Crypto Flipsider News – Bitcoin at $33.5k, Market in Extreme Fear, Mining & Difficulty Hit All-Time High, Solana Nosedives After Outtage, NFTs Set Record, Huobi’s $100 Million Metaverse Support, Fantom Overtakes Avalanche and Solana.
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Crypto Flipsider News – Bitcoin at $33.5k, Market in Extreme Fear, Mining & Difficulty Hit All-Time High, Solana Nosedives After Outtage, NFTs Set Record, Huobi’s $100 Million Metaverse Support, Fantom Overtakes Avalanche and Solana.The Digest contains the following:
- slumps to $33.5K throwing market into extreme fear, mining & difficulty climb to all-time highs.
- Network goes down again. SOL drops Monday morning.
- Huobi launches $100M metaverse support to boost NFT sales in the midst of a market crash
- Fantom surpasses Solana to become the 4th largest DeFi chain.
Bitcoin Slumps to $33.5K – Throws Market into Extreme Fear, Mining & Difficulty Climb to All-Time Highs
Bitcoin investors were faced with a major shock as the value of the “digital gold” harshly fell over the weekend, succumbing to even more sell-off, and hitting a new low of $33.5k. Bitcoin is now below its November 10th high, and 20% of losses have occurred in the past seven days.
This is the seven-day price chart of Bitcoin (BTC). Source: Tradingview
Bitcoin currently trades at $33,780, as of writing. The market fell into fear as Bitcoin dropped below $36k.
Many investors are unsure what the future holds for bitcoin and the crypto market at large, with the IMF chief explaining that the Fed rate hike, due to growing interest rates, could ‘throw cold water’ on global market recovery.
Even with the losses, Bitcoin’s mining hashrate rose to an all-time record. Mining hashrate hit a new record of 198.86 exahashes per seconds, and its difficulty rose 9.32% by 26.64 trillion to a block height 719.712.
Chart of Bitcoin Hashrate over the past 180 days
Bitcoin’s hashrate now sits at 191.3 exahashes as of this writing.
Flipsider:
- The rise in Bitcoin’s mining hash rate comes just as North America’s largest Bitcoin miner prepares its debut. After a SPAC vote, Core Scientific Inc. was renamed Core Scientific Inc. and announced it would begin operations.
- The price of Bitcoin fell as a result. El SalvadorBy increasing its Bitcoin holdings Averaging $36,500 for 410 BTC – the cheapest the country rate has ever bought. It now holds 1,801 BTC.
Solana Network suffers another outage. SOL Nosedives Monday morning
Solana made a reputation for being the largest blockchain and many speculated that it might become the top defi chain. Solana seemed to sacrifice stability in order to scale, which was evident by the persistent network outages.
Solana experienced further network instability over the weekend. Outages lasted almost 30 hours from January 21st to 22nd. According to Solend, the outage was caused by the market’s crash, which generated arbitrage opportunities.
Solana’s postmortem concluded that the bots infiltrated the network because of the low cost transactions and high profitability of successful arbitrage. Due to thousands of bot duplicate transactions, Solana invalidators were unable to validate the network. This resulted in an artificially large load.
In the 24 hour period ending on April 1, Solana’s (SOL), price dropped 19%. The stock fell from $103.33 to $83.430. The one-time darling of the crypto space is now 68% down from its ATH, and has been flipped by Ripple’s , Cardano’s ADA, and USDC.
Solana’s 24 Hour Price Chart (SOL). Source: Tradingview
Flipsider:
- Bank of America (NYSE -) is convinced that Solana will solve the stability issues. könnte vor Ethereum the Visa (NYSE.) of crypto.
What You Need to Care About
The company is a leader in terms of scalability. However, it faces frequent technical problems that indicate the need to improve the systems.
NFT Sales Boost During Market Crash. Huobi Launches $100M Metaverse Support
The sale of NFTs, which are non-fungible tokens that cannot be used for trading purposes (NFTs), has increased despite the market being plunged to new lows this weekend. The week that ended on January 22nd saw more than $4.7 Billion in NFT transactions, which is an 81% increase over the previous week.
CryptoSlam estimates that over $4.33 Billion worth of NFTs have been traded across all blockchains in the seven days since last week. Ethereum continues to dominate the NFT industry, accounting for $4.25 Billion, 98% of all NFT sales. Ronin is next, with $32.29million.
CryptoSlam: NFT Sales as of January 24th 2022
Huobi is a leading cryptocurrency exchange and has announced a $100 Million Lunar New Year campaign to accelerate adoption and development of the metaverse. This is the The Prime Fest: Tiger Year, The event encourages participants to investigate the infinite potential of metaverse. It will be held until February 14th 2022.
Huobi stated that a $100 million fund will be used to distribute prizes and rewards in a variety of forms. This includes access to metaverse token lists under Primelist and PrimeEarn and blind box draws under PrimeBox.
Flipsider:
- Despite being the apple of the market’s eye, experts have opined that companies are yet to figure out how an all-inclusive metaverse should be built.
What You Need to Care About
Once called a bubble by some, NFT markets have managed to overthrow the cryptocurrency markets which had been stagnating for many months.
Fantom overtakes Solana and Avalanche, becoming the 4th largest DeFi chain
Fantom, an Ethereum competitor (FTM) is standing out from the crowd despite the steady price fall across all cryptocurrency markets. It has reached new heights despite this.
Fantom is now the largest DeFi chain, surpassing Solana (Avalanche) and Solana. TVL stands for the value of all capital within smart contracts in a defi protocol.
Fantom’s TVL has increased 14.37% in the last 24 hour, and the chain currently holds $13.02 trillion as of today. Fantom’s rise has been both rapid and consistent. Fantom’s TVL has increased 1700% over the last month. Its TVL was up more than 1,200% in each of the preceding four months.
Fantom also achieved the remarkable feat of outperforming Ethereum in terms active daily transactions. This cements its position as a leading competitor.
The TVL at Fantom: Source Defillama
Flipsider:
- Fantom may be gaining momentum quickly, but its accessibility is still an issue. Check out these listingsCoinbase (NASDAQ 🙂 and Kraken. Sometimes, withdrawals can be blocked.
What You Need to Care About
JP Morgan is predicting that Fantom, a scalable DeFi chain like Fantom, will be able to propel the shift to Ethereum’s DeFi dominance.
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