Coinbase stock hits new lows, falling almost 87% over the year
Coinbase stock has fallen to an all-time low of $32.40 per share, dropping 6% over the past five days. America’s largest crypto exchange is ending the year on a sad note amid falling revenues and profits.
It has been a brutal 2022 for Coinbase investors, with the company’s stock falling almost 87% over the year…
https://cryptoinsight.ae/coinbase-stock-hits-new-lows-falling-almost-87-over-the-year/
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Coinbase stock has fallen to an all-time low of $32.40 per share, dropping 6% over the past five days. America’s largest crypto exchange is ending the year on a sad note amid falling revenues and profits.
It has been a brutal 2022 for Coinbase investors, with the company’s stock falling almost 87% over the year…
https://cryptoinsight.ae/coinbase-stock-hits-new-lows-falling-almost-87-over-the-year/
Website | Twitter | LinkedIn | Telegram
What's wrong with Ethereum?
Today, Ethereum, with a total market value of about $146 billion, provides 18% of the cryptocurrency market's capitalization. ETH is trading just below $1,200, and chances are that this psychological mark will become the altcoin's support zone in early 2023.
At the same time, analysts have noticed a sharp decline in Ethereum volume on cryptocurrency exchanges. Since the beginning of 2022, the number of coins on trading floors has decreased by more than 30%. And the withdrawal of ETH continues as hoarding sentiment dominates among traders. In 2022, the outflow of the second most important cryptocurrency was the largest. Analysts point to Ethereum's departure from both the spot market and crypto derivatives exchanges.
Most likely, traders are pursuing a long-term storage strategy, which is why they are withdrawing ETH from centralized exchanges. They believe that the future value of Ethereum will be higher than the current values, so they are not looking to sell it now.
However, there is one unpleasant point: it is the NVT indicator, which reflects the ratio of the market capitalization of the asset to the volume of transactions with it. Ethereum's NVT reached a 5-year high of 4986. Understandably, such results do not please ETH holders. The main reason is the relatively high value of this crypto-asset at such a low level of activity. This means that without a significant increase in the number and volume of transactions in the Ethereum blockchain, we can expect another wave of capitulation in the market.
However, after the transition to the proof-of-stake consensus algorithm, the cost of gas in Ethereum has never fallen to an acceptable level for most users. This means they continue to look for L2 solutions that are acceptable to them. The popularity of second-tier protocols - such as Optimism and Arbitrum - is boosting demand for ETH among long-term investors, but the overall level of risk in the industry remains quite high. And scalability remains an issue for Ethereum.
Very clearly and succinctly, Ethereum's current problems were described by Ray Yousef, founder and head of the Paxful trading platform. He justified his refusal to trade ETH on his site by the fact that after Ethereum switched to the Proof-of-Stake algorithm, there is no real decentralization in it. The distributed ledger is controlled by a small group of people, and there are too many scam projects on the Ethereum blockchain.
Admittedly, much of the relevance and value of Ethereum is supported by the fact that NFT's trading volume on Ethereum in 2022 was $23.7 billion. The peak in transaction volume ($1.6 billion) came in early May, when Yuga Labs introduced the Otherside metaverse. And Ethereum is now vastly outperforming other ecosystems in terms of NFT trading volume.
Except that the future of Ethereum now looks murky. We have to admit: we all expected something much more from the transition from PoW to PoS.
Today, Ethereum, with a total market value of about $146 billion, provides 18% of the cryptocurrency market's capitalization. ETH is trading just below $1,200, and chances are that this psychological mark will become the altcoin's support zone in early 2023.
At the same time, analysts have noticed a sharp decline in Ethereum volume on cryptocurrency exchanges. Since the beginning of 2022, the number of coins on trading floors has decreased by more than 30%. And the withdrawal of ETH continues as hoarding sentiment dominates among traders. In 2022, the outflow of the second most important cryptocurrency was the largest. Analysts point to Ethereum's departure from both the spot market and crypto derivatives exchanges.
Most likely, traders are pursuing a long-term storage strategy, which is why they are withdrawing ETH from centralized exchanges. They believe that the future value of Ethereum will be higher than the current values, so they are not looking to sell it now.
However, there is one unpleasant point: it is the NVT indicator, which reflects the ratio of the market capitalization of the asset to the volume of transactions with it. Ethereum's NVT reached a 5-year high of 4986. Understandably, such results do not please ETH holders. The main reason is the relatively high value of this crypto-asset at such a low level of activity. This means that without a significant increase in the number and volume of transactions in the Ethereum blockchain, we can expect another wave of capitulation in the market.
