Digest

• hashrate sets new ATH, Bitcoin’s price in first weekend of 2022.

• Yearn.Finance continues to beat the market by jumping 11%

• Samsung (KS) introduces NFTs in smart TVs. Sales and floor prices of Bored Apes hit new heights.

• Many billionaires are switching to cryptocurrency because of fears about fiat inflation.

• OKEx handled over 25,000,000 trades in value of $21 trillion by 2021.

Bitcoin Hashrate Sets New ATH, Bitcoin’s Price in First Weekend of 2022

After its December slump, Bitcoin’s hashrate, which is the processing power and security that are dedicated to the network, reached a new life-high on the first of February 2022. Although it lost China as its most important hub in 2021 the Bitcoin hashrate has recovered.

Shortly after January 1, the Bitcoin network’s hashrate reached a peak of 224.32 Exahash per Second (EH/s). As of writing this, the Bitcoin network’s hashrate has stabilized around 194.8 EH/s.

The Bitcoin Network’s one-year hashrate chart

In the first week of 2022, Bitcoin’s price also saw a substantial recovery. Bitcoin’s price experienced a modest price rebound on Saturday January 1, with Bitcoin testing the $48,000 mark.

This is the January 1st Bitcoin price chart. Source: Tradingview

After approximately $8.67 billion in BTC options and ETH option contracts expire on December 31, the rally took place. Bitcoin had reached $47.881 but failed to reach $48k. On Sunday, it fell back to $46,288. Bitcoin currently trades at $46,954

Flipsider:

• Despite Bitcoin’s mixed performance, El Salvador’s President, Nayib Bukele, believes that the crypto will hit $100k in 2022

Yearn.Finance’s (YFI), continues to outperform the market, jumping by 11%

Yearn.Finance, a collection of blockchain-based protocols, continues its impressive run which has attracted investors’ attention.

YFI gained more than 40% in the last 30 days despite the bearish trend of crypto markets. The result is that YFI’s price has risen from $23.1k down to almost $40k.

Yearn.Finance (YFI) price chart, 30 days Source: Tradingview

YFI’s 11% gain makes it one of the most popular cryptos. Yearn.Finance is now at $1.5 billion in market capital, which gives it the 79th place on the coin rankings.

Yearn.Finance (YFI) 7-day chart Source: Tradingview

Flipsider:

• YFI ended 2021 at $33,000. It fell well short of the ATH of $95,339, which was set in May.

What You Need to Care About

YFI’s bullish charge started when Yearn.Finance proposed a change to the project’s tokenomics.

Samsung adds NFTs in Smart TVs; Sales and floor prices for Bored Apes reach new highs

Samsung announced it would integrate NFT support in its 2022 television lineup as a way to increase the useability and acceptance of non-fungible tokens. Samsung will be the first TV maker to integrate NFT support.

The announcement states that users can browse, buy, and show their favourite NFTs from their TV. The feature will be available on Samsung’s ‘MicroLed,’ ‘Neo QLED,’ and ‘The Frame‘ television models.

NFTs are becoming more and more in demand, which has led to record sales for Bored Ape Yacht Club. Not only is it the most popular NFT collection, but the BAYC NFTs have risen to $287740.

In the past week, 287 Bored Apes were sold for $83.47 Million. The jump in price comes after hip hop megastar Marshall Mathers, better known by his stage name of ‘Eminem,’ bought a Bored Ape NFT for $462,000.

Flipsider:

• Many experts think that NFT will lose its value in the future, even though the NFT market is growing.

What You Need to Care About

Samsung wants to address the issue of NFT viewing and buying being fragmented.

Fiat Inflation Fears Are Driving Many Billionaires To Cryptocurrencies

There has been mixed success with millionaires adopting cryptocurrencies. Warren Buffet, Michael Saylor and others have all said that they would never buy Bitcoin.

Many billionaires who are anti-crypto begin to reconsider their views as the fear of inflation increases in fiat currencies. Thomas Peterffy, a Hungarian billionaire with a net worth over $25 billion is one example.

In 2017, Peterffy warned of the future dangers bitcoin futures’ pose to capital markets. However, he has now advised that it would be wise to own 2-3% of crypto in your portfolio, as a precaution against fiat currency going “to hell.” the mogul’s crypto portfolio remains undisclosed.

Ray Dalio, who once stated that he did not think that cryptocurrencies “will succeed” as investors think, disclosed his portfolio in December. Dalio has Bitcoin and Ethereum, which he is amazed at the persistence of crypto.

Flipsider:

• While cryptocurrency continues to outperform the cash market, large numbers of investors remain anxious for what they fear is the imminent crash.

What You Need to Care About

Investors have been drawn to crypto because of its decentralization and transparency. If this trend continues, cryptoverse could see more wealth investors.

OKEx Transacted More Than 25 Billion Trades for $21 Trillion by 2021

As adoption reached new heights, the crypto industry achieved significant milestones. OKEx, the global cryptocurrency trading platform, has revealed how significant 2021 was for crypto industry. Its own annual report 2021 shows this.

A recently published report shows that the exchange had over 20,000,000 users from 100 countries. It processed more than 25 billion trades, with an estimated total volume of $21 Trillion in trading volumes by 2021.

OKEx Earn, a fixed deposit product, saw more than $5.1 billion of assets secured and locked by its users. OKEx Earn’s passive income was also more than $314 Million in 2021.

The focal point of the exchange’s growth was the roll-out of new features for traders. OKEx added 220 pairs to its portfolio across all markets in 2021. This was in addition to the new features that OKEx added, such as a DeFi Mode, unified account systems and a portfolio Margin mode.

Flipsider:

• The cryptoverse is growing, but the absence of a global regulatory system has slowed its expansion in some countries.

What You Need to Care About

OKEx is just one of more than 400 crypto exchanges that are operational, and these numbers show how large the industry has grown.

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