Crypto News Dec 31, 2021

  1.  Is It Too Late to Buy Solana?

Solana is the complete crypto package: It offers its own currency — known as SOL — and it’s a blockchain hosting hundreds of decentralized applications (dApps). It’s also becoming a major player in the world of non-fungible tokens (NFTs). When it comes to dApps, Solana also is making its mark. The cryptocurrency has more than 400 projects built on its blockchain. There should be a lot more to come. Solana’s speed, low cost, and energy efficiency are reasons why users may continue to flock to this blockchain. If that happens, the value of this crypto player may continue to grow — even after this year’s show-stopping performance.

Ethereum (CRYPTO:ETH) has been the second-largest cryptocurrency since 2017. Since its inception, the token’s price appreciation has outperformed Bitcoin. Solana, the fifth-largest cryptocurrency in terms of aggregate market value, is Ethereum’s closest rival. Solana is a decentralized virtual computer, which means it can host all the same applications, smart contracts, and non-fungible tokens (NFTs) that Ethereum can. Transactions on the network are also relatively faster and much cheaper than on Ethereum. At the moment, the Solana network can process 50,000 transactions per second (tps) at an average cost per transaction of $0.00025. By comparison, Ethereum can process just 10 transactions per second at an average cost of $15 each.

Investing in cryptocurrency projects today is a lot like picking stocks. Bitcoin is one thing. But there are the big blockchain protocols, led by Ethereum, and the newcomers who want to compete with Ethereum on price and transaction time. NFT spin-off industries in the GameFi sector have all created new use-cases for NFTs (think fake sword and new armor to fight the bad guys – or the good guys – whichever side you’re fighting for.  In GameFi, look for “the Play-2-Earn model. It has been quite successful, creating in-game tokenomies for distributed players to earn profits. Clearly, it’s not an easy task to choose just one sector to start off the year. Cryptocurrency is a gamble anyway.

Crypto company Coinbase Global plunged up to 7.3% on the 28th of December as the overall crypto market sold off. Coinbase shares are positioned to emerge strong with the current lows as long-term investors take advantage of the current situation to buy cryptocurrencies and hodl. Coinbase gradually lost its shares on the day before the trading session eventually closed. As of 3:05 pm ET, COIN was already down 6.25%. The price of cryptocurrencies often affects Coinbase shares as the company owns the biggest crypto marketplace. Although losses across the crypto market are often considered as bad news for Coinbase, the company may make some money after all.

Qredo is rearchitecting digital asset ownership and blockchain connectivity. A radical new approach to bring liquidity and capital efficiency to the blockchain economy, Qredo has pioneered the first decentralized trustless multi-party computation custodial network. The CEO of Qredo is Anthony Foy, a digital veteran and serial entrepreneur. He has 20+ years of experience in VC-backed growth companies with 4 successful exits. Wallet Investor forecasts a long-term increase. They predict the price of this token will be as much as $90.50 in 2026. A 5-year investment will generate revenue of 1,316%. If you invest $100 in QRDO now, it will be worth $1,416 in 2026 if Wallet Investor is right. 

Tokens of Algorand (ALGO) have added as much as 10% in the past 24 hours, becoming one of the few gainers on Thursday morning even as the broader crypto market extended its decline. The move came hours after the Algorand Foundation, which oversees development on Algorand, announced a $3 million incentive program for Algofi, a decentralized finance (DeFi) platform that relies on smart contracts to offer low-cost lending and borrowing services to users. Algofi launched earlier this month with backing from Union Square Ventures, Arrington XRP Capital and others, saying a liquidity incentive program would be introduced in the coming weeks.

This year, El Salvador became the first nation on Earth to adopt Bitcoin as a legal currency. A law passed on the 7th of September, 2021 meant that businesses across the country had to accept the cryptocurrency as a form of payment. Shortly after the law was enacted, President Nayib Bukele, the 40-year-old leader of the centre-right Grand Alliance for National Unity party, announced plans for a “Bitcoin city” to be built at the base of a volcano. It isn’t a total surprise that Bitcoin has caught on in El Zonte. The small, poor town, home to around 3,000 residents, has been thirsting for positive change since the early 2000s.

Polkadot has followed in the steps of Bitcoin over the past week. The 3% loss that Bitcoin saw in the 12 hours prior to press time was also reflected in Polkadot’s price. However, the losses were amplified as DOT lost 8.4% over the same time period. The lack of strength from buyers could see Polkadot plunge lower on the charts once more. Bitcoin has some bearish momentum behind it and losing $45.8k could see it drop lower. This might set up a good opportunity for short-selling on DOT.

The move came ahead of a $6 billion options expiry for bitcoin (BTC) on Friday during a low-volume holiday period marked by volatility and range-bound price movement for large-cap cryptocurrencies. Among large-caps, cardano (ADA) and avalanche (AVAX) fell 6% in the past 24 hours while solana (SOL) and terra (LUNA) lost 4%. Prices of bitcoin and ether (ETH), the two largest cryptocurrencies by market capitalization, posted a small decrease in early Asian hours on Thursday. European hours saw a sudden surge, with bitcoin gaining nearly $500.

  1.  The world’s largest crypto exchange Binance is trying to woo France

The world’s largest cryptocurrency exchange could be on the hunt for a new headquarters after a year of heavy scrutiny from regulators around the world. Binance recently launched a 100-million-euro ($113-million) initiative in France to develop its crypto and blockchain industry. The world’s largest cryptocurrency exchange is financing a 100 million euro ($113 million) initiative with industry group France FinTech in an effort to support the cryptocurrency and blockchain sector in France. The initiative, announced in November and dubbed Objective Moon, will see Binance establish a research and development office in France and collaborate on an incubator program for start-ups and training programs.