Despite the downtrend in the market, support for Bitcoin related services is set to grow in 2022
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Bitcoin collapsed this week from one of the key support levels in the early morning, turning sentiment in the cryptocurrency market into intense fear. Given the recent volatility in the space, most market participants were expecting a strong bounce from $42,000, the lower wick that formed after the sudden crash in December 2021. BTC is currently trading at just over $41,000 and despite the market slump, there have been some Exciting news about the cryptocurrency space and we will take a look at those in this article.
Cardano Bags Samsung Deal
Samsung, the global leader in electronic products, has partnered with the Cardano blockchain-powered climate solutions platform Veritree to manage a tree-planting initiative set to be launched in Madagascar. Samsung plans to plant two million trees by the end of the first quarter of 2022 and aims to harness blockchain technology to verify and track every step in the reforestation process. Having spent more or less than six months near the $1.2 region in 2021, the Cardano faithful viewed this news as a bullish sign to move forward into 2022.
Tera prepares the arsenal
Terra (LUNA), a blockchain providing stable algorithms, has submitted a proposal to expand the interchain deployment of the UST stablecoin across five projects on Ethereum, Polygon and Solana. In the proposed deployment, Terra will deposit terrestrial treasuries in amounts varying from $250,000 to $50 million to enhance the stability of each of its Decentralized Finance (DeFi) partner projects.
Five projects that will receive funds in underground reservoirs are DeFi liquidity provider Tokemak, yield aggregator Convex Finance, lending platform Rari Fuse, currency reserve protocol OlympusDAO (OHM), and invictusDAO, a fork of OlympusDAO on the Solana network.
Bitcoin support is growing
Banca Generali, an Italian bank with $87 billion in assets under management (AUM), is said to have partnered with Bitcoin Conio to integrate Bitcoin services into its platform. This allows its clients to create a Bitcoin wallet directly in their bank account and access trading with enhanced security features such as multi-signature wallets.
El Salvador President and staunch Bitcoin supporter Nayib Bukele has predicted that the leading cryptocurrency will become legal tender in at least two countries in 2022. He also believes that Bitcoin will reach $100,000 (~74 lakhs) by the end of 2022.
Cryptowire cooperates with Google Cloud
Tickerplant has teamed up with Google Cloud to develop the Cryptowire ecosystem that will meet the needs of all stakeholders in the cryptocurrency and blockchain industry. CryptoWire, the global crypto app and a private business unit of TickerPlant, has launched India’s first cryptocurrency index, IC15. IC15 is a broad market index by market capitalization, which tracks and measures the performance of the top 15 most widely traded liquid digital currencies.
Disclaimer:This article was written by Giottus Cryptocurrency Exchange as part of a paid partnership with The News Minute. Crypto-asset or crypto-currency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your research before investing and seek independent legal/financial advice if you are unsure about investments.