CRYPTOCURRENCIES Bitcoin, Ethereum, Dogecoin, and Shiba Inu are all facing devastating drops in value, in the wake of a market crash.
The price of Bitcoin, the biggest cryptocurrency on the market, is now trading at $50,134.95 after hitting a record high of more than $69,000 in November.
Of 100 cryptocurrencies listed on Coinmarketcap, 97 have seen price falls over the past 24 hours.
However, Polygon’s MATIC token jumped 40 percent, and Metaverse is doing well.
Fears that crypto has reach is peaked continues to mount as monetary support scales back in the US and news of India’s plans to stop private cryptocurrencies.
The crypto market has also been battered by India taking action to ban all private cryptocurrencies – aside from a few exceptions – and launch a central bank-backed official digital currency.
Cryptocurrencies are highly volatile, meaning their values often make large swings with no notice, as the latest plunge shows.
On Friday, the crypto market capitalisation was $3.7trillion, but over $1.5trillion has been wiped leaving capitalisation at a current value of $2.2trillion.
Read our cryptocurrency live blog for the very latest news and updates…
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BitMart resumes deposits and withdrawals after breach
After BitMart identified a security breach on December 4, the platform announced that it would resume deposits and withdrawals for ETH and similar tokens.
ERC20 deposits have resumed as of December 7 at 10.00pm ET.
ERC20 withdrawals have resumed as of December 7 and 11.00pm ET.
The company said in a statement that based on its initial investigation, “it appears that approximately $200 million in digital assets were removed by a malicious actor who had gained access to critical private keys.”
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What is Algorand?
Algorand is a cryptocurrency of the Algorand blockchain, a public decentralized network on which smart contracts can be built.
It was created in 2019 by Silvio Micali, a professor a the prestigious Massachusetts Institute of Technology (MIT).
The computer scientist has also won the Turing Award for his work in the area of cryptography.
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NFT marketplace
An NFT is a non-fungible token.
Non-fungible tokens, in contrast to bitcoin, are each unique and cannot be replaced by something else.
The majority of NFTs exist within the Ethereum blockchain. Ethereum is a cryptocurrency that has the ability to support NFTs.
NFTs can be anything digital, and are commonly being used as a way to buy and sell digital art.
An NFT marketplace is used to list NFTs and ensure they are accessible for trading.
Marketplaces allow users to promote their NFTs, where buyers can browse through and bid on what they would like to purchase.
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Gamestop’s NFT marketplace rumors
Within the past month, rumors have been gaining traction on the internet that GameStop is partnering up with Loopring to launch an NFT marketplace.
The price of Loopring has risen over 400 per cent since the initial rumors began to spread.
Typically valued for less than one dollar, Loopring prices are now over $3 a share.
While no official announcement by either of the companies in question has been made in regards to a partnership, social media is full of users waiting for the statement.
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Can Shiba Ibu hit $1?
Shiba Inu has soared in value recently, hitting several new all-time highs.
On November 12, 2021, cryptocurrency exchange CoinDCX listed Shiba Inu on its mobile trading app.
Up until then, it was only available on the platform in trade-only mode on CoinDCX Pro.
Shiba Inu being traded on CoinDCX follows the company announcing it is the first cryptocurrency firm in India to reach a valuation of over $1billion, giving it unicorn status.
On October 28, Shiba hit an all-time high of $0.00008845.
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Will Shiba Inu’s price rise?
For Shiba in particular, there has been a fair share of volatility this year despite the surge in the past month.
For example, up until October 28, the token hit its last record high of $0.00003641 on May 11.
It’s difficult to predict how Shiba Inu’s price will change in the future, due to a wide number of factors affecting it.
This includes regulatory crackdowns around the world, comments by high-profile individuals such as Musk, and other developments.
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Shiba Inu Coin, continued
Whether you’ve already invested or not, keep in mind that making money through cryptocurrencies or other investments is never guaranteed, even with a popular one like Shiba Inu.
Cryptocurrencies are especially volatile, so their values can crash with little to no notice.
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What are Shiboshi NFTs?
Shiboshi NFTs are non-fungible tokens representing various “lovable creatures.”
The NFT holders will also be able to name the Shiboshis for an additional $100.
The Shiboshis will come with generic names like 00001.
The post states: “It’s important to name your Shiboshi because names are unique and can only exist once in the Shib Oshiverse.
“With the expansions, we are planning, this could potentially make your Shiboshi more valuable.”
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Kraken lists Shiba Inu
The crypto exchange shared the news in November.
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Crypto opportunity for U.S.A
China’s crackdown on cryptocurrency transactions “is a big opportunity for the U.S.”, according to Pat Toomey, the top Republican on the Senate Banking Committee.
This comes as the US Securities and Exchange Commission lobbied for more regulations when it comes to cryptocurrency.
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China’s crackdowns on crypto
While crypto creation and trading have been illegal in China since 2019, further crackdowns this year by Beijing warned banks to halt related transactions and closed much of the country’s vast network of bitcoin miners.
The previous statement by the central bank sent the strongest yet signal that China is closed to crypto.
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China stopped its crypto exchanges
In 2017, China shut down its local cryptocurrency exchanges.
Despite the war on crypto, Chinese mines power nearly 80 percent of the global trade in cryptocurrencies.
