Crypto News Jan 7, 2022

News Headlines (January 07 2022)

  1.  Ethereum’s price fell below its resistance level of US$3,500, signaling a slump

Ethereum didn’t begin 2022 on an impressive note. To make matters worse, on the fifth day of the year, Ethereum’s price fell below its resistance level of US$3,500, signaling an approaching slump in the cryptocurrency market. This happens at a time when Bitcoin, ETHER’s direct competitor is also facing major hits since last October. ETHER has also come a long way from where it started in 2021. While Bitcoin is considered a major investment model, people opt for Ethereum solely for its amazing advancements in smart contracts, decentralized applications, NFTs, etc. These are some of the unique features that made Ethereum’s platform stand out from others.

Bitcoin (BTC) prices fell by 5.3% over the past 24 hours, as the asset’s value dropped from $45,800 to $43,500. That amount is the lowest price that the cryptocurrency has seen since September 2021. Reasons for the market slump are uncertain, as there were few if any significant announcements in the crypto industry today. Losses today may be related to similar but milder losses in the stock market. The Nasdaq Composite lost 3.3% over the past 24 hours, while the S&P 500 saw losses of 1.9% in the same period. It is believed that this rate hike could take place sooner than expected and as early as March.

Bored Bunny, an NFT venture founded on January 5, raised about 2,000 ETH within the first few hours of its introduction. Nonetheless, the endeavor has depleted all of the raised ETH, with over 800 ETH transferred to Binance. This is the second NFT heist in less than a week, raising fears among the NFT community. Previously, the majority of these scams, notably rug pulls, were associated with the Defi market, but the NFT ecosystem has witnessed a slew of counterfeit schemes. Since 2012, Non-fungible Tokens have been a part of the cryptocurrency ecosystem, and although they achieved some momentum in terms of acceptance by 2019, 2021 proved to be the breakthrough year.

Almost overnight, even the works of unknown artists started selling for princely amounts. NFTs have the potential to usher in a world where the artists dictate the rules, not the record company or the auction house. In the world of crypto, the mining process is to be blamed for environmental damage. One big game-changer in the crypto world that can lower energy consumption is the proof-of-stake model of verifying transactions. In proof-of-stake, instead of solving complex computational puzzles, validators (miners) stake their own coins in the blockchain (distributed ledger) to verify transactions and add new blocks in the blockchain.

NEAR Protocol is a scalable, Proof-of-Stake network focusing on user accessibility. NEAR’s innovative sharding technology, unique transaction fee mechanism, and growing interoperability with other networks are helping the protocol grow at a rapid rate. Although NEAR is a blockchain network in its current iteration, it started life as a machine learning project exploring program synthesis—in layman’s terms, teaching machines to code. NEAR Protocol’s approach to solving the Blockchain Trilemma is by implementing a horizontal scaling feature called sharding. It works by splitting a blockchain node network into smaller partitions known as “shards.”

CryptoSlam, a leading provider of data and transparency for the NFT industry, today announced the close of an oversubscribed $9 million capital raise. The strategic seed round was led by Animoca Brands, the company driving digital property rights via NFTs and gaming to build the open metaverse, with participation from CryptoSlam pre-seed investors Mark Cuban and Sound Ventures, the venture capital firm founded by Ashton Kutcher and Guy Oseary. Other investors in the round include OKEx Blockdream Ventures, the venture arm of cryptocurrency exchange OKEx, blockchain protocols Binance Smart Chain and Polygon, KCRise Fund, PKO Investments, Stocktwits, Forte, Twenty5Twenty and Red Beard Ventures.

Zebec, the first continuous and programmable cash stream protocol on the Solana blockchain, announced Wednesday (Jan. 5) it was joining the Visa Fintech Fast Track Program. The company says its Zebec Pay application is the first tax-compliant, on-chain payroll processor that lets employees be paid by the second, in USDC and other stablecoins, and use their money right away. Zebec says it is the first Solana project admitted into the Visa program, which supports payments startups. Graduates of the program include Stripe, Chime and

As a proverbial dark horse of the IoT race, IoTeX too saw 2021 blanketed with record-breaking milestones as it galloped out of nowhere, proclaiming its leadership as an IoT-focused blockchain company with the most innovative and cutting-edge devices live on the market. In 2021, the IoTeX ecosystem became one of the fastest-growing in the blockchain space as it started the year with only a couple of dozen projects to over 126 by Q4 2021, including massive DeFi solutions, play-to-earn games, exchanges, and wallets to actual blockchain-powered devices, such as the Ucam and Pebble.

According to local press, lawmakers in Westminster are sounding the alarm over a growing number of campaigns to promote trendy digital investments, such as NFTs and cryptocurrencies, targeting ‘vulnerable youth’. Currently, the UK does not have separate laws to regulate crypto-assets. This leaves authorities with limited recourse to the Advertising Standards Authority (ASA), which regulates commercial advertising. As Bitcoin, Ethereum, USDT, Cardano, Solana and a host of other cryptocurrencies continue to gain acceptance around the world (given their positive track record), UK lawmakers are showing signs of growing their distaste for small coins and more fancy tokens.

  1.  Cardano Price Analysis: ADA Deletes December’s Progress, Crashes to $1.2

After ADA was rejected by the key resistance at $1.5, the price started to fall. With yesterday’s market crash, the cryptocurrency arrived back on the $1.2 support, which was the starting point of the last rally during December. Sellers will need to step up to break this key support level that has held well so far. The key support is under pressure, and any weakness may lead ADA to $1. The indicators are bearish, and the daily MACD just started its downtrend. It will be very difficult for the cryptocurrency to sustain its current price level at $1.2 if the overall market continues to decline.