As Bitcoin struggles to break above $ 50,000, the community celebrated the milestone of 90% of the total Bitcoin mined supply this week. It only took 12 years to mine the first 90%, while the remaining 10% will be mined slowly over the next 120 years, which will be a favorable case for Bitcoin demand and supply going forward. .
Bitcoin (BTC) has had a lackluster December so far with prices hovering between $ 46,000 and $ 50,000 for the most part. The market is in a phase of consolidation as BTC struggles to recover the key level of $ 52,000 which will reconfirm its ascent to previous highs. On a weekly basis, BTC has fallen 3% and is trading at $ 47,000. Avalanche (AVAX), Terra (LUNA), Polygon (MATIC) and Solana (SOL) gained more than 5% last week among the top 20 cryptocurrencies.
Meanwhile, Yearn Finance (YFI) emerged as one of the top performers in the crypto market this week, rallying over 46% in just four days to peak in two weeks above $ 29,100. It comes after Yearn Finance announced that it has been repurchasing 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 push continues as institutions invest in the creation of new products.
Dogecoin gained 25 percent on Tuesday as Elon Musk announced Tesla’s plans to accept DOGE as payment for the goods, the only crypto Tesla will support. Previously, Tesla had ended support for Bitcoin payments due to environmental concerns. The DOGE rally did not hold up throughout the week, with traders likely profiting from the news instead of investors buying long term.
Polygon and Alexis Ohanian’s (Reddit co-founder) venture capital firm Seven Seven Six has announced a US $ 200 million initiative to support projects that are boosting 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 firm, SBI Group, will now allow Japanese investors to purchase cryptocurrencies through its new “crypto-asset fund.” The fund is made up of seven cryptocurrencies including Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, Chainlink and Polkadot.
Governments Consider Cryptocurrency Regulations
While India waits for its crypto-asset bill to be presented to parliament, Thailand is reportedly preparing a similar framework to improve investor protection and minimize cryptocurrency risks. Thailand has ruled out allowing cryptocurrencies as a means of payment, however. The parallel government of its neighbor, Myanmar, has declared the use of Tether (USDT), a stable coin linked to the US dollar, as the official currency. Its finance minister asserted that USDT would provide commercial and transactional efficiency.
Meanwhile, the US SEC has postponed the decision on Bitcoin ETFs in the US until early February.
Brands continue to grow in the metaverse and NFTs
Iconic sportswear maker Nike this week acquired a virtual sneaker brand RTFKT that confirms its entry into the metaverse. RTFKT will help Nike deliver next-generation collectibles that combine culture and play.
Its competitor Adidas Originals announced this week the launch of its NFT collection called ‘into the metaverse’.
Meanwhile, Instagram’s blocking of a 9-year-old account with the username “@metaverse” triggered a backlash that ultimately led the platform to reinstate the account. Instagram’s parent company, Facebook, recently rebranded itself as Meta.
The best winners of the week
- Yearn.finance (YFI): 47.9%
- Avalanche (AVAX): 33.9%
- OKB (OKB): 31.9%
- Terra (LUNA): 25.95%
- Hedera (HBAR0: 22.3%
Top losers of the week
- Gala (GALA): -23.8 percent
- BitTorrent (BTT): -19.3%
- NEAR protocol (NEAR): -19.3%
- Quant (QNT): -15.2%
- Internet Computer (ICP): -13.9%
(Note: Data as of 12:45 p.m. IST, December 19, 2021; Source: Coinmarketcap.com)