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China’s statement, continued
Bitcoin, the world’s largest digital currency, and other cryptos cannot be traced by a country’s central bank, making them difficult to regulate.
The crypto crackdown opens the gates for China to introduce its own digital currency, which it is already working on and will allow the central government to monitor transactions.
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China’s statement on Cryptocurrency
The PBOC said it will “resolutely clamp down on virtual currency speculation, and related financial activities and misbehaviour in order to safeguard people’s properties and maintain economic, financial and social order”.
It said that trading of virtual currencies had become “widespread, disrupting economic and financial order, giving rise to money laundering, illegal fund-raising, fraud, pyramid schemes and other illegal and criminal activities.”
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No guaranteed returns
There are no guarantees when it comes to cryptocurrencies, so when someone mentions “guaranteed returns,” they are often scammers.
There is no way to eliminate the element of risk from cryptocurrencies, although scammers may try to convince you otherwise.
Check out these other ways to spot scammers in the crypto space.
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What Crypto is B.K. giving away?
Last month,Burger King announced it was partnering with RobinHood to give away cryptocurrency in a promotion that started shortly after.
The company is giving away Bitcoin, Ethereum, and Dogecoin.
“The prize pool includes two million Dogecoin, 200 Ethereum and 20 Bitcoin, so only 220 guests could receive a Bitcoin or Ethereum cryptocurrency prize,” the company website revealed.
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Burger King giving away Crypto
Burger King announced it was partnering with RobinHood to give away cryptocurrency.
The promotion started in November and runs until December, a company statement said.
“Royal Perks members get a side of crypto with any $5+ purchase,” it read.
“Earn a crypto coin with an eligible order once per day. But hurry, this is a limited-time promotion!” the website warned.
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OMICRON TOKEN SKYROCKETS AFTER NEW VARIANT NAMED
The little-known Omicron token skyrocketed over the weekend, after a new Covid-19 variant was given the same name, before it tumbled as much as 75 percent.
On Friday, the World Health Organization named the new Omicron variant.
Other cryptocurrencies dropped after the announcement, and Bitcoin suffered its worth day in two months on Friday. However, it has since recovered from most of its losses.
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WHAT IS CARDANO?
Cardano (ADA) is a cryptocurrency that uses blockchain, making it difficult to be hacked.
It was launched in 2017 and set up by Charles Hoskinson, who was one of the eight co-founders of Bitcoin rival, Ethereum.
Every time someone buys or sells the cryptocurrency, it’s permanently recorded on the platform’s blockchain.
Unlike some other cryptocurrencies, the blockchain is more transparent so anyone can see it. It’s managed by the Cardano Foundation.
The “altcoin” has been designed to make sure that investors can have some say in how the currency is run.
It means those who own Cardano have the right to vote on any proposed changes to the software, reports Coinmarketcap.
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DOGEZILLA COIN: THE NEXT ‘MEME COIN’ SEES SURGE
A newly-launched cryptocurrency, DogeZilla has exploded out of the gate.
In the past 24 hours, the cryptocurrency has surged 130 percent. It’s currently trading at less than $0.000000000001, according to CoinMarketCap.
Within its first eight days of existence, DogeZilla has been said to have grown into a super microcap of $500million from just $50,000.
Billionaire Elon Musk has also already gotten involved with DogeZilla by posting a tweet.
Replying to a tweet about an underwater mud volcano, he wrote: “Cover story for Godzilla obv.”
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WHAT IS DOGEZILLA?
Founded by someone with the alias of 9ZEROES, DogeZilla models itself as a community-based project.
DogeZilla claims it aims to make the crypto space safer for users.
According to DogeZilla’s whitepaper, it has a vault that verifies crypto launches.
It says: “Obviously, it is not a 100% fool-proof method because that simply doesn’t exist in this space, but reducing risk to the highest degree is the purpose of Vault.”
Moreover, users can gather DogeZilla tokens by holding.
Specifically, “5% Holder Rewards are dispersed to all token holders relative to their holding percentages,” DogeZilla claims.
For upcoming projects, DogeZilla is planning to launch an NFTs Invasion Series in early 2022.
Its logo features an amused dog in what appears to be a dinosaur costume.
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WHAT IS THE ENTIRE CRYPTO MARKET WORTH?
Roughly, the entire crypto market is currently worth around $2.6trillion.
The value of the market going forward is likely to fluctuate, as it greatly depends on what cryptos decide to do next.
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WHY IS BITCOIN BAD FOR THE ENVIRONMENT?
The problem surrounds the amount of energy used to mine a single Bitcoin.
Computers are needed for complex mathematical calculations to put a new Bitcoin into circulation online.
This process is also known as mining.
A lot of energy is needed for Bitcoin mining and some experts are concerned that vast amounts of fossil fuels are being used to create this energy.
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‘UNVAXXED SPERM’ COIN’S VALUE CRASHES
The coin, which trades as “nuBTC” exploded last week, jumping 500% on Wednesday to $0.000012 according to Coinbase.
However, the value of the coin crashed just two days later, and some users on Twitter blasted it as a “scam.”
By Monday at around noon, 93.25% of its value had been wiped out, and it was worth just $0.00000081.
