Crypto Update: The Market is in Dip, Scams and New Progression

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It is no wonder that when the market collapses, the fear index rises to its height. The movement of BTC from the $52k level down to $40k had resulted in a lot of damage. It is estimated that around $500B has exited the market within the past 14 days. Now people surely are speculating even lower values of BTC but are hoping for the best-case scenario. Even when the market has been down, we have seen strong projects that have outperformed the market and we have seen an increase in their prices when the whole crypto market was bleeding red. We bring you the newsletter to keep you updated about the current conditions of the market and what to hope further from it.

Highlights of the Week

  • Bitcoin (BTC) has dropped down to the level of $40k. The death cross which is considered an indication of a dump in the market is also looming on the price.
  • The Ethereum  (ETH) and other altcoins have also suffered major decreases in their price. With ETH around $3k, the price is failing to gain momentum.
  • Several companies are opening their offices in the metaverse. The latest is Binance.US who is setting their office in Solana Metaverse.
  • Pakistan’s Investigation Agency has written a letter to Binance regarding the $100M scam that has resulted in a huge amount of losses for the people.
  • After the internet blackout in Kazakhstan, the BTC mining hashrate decreased. The country has been amidst civil unrest for the past week. Now the mining hashrate has nearly recovered as the internet facility is restored back.
  • According to the Bloomberg Billionaire’s Index, the CEO of Binance Zhao has been estimated to have around $96B.
  • The Cardano Foundation, a non-profit that manages activities on the Cardano network, said over the weekend that a restoration project using the Cardano blockchain has achieved its first target of planting over 1 million trees.
  • Bill Miller, a well-known value investor, said that he put half of his personal fortune in bitcoin (BTC) and other crypto assets, leveraging his crypto investments.
  • LCX exchange was a victim of a hack. According to the reports funds worth $8M has been lost to the hacker. He stole ETH, USDC, EURe, and SAND Token.

Top Weekly Gainers

The trajectory has been undergoing a downward slump. The price of the King of the Market, BTC, has come down from 47.23K at the start of the week, too, at the time of writing, 40.89K. It is a terrible time for the market with much money being diverted from the coins and being pumped into NFTs and dApps. The economy of the world being stilted is having an effect on the market as well. Regardless, some coins have still managed to make a profit. The following are the top 5 biggest gainers of the week:

Internet Computer (ICP): The 27th ranked coin on Coinmarketcap, currently sitting at the value of $33.52, is the ICP coin. Internet Computer is one of those blockchains that aims at creating a new web. Recognizing the scalability issues and the heavy workload of the Ethereum coin, Internet Computer endeavors to provide a platform that is conducive for developers to make decentralized apps (dApps). This might be the reason why its value is sitting at a good $33.52, which is an increase of 25.32% over the past week, but in our estimation, it is to fluctuate a lot in the coming weeks.

Chainlink (LINK): Built on the Ethereum blockchain, LINK has been showing a relative growth in the past week with a gain of 12.38%. One of the most important developments that are going to determine the flow of the market is smart contracts. LINK is one of those initiatives that is trying to provide developers with a platform to make the best possible contract. LINK currently has a value of $25.82.

Dash (DASH): Going with our same theme of money being divested out of the market, DASH is an open-source peer-to-peer cryptocurrency with a strong focus on the payments industry. Dash offers a form of money that is portable, inexpensive, divisible, and fast. It can be spent securely both online and in-person with only minimal transaction fees. It is a good way to safeguard one’s investment. It currently has a value of $145.32, with an increase of 11.33%.

Top Weekly Losers

There have been many losers over the week. With such a precarious situation of the market, many are trying to limit their losses. Altcoins are the ones that are to be most hit in these situations as the market reliability of altcoins is at the lowest in the dropping market. Gaming tokens have taken a hit in the dropping market. The following are the biggest 5 losers of the week:

Curve DAO token (CRV): It currently has a value of $4.21 at the time of writing. The CRV is an exchange token, meaning that the whole exchange has suffered. This can be attributed to investors taking their money out of the market. The CRV has had a loss of 35.54% over the past week.

GALA (GALA): A couple of months ago, the prospects of GALA were looking quite bright. But no one could foresee its current position. GALA wants to create a series of games on their blockchain. It has had a huge loss of 32.32% which is sure to stilt the development of its games.

Axie Infinity (AXS): AXS is one of the most successful gaming tokens. Building their game on the model of pokemon, Axie Infinity took the crypto-world by storm. But the week has not been kind to the coin. It has had a loss of 30.03% over the past week with its current value sitting at $68.30.

Arweave (AR) is a storage system that exists on the blockchain. It uses a technology known as blockweave to accomplish this task and hence the word “weave” in the name. This week hasn’t been really good for the project and we have seen a decrease of almost 25.73% in the price. At the time, it is being traded at the price of $46.73.

Bora is a gaming project that offers a number and a variety of games for the users to play. At the time of writing, it is being traded at the price of $0.88. The price has decreased by almost 25% this week making it one of the hard losers of the market.

