Digest

• The Fed or Kazakhstan: Who is behind the Crypto Market Scam?

• Aave Launches Institutional DeFi Pools, Could Lose DeFi Dominance – JPMorgan (NYSE:)

• The NFT Gamers are causing a spike in the Polygon Network Gas Fee

• NASCAR Rejects ‘Let’s Go Brandon’ LGBcoin Sponsorship

• Musk and Whales Make $176 Million in DOGE; Musk Gets 69 Million Followers On Twitter (NYSE:

The Fed or Kazakhstan: Who is behind the Crypto Market Scam?

A repeat of last week’s December flash crash saw cryptos lose more than 12%, reaching their lowest point since September 2021.

This is the total market capitalization over the last six months. Source: TradingView

The slump began with the stock markets after notes from the Federal Reserve’s December FOMC session re-confirmed plans to hike its rates. With the cryptocurrency market falling below $43k, it was easy to see how this had an impact.

The mining of Bitcoins in Kazakhstan could also be a reason behind the decline. Following growing protests sparked by fuel costs in Kazakhstan, the government cut off the country’s internet access.

As it did, more than 18% of the world’s Bitcoin hashrate disappeared, with some theorizing this to be the cause of Bitcoin’s drop. The country has over 100 registered mining firms as of this writing.

Flipsider:

• One more time, it was criticized that Bitcoin could not be a place of value due to its volatility.

Aave Launches Institutional DeFi Pools, Ethereum Could Lose DeFi Dominance – JPMorgan

Aave Arc is a permitted DeFi pool that will be open to institutional investors as they increase their interest in decentralized finance. Aave described Arc as “a DeFi liquidity market designed to be compliant with AML regulations.”

Aave Arc allows institutional investors to securely participate in DeFi as liquidity providers or borrowers. Aave Arc and Fireblocks will work together to get new institutions into the ecosystem.

Flipsider:

• Aave Arc, the first DeFi-supporting chain, is growing in popularity.

• Ethereum is the dominant DeFi sector at two-thirds. JPMorgan thinks it may lose this position

• According to JPMorgan, the late launch of sharding – an essential feature for Ethereum’s improved scalability – could mean the pioneer of DeFi play catchup in an industry with several competitors offering better

Why you should care

Aave advocates mainstream acceptance of decentralized finance as it seeks to make DeFi a $1 Trillion industry.

The NFT Gamers are causing a spike in the Polygon Network Gas Fee

Ethereum layer-2 scaling solution, Polygon is experiencing a spike in its gas fees – a problem that has long plagued Ethereum. Sunflower Flowers, like Ethereum have caused network congestion to cause an increase in gas prices.

Sunflower Flowers is a NFT-based play-to earn game. It encourages players to fight for token rewards and to win fiercely. The game was launched at the end December and has more than 385,000 users. It is also the most popular dApp on Polygon.

The quick rise of the game has caused Polygon gas fees to jump by more than 16x – from about 30 Gwei to more than 700 Gwei. Double Protocol, an NFT-rental protocol, has been forced to delay the release its Alpha Pass because of rising gas fees.

Flipsider:

• According to Thomas Kerbl, security analyst, the incentivized farming game may have attracted a “ton of bots trying to extract value.”

NASCAR Rejects ‘Let’s Go Brandon’ LGBcoin Sponsorship

One of the most significant trends in 2021 was crypto involvement in the sport industry. LGBcoin.io (a new meme coin) announced a sponsorship deal on 30 December with Brandon Brown, a rising NASCAR driver.

Brandon Brown was expected to wear his LGBcoin livery, which would include the wordmark and logo of LGBcoin. But, NASCAR’s top brass rejected the sponsorship agreement.

The sponsorship was nixed because of the “Let’s go, Brandon” — a veiled insult to President Biden finding increased popularity among some Republican supporters.

As per a previous meeting, NASCAR clarified that “no form of derogatory and vulgar euphemism would be allowed on any paint scheme or sponsorship.” Brandon’s newly painted Brown-LGBcoin car was scheduled to debut next month.

Flipsider:

• LGBcoin has retreated from any attacks on President Biden. The crypto’s website clarifies that it’s “not inherently political.”

Why you should care

Brandon’s sponsorship is another example of NASCAR cutting off anything regarded as highly political.

Musk Gets 69 Million Followers, Whales Make $176 Million in DOGE

Elon Musk has announced that Tesla (NASDAQ;) will accept DOGE. This crypto has experienced a boom in whale-related activities. In the past 24 hours, more than 1 billion DOGE worth $176 million were moved by whales.

Robinhood (NASDAQ) was used for most whale transactions, according to DogeWhaleAlert. Musk’s praise for was once again displayed as one whale paid $3.12 in fees for a $6,844,529 transaction.

The founder of Tesla and SpaceX, Elon Musk, who has become an integral part of the cryptoverse and the world’s richest man, has hit another milestone. Elon Musk’s official Twitter account reached 69,000,000 followers on January 6.

Musk, an enthusiastic supporter for Dogecoin has now the 14th largest global social media following. Musk had previously joked about quitting his job to become a full-time social media influencer – now he has the means.

Flipsider:

• While Dogecoin’s support increases, the value of DOGE wanes – having lost 75% of its value in the last eight months

Why you should care

Dogecoin has gained popularity in meme coins, but it continues to show its merits as an efficient transaction processor.

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