Digest

• Whale Purchases $21 Million in the Dip. Melania Donald Celebrates Bitcoin At 13. Musk Takes Jibe

• Fantom and Chainlink (LINK), Ride the Bulls In Bearish Market

• The Third Network Outage: Scalability over Stability

• Finding the Balance – Grayscale Drops Bancor and UMA from DeFi Fund

• Polymarket Wins $1.4 Million in Unregistered Swaps

Whale buys $21 million in the Bitcoin Dip. Melania Trump celebrates Bitcoin at 13. Musk takes Jibe

Bitcoin’s poor performance was not stopped by the 13th celebrations of Bitcoin Genesis. The third largest Bitcoin address purchased $21 Million worth of Bitcoin as Bitcoin fell below $47k.

The entity took advantage of the dip and added 456 BTC to their Bitcoin stash at an average price $46,363. The whale currently holds 120,845.57 BTC, which is worth more than $5.6 billion.

Melania Trump has returned to the NFT world just weeks after her shock debut. This time, she is celebrating the Bitcoin Genesis block launch. Twitter was used by Melania Trump (NYSE:) as a way to mark the 13th anniversary of Bitcoin. She tweeted:

According to many reports, Bitcoin’s market capitalization exceeds USD$1 Trillion. Today is the 13th Anniversary of Bitcoin Genesis Block. Happy Anniversary, #SatoshiNakamoto #MelaniaNFT pic.twitter.com/aZqNJFcZmd

— MELANIA TRUMP (@MELANIATRUMP) January 3, 2022

Flipsider:

• While Melania Trump has come out as a Bitcoiner, many are expecting to hear her husband’s stance. Donald Trump used to call Bitcoin a fraud.

The world’s richest man, Elon Musk, has taken a jibe at the Bitcoin genesis block. Reacting to former Twitter CEO Jack Dorsey’s tweet of the Genesis block code, Musk said it reminds him of his time hexing an edited version of “Ultima V: Warriors of Destiny – a role-playing video game released in 1988.

What You Need to Care About

Bitcoin has come a long way since the first block was mined on January 3, 2009 – now a trillion dollar asset.

Chainlink (LINK), Fantom(FTM) Ride with the Bulls In Bearish Market

Despite Bitcoin’s slight slide, and many altcoins which have struggled in recent days to gain gains, Chainlink (LINK), Fantom(FTM) are seeing a major bullish breakout.

LINK rallied after Sergey Nazarov presented plans to enable cross-chain interoperability through Chainlink. Chainlink’s gains of more than 8 percent in 24 hours have surpassed $23.76, a new weekly high.

Chainlink (LINK) 24 Hour Price Chart TradingView

Ethereum-Layer-1-competitor Fantom (FTM) is the star of the altcoin rally, gaining 20% over the last 24 hours. FTM is now trading at $2.91. This marks its highest level since November. FTM trades now at $2.898.

Fantom’s 24 hour price chart (FTM) TradingView

The recent rally brings Fantom’s total gains to 115% in two weeks. Fantom’s price rise coincides with a surge in daily active addresses.

Flipsider:

• Despite their impressive performance, LINK and FTM have yet to surpass the ATHs they set in October 2021 and May 2021 respectively.

Solana’s third network outage demonstrates that Scalability is more important than Stability

Solana is a well-known crypto platform for its highly decentralized, scalable blockchain. Consistently processing over 2,500 transactions per second, Solana earned the name the Ethereum-Killer – with Ethereum only able to handle between 15 – 45.

Solana ranks high on the scaleability charts but instability has been an issue for the network. The Solana network was hit with a distributed Denial-of Service (DDoS), attack in the early hours Tuesday morning.

The DDoS attack sent the Solana Network offline for a couple of hours – the third time the network would be forced offline over the last 6 months. Wu Blockchain stated that the problem had been resolved by 8:08 UTC and Solana was now back in operation.

Grayscale’s security report, December 20,21 suggests that DDoS attacks on Solana have been recurring. This could be due to flaws in cryptography.

Flipsider:

• Solana, which claims to process over 50,000 transactions per minute, is a network that has not been stable.

What You Need to Care About

Solana must strike the right balance between stability and scalability to remain an Ethereum challenger.

Finding the Balance – Grayscale Drops Bancor and UMA from DeFi Fund

Grayscale Investments, the world’s largest cryptocurrency asset management company, with over $46 billion in assets under management, has restructured its DeFi Fund – the second time since the fund was introduced in July 2021.

Grayscale announced in a report on its quarterly rebalancing that it had dropped Bancor (BNT), and Universal Market Access(UMA) funds. Fund assets now total $11.6million.

Flipsider:

• UMA was removed from Bancor, and Bancor has been removed. The Grayscale DeFi Fund now includes AMP (OTC), which is the native collateral token for the Flexa payment system.

After the rebalancing of Grayscale DeFi Fund, there are now nine DeFi protocols. The highest-weight DeFi protocol is (UNI), which has 42.33%. Curve (CRV) and Curve (AAVE), each contribute 10.63%. MakerDAO(MKR) 8.99%. AMP contributes 7.39%.

What You Need to Care About

Grayscale continues to be interested in DeFi protocols that will accelerate the transformation of blockchain into mature peer-to–peer money.

Polymarket Wins $1.4 Million in Unregistered Swaps

Polymarket (a cryptocurrency platform that allows users to make predictions about politics, economic indicators and other real-world developments) has been fined $1.4 million by the Commodity Futures Trading Commission.

The CFTC stated that Polymarket didn’t have a Swap Execution Facilities (SEF), or Designated Contract Markets (DCM) registration. This registration is important for all firms offering binary options within the United States.

Polymarket gives users the ability to choose between at most two possible trades. For example, who will win 2020’s presidential election?

Polymarket has been fined $1.4 million and ordered by the CFTC to stop trading on its different markets. Users will also be eligible for full refunds. Acting Director of Enforcement, Vincent McGonagle, announced that “all derivatives markets must operate within the bounds of the law regardless of the technology used.”

Flipsider:

• Polymarket The allegations were denied, and the respondent statedThe company announced that by January 14, it would shut down three markets and provide refunds for its users.

What You Need to Care About

The regulators will be looking at the crypto sector and crypto service providers must become more compliant so they can operate in various countries.

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