What Bitcoin struggling to exceed $ 50,000, the community celebrated the milestone of 90 percent of the total supply of Bitcoin being mined this week. It has only taken 12 years to mine the first 90 percent, while the remaining 10 percent will be slowly mined over the next 120 years, making for a favorable supply and demand case for Bitcoin going forward.
Bitcoin (BTC) has had a dull December so far with prices hovering between $ 46,000 and $ 50,000 for the most part. The market is in a consolidation phase as BTC struggles to regain the key $ 52,000 level that will reconfirm its rally towards the previous highs. On a weekly basis, BTC is down 3 percent and is trading at $ 47,000 levels. Avalanche (AVAX), Terra (LUNA), Polygon (MATIC) and Solana (SOL) have gained more than 5 percent in the last week among the top 20 cryptocurrencies.
Meanwhile, Yearn Finance (YFI) emerged as one of the best in the cryptocurrency market this week, surging more than 46 percent in just four days to hit a two-week high above $ 29,100. This comes after Yearn Finance announced that it has been buying YFI tokens since November to improve its token economy.
News from the crypto world continued to tilt towards optimism around the world.
Elon Musk's Dogecoin momentum continues as institutions invest in creating new products.
Dogecoin gained 25 percent on Tuesday when Elon Musk announced Tesla's plans to accept DOGE as payment for merchandise, the only crypto that Tesla will support. Previously, Tesla ended support for Bitcoin payments due to environmental concerns. The DOGE rally was not sustained through the week and traders are likely to benefit from the news rather than investors buying long term.
Polygon and Alexis Ohanian (Reddit co-founder), Reddit's venture capital firm Seven Seven Six, announced a $ 200 million initiative supporting projects that drive the power of social media and Web 3.0. The initiative will focus on gaming applications and social media platforms built on Polygon's infrastructure.
Tokyo's largest financial services company SBI Group will now allow Japanese investors to purchase cryptocurrencies through its newly launched 'crypto asset fund'. The fund is comprised of seven cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, Chainlink, and Polkadot.
Governments contemplate regulations on cryptocurrencies
As India waits for its cryptoassets bill to be tabled in parliament, Thailand is reportedly preparing a similar framework to improve investor protection and minimize risks with cryptocurrencies. However, Thailand has ruled out allowing cryptocurrencies as a means of payment. The parallel government of neighboring Myanmar has declared the use of Tether (USDT), a stablecoin pegged to the US dollar, as the official currency. Its finance minister has stated that USDT would offer trade and transaction efficiencies.
Meanwhile, the US SEC has delayed the decision on Bitcoin ETFs in the US until early February.
Brands continue to move towards metaverse and NFT
Iconic sportswear manufacturer Nike has acquired a virtual sneaker brand RTFKT this week confirming its entry into the metaverse. RTFKT will help Nike deliver next-generation collectibles that combine culture and play.
Its competitor Adidas Originals has announced the launch of its NFT collection called 'into the metaverse' this week.
Meanwhile, Instagram's blocking of a 9-year-old account with the username '@metaverse' has sparked a backlash that ultimately prompted the platform to reinstate the account. Instagram's parent company Facebook rebranded itself Meta recently.
Top winners of the week
- Annual Financing (YFI): 47.9%
- Avalanche (AVAX): 33.9%
- OKB: 31.9 percent
- Earth (MOON): 25.95 percent
- Hedera (HBAR0: 22.3%
Top losers of the week
- Gala (GALA): -23.8%
- BitTorrent (BTT): -19.3 percent
- NEAR Protocol (NEAR): -19.3%
- How Much (QNT): -15.2 percent
- Internet Computer (ICP): -13.9%
(Note: Data as of 12:45 PM IST, Dec 19, 2021; Source: Coinmarketcap.com)
