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Category: Cryptocurrency

Google Going Crypto

As the firm looks to provide a wider range of financial services, including cryptocurrencies, Google has hired veteran PayPal CEO Arnold Goldberg to manage its payments division.

Google’s action comes after years of debating whether or not to invest directly in the embryonic blockchain technology. Twitter’s investment in crypto infrastructure, as well as Facebook’s efforts into the metaverse, look to be catching up to the internet giant.

Also Google hired a new “Founding Leader” for blockchain project, Venkataraman.

According to his LinkedIn page, Venkataraman, who has worked for Google for more than 18 years, brings more than 25 years of experience as a software engineer with firms such as IBM, as well as more than 10 years in paid advertising for the internet giant, to the table.

Total Crypto Market Cap Will Reach 5 Trillion USD In 2022 According To AvaLabs CEO

In 2022, John Wu, the CEO of Ava Labs, a blockchain business that creates the software for the Avalanche (AVAX) blockchain, offered a lot of fascinating forecasts for the cryptocurrency industry.

Wu began by presenting Avalanche in an interview with Kelly Evans, anchor of CNBC’s “The Exchange,” on December 31, 2021:

Avalanche is the fastest blockchain. It’s Ethereum compatible and it’s the fastest growing blockchain based on usage.

After that, Wu was pressed to explain why Ethereum has outperformed Bitcoin in 2021, and here’s what he had to say:

Oh yeah. From a price action perspective, sure. And from a usage perspective. I mean Bitcoin was up 65% and I think Ethereum was up 500%. So, yes, from that perspective and market dominance, Ethereum definitely gew, but that’s because there was more usage there on Ethereum.

Wu then went on to discuss how far the cryptocurrency business may expand in 2022:

I think when I come back in 2022, the asset class, which is roughly about 2.3 to 2.5 trillion [dollars], we’ll be talking about [how] the biggest story in 2022 is how the crypto asset class doubled and went to five trillion and it’s going probably be the only asset class that could withstand the headwind from the macro factors of Fed tightening and geopolitical issues that are out there.

And I think the reason is very simple because from where I sit, what I see is basically a massive inflow of talent, capital, and usage and listen, I’m almost embarrassed to say that that’s a prediction because I’m just reporting what I see on a daily basis.

Pavia Metaverse Project Debuts On Cardano (ADA)

The Metaverse is currently in its early stages. While Ethereum-based metaverse games like The Sandbox have exploded in popularity, investors are also interested in developing applications on secure PoS networks like Cardano. One of the distinctive triggers for ADA’s recent climb is its inclusion, which is interesting.

Pavia, a Cardano-based metaverse project, is identical to Decentraland but for one major difference: it is based on Proof-of-Stake (PoS).

Pavia’s admission into the Cardano ecosystem comes at a time when its own crypto-asset, ADA, has been under constant negative pressure as a result of the market-wide downturn.
However, the NFT activity on top of the network gave the token a much-needed boost, and it now trades at $1.55, up over 14 percent in the previous 24 hours.

Pavia, the Cardano blockchain’s freshly released gaming application, has huge aspirations for this year. At least 100,000 “land parcels” have been released so far, each of which is minted as a unique numbered Cardano NFT (CNFT) based on coordinates. In October and November of last year, more than 60% of the land lots were pre-sold. The remainder will be available in the current quarter.

Pavia has around 8,300 landowners, according to the official website. They cannot, however, visit or install any material into their separate land parcels at this time. The staff was working “to offer the in-game Pavia experience,” according to the website.

Pavia, like other metaverse projects, includes an in-game money called PAVIA that is utilized for usefulness inside the metaverse ecosystem.
After a blockchain snapshot in December 2021, Pavia NFT landholders received a 25% airdrop of this native coin.

Pavia has recently announced a partnership with readyplayer.me, a cross-game avatar platform for the metaverse, to allow users to create their own avatars that are interoperable with over 700 applications and games outside of the Pavia ecosystem.

Pavia plans to bring liquidity to Cardano decentralized exchanges [DEXs] and investigate cross-chain liquidity in the first quarter of 2022.

It also intends to investigate on-platform assets, gamification, and other topics. The project’s goals for the next quarter are to collect all comments and “start building for the in-game Pavia.io experience look and feel,” as well as to double down on interoperability, cross-chain, and cross metaverse. Pavia Plaza will host the first live event in the third and fourth quarters, and Pavia portal testing will commence.

U.S. Inflation Hits 7% First Time In 40 Years And What It Means To Bitcoin (BTC)

Inflation in the United States just reached 7%, the highest level in 40 years.

The recent Consumer Price Index (CPI) data boosted Bitcoin and Ethereum prices by more than 3% and 4.5 percent, respectively, bringing their unit values above $43,000 and $3,300.

While historical trends imply that the $11 trillion gold market is the best bet for a secure hedge against dollar depreciation, the crypto market’s reaction to current inflation suggests that many people are willing to resort to cryptocurrencies this time.

This is especially true for many people in the medium to upper income brackets who want to preserve their cash and near-liquid investments from depreciation.

With over 160 percent value rise in 2021, Bitcoin, Ethereum, and other cryptocurrencies have a higher chance of being a viable alternative to fiat value loss for the typical American investor.

According to the most recent Consumer Price Index chart, energy (33.3%) is the leading driver of inflation, followed by housing (4.1%), food costs (>6%), cars, and medical care services (>2%).