Loopring (LRC) believes that the future of marketing is built on Ethereum and its objective is to build and design the best zkRollup and payment protocol on Ethereum. It is one of those coins that are heavily reliant on the market. It currently has a value of $1.47 and has sustained a loss of 29.35% over the past week.

Kadena (KDA) is a hybrid blockchain and its prospects are bright. It claims to be open for everybody and tries to solve all the problems that are faced by other crypto-coins, particularly the King and the Queen. And it had to bite to back up its bark. Three months ago, it had a value of $27.5. But now its value is around $8.41. It isn’t terrible considering it went public in October but the coin has sustained a lot of loss.

Hottest ICOs to Watch Out

Hubble Protocol is a fee-sharing decentralized finance (DeFi) system based on Solana that will eventually enable a variety of DeFi services as the protocol and DeFi evolve. They will hold their ICO on SolRazr on 11th January. The price is 1 HBB for 1 USD. They have a fundraising goal of about 4M tokens.

KingdomX is a free-to-play meta-strategy battleground. A Strong Holder Offering will be held by KingdomX. It will be held on DAO Maker this month. Their goal is to raise $2M.

Acura Network, powered by Acura on Polygon, is a reimagined decentralized trading platform and liquidity protocol. No exact date has been announced. Their goal is to raise $1.16M.

Artists and collectors will be able to develop economies around gamified NFT collectible cards thanks to Starly.io. On January 15, Starly.io will undertake an Initial Dex Offering. The IDO will happen on OccamRazer. Their goal is about 100M tokens.

CyberTrade is a Binance Smart Chain-based open-world MMO RPG game that will be released soon. The project is an ongoing open world featuring a variety of mini-games and services such as advertising, land, and real estate that will gradually come to life. An Initial Dex Offering will be held by CyberTrade. Polkastarter will host the IDO. Their goal is about 15M tokens.

Hottest Airdrops

Get your hands on some of the hottest airdrops currently going on

LooksRare is a community-driven NFT marketplace that pays traders, collectors, and creators for taking part. Opensea users will receive a total of 120,000,000 LOOKS from LooksRare. Users that traded at least 3 ETH on OpenSea between June 16th and December 16th, 2021 can win up to 10,000 LOOKS tokens. Step by Step Guide is as follows:

  • Visit the LooksRare airdrop claim page.
  • Connect your ETH wallet.
  • Now you will see a banner to check for the airdrop.
  • Click on “Check Now” to see whether you’re eligible.
  • If you’re eligible, then you will be asked to list an NFT for sale.
  • You will be able to claim your airdrop once you list an NFT.

REV3AL is a Copyright Protection and Anti-Counterfeit Technology that intends to safeguard artists, creators, and IP owners throughout the digital spectrum and into the physical world.Rev3al is giving away REV3AL worth $2,000 to five fortunate contestants.  Step by Step Guide is as follows:

  • Visit the Rev3al giveaway page.
  • Submit your details and sign up.
  • Now complete simple tasks to earn entries.
  • A total of 5 participants will be randomly selected to win up to $1,000 worth of REV3AL.

iExec intends to give blockchain-based decentralized applications scalable, safe, and easy access to the services, data sets, and computing resources they require. This technology, which is based on Ethereum smart contracts, enables the creation of a virtual cloud infrastructure that provides on-demand high-performance computing services.
The third round of the Creators’ contest, Really Lucky Coiners, has begun at iExec. Winners can get upto 20 RLC coins. Step by Step guide is as follows:

  • Visit the iExec Oracle page.
  • Connect your ETH wallet.
  • Now click on the “Update” button to draw a random number.
  • Now post a tweet with a screenshot showing your number and address with hash tag #iExecCreate.
  • Every Twitter account has 3 chances to draw per week.
  • A winner number will be announced, respectively, on January 11th and January 18th.
  • The top 5 numbers that are closest to the announced numbers will win up to 20 RLC.

NFT Gaming Stars is a Binance Smart Chain NFT platform where users may earn money by playing games. The top 200 contestants will get a total of $20,000 in GS1 from NFT Gaming Stars. The following is a step-by-step guide:

  • Visit the NFT Gaming Stars airdrop page.
  • Submit your details and sign up.
  • Now complete the simple tasks to earn entries.
  • Also earn more entries for each referral.
  • The top 200 participants with the most number of entries will get $100 worth of GS1 each.

DeFiChain and Cake DeFi are offering a $30 DFI coin airdrop to new users. To obtain the incentives, create an account at Cake DeFi, complete your verification, and deposit $50 worth of any coin. For each referral, you’ll receive $10 in DFI.

  • Create an account at Cake Defi.
  • Verify your mail and log in.
  • Complete your KYC verification.
  • Now make a deposit worth $50 of any supported currencies.
  • You will get $30 worth of DFI coins if you’ve signed up using the above referral link else you will get only $20 worth of DFI coins.
  • Also, get $10 worth of DFI for each referral.
  • The rewards will be locked for 180 days in the Confectionery program but you will automatically earn 37% interest during this time.
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