Crypto Flipsider News – Crypto Market Sell-Off, Aave Institutional DeFi Pool, Ethereum Could Lose Defi Dominance, Gas Fee Spike on Polygon, NASCAR Reject Crypto Sponsorship, Whales Move $176 Million Doge


Crypto News – Crypto Market Selling, DeFi Institutional Pool Aave, Ethereum Could Lose Defi Dominance Control, Gas Fee Rise on Polygon, NASCAR Refusal to Sponsor Crypto, Whales Move on $176 Million Doge

Read the summary

  • Kazakhstan or the Federal Reserve: Which is behind the cryptocurrency market selloff?
  • Aave launches institutional DeFi pools that may lose DeFi Dominance – JPMorgan (NYSE:)
  • NFT players cause Polygon network gas charges to increase
  • NASCAR Refuses to Sponsor LGBcoin ‘Let’s Go Brandon’
  • Whales Moved $176 Million From DOGE, Musk Has 69 Million Followers On Twitter (NYSE:)

Kazakhstan or the Federal Reserve: Which is behind the cryptocurrency market selloff?

In a repeat of the first week of December, the cryptocurrency suffered a major sudden crash, with the market giving up more than 12% of its total value, reaching its lowest level since September 2021.

Total market value over the past six months. Source: TradingView

The recession began with the stock markets after remarks from the Federal Reserve’s December session reaffirmed plans to raise interest rates. Soon, the impact was seen in the cryptocurrency market, as it dropped below $43,000.

Another reason for the decline can be traced back to Bitcoin mining in Kazakhstan. In the wake of growing protests sparked by fuel prices in Kazakhstan, the government has cut internet access in the country.

As it already happened, over 18% of the world’s bitcoin hash has disappeared, with some seeing this as the reason for bitcoin’s decline. At the time of writing, the country currently has more than 100 registered mining companies.

prank:

  • The criticism that bitcoin cannot become a store of value due to its volatility has again been raised.

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

With the increasing interest of institutional investors in decentralized finance, Aave looks forward to welcoming them with its licensed DeFi pool Aave Arc pool. Aave described Arc as “a DeFi liquidity market designed to be compliant with anti-money laundering regulations.”

Aave Arc will allow institutional investors to participate in DeFi securely as liquidity providers and borrowers. By working with its asset manager, Fireblocks, Aave Arc will have 30 new organizations participating in the ecosystem since launch.

prank:

  • Aave Arc is gaining popularity and dominance as the first series to support DeFi.
  • While Ethereum dominates two-thirds of the DeFi sector, JPMorgan thinks it may lose this dominance
  • According to JPMorgan, the delayed launch of hashing — a key feature of improving Ethereum scalability — could mean the DeFi play pioneer is catching up in an industry where many competitors are offering better

Why should you care

Aave is pushing for mainstream adoption of decentralized finance, as it looks to accelerate DeFi into a $1 trillion industry.

NFT players cause Polygon network gas charges to increase

Ethereum layer-2 scaling solution Polygon is experiencing a sharp rise in gas fees – a problem that has plagued Ethereum for a long time. As with Ethereum, gas fees have skyrocketed due to network congestion caused by sunflowers.

Sunflower Flowers is a play-for-earning NFT game that motivates players to compete aggressively for as many token rewards as possible. Launched at the end of December, the game now has more than 385,000 players and is the most active dApp on Polygon.

The game’s rapid rise has seen Polygon’s gas fees rise more than 16 times – from around 30 Gwei to more than 700 Gwei. The increase in gas fees caused the release of its Alpha Pass, the NFT lease protocol, to be delayed.

prank:

  • according to Security analyst Thomas Kerbell, the incentivized farming game may have attracted “a large number of bots trying to extract value”.

NASCAR Refuses to Sponsor LGBcoin ‘Let’s Go Brandon’

Crypto’s involvement in the sports industry was one of the major trends we saw in flight in 2021. On December 30, LGBcoin.io, a newly created meme coin, announced a sponsorship deal with fast-rising NASCAR driver Brandon Brown.

The partnership was to see Brandon Brown wear his uniform engraved with the LGBcoin logo and script for all 33 races of the NXS season. However, top NASCAR officials have rejected the sponsorship deal.

The sponsorship was canceled because of “Let’s go, Brandon” – a veiled insult to President Biden who has found growing popularity among some Republican supporters.

According to a previous meeting, NASCAR made it clear that “no derogatory or vulgar euphemism will be permitted in any paint or sponsorship scheme.” Brandon’s newly painted Brown-LGBcoin was due to debut next month.

prank:

  • LGBcoin distances itself from any attack on President Biden. The cryptocurrency website states that it is “not political in nature.”

Why should you care

Brandon’s sponsorship is another example of NASCAR cutting out anything deemed too political.

Whales move $176 million, Musk has 69 million followers on Twitter

Since Elon Musk announced that Tesla (NASDAQ 🙂 will accept DOGE, crypto has seen a rise in whale activities. The latest torrent of whale traffic has seen the movement of more than 1 billion DOGE (worth $176 million) in the last 24 hours.

According to the whale transaction tracker DogeWhaleAlert, Robinhood (NASDAQ 🙂 has been used for most whale transactions. Musk’s praise was shown again as a whale paid $3.12 in transaction fee of $6,844,529.

The founder of Tesla and SpaceX, Elon Musk, who has become an integral part of the crypto world and the richest man in the world, has achieved another milestone. On January 6, Elon Musk’s official Twitter account reached 69 million followers.

Musk, a staunch supporter of Dogecoin, now owns the 14th largest social media site in the world. Musk previously joked about quitting his job to become a full-time social media influencer — and now he has the means.

prank:

  • While support for Dogecoin increases, the value of DOGE dwindles – it has lost 75% of its value in the past 8 months

Why should you care

As it gains popularity as a meme currency, Dogecoin continues to prove its value in transaction processing.

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