Since Biden cut off domestic exploration in favor of importation, the United States has been experiencing increasing gasoline scarcity.

The Federal Reserve System of the United States announced in November that it expects a further increase and has already planned procedures to contain such a spike.

The hike in interest rates is one of the most important of these initiatives, as it will limit increasing borrowing throughout the time.

Bitcoin (BTC) To Reach Six Figures According Goldman Sachs

According to Goldman Sachs, the price of Bitcoin might reach $100,000 in the near future. The largest cryptocurrency, according to the financial giant, presently accounts for a quarter of the worldwide store of value market.

If Bitcoin continues to eat away at gold’s market share, it might approach the six-figure mark. Bitcoin evangelist Max Keiser sees the price hitting $220,000 this year due to the network’s rapidly growing hashrate. Bitcoin, on the other hand, has limited upside, according to legendary investor Ray Dalio. While Bitcoin increased by about 60% last year, it lagged behind the bulk of altcoins and even some major corporations.

MicroStrategy CEO Michael Saylor, on the other hand, believes Bitcoin will reach $600,000.

Despite experiencing substantially less volatility, Apple shares managed to outperform Bitcoin in 2021, according to Joe Weisenthal, co-host of the Odd Lots podcast.

Furthermore, as compared to real estate and the S&P 500 index, Bitcoin’s risk-adjusted returns are significantly lower.

Top Ethereum (ETH) Wales Buy Polygon (MATIC) And Other DeFi Coins Despite Market Pullback

In the previous 24 hours, the top 1,000 ETH whales acquired an average of $12,766 worth of Polygon (MATIC) tokens. As the cryptocurrency fell down from its all-time high, the second-largest ETH whale acquired 2,000,000 MATIC tokens for $5.02 million. With an average purchase amount of $4,140; large crypto investors are flocking to decentralized exchange Sushi (SUSHI) and Aave (AAVE).

Ethereum Whales Load Up Altcoins

According to whale-surveying site WhaleStats, the top 1,000 ETH whales are buying millions of dollars worth of metaverse tokens, stablecoins, and ETH-based altcoins. The ETH whale with the 79th highest net worth received a whopping 144,842,922 CHZ tokens worth $45.7 million. The 104th-ranked ETH whale spent $1.05 million on 399,999 MATIC.

Here is the full list of the altcoins where whales allocated their portfolio.

  • USD Coin (USDC)
  • Chiliz (CHZ)
  • Tether (USDT)
  • Polygon (MATIC)
  • Axie Infinity (AXS)
  • Decentraland (MANA)
  • Synthetix (SNX)
  • yearn.finance (YFI)
  • Sandbox (SAND)
  • Woo Network (WOO)

Kintsugi Merge Testnet For Ethereum (ETH) Is Now Live

The Kintsugi testnet, the latest step in replacing Ethereum’s Proof-of-Work consensus method to Proof-of-Stake, has been deployed. The mainnet and beacon chains are expected to combine in Q1/Q2 of 2022. According to a release from ConsenSys, over 8.4 million ETH has been staked on Ethereum 2.0’s beacon chain.

Ethereum founding member Tim Beiko wrote in his announcement, “The Kintsugi testnet provides the community an opportunity to experiment with post-merge Ethereum and begin to identify any issues,”.

The Kintsugi testnet will help prepare for the “merge” to Ethereum’s 2.0. Following the merge, Ethereum 2.0 will move toward “Phase 2.” This will introduce sharding, a scalability feature that will improve fees and transaction times. Sharding is expected to arrive in late 2022.

Polkadot (DOT) And Its Web3 Vision Of Parachains

Polkadot has unveiled the first of its parachains (or parallelized chain). The goal of parachains is to improve the interoperability of numerous blockchains. The Polkadot team spent five years developing the parachains, which were then auctioned off to teams. The marketplace plans to increase its current parachain slot allotment from five to 100.

According to Gavin Wood founder of Polkadot, the additional Relay Chain helps in coordinating the consensus and communication between parachains:

And as the ecosystem grows, especially with nascent emergence of metaverses, dozens of protocols will become increasingly visible. In that scenario, there will not be a single blockchain, but we will have several interconnected chains.

And he also added that the vision was to have multiple parachain model:

The parachain model was created with the belief that the future of Web3 will involve many different types of blockchains working together. Just as the current version of the internet caters to different needs, blockchains need to be able to provide a variety of services. Parachains solve this

Avalanche (AVAX) And Polygon (MATIC) Gets Added To VanEck ETNs

VanEck, a New York-based investment management firm, has added two new ETNs to its crypto offerings: Avalanche and Polygon. The ETNs will allow investors to profit from the price of Avalanche (AVAX) without having to acquire the cryptocurrency directly. Polygon and Avalanche join the firm’s lineup of ETNs, which includes Bitcoin, Ether, Polkadot, Solana, and Tron.

ETNs (exchange-traded notes) are similar to ETFs in that they are traded on a stock market and track a benchmark index. An ETN is a senior, unsecured debt product issued by a bank, as opposed to an ETF, which owns assets that are the foundation of the ETF’s pricing.

VanEck’s request to launch a spot Bitcoin exchange-traded fund (ETF) was denied by the Securities and Exchange Commission, although the SEC eventually approved VanEck’s Bitcoin futures-based fund. VanEck’s existing crypto products in Europe, which now include seven exchange-traded notes, are continuing to grow.