MonatDezember 2022

Crypto Market Awaits Catalyst as MicroStrategy Purchases More BTC and FTX Launches Contagion

• MicroStrategy purchased more than 2,000 BTC, bringing its total holdings to more than 132K.
• FTX revealed that it will introduce a new crypto-focused trading product, called Contagion, that will enable users to trade various crypto assets.
• Bitcoin’s price remained range-bound and did not move significantly during the week.

The past week saw multiple events in the cryptocurrency space, as MicroStrategy continued to purchase more Bitcoin and FTX unveiled its new crypto-focused trading product, Contagion.

MicroStrategy, the business intelligence firm headed by Michael Saylor, revealed another purchase of more than 2,000 bitcoins, bringing its total holdings to more than 132K. It is worth noting that the company also sold 700 BTC for the first time ever, likely for tax purposes. Furthermore, the company revealed that it plans to introduce a new software product, dubbed MicroStrategy Bitcoin Treasury, that will enable companies to store and manage their BTC.

FTX also made waves this week, as the cryptocurrency exchange announced that it will introduce a new crypto-focused trading product, called Contagion. The product will enable users to trade various crypto assets and will be available as a standalone product, as well as integrated into FTX’s existing platform.

As for the price of Bitcoin, it remained range-bound and did not move significantly during the week. The cryptocurrency is currently trading at around $25,000 and seems to be in a bearish pattern, with few bullish signs. This could be partially due to the uncertainty surrounding the US dollar, which has been weakened by the ongoing economic crisis.

Overall, the past week saw some interesting developments in the cryptocurrency space, as MicroStrategy continued to buy more Bitcoin and FTX launched its new trading product. However, the price of Bitcoin remained range-bound, suggesting that the market is still waiting for a catalyst to break out of its current pattern.

Crypto Market Struggles: Bitcoin and Solana See Major Losses in 2021

1. Bitcoin dipped below $16.5K in the past week, while Solana has seen a 23% weekly drop in value.
2. Bitcoin entered 2022 at nearly $50,000, but has since dropped over 65% of its USD value.
3. The crypto market is seeing minimal volatility, with BTC attempting to break the $17,000 mark earlier this week.

The past few weeks of 2021 have been unkind to the crypto market, with Bitcoin and Solana both seeing major losses in value. Bitcoin, which entered the new year at nearly $50,000, has seen its USD value drop over 65% and dipped below $16.5K earlier in the past week. Meanwhile, Solana has suffered a 23% weekly drop in value and remains stuck beneath $10, largely due to the deterioration of FTX and Alameda.

The crypto market has experienced minimal volatility in recent weeks, with Bitcoin attempting to break the $17,000 mark earlier this week. Unfortunately, the bulls were unable to gain control of the market and the asset has continued to struggle at $16.5K. This lack of volatility is mirrored in the altcoin markets as well, with most altcoins seeing only small drops in value.

It remains to be seen what the rest of 2021 has in store for the crypto markets. With Bitcoin struggling to break $17,000, it’s likely that the asset will remain near its current value at least until the new year. As for Solana, the asset will have to overcome the negative impact of FTX and Alameda if it hopes to recover any of its losses in the coming weeks.

Crypto Market Sees Losses as Bitcoin Dips to Weekly Low Under $16,500

• Bitcoin dropped to its weekly low of under $16,500
• Solana also continues to suffer and currently sits below $10
• Terra Classic (LUNC) dropped 8%

The cryptocurrency market has seen a tumultuous start to the week, with Bitcoin dipping to its weekly low of under $16,500. This has been accompanied by losses from several altcoins, including a substantial drop of 8% from Terra Classic (LUNC). Solana, meanwhile, continues to suffer and currently sits below $10.

Bitcoin had a relatively quiet weekend, with the price staying stagnant at around $16,800 for the entirety of the period. This resulted in the asset closing the week at exactly the same spot it was seven days ago. Unfortunately, it was unable to capitalize on this stability, as Monday saw a minor leg-down that resulted in Bitcoin dipping to its weekly low of under $16,500.