However, after the transition to the proof-of-stake consensus algorithm, the cost of gas in Ethereum has never fallen to an acceptable level for most users. This means they continue to look for L2 solutions that are acceptable to them. The popularity of second-tier protocols - such as Optimism and Arbitrum - is boosting demand for ETH among long-term investors, but the overall level of risk in the industry remains quite high. And scalability remains an issue for Ethereum.
Very clearly and succinctly, Ethereum's current problems were described by Ray Yousef, founder and head of the Paxful trading platform. He justified his refusal to trade ETH on his site by the fact that after Ethereum switched to the Proof-of-Stake algorithm, there is no real decentralization in it. The distributed ledger is controlled by a small group of people, and there are too many scam projects on the Ethereum blockchain.
Admittedly, much of the relevance and value of Ethereum is supported by the fact that NFT's trading volume on Ethereum in 2022 was $23.7 billion. The peak in transaction volume ($1.6 billion) came in early May, when Yuga Labs introduced the Otherside metaverse. And Ethereum is now vastly outperforming other ecosystems in terms of NFT trading volume.
Except that the future of Ethereum now looks murky. We have to admit: we all expected something much more from the transition from PoW to PoS.
NFT sales decline ahead of Christmas
NFT sales volumes fell in the lead-up to Christmas in 2022 as well as in 2021. Meanwhile, Yuga Labs’s Bored Ape Yacht Club’s floor price increased ahead of the holiday.
For the second year in a row, NFT sales have dipped leading up to Christmas. NFT trading volume fell from over $24 million on Dec.…
https://cryptoinsight.ae/nft-sales-decline-ahead-of-christmas/
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NFT sales volumes fell in the lead-up to Christmas in 2022 as well as in 2021. Meanwhile, Yuga Labs’s Bored Ape Yacht Club’s floor price increased ahead of the holiday.
For the second year in a row, NFT sales have dipped leading up to Christmas. NFT trading volume fell from over $24 million on Dec.…
https://cryptoinsight.ae/nft-sales-decline-ahead-of-christmas/
Website | Twitter | LinkedIn | Telegram
China’s CBDC wallet adds new features ahead of the Chinese New Year
The Chinese government is making efforts to boost the adoption of CBDCs in the country. Recently, China launched its digital yuan, called e-CNY. To boost its adoption among its citizens, China added a new feature of sending money in electronic ‘red packets’ that cover displaying traditional wishes for special occasions like birthdays, the New Year,…
https://cryptoinsight.ae/chinas-cbdc-wallet-adds-new-features-ahead-of-the-chinese-new-year/
Website | Twitter | LinkedIn | Telegram
The Chinese government is making efforts to boost the adoption of CBDCs in the country. Recently, China launched its digital yuan, called e-CNY. To boost its adoption among its citizens, China added a new feature of sending money in electronic ‘red packets’ that cover displaying traditional wishes for special occasions like birthdays, the New Year,…
https://cryptoinsight.ae/chinas-cbdc-wallet-adds-new-features-ahead-of-the-chinese-new-year/
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🇨🇳 China will launch the first national NFT-marketplace, it will be built on the blockchain China Cultural Protection Chain, which is controlled by the state. The marketplace will be regulated by organizations: China Technology Exchange, Art Exhibitions China and Huban Digital.
Website | Twitter | LinkedIn | Telegram
Website | Twitter | LinkedIn | Telegram
⚡️Michael Saylor announced the launch of MicroStrategy's new Bitcoin Lightning-focused products.
🏭 "Our goal is to create a tool that allows any company to deploy a Lightning network in half a day. It will be integrated into the enterprise technology space," he explained.
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🏭 "Our goal is to create a tool that allows any company to deploy a Lightning network in half a day. It will be integrated into the enterprise technology space," he explained.
Website | Twitter | LinkedIn | Telegram
🇻🇪 Banks in Venezuela have begun identifying and blocking accounts that are linked to cryptocurrency platforms at the behest of the authorities.
🏦 Legalrocks, a local law firm, reported that it had recorded more than 75 cases of accounts linked to cryptocurrencies being suspended.
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🏦 Legalrocks, a local law firm, reported that it had recorded more than 75 cases of accounts linked to cryptocurrencies being suspended.
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Summary of the day: December 29
🇧🇷 50% of Brazilian real transactions involve stablecoins. By comparison, only 5% of U.S. dollars are tied to stable coins. Brazilians have to turn to stablecoins to peg their savings to the U.S. dollar. BUSD and USDT are especially popular with Brazilians.
🏟 Former FTX customers have filed a class action lawsuit against the bankrupt crypto exchange and its top executives, including Sam Bankman-Fried. They demand priority repayment rights and first to receive payments to any non-customer creditors.
🇨🇳 China will launch the first national NFT-marketplace, it will be built on the blockchain China Cultural Protection Chain, which is controlled by the state. The marketplace will be regulated by organizations: China Technology Exchange, Art Exhibitions China and Huban Digital.
