the 24 hour chart of prices for Near Protocol (NEAR). Source: Tradingview

Flipsider:

• Experts suggest that the market may be able to recover more, despite the fact that it has been wiped out of its crypto market capitalization by over $300 billion.

Why you should care

As with every industry, market expansion doesn’t come with linear growth, and correction is necessary to expand further.

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