Altcoins have been even more adversely affected by the bearish market, with Solana suffering the most. The asset has seen consistent losses over the past few days, with it now trading at below $10. Terra Classic, meanwhile, has dropped 8% and is currently trading at around $0.95. Other altcoins, such as Ethereum and Litecoin, have also seen minor losses, but these pale in comparison to those of Solana and Terra Classic.

It is unclear what the future holds for the cryptocurrency market, with it seemingly stuck in a range-bound pattern. Bitcoin’s inability to break through the $17,000 level has been particularly concerning, and it will likely take a strong catalyst to push the asset past this barrier. Until then, traders will likely remain cautious and look for signs of a potential breakout.

Manchester United Accused of Plagiarizing NFT Artist’s Designs

• Manchester United launched an NFT collection in Tezos, which sold out faster than expected.
• NFT artist Lucréce has accused Manchester United of copying his own designs and styles for its own collection.
• Lucréce is currently in talks with Arthur Breitman, co-founder of Tezos, to get an explanation from Manchester United as to why it used his designs.

The world of digital art and collectibles has been rapidly expanding over the past few years, and the latest development is that Manchester United, one of the world’s most popular soccer teams, has launched its own Non-Fungible Token (NFT) collection in Tezos. This collection was released on December 28th, and sold out much faster than expected.

However, NFT artist Lucréce has accused Manchester United of copying his own designs and styles for its own collection. Lucréce’s collection is much older than United’s and has higher prices, reaching approximately 21 ETH ($24,919) per NFT. In contrast, each of the Red Devils’ 7,777 NFTs sold for about $40, running out of stock immediately after release.

Lucréce has expressed his displeasure over Manchester United’s actions, and is currently in talks with Arthur Breitman, co-founder of Tezos, to get an explanation from Manchester United as to why it used his designs. Lucréce hopes to strike a deal with Manchester United and get some form of compensation for what he sees as the team’s intellectual theft.

This incident is yet another example of the growing importance of digital art and collectibles. It also serves as a reminder that NFTs can be used to copyright and protect a creator’s work, and that creators should be vigilant in protecting their own intellectual property. As the NFT market continues to grow and expand, this story serves as a cautionary tale.

Binance Reduces LUNC Trading Fees in Response to Controversial Proposals

• Binance has announced that it is changing the burning mechanism for Terra Classic (LUNC) trading fees.
• The changes are in response to two controversial proposals – Proposal 10983 and 11111 – where LUNC burn is being re-minted as a development fund.
• Binance has said it will reduce its LUNC spot and margin trading fees from 100% to 50% starting December 28, 2022.

Leading cryptocurrency exchange Binance has recently revealed plans to modify the LUNC burning model to address two controversial proposals that were brought up in the crypto community. In response to the proposals, Binance has announced that it will reduce its LUNC spot and margin trading fees from 100% to 50%, starting December 28, 2022.

The two controversial proposals, Proposal 10983 and 11111, suggest that the LUNC burn should be re-minted as a development fund. In its announcement, Binance stated that it has taken into consideration the opinions of the community, and has decided to make the necessary changes to the LUNC burning model.

LUNC, the native token of the Terra Classic blockchain, is used as a payment and governance token. It is also used to pay for transaction fees on the Terra Classic network. The reduction in the LUNC trading fees will benefit users who want to trade LUNC on Binance.

In addition to reducing its LUNC trading fees, Binance has also announced that it will delay sending LUNC trading fee burn contributions to the burn address until the new burning mechanism is in place. This will ensure that the proposed re-minting of LUNC burn will not take place until the new model is implemented.

The decision to modify the LUNC burning model has been met with mixed reactions from the community. While some are happy with the decision, others are not as pleased. In response to the announcement, the price of LUNC dropped by 12% on the day.

It remains to be seen if the changes to the LUNC burning model will be accepted by the community. Binance’s decision to reduce its LUNC trading fees could be a step in the right direction, but only time will tell.

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