🔚 Bitcoin is becoming less and less decentralized. For example, more than 70% of all recently mined blocks come from just the three largest mining pools - Foundry, AntPool and F2Pool.
🏟 Investors will sue the cryptocurrency exchange Gemini. The platform is accused of fraud and destruction of capital of investors who took part in the EARN program. Recall that it allowed them to earn 8% per annum on lending their assets to borrowers.
⛏ Already mined 92% of all BTC.
⚡️Michael Saylor announced the launch of MicroStrategy's new Bitcoin Lightning-focused products. "Our goal is to create a tool that allows any company to deploy a Lightning network in half a day. It will be integrated into the enterprise technology space," he explained.
🇻🇪 Banks in Venezuela have begun identifying and blocking accounts that are linked to cryptocurrency platforms at the behest of the authorities. Legalrocks, a local law firm, reported that it had recorded more than 75 cases of accounts linked to cryptocurrencies being suspended.
🇷🇺 A draft law on the creation of the digital ruble in Russia has been submitted to the country's parliament. The Central Bank of Russia plans to start testing the digital ruble on real customers from April 2023.
Website | Twitter | LinkedIn | Telegram
🇧🇷 50% of Brazilian real transactions involve stablecoins. By comparison, only 5% of U.S. dollars are tied to stable coins. Brazilians have to turn to stablecoins to peg their savings to the U.S. dollar. BUSD and USDT are especially popular with Brazilians.
🏟 Former FTX customers have filed a class action lawsuit against the bankrupt crypto exchange and its top executives, including Sam Bankman-Fried. They demand priority repayment rights and first to receive payments to any non-customer creditors.
🇨🇳 China will launch the first national NFT-marketplace, it will be built on the blockchain China Cultural Protection Chain, which is controlled by the state. The marketplace will be regulated by organizations: China Technology Exchange, Art Exhibitions China and Huban Digital.
🔚 Bitcoin is becoming less and less decentralized. For example, more than 70% of all recently mined blocks come from just the three largest mining pools - Foundry, AntPool and F2Pool.
🏟 Investors will sue the cryptocurrency exchange Gemini. The platform is accused of fraud and destruction of capital of investors who took part in the EARN program. Recall that it allowed them to earn 8% per annum on lending their assets to borrowers.
⛏ Already mined 92% of all BTC.
⚡️Michael Saylor announced the launch of MicroStrategy's new Bitcoin Lightning-focused products. "Our goal is to create a tool that allows any company to deploy a Lightning network in half a day. It will be integrated into the enterprise technology space," he explained.
🇻🇪 Banks in Venezuela have begun identifying and blocking accounts that are linked to cryptocurrency platforms at the behest of the authorities. Legalrocks, a local law firm, reported that it had recorded more than 75 cases of accounts linked to cryptocurrencies being suspended.
🇷🇺 A draft law on the creation of the digital ruble in Russia has been submitted to the country's parliament. The Central Bank of Russia plans to start testing the digital ruble on real customers from April 2023.
Website | Twitter | LinkedIn | Telegram
Hello there!
Day started from:
The global cryptocurrency market cap today is $827 Billion, a -0.2% change in the last 24 hours
Bitcoin ~ $16,560.73 (-0.1%)
Ethereum ~ $1,194.53 (-0.0%)
Solana ~ $9.41 (-2.9%)
Polkadot ~ $4.27 (-0.9%)
Flow ~ $0.658367 (-3.4%)
Follow and subscribe - @GulfCryptoInsight
Website | Twitter | LinkedIn | Telegram
Day started from:
The global cryptocurrency market cap today is $827 Billion, a -0.2% change in the last 24 hours
Bitcoin ~ $16,560.73 (-0.1%)
Ethereum ~ $1,194.53 (-0.0%)
Solana ~ $9.41 (-2.9%)
Polkadot ~ $4.27 (-0.9%)
Flow ~ $0.658367 (-3.4%)
Follow and subscribe - @GulfCryptoInsight
Website | Twitter | LinkedIn | Telegram
🥵 The number of cryptocurrency thefts this year has reached 190. This is 44% more than in 2021, when 132 cases of cryptocurrency theft were recorded, and an absolute record in the time of keeping statistics.
😬 The year 2022 also set a record for the amount of money stolen.
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😬 The year 2022 also set a record for the amount of money stolen.
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🇹🇷 The Central Bank of the Republic of Turkey (CBRT) has reported on the successful completion of the first phase of testing of the national digital currency.
🏛 The regulator was satisfied with the results, and the next year the work on the integration of CBDC will continue.
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🏛 The regulator was satisfied with the results, and the next year the work on the integration of CBDC will continue.
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