Read in the Digest
- Bitcoin hashrate sets new ATH, Bitcoin’s price in first weekend of 2022.
- Yearn.Finance (YFI) continues to outperform the market, jumping by 11%.
- Samsung adds NFTs to smart TVs, sales and floor prices for Bored Apes reach new highs.
- Fiat inflation fears are turning many billionaires to cryptocurrencies.
- OKEx processed over 25 billion trades worth $21 trillion in 2021.
Bitcoin Hashrate Sets New ATH, Bitcoin’s Price in First Weekend of 2022
Recovering from its December decline, the hashrate (the processing power and security dedicated to the network) of Bitcoin set a new lifetime high on the first day of 2022. Despite losing one of its biggest hubs (China) in 2021, the hashrate of the Bitcoin network has since recovered.
On January 1st, the hashrate of the Bitcoin network briefly peaked above 224.32 exahash per second (EH/s). At the time of this writing, the hashrate of the Bitcoin network has steadied at around 194.8 EH/s.
The price of Bitcoin also experienced a significant recovery in the first weekend of 2022. On Saturday, January 1st, the price of Bitcoin experienced a small price recovery, with Bitcoin retesting the $48,000 mark.
The January 1st price chart for Bitcoin. Source: Tradingview
The rally came after roughly $8.67 billion worth of BTC and ETH options contracts expired on December 31st. Having hit $47,881, but unable to break past $48k, the price of Bitcoin fell back down to $46,288 on Sunday 2nd. Bitcoin is now trading at $46,954 as of this writing.
- Despite Bitcoin’s mixed performance, El Salvador’s President, Nayib Bukele, believes that the crypto will hit $100k in 2022
Yearn.Finance (YFI) Continues to Outperform the Market, Jumping By 11%.
Yearn.Finance (YFI), a group of protocols running on the Ethereum blockchain, has continued its outstanding run that has caught the attention of investors.
Despite the general bearish direction of the crypto market, over the past 30 days, YFI has gained by more than 40%. As a result, the price of YFI has surged from $23.1k to as high as $40k.
The 30 day price chart for Yearn.Finance (YFI). Source: Tradingview
At the time of this writing, YFI is up by 11%, making it the biggest gainer among the top 100 cryptos. Its recent gains mean that Yearn.Finance now has a market cap of $1.5 billion, earning it the 79th position on the coin rankings.
The 7 day price chart for Yearn.Finance (YFI). Source: Tradingview
- YFI closed out 2021 at the $33,000 levels, falling well short of its ATH of $95,339 set in mid-May.
Why You Should Care
YFI’s bullish charge started when Yearn.Finance proposed a change to the project’s tokenomics.
Samsung Adds NFTs to Smart TVs, Sales and Floor Prices for Bored Apes Reach New Highs
As the usability and adoption of non-fungible tokens (NFTs) expands, Samsung has announced that it will be integrating NFT support into its 2022 TV lineup. Integrating NFT support will make Samsung the first major TV manufacturer to demonstrate significant support for NFTs.
According to the announcement, users will be able to browse, purchase, and display their favorite NFTs on their television. The feature will be available on Samsung’s ‘MicroLed,’ ‘Neo QLED,’ and ‘The Frame‘ television models.
As NFTs become more popular, the sales and floor prices for the Bored Ape Yacht Club (BAYC) have reached a new high. In addition to being the top-selling NFT collection of the week, the floor price of BAYC NFTs has risen to $287,740.
Over the last week, 287 Bored Apes have been sold for $83.47 million. The jump in price comes after hip hop megastar Marshall Mathers, better known by his stage name of ‘Eminem,’ bought a Bored Ape NFT for $462,000.
- While the NFT space continues to grow, some experts believe many of them will become worthless in the future.
Why You Should Care
Samsung hopes to solve the problem of the current NFT landscape being so fragmented in regards to viewing and purchasing NFTs.
Fiat Inflation Fears are Turning Many Billionaires to Cryptocurrencies
The adoption of cryptocurrencies has always been a mixed bag with billionaires. While the likes of Warren Buffet have announced that they will never own Bitcoin, others such as Michael Saylor have acquired the crypto in droves.
However, as fear of the inflation in fiat currencies increases, many anti-crypto billionaires are beginning to rethink their stances. One such billionaire is Hungarian-born billionaire Thomas Peterffy, who has a net worth of $25 billion.
In 2017, Peterffy warned of the future dangers bitcoin futures’ pose to capital markets. However, he has now advised that it would be wise to own 2-3% of crypto in your portfolio, as a precaution against fiat currency going “to hell.” the mogul’s crypto portfolio remains undisclosed.
Ray Dalio, who once stated that he did not think that cryptocurrencies “will succeed” as investors think, disclosed his portfolio in December. Dalio, who is now impressed at how crypto has lasted, owns Bitcoin and Ethereum.
- While crypto continues to outperform cash, a wide faction of investors are still waiting for, what they believe is, the impending crash of the industry.
Why You Should Care
Decentralization and transparency have attracted investors to crypto. Should this trend continue, more wealthy investors could debut in the cryptoverse.
OKEx Processed Over 25 Billion Trades Worth $21 Trillion in 2021
The crypto industry hit significant milestones in 2021 as adoption reached new highs. Global crypto trading platform OKEx has shown just how big 2021 was for the crypto industry with its own 2021 annual report.
According to the recently released report, the exchange, which has over 20 million users across 100 different countries, processed over 25 billion trades with a total trading volume of $21 trillion in 2021.
OKEx Earn (a fixed deposit type product) saw over $5.1 billion in assets staked and locked by users. OKEx Earn also paid out over $314 million in passive income to its users in 2021.
The focal point of the exchange’s growth was the roll-out of new features for traders. In 2021, OKEx listed 220 new pairs across all markets. In addition to this, the exchange added new features, including a dedicated DeFi Mode, unified account systems, and a portfolio margin mode.
- While the cryptoverse continues to grow, the lack of a unified global regulatory framework has limited its growth in many countries.
Why You Should Care
The figures recorded by OKEx, which is one of over 400 operational crypto exchanges, show just how big the crypto industry has become.