Bitcoin is once again trading around the $30k level at the time of writing. It spent most of yesterday’s time slightly above this key level and has since fallen below it. Altcoins, on the other hand, had an indifferent day and prices stalled. More on that later.
In other news, the World Economic Forum, held every year in Davos, is currently underway. This year’s focus is once again on blockchain technology, cryptocurrencies, and non-fungible tokens (NFTs). Ripple CEO Brad Garlinghouse dropped a little bombshell and stated that he regularly visited the SEC before filing the SEC case against Ripple. More on that later.
Terra (LUNA) founder Do Kwon is taking some steps to revive the LUNA cryptocurrency, which has failed miserably in recent times. The shared a “record address” for LUNA where users can send their crypto out of circulation. Terra only ran a few hundred million at its peak valuation of around $130. But the massive collapse overinflated the system and put trillions of LUNAs into circulation. One solution to the case is a burned address that can help make cryptocurrencies scarce again. But confidence in the digital currency and its leadership is low. To make matters worse, Do Kwon advised users not to send their cryptocurrencies. This has added to the confusion over the matter, as Kwon publicly objected to adding a recording address to the network a few days earlier.
GameStop has a new crypto wallet Announced and details shared about the upcoming NFT platform. The company that rose to fame during the infamous Reddit saga, which at one point increased its stock price 100-fold, is now expanding and taking a different direction as its video game business continues to decline in importance. The organization has identified the crypto and NFT sectors as potential areas that can help it survive.
Litecoin has made privacy-focused upgrades to the blockchain network. This means that it is getting harder and harder to keep track of transactions on the ledger. Since these updates were announced and implemented, some exchanges have warned users about them. Litecoin used to be a top 10 cryptocurrency, but the 2020-21 price rally has pushed it down to below 20th on the charts. Now Litecoin developers are looking for new ways and updates to stay relevant and privacy updates are seen as a viable option, even if they carry the risk of government backlash.
A hacked Beeple account resulted in the theft of approximately $438k worth of crypto and NFTs. This happened with Mike Winkelmann’s Twitter account. He is a digital artist and a popular NFT creator. His profile, and that of several other users, was hacked using a phishing scam.
Bitcoin Price Steady Just Below $30,000
Bitcoin is currently trading just below $30k at the time of writing, after another weekend of relative inactivity. The cryptocurrency is trying to stabilize between the narrow $29k-$30k range and any move above or below is quickly negated.
Yesterday we started with the Bitcoin price around $30.1k. It traded slightly above this level for the rest of the day, reaching a 24-hour high around $30,600. However, at 7:49 pm, the price started to decline and is now trading around $29,400 at the time of writing. In general, volatility was very low.
Bitcoin, as mentioned above, is currently stuck in a tight trading range of $29k-$30k. While the bears continue to have the upper hand, they are still struggling to push the price down. So the price remains stuck in this range, at least for now. But the bears may regroup soon enough to end this status quo as they now dominate the prevailing sentiment.
The total market capitalization of Bitcoin was approximately $557 billion and its share of the crypto market was 44.62%.
Altcoins remain stable
Other cryptocurrencies have been fairly stable over the last 24 hours, with few notable changes. Binance Coin (BNB, 3.5%) and Tron (TX, 4.5%) posted the most gains, while Avalanche (AVAX, -2.5%) posted the most losses among the top 20.
In other news…..
Blockchain and NFT in the spotlight at the 2022 World Economic Forum
The WEF in Davos has kicked off and once again the spotlight is on blockchain technology, this time on NFTs in particular. Industry insiders shared information about the Terra fiasco, saying it produced unsustainable returns and therefore collapse was inevitable. CCI CEO Sheila Warren stated that serious people will stay with cryptocurrencies even if they hit a rough patch.
Ripple CEO Garlinghouse, on the other hand, dropped a bombshell when he claimed that he often visited the SEC before the Ripple lawsuit was filed. His claim has yet to be substantiated, but this is consistent with Ripple’s reasoning in court that the SEC case involved a questionable conflict of interest of certain SEC departments.