Crypto Flipsider News – Bill Miller owns 50% of his fortune in Bitcoin, Worst Start for BTC, Cash App Adds Lightning Network, Bahrain Completes CBDC Test, 20,000 ETH Burned in 24 Hours, OpenSea Sale Surge, USDC Beats Solana
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- Bill Miller owns 50% of his fortune in 2022, which is the worst start for BTC so far.
- Cash App Integrating Lightning Network, Bahrain Completes CBDC Beta Testing with JP Morgan.
- Over 20,000 Ethers were burned in 24 hours as NFT sales on OpenSea surged.
- Overtaking the US dollar, Near Protocol became the biggest gainer today.
Bill Miller owns 50% of his fortune in Bitcoin, 2022 is the worst start for BTC so far
While Bitcoin has helped many become billionaires in its own right, a large number of pre-Bitcoin billionaires refrained from entering the crypto industry.
Legendary billionaire investor Bill Miller is not counted among them, as he was one of the first Bitcoin investors.
Bill Miller bought his first bitcoin in 2014 when it was trading around $200. He kept buying until BTC rose to nearly $500. Miller, who now calls himself a bitcoin bull, said he resumed buying when bitcoin was priced at around $30,000.
Despite his advice that investors should dedicate only 1-2% of their portfolios to digital assets, Bill Miller now owns a staggering 50% of his personal net worth invested in Bitcoin and other cryptocurrencies.
- Despite the high expectations surrounding the leading asset leading into 2022, Bitcoin is off to a bad start, losing more than 14% of its value to drop below $40,000 for the first time since September.
- With investors shocked by the recession, Bitcoin is on track to close out its worst January since it was introduced in 2009.
Cash App Integrating Lightning Network, Bahrain Completes CBDC Beta Testing with JP Morgan
Cash App, the mobile payment service founded by former Twitter CEO Jack Dorsey, has integrated the Bitcoin Lightning Network, a Layer 2 scaling solution, into its services.
While the Cash App has been processing Bitcoin transactions since 2018, users have urged the payment service to integrate LN to address Bitcoin scalability issues. Users feel the euphoria of the merger, which promises to reduce BTC transaction fees on the Cash app.
With cryptocurrencies gaining momentum on a global scale, the Central Bank of Bahrain (CBB) has announced the completion of a digital currency settlement test using JPM’s JPM Coin system.
Bahrain tested instant cross-border fund transfer with the US via Bank ABC during its beta test. The trial enabled Bank ABC to initiate real-time payments to ALBA for its US counterparts.
- Cash App users have criticized users who have not been able to get out of the cycle of high gas charges.
Why should you care
With more companies working on crypto, Layer 1 blockchains like Bitcoin and Ethereum must become more scalable in order to justify mainstream adoption.
Over 20,000 Ethers burned in 24 hours as NFT sales on OpenSea Spike
After London Hardfork implemented the EIP-1559 demo on the Ethereum mainnet, the project took on deflationary features and gained the ability to burn gas fees. Since its implementation, there has been a significant increase in the amount of ETH burned.
In the past 24 hours, there has been a sharp increase in the amount of ETH burned, reaching 20,000. The uptick in ETH burning comes along with the increase in NFT sales across major markets.
With 20,306 ETH burned in the past 24 hours, the leading NFT OpenSea market contributed 2,364.77 ETH. V3 has burned over 1,711.64 ETH, while LooksRare has completed 1,588.64 ETH.
OpenSea set a new record for daily trading volume. Having already accomplished more than $2.1 billion in sales since the start of 2021, the NFT market is on pace to exceed $6 billion in January. Regular ETH transactions were responsible for 1,744 ETH coins burned.
- Despite the downturn, the recent market performance of Ethereum does not appear to be in sync with the trend as it has seen a 13% drop so far in 2022.
Why should you care
The expansion of the NFT and DeFi markets in Ethereum is part of the reason why the network is expected to facilitate 50% of all global transactions within ten years.
US dollar coin outperforms Solana, near protocol is today’s biggest winner
On its worst start in any year since its inception, the cryptocurrency market has lost more than 22% of its global market value in the past 10 days. Due to the drop, Solana lost 25% of its value, displacing the network by (USDC) as the fifth largest cryptocurrency.
Two weeks ago, the stablecoin was ranked as the eighth largest asset in the market with a market capitalization of $42.3 billion. USDC is now the fifth largest cryptocurrency with a market capitalization of $43.92 billion. Meanwhile, Solana has seen its market cap plummet from $55.2 billion to $44.2 billion since the start of the year.
Solana (SOL) price chart since the beginning of the year. Source: Tradingview
Although the markets are seeing widespread decline, the Near Protocol (NEAR) has been a standout. NEAR is on another rally after hitting a new ATH at $17.60 on Jan 4th.
Over the past 24 hours, NEAR has gained more than 15% in value, peaking at $16.6. At the time of writing, NEAR is trading at $15.942, climbing to the 20th largest cryptocurrency with a market capitalization of $9.9 billion.
Near protocol 24 hour price chart (NEAR). Source: Tradingview
- Despite the write-off of more than $300 billion from the cryptocurrency market capitalization, experts suggest that the market may be primed for a further correction.
Why should you care
As with every industry, market expansion does not come with linear growth, and a correction is necessary to expand further.
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